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Ferro Corp. has a market cap of $789.8 million; its shares were traded at around $9.17 with a P/E ratio of 91.7 and P/S ratio of 0.5. FOE is in the portfolios of Chuck Royce of Royce& Associates, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:During the second quarter of 2010, income tax expense was $13.9 million, or 64.7% of pre-tax income. In the prior-year period, we recorded an income tax benefit of $4.3 million, or 28% of the pre-tax loss. The increase in the effective tax rate primarily resulted from a charge of $1.8 million for valuations allowances recorded on deferred tax assets in Italy and not recognizing a $4.8 million tax benefit on current losses incurred in jurisdictions with full valuation allowances.
Electronic Materials Segment Results. Sales increased in Electronic Materials in all product areas, led by higher sales of conductive pastes and powders. Higher sales volume accounted for approximately $57 million of the sales growth, and changes in product mix and prices contributed an additional $17 million in increased sales. An increase of $38 million in precious metal sales, reflecting both volume and pricing, contributed to the overall sales increase. The sales growth was primarily driven by products manufactured in and shipped from the United States. Operating income increased due to a $32 million increase in gross profit that was partially offset by a $1 million increase in SG&A expense. The higher gross profit was largely due to higher sales volume.
Performance Coatings Segment Results. Sales increased in Performance Coatings primarily as a result of increased sales volume. Higher sales volume contributed approximately $28 million to sales growth in the quarter. Changes in product pricing contributed an additional $2 million to sales growth and changes in foreign currency exchange rates reduced sales by approximately $5 million. Sales increased in all regions. Operating income increased as a result of a $12 million increase in gross profit that was partially offset by a $4 million increase in SG&A expense. The increase in gross profit was primarily the result of increased sales volume and higher prices, partially offset by higher raw material costs.
Color and Glass Performance Materials Segment Results. Sales increased in Color and Glass Performance Materials due to higher sales volume and changes in product pricing and mix. Increased sales volume accounted for approximately $19 million of the quarterly sales growth and changes in product pricing and mix contributed an additional $5 million to the increased sales. Partially offsetting this growth was a reduction in sales of approximately $3 million due to changes in foreign currency exchange rates. Sales growth occurred in Europe, the United States and Asia-Pacific compared with the prior-year quarter. Operating income increased as a result of a $10 million increase in gross profit resulting from higher sales volume and the benefits of manufacturing restructuring. The increase in gross profit was partially offset by a $2 million increase in SG&A expense. The increase in gross profit was primarily due to the benefits from higher sales volume.
Polymer Additives Segment Results. Sales increased in Polymer Additives as a result of higher sales volume, with additional contributions from product pricing and mix. Increased sales volume contributed approximately $12 million to the sales growth and changes in product pricing and mix accounted for an additional $6 million in growth. Changes in foreign currency exchange rates reduced sales by approximately $2 million. Sales growth was generated primarily from the United States and Europe, the principal markets for our polymer additives products. Operating income increased as a result of a $3 million increase in gross profit that was partially offset by a $2 million increase in SG&A expense. The increase in gross profit was primarily the result of higher sales volume and product pricing, partially offset by higher raw material costs.
Specialty Plastics Segment Results. Sales increased in Specialty Plastics due to both changes in product mix and price as well as increased sales volume. Changes in product pricing and mix increased sales by approximately $4 million and increased sales volume contributed an additional $3 million to the overall growth. Changes in foreign currency exchange rates reduced sales by approximately $1 million. Sales growth was primarily from the United States. Operating income increased as a result of a $0.3 million increase in gross profit and a $0.5 million reduction in SG&A expense.
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