Ferro Corporation, a leading global supplier of technology-based functional coatings and colour 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 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: 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 USD.
Third Quarter Financial and Operating Highlights *:
- GAAP Diluted EPS of 0.16 USD
- Adjusted EPS of 0.35 USD
- Net Sales declined 7.4 percent to 365.7 million USD
- Net Sales on a constant currency basis declined 5.8 percent
- Gross Profit of 100.3 million USD with Gross Profit Margin of 27.4 percent, an increase of 70 basis points.
- Net Income1 declined 20.2 percent to 12.8 million USD and Adjusted EBITDA declined 8.7 percent to 58.2 million USD
- 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.
The full report is available at the link.