Ferro Corporation Reports Third Quarter 2021 Results

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%.

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11/03/2021 - 04:05 PM

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.