UPDATE 1-Ferro Q1 profit rises 50 pct

Tue May 6, 2008 11:28pm BST
 
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(Recasts; adds details, Q2 outlook)

May 6 (Reuters) - Chemicals and coatings company Ferro Corp (FOE.N) reported a 50 percent rise in quarterly profit, helped by an increase in sales to customers outside the United States and at various segments.

Ferro posted first-quarter net income of $9.1 million, or 21 cents a share, including pre-tax charges of $4.0 million, compared with net income of $6.1 million, or 14 cents a share.

Sales rose about 15 percent to $607.3 million.

Analysts on average were expecting earnings of 27 cents a share, excluding special items, on revenue of $599.7 million, according to Reuters Estimates.

For the second quarter, Ferro expects income from continuing operations of 11 cents to 16 cents a share, including estimated charges of about 17 cents a share. It sees revenue of $600 million to $625 million for the period.

Analysts on average were expecting second-quarter earnings of 30 cents a share, excluding items, on revenue of $601.3 million. (Reporting by Abhishek Chanda in Bangalore; Editing by Vinu Pilakkott)

 

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