Ferro Corp. has adjusted its financial guidance and says it now expects a loss of approximately $0.14 to $0.17 per share related to its solar pastes business. The change in guidance is primarily the result of deterioration in the company's forecast for its solar pastes and metal powders businesses, as well as other factors.
‘The market for conductive pastes used in the manufacture of solar cells has been particularly challenging for much of 2011 and 2012 as the solar industry struggles with overcapacity and rapidly falling prices for solar power panels,’ explains James Kirsch, president, chairman and CEO of Ferro.
‘While we have made some progress in our efforts to develop new customers, the pace at which we have been able to achieve new product qualifications at the larger solar cell manufacturers has been insufficient to generate the sales volume needed to contribute adequate value to our shareholders,’ he continues.
‘We are now exploring strategic options for our solar pastes business in an effort to eliminate its drag on our earnings and cashflow,’ Kirsch adds.