Strong Organic Growth and Momentum toward Vision 2020 Continues
Third Quarter Financial and Operating Highlights *:
- Net Sales increased 12.9% to $395.2 million
- Organic sales grew 7.3% on a constant currency basis
- GAAP EPS declined 29.6% to $0.19, while Adjusted EPS improved 12.1% to
- Cash flows from operating activities expanded 267% to $73.4 million
- Adjusted Free Cash Flow expanded 280% to $79.1 million
- $27.5 million of common stock repurchased from the beginning of 2018
through November 7. Board has authorized an additional $50 million
- Full year 2018 guidance reaffirmed at lower end of range for Adjusted
EPS and Adjusted EBITDA and at upper end of range for Adjusted Free
Cash Flow Conversion.
*Comparative information is relative to prior-year third quarter.
The results and guidance in this release, including in the highlights
above, contain references to non-GAAP measures from continuing
operations. Reconciliation of GAAP to non-GAAP results can be found at
the end of the earnings release.
CLEVELAND–(BUSINESS WIRE)–Ferro Corporation (NYSE: FOE), a leading global supplier of
technology-based functional coatings and color solutions, today reported
results for the third quarter ended September 30, 2018. 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 Coatings
(metal and ceramic coatings), Performance Colors and Glass (glass
coatings), and Color Solutions. Headquartered in Mayfield Heights, Ohio,
the Company has approximately 5,850 associates globally and reported
2017 sales of $1.4 billion.
Ferro will conduct an investor teleconference at 10:00 a.m. EDT Friday,
November 9, 2018. Investors can access this conference via any of the
- Webcast can be accessed by clicking on the Investors link at the top
of Ferro’s website at ferro.com.
- Live telephone: Call 800-909-7944 within the U.S. or +1 212-231-2935
outside the U.S. Please join the call at least 10 minutes before the
- Webcast replay: Available in the Investors section of Ferro’s website
at ferro.com beginning at approximately 12:00 noon Eastern Time on
November 9, 2018
- 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
- Presentation material & podcast: Earnings presentation material and
podcasts can be accessed through the Investors section of the
Company’s website at ferro.com.
Head of Investor Relations
Mary Abood, 216-875-5401