Ferro Corporation reports positive first quarter of 2003
In the first quarter of this year, sales totalled $401.8 million, 10.1% up on the $365 million of the first quarter of 2002.
The increase in sales was due to the favourable exchange rate of the euro and a sharp increase in price to offset the increase in raw materials costs. Profits reached $9.5 million, 90% up on the $4.9 million in the same period last year.
Coatings sector sales rose by 12% from $232.8 million in the first quarter of 2002 to $260 million in the first quarter of this year. Profits totalled $24.2 million, 19% up on the same period last year. In the chemical products sector, sales rose by 7% to $141.8 million, while profits fell from $9.4 million in the first quarter of 2002 to $9 million in the same period this year, largely due to the increase in prices of raw materials.
The in-focus section contains the table with complete economic figures for the first quarter of 2003.
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