Entering text into the input field will update the search result below

Ferro slips ~5% on mixed Q1 earnings

May 01, 2019 9:49 AM ETFerro Corporation (FOE) StockFOEBy: Vandana Singh, SA News Editor
  • Ferro (FOE -5.4%) says that in Q1 the company experienced weaker demand in certain end markets and geographic regions, particularly in Europe and China; order patterns & inventory destocking contributed to the weaker demand, as well as forex headwinds affected the results
  • Net Sales declined 4.4% Y/Y to $387.5M, driven by foreign currency impact, as well as lower sales volume & mix; on constant currency basis, net sales increased 0.7%.
  • Destocking by high-end tile customers affected Performance Coatings’ business, and weather-related weakness in construction markets impacted the Color Solutions’ pigments business.
  • Sales by segment: Performance Coatings: $170.3M (-7.7%); Performance Colors & Glass: $120.8M (+0.3%); Color Solutions: $96.4M (-4%)
  • Overall adj. gross margin compresses ~150bps to 27%; adj. EBITDA declines from $64M to $48M.
  • Provides updated 2019 guidance with adj. EBITDA of ~$250-$260M, diluted EPS between $1.35-$1.45, and adj. free cash flow from operations conversions between 45%-50%.
  • Previously: Ferro beats by $0.01, misses on revenue (May 1)

Recommended For You

More Trending News

Related Stocks

SymbolLast Price% Chg
FOE--
Ferro Corporation