Ferro reports strong first quarter 2020 profitability

Gross Profit Margin and earnings increased year-over-year, company positioned with strong liquidity, full-year guidance withdrawn

Ferro Corporation is a leading global supplier of technology-based functional coatings and colour solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and colour solutions in the form of specialty pigments and colourants 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 Colour Solutions. Headquartered in Mayfield Heights, Ohio, USA, the Company has approximately 5,890 associates globally and reported 2019 sales of 1.0 billion USD. Included within the employee count are approximately 2,100 employees in foreign consolidated subsidiaries associated with the Tile Coatings Systems business.

First Quarter Continuing Operations*:

  • Net Sales declined 4.2% to 252.3 million USD
  • Net Sales declined 2.4% on a constant currency basis
  • Gross Profit increased 3.7% to 80.7 million USD, Gross Profit Margin improved 240 bps to 32.0%
  • Adjusted Gross Profit increased 5.4% to 81.9 million USD, Adjusted Gross Profit Margin improved 240 bps to 32.5%
  • GAAP diluted EPS increased 90% to 0.19 USD
  • Adjusted diluted EPS increased 73.3% to 0.26 USD
  • Net Income 1 increased 18.5% to 16.1 million USD
  • 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.

View the full release here.

Conference Call

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.