Ferro Guides Below Estimates
Ferro (FOE) reported 2nd Quarter June 2019 earnings of $0.35 per share on revenue of $393.9 million. The consensus earnings estimate was $0.33 per share on revenue of $418.1 million. Revenue fell 5.4% compared to the same quarter a year ago.
The company said it expects 2019 earnings of $1.17 to $1.27 per share. The current consensus earnings estimate is $1.39 per share for the year ending December 31, 2019.
Ferro Corp is a producer of specialty materials and chemicals that are sold to the manufacturers who, in turn, make products for many end-use markets. It offers electronic materials, color and glass performance materials, pigments, powders & oxides.
Ferro Reports Second-Quarter 2019 Results
Sales Impacted by Macro-Economic Circumstances; Margins Increased on Sequential Basis; 2019 Guidance Updated While Adjusted Free Cash Flow Conversion Guidance Maintained
Second Quarter Financial and Operating Highlights *:
- Volume declined 2.1%
- Net Sales declined by 5.4% to $393.9 million
- Net Sales on a constant currency basis declined by 2.0%
- GAAP Diluted EPS of $0.13
- Adjusted EPS of $0.35
- Net Income1 of $10.9 million and Adjusted EBITDA of $62.7 million
*Comparative information is relative to prior-year second quarter.
1 Net Income attributable to Ferro Corporation common shareholders.
CLEVELAND--(BUSINESS WIRE)--Ferro Corporation (NYSE: FOE), a leading global supplier of technology-based functional coatings and color solutions, today reported results for the second quarter ended June 30, 2019. 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 5,870 associates globally and reported 2018 sales of $1.6 billion.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190730006055/en/
Ferro will conduct an investor teleconference at 8:00 a.m. EDT Wednesday, July 31, 2019. 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.
- Webcast can be accessed by clicking on the Investors link at the top of Ferro’s website at ferro.com.
- Live telephone: Call 888-223-4641 within the U.S. or +1 303-223-4365 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 July 31, 2019.
- 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 21927407).
- Presentation material and podcast: Earnings presentation material and podcasts can be accessed through the Investors portion of the Company’s website at ferro.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190730006055/en/
Investors & Media:
Kevin Cornelius Grant, 216.875.5451
Director, Investor Relations and Corporate Communications
Source: Ferro Corporation