Ferro Reports Third-Quarter 2019 Results
November 11 2019 - 6:22PM
Business Wire
Macro-economic Uncertainties Continued to
Pressure Top Line; Gross Profit Margin Improved Over Prior Year;
2019 Guidance Update Revised for Foreign Exchange
Third Quarter Financial and Operating
Highlights *:
- GAAP Diluted EPS of $0.16
- Adjusted EPS of $0.35
- Net Sales declined 7.4% to $365.7 million
- Net Sales on a constant currency basis declined 5.8%
- Gross Profit of $100.3 million with Gross Profit Margin of
27.4%, an increase of 70 basis points.
- Net Income1 declined 20.2% to $12.8 million and Adjusted EBITDA
declined 8.7% to $58.2 million
- Adjusted EPS and EBITDA guidance revised for foreign exchange
and Adjusted Free Cash Flow Conversion reaffirmed.
*Comparative information is relative to prior-year third
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 third quarter ended Sept 30, 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 5,900 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/20191111005687/en/
Conference Call
- Ferro will conduct an investor teleconference at 9:00 a.m. EST
Tuesday, November 12, 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 800-926-7358 within the U.S. or +1
212-231-2937 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
November 12, 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 21932210).
- 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/20191111005687/en/
Investor & Media Contact: Kevin Cornelius Grant,
216.875.5451 Director, Investor Relations and Corporate
Communications kevincornelius.grant@ferro.com
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