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Ferro Reports Strong First Quarter 2020 ProfitabilityMay 11, 2020
Company positioned with strong liquidity. Full-year guidance withdrawn.
First Quarter Continuing Operations*:
- Net Sales declined 4.2% to $252.3M
- Net Sales declined 2.4% on a constant currency basis
- Gross Profit increased 3.7% to $80.7M, Gross Profit Margin improved 240 bps to 32.0%
- Adjusted Gross Profit increased 5.4% to $81.9M, Adjusted Gross Profit Margin improved 240 bps to 32.5%
- GAAP diluted EPS increased 90% to $0.19
- Adjusted diluted EPS increased 73.3% to $0.26
- Net Income1 increased 18.5% to $16.1M
- Adjusted EBITDA increased 18.2% to $40.7M, Adjusted EBITDA Margin improved 300 bps to 16.1%
*Comparative information is relative to prior-year first quarter Continuing Operations.
1 Note: Net Income 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 Tuesday May 12, 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 800-616-5331 within the U.S. or +1 303-223-4362 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 12, 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 21961510).
Presentation material and podcast: Earnings presentation material and podcasts can be accessed through the Investors portion of the Company’s website at ferro.com.
Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications