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FERRO DELIVERS SEVENTH CONSECUTIVE QUARTER OF ORGANIC GROWTH AND REAFFIRMS FULL-YEAR 2018 GUIDANCEMay 01, 2018
Company delivers strong revenue growth in first quarter 2018
First Quarter Financial and Operating Highlights *:
- Net Sales increased 26.5% to $405.5 million
- Organic sales grew 4.6% on constant currency
- GAAP EPS improved 3.8% to $0.27
- Adjusted EPS increased 16.1% to $0.36
- Net Income increased 6.8% to $23.4 million, with EBITDA expanding 14.5% to $64.0 million
- Capital structure refinanced, enhancing financial flexibility and reducing interest rates.
- Full-year 2018 guidance maintained for non-GAAP Adjusted EPS, Adjusted EBITDA, and Adjusted Free Cash Flow from Operations Conversion.
*Comparative information is relative to prior-year first 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 first quarter ended March 31, 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 5,680 associates globally and reported 2017 sales of $1.4 billion.
Ferro will conduct an investor teleconference at 10:00 a.m. EDT Wednesday, May 2, 2018. Investors can access this conference via any of the following:
- Webcast can be accessed by clicking on the Investor Information link at the top of Ferro’s website at ferro.com
- Live telephone: Call 800-918-9482 within the U.S. or +1 212-231-2911 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 12:00 noon Eastern Time on May 2, 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 21887436).
- 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