Ferro Shows Resilience With Stronger Results Than Anticipated, Reports Third Quarter 2020 Performance and Provides Full Year 2020 Guidance
Improving demand driven by leadership positions in megatrend end markets.
Third Quarter Continuing Operations *:
Net Salesdeclined 1.4% to $241.9M Net Salesdeclined 2.1% on a constant currency basis
- Gross Profit declined 7.8% to
$70.2M, Gross Profit Margin of 29.0%
- Adjusted Gross Profit declined 7.4% to
$72.2M, Adjusted Gross Profit Margin of 29.8%
- GAAP diluted EPS of
$0.11, Adjusted diluted EPS of $0.19
- Net Income1 improved 12.9% to
$14.5M, Adjusted EBITDA declined 14.0% to $36.9M
- Adjusted EBITDA Margin of 15.2%
Full Year Continuing Operations *:
Net Salesdeclined 9.2% to $699.0M Net Salesdeclined 8.0% on a constant currency basis
- Gross Profit declined 7.9% to
$214.6M, Gross Profit Margin improved 43 basis points to 30.7%
- Adjusted Gross Profit declined 7.2%, Adjusted Gross Profit Margin improved 29 basis points to 31.4%
- GAAP diluted EPS of
$0.27, Adjusted diluted EPS of $0.56
- Net Income1 declined 32.8% to
$25.1M, Adjusted EBITDA declined 9.1% to $108.5M
- Adjusted EBITDA Margin of 15.5%
* Comparative information is relative to prior-year third quarter and prior-year year-to-date as of
1 Note: Net Income (Loss) attributable to
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201104005741/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 888-391-0101 within the
U.S.or +1 212-231-2907 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 November 5, 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 21970927).
- 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