Ferro Corporation Reports Third Quarter 2021 Results

Rhea-AI Summary

Ferro Corporation (NYSE: FOE) reported strong financial results for the third quarter of the year, with net sales rising 43.7% to $294.3M. The gross profit increased by 48.8% to $94.8M, leading to a gross profit margin improvement of 110 bps to 32.2%. In terms of earnings, GAAP diluted EPS stood at $0.20, while adjusted diluted EPS came in at $0.35. Year-to-date figures also showed positive growth, with net sales of $582.7M, a 27.5% increase compared to the previous year.

Positive

• Net sales increased 43.7% to $294.3M in Q3.
• Gross profit increased 48.8% to $94.8M with a margin improvement of 110 bps to 32.2%.
• Adjusted EBITDA increased 90.0% to $58.7M, with a margin improvement of 430 bps to 20.0%.
• Year-to-date net sales rose 27.5% to $582.7M.

Negative

• None.

Third Quarter Continuing Operations^*:

• Net Sales increased 43.7% to $294.3M, or 37.3% on a constant currency basis
• Gross Profit increased 48.8% to $94.8M, Gross Profit Margin improved 110 bps to 32.2%, Adjusted Gross Profit Margin improved 40 bps to 32.8%
• GAAP diluted EPS of $0.20, Adjusted diluted EPS of $0.35
• Income from continuing operations of $17.4M, Adjusted EBITDA increased 90.0% to $58.7M
• Adjusted EBITDA Margin improved 430 bps to 20.0%

Year to Date Continuing Operations ^*:

• Net Sales increased 27.5% to $582.7M, or 22.4% on a constant currency basis
• Gross Profit increased 31.5% to $189.9M, Gross Profit Margin improved 100 bps to 32.6%
• Adjusted Gross Profit Margin improved 90 bps to 33.3%
• GAAP diluted EPS of $0.42, Adjusted diluted EPS of $0.73
• Income from continuing operations of $36.0M, Adjusted EBITDA increased 62.6% to $116.5M
• Adjusted EBITDA Margin improved 480 bps to 19.9%

*Comparative information is relative to prior-year third quarter and prior-year to September 30 for Continuing Operations

Ferro will not host a Third Quarter 2021 Earnings teleconference call

CLEVELAND--(BUSINESS WIRE)-- Ferro Corporation (NYSE: FOE) (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 2020 sales of $959 million.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211103006140/en/

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 net sales for the third quarter of 2021?

Ferro Corporation's net sales for the third quarter of 2021 increased by 43.7% to $294.3 million.

How did Ferro's gross profit perform in the third quarter of 2021?

Ferro's gross profit increased by 48.8% to $94.8 million in the third quarter of 2021.

What was Ferro's GAAP diluted EPS for the third quarter of 2021?

Ferro's GAAP diluted EPS for the third quarter of 2021 was $0.20.

How much did Ferro's adjusted EBITDA increase by in the third quarter of 2021?

Ferro's adjusted EBITDA increased by 90.0% to $58.7 million in the third quarter of 2021.

What is Ferro's stock symbol?

Ferro Corporation's stock symbol is FOE.