Ferro Corporation (NYSE: FOE, the “Company”) today reported results for the fourth quarter and full year ended December 31, 2013.
The fourth-quarter income from continuing operations attributable to common shareholders was $0.69 per diluted share compared with a net loss of $0.74 per share in the fourth quarter of 2012. On an adjusted basis, earnings per diluted share were $0.09 in the fourth quarter of 2013, compared with a net loss of $0.07 per share in the fourth quarter of 2012. For the full year 2013, income from continuing operations attributable to common shareholders was $0.92 per diluted share compared with a net loss of $4.35 per share in the prior year. On an adjusted basis, earnings per diluted share for the full-year 2013 were $0.47 per share compared with net income of $0.07 per share in 2012. The Company attributed the increase in profitability to the successful execution of its value creation strategy. The results in both years include a number of charges, relating to, among other items, restructuring activities, asset impairments, divestitures, and a pension and other postretirement benefits mark-to-market adjustment of the related net liabilities. Please refer to the supplemental tables at the end of this release for additional information concerning adjusted financial results.
