Apr 9, 2013 2 min read

CLEVELAND (AP) – Ferro Corp. on Tuesday boosted its first-quarter earnings guidance, citing better-than-expected results from its cost-cutting efforts.

The Cleveland-based specialty chemicals maker, which has operations in Washington, said it now expects to post an adjusted profit of 5 cents to 7 cents per share for the quarter ended March 31, up from its previous prediction of 2 cents to 5 cents per share. Analysts, on average, expect adjusted earnings of 4 cents per share, according to FactSet.

Ferro said that based on current market conditions, combined with the expected timing of certain cost-cutting moves, it still expects the first quarter to account for its lowest profit of 2013.

Ferro also boosted its full-year adjusted profit prediction to a range of 30 cents to 35 cents per share. It previously projected a profit of 25 cents to 30 cents per share. Analysts expect earnings of 29 cents per share.

The company said the changes are based on its preliminary first-quarter results and the progress made so far on its cost-saving and value-creation initiatives. The company said it now expects its cost savings to total $30 million in 2013 and rise to $70 million in 2014.

For 2015, Ferro said it now expects an adjusted profit of 90 cents to $1 per share, up from its previous range of 75 cents to 85 cents per share. Analysts expect earnings of 63 cents per share.

Ferro is near the high end of its 52-week range of $2.38 to $6.99.