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FERRO REPORTS FOURTH QUARTER AND FULL YEAR 2018 RESULTSFebruary 27, 2019
Delivers Strong Year-over-Year Performance; Provides 2019 Guidance
Fourth Quarter Financial and Operating Highlights *:
- Net Sales increased 4.7% to $395.5M
- Organic salescc grew 3.6%
- GAAP diluted EPS improved to $0.13 versus a loss of $0.10
- Adjusted EPS increased 13.8% to $0.33
- Net Income1 improved to $11.0M compared to a loss of $8.7M
- Adjusted EBITDA grew 6.4% to $56.1M
- Net Cash provided by Operating Activities increased 193.6% to $141.7M
- Adjusted Free Cash Flow Conversion of 178.9%
Full Year Financial and Operating Highlights *:
- Net Sales increased 15.4% to $1,612.4M
- Organic salescc grew 5.2%
- GAAP diluted EPS increased 40.3% to $0.94
- Adjusted EPS increased 16.3% to $1.50
- Net Income1 increased 40.4% to $80.1M
- Adjusted EBITDA grew 12.0% to $259.1M
- Net Cash provided by Operating Activities increased 115.6% to $182.8M
- Adjusted Free Cash Flow Conversion of 50.9%
*Comparative information is relative to prior-year fourth quarter and prior year.
1Net Income attributable to Ferro Corporation common shareholders.
Ferro Corporation (NYSE: FOE), a leading global supplier of technology-based functional coatings and color solutions, today reported results for the fourth quarter ended December 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 6,100 associates globally and reported 2018 sales of $1.6 billion.
Ferro will conduct an investor teleconference at 8:00 a.m. EST Thursday, February 28, 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 800-698-9012 within the U.S. or +1 303-223-2691 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 February 28, 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 21916423).
Presentation material & podcast: Earnings presentation material and podcasts can be accessed through the Investors portion of the Company’s Web site at ferro.com.
Kevin Cornelius Grant, 216.875.5451
Head of Investor Relations and Corporate Communications
Mary Abood, 216.875.5401
Director, Corporate Communications