Ferro Corp. recently reported results for the first quarter ended March 31, 2013. Net sales were $418 million, vs. $460 million in the first quarter of 2012. Reduced volumes and changes in pricing and product mix reportedly accounted for the entire decline at approximately 5% and 4%, respectively.
Sales declined across all of the reportable segments, with the largest declines in Performance Coatings; Pigments, Powders and Oxides; and Polymer Additives. The exit of the solar pastes product line drove the majority of the change in the Pigments, Powders and Oxides segment. Sales of performance coatings product offerings declined compared to the prior-year period primarily due to an increasingly competitive sales environment and reduced demand. Sales for coatings products were particularly weak in Latin America.