Ferro Reports Third Quarter 2018 Results

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
    $0.37
  • 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
    repurchase
  • 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
Corporation (www.ferro.com)
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.

Conference Call

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
following:

  • 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
    start time.
  • 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
    21891850).
  • Presentation material & podcast: Earnings presentation material and
    podcasts can be accessed through the Investors section of the
    Company’s website at ferro.com.

Contacts

Ferro Corporation
Investor Contact:

Kevin Cornelius
Grant, 216-875-5451
Head of Investor Relations
kevincornelius.grant@ferro.com
or
Media
Contact:

Mary Abood, 216-875-5401
Director, Corporate
Communications
mary.abood@ferro.com