Ferro Reports Resilient Second Quarter 2020 Performance
August 04 2020 - 4:15PM
Business Wire
Innovation and optimization drive
year-over-year Gross Profit Margin expansion
Second Quarter Continuing Operations *:
- Net Sales declined 21.5% to $204.8M, or 19.6% on a constant
currency basis
- Gross Profit declined 19.4% to $63.7M, Gross Profit Margin
improved 80 bps to 31.1%
- Adjusted Gross Profit Margin improved 30 bps to 32.1%
- GAAP diluted EPS of $(0.03), Adjusted diluted EPS of $0.12
- Net Loss1 declined 151.0% to $5.5M, Adjusted EBITDA declined
29.5% to $30.9M
- Adjusted EBITDA Margin declined to 15.1%
Full Year Continuing Operations *:
- Net Sales declined 12.8% to $457.1M, or 10.9% on a constant
currency basis
- Gross Profit declined 8.0% to $144.5M, Gross Profit Margin
improved 170 bps to 31.6%
- Adjusted Gross Profit Margin improved 130 bps to 32.3%
- GAAP diluted EPS of $0.16, Adjusted diluted EPS of $0.37
- Net Income1 declined 56.8% to $10.6M, Adjusted EBITDA declined
8.5% to $71.6M
- Adjusted EBITDA Margin improved 80 bps to 15.7%
* Comparative information is relative to prior-year second
quarter and prior-year to June 30 year to date for Continuing
Operations. 1 Note: Net Income (Loss) attributable to Ferro
Corporation common shareholders.
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:
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/20200804006008/en/
Conference Call
Ferro will conduct an investor teleconference at 8:00 a.m. EDT
Wednesday August 5, 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 800-735-5968 within the U.S. or +1
212-231-2904 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
August 5, 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 21966876).
- 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/20200804006008/en/
Investor Contact: Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications
kevincornelius.grant@ferro.com
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