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Ferro Shows Resilience With Stronger Results Than Anticipated, Reports Third Quarter 2020 Performance and Provides Full Year 2020 Guidance

·3 min read

Improving demand driven by leadership positions in megatrend end markets.

Third Quarter Continuing Operations *:

  • Net Sales declined 1.4% to $241.9M

  • Net Sales declined 2.1% on a constant currency basis

  • Gross Profit declined 7.8% to $70.2M, Gross Profit Margin of 29.0%

  • Adjusted Gross Profit declined 7.4% to $72.2M, Adjusted Gross Profit Margin of 29.8%

  • GAAP diluted EPS of $0.11, Adjusted diluted EPS of $0.19

  • Net Income1 improved 12.9% to $14.5M, Adjusted EBITDA declined 14.0% to $36.9M

  • Adjusted EBITDA Margin of 15.2%

Full Year Continuing Operations *:

  • Net Sales declined 9.2% to $699.0M

  • Net Sales declined 8.0% on a constant currency basis

  • Gross Profit declined 7.9% to $214.6M, Gross Profit Margin improved 43 basis points to 30.7%

  • Adjusted Gross Profit declined 7.2%, Adjusted Gross Profit Margin improved 29 basis points to 31.4%

  • GAAP diluted EPS of $0.27, Adjusted diluted EPS of $0.56

  • Net Income1 declined 32.8% to $25.1M, Adjusted EBITDA declined 9.1% to $108.5M

  • Adjusted EBITDA Margin of 15.5%

* Comparative information is relative to prior-year third quarter and prior-year year-to-date as of September 30 year to date for Continuing Operations.
1 Note: Net Income (Loss) attributable to Ferro Corporation common shareholders.

Ferro Corporation (NYSE: FOE) (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 5,890 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201104005741/en/

Conference Call

Ferro will conduct an investor teleconference at 8:00 a.m. EST Thursday November 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 888-391-0101 within the U.S. or +1 212-231-2907 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 November 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 21970927).

  • 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/20201104005741/en/

Contacts

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