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FERRO REPORTS FIRST-QUARTER RESULTSMay 01, 2019
Adjusts 2019 Guidance, While Maintaining Guidance on Adjusted Free Cash Flow Conversion
First Quarter Financial and Operating Highlights *:
- Volume increased 2.5%
- Net Sales declined 4.4% to $387.5 million
- Net Sales on a constant currency basis increased 0.7%
- GAAP Diluted EPS declined 40.7% to $0.16
- Adjusted EPS declined 38.9% to $0.22
- Net Income 1 declined 41.8% to $13.6 million
- Adjusted EBITDA declined 25.2% to $47.9 million
- 1.4 million shares repurchased for a total cost of $25.0 million
*Comparative information is relative to prior-year first quarter.
1 Net Income attributable to Ferro Corporation common shareholders.
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, 2019. 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 5,980 associates globally and reported 2018 sales of $1.6 billion.
Ferro will conduct an investor teleconference at 8:00 a.m. EDT Wednesday, May 1, 2019. 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 800-668-0506 within the U.S. or +1 303-223-4382 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 1, 2019
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 21922678).
Presentation material & podcast: Earnings presentation material and podcasts can be accessed through the Investors portion of the Company’s website at ferro.com.
Investors & Media:
Kevin Cornelius Grant, 216.875.5451
Director, Investor Relations and Corporate Communications