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Ferro Corporation Reports Fourth Quarter and Full Year 2021 Results
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
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.
Ferro Corporation 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: Performance Colors and Glass and Color Solutions. Headquartered in Mayfield Heights, Ohio, the Company has approximately 5,900 associates globally and reported 2019 sales of $1.0 billion. Included within our employee count are approximately 2,100 employees in our foreign consolidated subsidiaries associated with the Tile Coatings Systems business.