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.
CLEVELAND–(BUSINESS WIRE)–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.
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.
Kevin Cornelius Grant, 216.875.5451
Director of Investor Relations and Corporate Communications