Ferro Reports Fourth Quarter and Full Year 2019 Results
March 02 2020 - 4:34PM
Business Wire
Tile Coatings Systems moved to Discontinued
Operations following agreement to sell
Fourth Quarter Continuing Operations
*:
- Net Sales declined 7.7% to $245.9M
- Gross Profit of $75.3M, Gross Profit Margin of 30.6%
- Adjusted Gross Profit Margin of 31.0%
- GAAP diluted EPS of $(0.03), Adjusted EPS of $0.17
- Net Loss1 of $2.2M
- Adjusted EBITDA of $37.4M, Adjusted EBITDA Margin of 15.2%
Full Year Continuing Operations *:
- Net Sales declined 5.9% to $1,018.4M
- Gross Profit of $308.8M, Gross Profit Margin of 30.3%
- Adjusted Gross Profit Margin of 31.0%
- GAAP diluted EPS of $0.41, Adjusted EPS of $0.83
- Net Income1 of $34.3M
- Adjusted EBITDA of $158.9M, Adjusted EBITDA Margin of
15.6%
*Comparative information is relative to prior-year fourth
quarter and full year Continuing Operations.
1 Note: Net Income (Loss) 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 fourth quarter ended December 31, 2019.
Ferro Corporation (www.ferro.com) is a leading global supplier of
technology-based functional coatings and color solutions. Ferro
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 Colors and Glass and Color Solutions. Headquartered in
Mayfield Heights, Ohio, the Company has approximately 5,900
associates globally and reported 2019 sales of $1.0 billion.
Included within our employee count are approximately 2,100
employees in our foreign consolidated subsidiaries associated with
the Tile Coatings Systems business.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200302005989/en/
Conference Call
Ferro will conduct an investor teleconference at 8:00 a.m. ET
Tuesday March 3, 2020. 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 800-672-1506 within the U.S. or +1
303-223-2698 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
March 3, 2020.
- 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 21952346).
- 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/20200302005989/en/
Investor Contact: Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications
kevincornelius.grant@ferro.com
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