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Ferro Reports Strong Fourth Quarter Performance, Announces Completion of Tile Coatings Systems Divestiture, and Provides Full Year 2021 Guidance

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Fourth Quarter Continuing Operations *:

  • Net Sales increased 6.2% to $260.0M

  • Net Sales increased 3.5% on a constant currency basis

  • Gross Profit increased 5.6% to $79.1M, Gross Profit Margin of 30.4%

  • Adjusted Gross Profit increased 3.7% to $80.6M, Adjusted Gross Profit Margin of 31.0%

  • GAAP diluted EPS increased to $0.08 from a loss of $0.03, Adjusted diluted EPS increased 47.1% to $0.25

  • Net Income 1 increased to $17.7M, Adjusted EBITDA increased 22.1% to $45.2M, Adjusted EBITDA Margin increased 227 basis points to 17.4%

Full Year Continuing Operations *:

  • Net Sales declined 5.5% to $959.0M

  • Net Sales declined 5.3% on a constant currency basis

  • Gross Profit declined 4.6% to $293.8M, Gross Profit Margin of 30.6%

  • Adjusted Gross Profit declined 4.6%, Adjusted Gross Profit Margin of 31.3%

  • GAAP diluted EPS declined 14.6% to $0.35, Adjusted diluted EPS declined 2.2% to $0.81

  • Net Income1 increased to $42.8M, Adjusted EBITDA declined 2.7% to $153.7M, Adjusted EBITDA Margin increased 46 basis points to 16.0%

* Comparative information is relative to prior-year fourth quarter and full year for Continuing Operations.
1 Note: Net Income attributable to Ferro Corporation common shareholders.

Ferro Corporation (www.ferro.com) 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 5,600 associates globally and reported 2020 sales of $959 million. Included within our employee count are approximately 2,100 employees in our foreign consolidated subsidiaries associated with the Tile Coatings Systems business.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225006086/en/

Conference Call

Ferro will conduct an investor teleconference at 8:00 a.m. EST Tuesday, March 2, 2021. 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 877-210-0456 within the U.S. or +1 212-231-2924 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 March 2, 2021.

  • 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 21991713).

  • Presentation material and podcast: Earnings presentation material and podcasts can be accessed through the Investors portion of the Company’s website at ferro.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210225006086/en/

Contacts

Investor Contact:
Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications
kevincornelius.grant@ferro.com