CLEVELAND--(BUSINESS WIRE)--The bullets in the subhead have been corrected.
The updated release reads:
FERRO CORPORATION REPORTS THIRD QUARTER 2021 RESULTS
Third Quarter Continuing Operations*:
- Net Sales increased 14.6% to $277.2M, or 13.3% on a constant currency basis
- Gross Profit increased 18.8% to $83.4M, Gross Profit Margin improved 110 bps to 30.1%
- Adjusted Gross Profit Margin improved 80 bps to 30.5%
- GAAP diluted EPS of $0.13, Adjusted diluted EPS of $0.24
- Net Income from continuing operations of $11.7M, Adjusted EBITDA increased 19.5% to $44.0M
- Adjusted EBITDA Margin improved to 15.9%
Year to Date Continuing Operations *:
- Net Sales increased 23.0% to $859.9M, or 19.3% on a constant currency basis
- Gross Profit increased 27.3% to $273.3M, Gross Profit Margin improved 110 bps to 31.8%
- Adjusted Gross Profit Margin improved 90 bps to 32.4%
- GAAP diluted EPS of $0.56, Adjusted diluted EPS of $0.97
- Net Income from continuing operations of $47.7M, Adjusted EBITDA increased 48.0% to $160.5M
- Adjusted EBITDA Margin improved 320 bps to 18.7%
*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
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.
