Ferro Reports Strong Fourth Quarter Performance, Announces Completion of Tile Coatings Systems Divestiture, and Provides Full Year 2021 Guidance
Fourth Quarter Continuing Operations *:
Net Salesincreased 6.2% to $260.0M Net Salesincreased 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
$0.08from 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 Salesdeclined 5.5% to $959.0M Net Salesdeclined 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
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225006086/en/
Ferro will conduct an investor teleconference at
- 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 Timeon 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.
Director of Investor Relations and Corporate Communications