Ferro Reports Strong Fourth Quarter Performance, Announces Completion of Tile Coatings Systems Divestiture, & Provides Full Y...
25 Febbraio 2021 - 10:04PM
Business Wire
Fourth Quarter Continuing Operations *:
- Net Sales increased 6.2% to $260.0M
- Net Sales increased 3.5% on a constant currency basis
- Gross Profit increased 5.6% to $79.1M, Gross Profit Margin of
30.4%
- Adjusted Gross Profit increased 3.7% to $80.6M, Adjusted Gross
Profit Margin of 31.0%
- GAAP diluted EPS increased to $0.08 from a loss of $0.03,
Adjusted diluted EPS increased 47.1% to $0.25
- Net Income 1 increased to $17.7M, Adjusted EBITDA increased
22.1% to $45.2M, Adjusted EBITDA Margin increased 227 basis points
to 17.4%
Full Year Continuing Operations *:
- Net Sales declined 5.5% to $959.0M
- Net Sales declined 5.3% on a constant currency basis
- Gross Profit declined 4.6% to $293.8M, Gross Profit Margin of
30.6%
- Adjusted Gross Profit declined 4.6%, Adjusted Gross Profit
Margin of 31.3%
- GAAP diluted EPS declined 14.6% to $0.35, Adjusted diluted EPS
declined 2.2% to $0.81
- Net Income1 increased to $42.8M, Adjusted EBITDA declined 2.7%
to $153.7M, Adjusted EBITDA Margin increased 46 basis points to
16.0%
* Comparative information is relative to prior-year fourth
quarter and full year for Continuing Operations. 1 Note: Net Income
attributable to Ferro Corporation common shareholders.
Ferro Corporation (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 5,600 associates
globally and reported 2020 sales of $959 million. 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/20210225006086/en/
Conference Call
Ferro will conduct an investor teleconference at 8:00 a.m. EST
Tuesday, March 2, 2021. 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 877-210-0456 within the U.S. or +1
212-231-2924 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
March 2, 2021.
- 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 21991713).
- 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/20210225006086/en/
Investor Contact: Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications
kevincornelius.grant@ferro.com
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