Ferro Corp. (FOE) Tops Q1 EPS by 6c, Guides FY17 EPS Above Consensus MidPoint

Ferro Corp. (NYSE: FOE) reported Q1 Adj. EPS of $0.31, $0.06 better than the analyst estimate of $0.25. Revenue for the quarter came in at $320.6 million versus the consensus estimate of $300.58 million.

Highlights:

• Net sales increased 15.5%, compared to the prior-year quarter, to $320.6 million
• Organic sales rose 6.7% on a constant currency basis
• Gross profit margin expanded 40 basis points, compared to the prior-year quarter, to 30.8%
• Adjusted gross profit margin expanded 120 basis points to 31.6%
• Net income attributable to Ferro Corporation common shareholders improved to $21.9 million from a net loss of $10.0 million in the prior-year quarter
• Earnings per diluted share from continuing operations increased 13%, compared to the prior-year quarter, to $0.26
• Adjusted earnings per diluted share increased 41% to $0.31
• Adjusted EBITDA grew 29.1%, compared to the prior-year quarter, to $56.4 million

GUIDANCE:

Ferro Corp. sees FY2017 EPS of $1.17-$1.22 versus FY17 Consensus average at $1.17​

“As we look toward the remainder of 2017, we expect organic sales growth to remain in line with our prior expectations and raw material headwinds to put pressure on margins consistent with our original guidance. We anticipate the strength we saw in the first quarter will be additive to our original full-year estimates however, and, therefore, are updating our adjusted EPS guidance for the full year to a range of $1.17 to $1.22 per diluted share.

For earnings history and earnings-related data on Ferro Corp. (FOE) click here.

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