Ferro Corporation Reports Fourth Quarter and Full Year 2021 Results

Rhea-AI Summary

Ferro Corporation reported its fourth quarter results with net sales rising 2.5% to $266.3M. However, gross profit fell by 9.9% to $71.3M, resulting in a gross profit margin of 26.8%. For the full year, net sales increased by 17.4% to $1,126.3M, and net income amounted to $73.3M. Despite strong revenue growth, the decline in gross profit during the fourth quarter raised concerns. The company announced it will not host a teleconference for the earnings report.

Positive

• Full year net sales increased 17.4% to $1,126.3M
• Net income from continuing operations reached $73.3M
• Adjusted EBITDA rose 30.3% to $200.3M
• Adjusted EBITDA margin improved to 17.8%

Negative

• Fourth quarter gross profit decreased 9.9% to $71.3M
• Fourth quarter gross profit margin dropped to 26.8%

Fourth Quarter Continuing Operations^*:

• Net Sales increased 2.5% to $266.3M, or 4.4% on a constant currency basis
• Gross Profit decreased 9.9% to $71.3M, Gross Profit Margin of 26.8%
• Adjusted Gross Profit Margin of 26.9%
• GAAP diluted EPS of $0.30, Adjusted diluted EPS of $0.30
• Net Income from continuing operations of $25.7M, Adjusted EBITDA of $39.8M
• Adjusted EBITDA Margin of 14.9%

Full Year Continuing Operations ^*:

• Net Sales increased 17.4% to $1,126.3M, or 15.4% on a constant currency basis
• Gross Profit increased 17.3% to $344.6M, Gross Profit Margin of 30.6%
• Adjusted Gross Profit Margin of 31.1%
• GAAP diluted EPS of $0.86, Adjusted diluted EPS of $1.28
• Net Income from continuing operations of $73.3M, Adjusted EBITDA increased 30.3% to $200.3M
• Adjusted EBITDA Margin improved 176 bps to 17.8%

*Comparative information is relative to prior-year fourth quarter and full year for Continuing Operations

Ferro will not host a Fourth Quarter and Full Year 2021 Earnings teleconference call

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 3,600 associates globally and reported 2021 sales of $1,126 million.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220301005866/en/

Investor Contact:

Kevin Cornelius Grant, 216.875.5451

Director of Investor Relations and Corporate Communications

kevincornelius.grant@ferro.com

Source: Ferro Corporation

FAQ

What were Ferro Corporation's fourth quarter net sales for 2021?

Ferro Corporation's fourth quarter net sales for 2021 were $266.3 million.

How did Ferro Corporation's gross profit change in Q4 2021?

Ferro Corporation's gross profit decreased by 9.9% to $71.3 million in Q4 2021.

What was Ferro Corporation's full-year net income for 2021?

The full-year net income from continuing operations for Ferro Corporation in 2021 was $73.3 million.

What is Ferro Corporation's stock symbol?

Ferro Corporation's stock symbol is FOE.

Will Ferro host an earnings call for Q4 2021?

No, Ferro Corporation announced it will not host a teleconference for the Q4 2021 earnings report.