Ferro: 3Q Earnings Snapshot
MAYFIELD HEIGHTS, Ohio (AP) _ Ferro Corp. (FOE) on Thursday reported third-quarter net income of $16.1 million.
The Mayfield Heights, Ohio-based company said it had net income of 19 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 37 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The specialty chemicals maker posted revenue of $395.2 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $399.8 million.
Ferro expects full-year earnings in the range of $1.55 to $1.60 per share.
Ferro shares have fallen 24 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $18, a drop of 25 percent in the last 12 months.