Ferro Corporation, a leading global supplier of technology-based functional coatings and colour solutions, has reported results for the first quarter ended 31 March 2018:
* Net Sales increased 26.5% to USD 405.5 million
* Organic sales grew 4.6% on constant currency
* GAAP EPS improved 3.8% to USD 0.27
* Adjusted EPS increased 16.1% to USD 0.36
* Net Income increased 6.8% to USD 23.4 million, with EBITDA expanding 14.5% to USD 64.0 million
* Capital structure refinanced, enhancing financial flexibility and reducing interest rates.
* Full-year 2018 guidance maintained for non-GAAP Adjusted EPS, Adjusted EBITDA, and Adjusted Free Cash Flow from Operations Conversion.
Ferro Corporation supplies functional coatings for glass, metal, ceramic and other substrates and colour 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 5,680 associates globally and reported 2017 sales of USD 1.4 billion.