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FERRO REPORTS RESILIENT SECOND QUARTER 2020 PERFORMANCEAugust 05, 2020
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%
Year to Date 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) (NYSE: FOE) 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.
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.
Investor & Media Contact:
Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications