Ferro Corporation (NYSE: FOE, the “Company”) today reported results for the second quarter ended June 30, 2014.
Second quarter diluted earnings per share attributable to common shareholders was $0.11, compared with a loss of $0.02 per share in the second quarter of 2013.
After recognition of substantially all of the Specialty Plastics and Polymer Additives segments as discontinued operations, Ferro reported second quarter 2014 diluted earnings per share from continuing operations of $0.15, versus a loss of $0.06 per share in the same period last year.
Included in the results from continuing operations are restructuring activities, other nonrecurring income and expense items, and gains and losses on asset sales. Adjusting for these items, second quarter 2014 adjusted diluted earnings per share increased by 73% to $0.19 from $0.11 in the second quarter of 2013. Please refer to the supplemental tables at the end of this news release for additional information concerning adjusted financial results for the Company’s continuing operations.
The Company attributed the increase in profitability primarily to reduced selling, general and administrative (“SG&A”) expenses associated with the successful execution of its value creation strategy and continued expansion of gross profit margins. Ferro reported net sales of $294 million in the second quarter of 2014, compared with net sales of $319 million in the second quarter of 2013. Excluding the impact of exited business lines, primarily related to the metal powders and flakes business line divested in October 2013, and excluding precious metal sales, value-added sales were flat in the second quarter versus the same period last year.
