Ferro Reports Strong First Quarter 2020 Profitability
May 11 2020 - 4:05PM
Business Wire
Gross Profit Margin and earnings increased
year-over-year.
Company positioned with strong liquidity.
Full-year guidance withdrawn.
First Quarter Continuing Operations*:
- Net Sales declined 4.2% to $252.3M
- Net Sales declined 2.4% on a constant currency basis
- Gross Profit increased 3.7% to $80.7M, Gross Profit Margin
improved 240 bps to 32.0%
- Adjusted Gross Profit increased 5.4% to $81.9M, Adjusted Gross
Profit Margin improved 240 bps to 32.5%
- GAAP diluted EPS increased 90% to $0.19
- Adjusted diluted EPS increased 73.3% to $0.26
- Net Income 1 increased 18.5% to $16.1M
- Adjusted EBITDA increased 18.2% to $40.7M, Adjusted EBITDA
Margin improved 300 bps to 16.1%
*Comparative information is relative to prior-year first quarter
Continuing Operations.
1 Note: Net Income attributable to Ferro Corporation common
shareholders.
Ferro Corporation (www.ferro.com) (NYSE: FOE) 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: Functional Coatings and Color
Solutions. Headquartered in Mayfield Heights, Ohio, the Company has
approximately 5,890 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/20200511005847/en/
Conference Call
Ferro will conduct an investor teleconference at 8:00 a.m. EDT
Tuesday May 12, 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 800-616-5331 within the U.S. or +1
303-223-4362 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
12, 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 21961510).
- 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/20200511005847/en/
Investor Contact: Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications
kevincornelius.grant@ferro.com
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