CLEVELAND--(BUSINESS WIRE)--Please replace the multimedia with the accompanying corrected multimedia.
The release reads:
FERRO CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS
Fourth Quarter Continuing Operations*:
- Net Sales increased 2.5% to $266.3M, or 4.4% on a constant currency basis
- Gross Profit decreased 9.9% to $71.3M, Gross Profit Margin of 26.8%
- Adjusted Gross Profit Margin of 26.9%
- GAAP diluted EPS of $0.30, Adjusted diluted EPS of $0.30
- Net Income from continuing operations of $25.7M, Adjusted EBITDA of $39.8M
- Adjusted EBITDA Margin of 14.9%
Full Year Continuing Operations *:
- Net Sales increased 17.4% to $1,126.3M, or 15.4% on a constant currency basis
- Gross Profit increased 17.3% to $344.6M, Gross Profit Margin of 30.6%
- Adjusted Gross Profit Margin of 31.1%
- GAAP diluted EPS of $0.86, Adjusted diluted EPS of $1.28
- Net Income from continuing operations of $73.3M, Adjusted EBITDA increased 30.3% to $200.3M
- Adjusted EBITDA Margin improved 176 bps to 17.8%
*Comparative information is relative to prior-year fourth quarter and full year for Continuing Operations
Ferro will not host a Fourth Quarter and Full Year 2021 Earnings teleconference call
Ferro Corporation (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 2021 sales of $1,126 million.
