UPDATE 1-Ferro posts wider-than-expected Q4 loss, sees weak Q1

Mon Mar 2, 2009 11:27pm GMT
 
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* Q4 loss from cont ops $1.68/shr vs. est loss of $0.17/shr

* Net sales fall 22 pct to $432.2 mln * Expects lower Q1 results sequentially

* Says will delay filing form 10-K

March 2 (Reuters) - Chemicals and coatings company Ferro Corp (FOE.N) posted a wider-than-expected quarterly loss, hurt by a decline in orders as customers reduced production volumes and inventories amid a global economic slowdown.

The company expects first-quarter results to be lower sequentially, primarily due to a continued slowdown in demand and higher pension expenses.

"Because of the continued volatility in customer orders and uncertainty in the global markets, the company will not provide specific sales and earnings estimates for the first quarter," Ferro said in a statement.

Fourth-quarter net loss was $63.2 million or $1.46 a share, compared with a net loss of $110.7 million or $2.57 a year earlier.

The company said primary drivers of the sales decline were lower sales volume and precious metal prices, and unfavorable changes in foreign currency exchange rates.

"Sales related to applications in building and construction, automobiles and appliances in all global regions were particularly weak," Ferro said.  Continued...

 

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