Ferro Corporation is a leading global supplier of technology-based functional coatings and colour solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and colour solutions in the form of specialty pigments and colourants 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 5,600 associates globally and reported 2020 sales of 959 million USD. Included within the employee count are approximately 2,100 employees in foreign consolidated subsidiaries associated with the Tile Coatings Systems business.
Fourth Quarter Continuing Operations
- Net Sales increased 6.2% to 260.0 million USD
- Net Sales increased 3.5% on a constant currency basis
- Gross Profit increased 5.6% to 79.1 million USD, Gross Profit Margin of 30.4%
- Adjusted Gross Profit increased 3.7% to 80. 6million USD, Adjusted Gross Profit Margin of 31.0%
- GAAP diluted EPS increased to 0.08 USD from a loss of 0.03 USD, Adjusted diluted EPS increased 47.1% to 0.25 USD
- Net Income 1 increased to 17.7 million USD, Adjusted EBITDA increased 22.1% to 45.2 million USD, Adjusted
- EBITDA Margin increased 227 basis points to 17.4%
Full Year Continuing Operations
- Net Sales declined 5.5% to 959.0 million USD
- Net Sales declined 5.3% on a constant currency basis
- Gross Profit declined 4.6% to 293.8 million USD, Gross Profit Margin of 30.6%
- Adjusted Gross Profit declined 4.6%, Adjusted Gross Profit Margin of 31.3%
- GAAP diluted EPS declined 14.6% to 0.35 USD, Adjusted diluted EPS declined 2.2% to 0.81 USD
- Net Income1 increased to 42.8 million USD, Adjusted EBITDA declined 2.7% to 153.7 million USD, Adjusted
- EBITDA Margin increased 46 basis points to 16.0%
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Conference Call
Ferro will conduct an investor teleconference at 8:00 a.m. EST Tuesday, March 2, 2021. 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 877-210-0456 within the U.S. or +1 212-231-2924 outside the U.S. Please join the call at least 10 minutes before the start time.
- Webcast replay: Available on Ferro’s Investor website at ferro.com beginning at approximately 4:30 p.m. Eastern Time on March 2, 2021.
- 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 21991713).
- Presentation material and podcast: Earnings presentation material and podcasts can be accessed through the Investors portion of the Company’s website at ferro.com.