Ferro Corp announced sales of US$ 551M for the quarter ended 30/09/07, up 10% from sales of US$ 501M in the 3Q 2006. Income from continuing operations for the 3Q 2007 was US$ 5.6M up 2.2% compared with 3Q 2006. During the quarter, lower selling, general & admin expenses & lower interest expense were largely offset by restructuring charges related to consolidation of certain manufacturing operations in EU & higher income tax expense. The 3Q 2007 income from continuing operations included net pre-tax expenses of US$ 6.5M primarily related to restructuring costs. The 3Q 2006 income from continuing operations included net pre-tax expenses of US$ 1.3M primarily related to manufacturing rationalization activities. "We delivered strong 3Q sales that were driven by the breadth of our international operations", said chairman, president & CEO James F. Kirsch. "Our segment income increased 7%, compared with the 3Q 2006, despite weakness in a number of US markets and continued raw material cost increases. While we delivered improved segment income from the 3Q of 2006, we remain focused on the opportunities we have identified to improve overall profitability and deliver enhanced shareholder value". Net sales increased in the 3Q 2007 primarily as a result of product price increases and favorable changes in foreign currency exchange rates. Compared with the 3Q 2006, sales increased in the Performance Coatings, Color and Glass Performance Materials, Electronic Materials and Polymer Additives segments.
