Ferro Reports Third Quarter 2018 Results
November 08 2018 - 4:31PM
Business Wire
Strong Organic Growth and Momentum toward
Vision 2020 Continues
Third Quarter Financial and Operating Highlights
*:
- Net Sales increased 12.9% to $395.2
million
- Organic sales grew 7.3% on a constant
currency basis
- GAAP EPS declined 29.6% to $0.19, while
Adjusted EPS improved 12.1% to $0.37
- Cash flows from operating activities
expanded 267% to $73.4 million
- Adjusted Free Cash Flow expanded 280%
to $79.1 million
- $27.5 million of common stock
repurchased from the beginning of 2018 through November 7. Board
has authorized an additional $50 million repurchase
- Full year 2018 guidance reaffirmed at
lower end of range for Adjusted EPS and Adjusted EBITDA and at
upper end of range for Adjusted Free Cash Flow Conversion.
*Comparative information is relative to prior-year third
quarter.
The results and guidance in this release, including in the
highlights above, contain references to non-GAAP measures from
continuing operations. Reconciliation of GAAP to non-GAAP results
can be found at the end of the earnings release.
Ferro Corporation (NYSE: FOE), a leading global supplier of
technology-based functional coatings and color solutions, today
reported results for the third quarter ended September 30, 2018.
Ferro Corporation (www.ferro.com) supplies functional coatings for
glass, metal, ceramic and other substrates and color solutions in
the form of specialty pigments and colorants for a broad range of
industries and applications. Ferro products are sold into the
building and construction, automotive, electronics, industrial
products, household furnishings and appliance markets. The
Company’s reportable segments include: Performance Coatings (metal
and ceramic coatings), Performance Colors and Glass (glass
coatings), and Color Solutions. Headquartered in Mayfield Heights,
Ohio, the Company has approximately 5,850 associates globally and
reported 2017 sales of $1.4 billion.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20181108006005/en/
Conference Call
Ferro will conduct an investor teleconference at 10:00 a.m. EDT
Friday, November 9, 2018. Investors can access this conference via
any of the following:
- Webcast can be accessed by clicking on
the Investors link at the top of Ferro’s website at ferro.com.
- Live telephone: Call 800-909-7944
within the U.S. or +1 212-231-2935 outside the U.S. Please join the
call at least 10 minutes before the start time.
- Webcast replay: Available in the
Investors section of Ferro’s website at ferro.com beginning at
approximately 12:00 noon Eastern Time on November 9, 2018
- Telephone replay: Call 800-633-8284
within the U.S. or +1 402-977-9140 outside the U.S. (for both U.S.
and outside the U.S. access code is 21891850).
- Presentation material & podcast:
Earnings presentation material and podcasts can be accessed through
the Investors section of the Company’s website at ferro.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181108006005/en/
Ferro CorporationInvestor Contact:Kevin Cornelius Grant,
216-875-5451Head of Investor
Relationskevincornelius.grant@ferro.comorMedia Contact:Mary
Abood, 216-875-5401Director, Corporate
Communicationsmary.abood@ferro.com
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