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FERRO REPORTS SECOND QUARTER 2018 RESULTS; GAAP EPS INCREASED 40% TO $0.35 AND ADJUSTED EPS INCREASED 18.9% TO $0.44July 25, 2018
Second Quarter Financial and Operating Highlights *:
- GAAP EPS increased 40.0% to $0.35
- Adjusted EPS increased 18.9% to $0.44
- Net Sales increased 19.4% to $416.2 million
- Net Income increased 41.1% to $29.7 million, with EBITDA expanding 17.9% to $75.2 million
- Full-year 2018 non-GAAP guidance reaffirmed, despite currency headwinds
- Organic sales grew 5.4% on constant currency
*Comparative information is relative to prior-year second quarter.
The results and guidance in this release, including in the highlights above, contain references to non-GAAP measures from continuing operations. Reconciliation of GAAP to non-GAAP results can be found at the end of the earnings release.
Ferro Corporation (NYSE: FOE), a leading global supplier of technology-based functional coatings and color solutions, today reported results for the second quarter ended June 30, 2018. 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 5,620 associates globally and reported 2017 sales of $1.4 billion.
Ferro will conduct an investor teleconference at 10:00 a.m. EDT Thursday, July 26, 2018. Investors can access this conference via any of the following:
Webcast can be accessed by clicking on the Investor link at the top of Ferro’s website at ferro.com.
Live telephone: Call 800-909-7944 within the U.S. or +1 212-231-2935 outside the U.S. Please join the call at least 10 minutes before the start time.
Webcast replay: Available on Ferro’s Investor website beginning at approximately 12:00 noon Eastern Time on July 26, 2018
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 21891850).
Presentation material & podcast: Earnings presentation material and podcasts can be accessed through the Investor Information portion of the Company’s Web site at ferro.com.
Kevin Cornelius Grant, 216-875-5451
Head of Investor Relations
Mary Abood, 216-875-5401
Director, Corporate Communications