All three of Ferro’s reporting segments delivered improved financial performance
Ferro Corporation reported results for the second quarter ended 30 June 2017.
Second Quarter Financial and Operating Highlights included a net sales increase of 17.0%, to USD 348.6 million, a rise in organic sales of 6.5% on a constant currency basis, growth in total volume of 11.6% and organic volume of 8.2%, gross margin of 31.1% despite raw material headwinds, adjusted gross margin of 31.5%, increase in earnings per diluted share of 13.6% to USD 0.25, an increase in adjusted earnings per diluted share of 8.8% to USD 0.37, net income attributable to Ferro Corporation common shareholders increased 10.8% to USD 21.0 million, and adjusted EBITDA grew 13.6% to USD 64.3 million.
Peter Thomas, Chairman, President and CEO, said, “We’ve spent the last few years purposefully developing a growth-oriented culture. Our results over the last few quarters are strong validation that our work is paying off, with market-beating organic growth and strong financial performance. In fact, this was our fourth consecutive quarter of strong sales and earnings growth. We did experience raw material price headwinds in the second quarter, as we anticipated, but our team was able to achieve margins within our expectations through a combination of pricing and optimization actions.
“During the current phase of our strategy, organic and inorganic growth has accelerated. As for organic growth, 20% of our revenue now comes from products developed in the last three years and our vitality index continues ...
Second Quarter Financial and Operating Highlights included a net sales increase of 17.0%, to USD 348.6 million, a rise in organic sales of 6.5% on a constant currency basis, growth in total volume of 11.6% and organic volume of 8.2%, gross margin of 31.1% despite raw material headwinds, adjusted gross margin of 31.5%, increase in earnings per diluted share of 13.6% to USD 0.25, an increase in adjusted earnings per diluted share of 8.8% to USD 0.37, net income attributable to Ferro Corporation common shareholders increased 10.8% to USD 21.0 million, and adjusted EBITDA grew 13.6% to USD 64.3 million.
Peter Thomas, Chairman, President and CEO, said, “We’ve spent the last few years purposefully developing a growth-oriented culture. Our results over the last few quarters are strong validation that our work is paying off, with market-beating organic growth and strong financial performance. In fact, this was our fourth consecutive quarter of strong sales and earnings growth. We did experience raw material price headwinds in the second quarter, as we anticipated, but our team was able to achieve margins within our expectations through a combination of pricing and optimization actions.
“During the current phase of our strategy, organic and inorganic growth has accelerated. As for organic growth, 20% of our revenue now comes from products developed in the last three years and our vitality index continues ...
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