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July 29, 2015
16:54 EDTFOEFerro lowers FY15 adjusted EPS view to 82c-87c from 89c-96c, consensus 95c
The company expects continued global growth, but at a relatively low rate. Economic conditions in certain developing economies, including Indonesia, China, and Thailand, and certain Eastern European countries, including Russia and Ukraine, are expected to remain weak throughout the remainder of 2015, adversely impacting legacy business sales growth. In addition, the company anticipates that foreign currency translation will continue to have a significant negative impact on reported results. Including the recent acquisition of Nubiola and adjusting for expected foreign currency difference between periods, the company expects 2H15 constant currency value-added sales growth of approximately 20%-22% vs. 2H14. 2H14 value-added sales were $517M but would have been approximately $60M lower if recorded using current foreign currency rate expectations. From this adjusted base of approximately $457M, the legacy businesses are expected to add approximately 1%-2% of organic sales growth, with acquisitions adding $85M- $90M. Precious metal sales in the second half are expected to be in the range of $15M-$20M. 2H15 gross profit, as a percent of value-added sales, is expected to be in the range of 29.0%-29.5%, and operating profit is expected to be in the range of 11.5%-12.0% of value-added sales. The company anticipates FY15 effective tax rate of approximately 25%.
16:49 EDTFOEFerro reports Q2 EPS 20c, consensus 25c
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