Ferro Reports First-Quarter Results
May 01 2019 - 5:58AM
Business Wire
Adjusts 2019 Guidance, While Maintaining Guidance on Adjusted
Free Cash Flow Conversion
First Quarter Financial and Operating Highlights
*:
- Volume increased 2.5%
- Net Sales declined 4.4% to $387.5
million
- Net Sales on a constant currency basis
increased 0.7%
- GAAP Diluted EPS declined 40.7% to
$0.16
- Adjusted EPS declined 38.9% to
$0.22
- Net Income1 declined 41.8% to $13.6
million
- Adjusted EBITDA declined 25.2% to $47.9
million
- 1.4 million shares repurchased for a
total cost of $25.0 million
*Comparative information is relative to prior-year first
quarter.
1 Net Income attributable to Ferro Corporation common
shareholders.
Ferro Corporation (NYSE:FOE), a leading global supplier of
technology-based functional coatings and color solutions, today
reported results for the first quarter ended March 31, 2019. 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 5,980 associates globally and reported
2018 sales of $1.6 billion.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190501005355/en/
Conference Call
Ferro will conduct an investor teleconference at 8:00 a.m. EDT
Wednesday, May 1, 2019. 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 800-668-0506
within the U.S. or +1 303-223-4382 outside the U.S. Please join the
call at least 10 minutes before the start time.
- Webcast replay: Available on Ferro’s
Investor website at ferro.com beginning at approximately 4:30 p.m.
Eastern Time on May 1, 2019
- 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 21922678).
- Presentation material and podcast:
Earnings presentation material and podcasts can be accessed through
the Investors portion of the Company’s website at ferro.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190501005355/en/
Investors & Media:Kevin Cornelius Grant,
216.875.5451Director, Investor Relations and Corporate
Communicationskevincornelius.grant@ferro.com
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