Macro-economic Uncertainties Continued to Pressure Top Line; Gross Profit Margin Improved Over Prior Year; 2019 Guidance Update Revised for Foreign Exchange
Third Quarter Financial and Operating Highlights *:
- GAAP Diluted EPS of $0.16
- Adjusted EPS of $0.35
- Net Sales declined 7.4% to $365.7 million
- Net Sales on a constant currency basis declined 5.8%
- Gross Profit of $100.3 million with Gross Profit Margin of 27.4%, an increase of 70 basis points.
- Net Income1 declined 20.2% to $12.8 million and Adjusted EBITDA declined 8.7% to $58.2 million
- Adjusted EPS and EBITDA guidance revised for foreign exchange and Adjusted Free Cash Flow Conversion reaffirmed.
*Comparative information is relative to prior-year third quarter.
1 Net Income attributable to Ferro Corporation common shareholders.
CLEVELAND–(BUSINESS WIRE)–Ferro Corporation (NYSE: FOE), a leading global supplier of technology-based functional coatings and color solutions, today reported results for the third quarter ended Sept 30, 2019. 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 5,900 associates globally and reported 2018 sales of $1.6 billion.
- Ferro will conduct an investor teleconference at 9:00 a.m. EST Tuesday, November 12, 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 800-926-7358 within the U.S. or +1 212-231-2937 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 12, 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 21932210).
- 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, Investor Relations and Corporate Communications