UPDATE 1-Ferro posts Q1 loss, says no specific Q2 outlook

* Q1 loss/shr $0.46 vs yr-ago EPS $0.21

* Q1 sales down 39 pct to $358 million * Says cost cutting to continue in Q2

* Says will not provide specific sales, earnings view for Q2

May 6 (Reuters) - Chemicals and coatings company Ferro Corp (FOE.N) swung to a first quarter loss, hurt by weak demand, customer inventory destocking and one-time charges.

For the quarter, net loss was $19.9 million, or 46 cents per share, compared with net income of $9.6 million, or 21 cents per share, a year earlier. The results for the latest quarter included charges of $3.3 million.

Analysts were expecting Ferro to post a loss of 23 cents a share, on revenue of $419 million, according to Reuters Estimates.

"During the 2009 first quarter, customer demand stabilized at the low levels we experienced in December 2008 and customers' inventory destocking continued," CEO James Kirsch said.

In the first quarter, Ferro initiated cost cutting measures like elimination of 300 employee positions, implementation of a mandatory one-week unpaid furlough for all U.S.-based salaried employees, plant shut downs and elimination of dividends.

"End-market demand is expected to remain weak during the second quarter of 2009, reflecting reduced global economic activity and continued effects from tight credit markets," the company said, adding that supply chain destocking would decline.