Ferro Corp. (FOE) Tops Q2 EPS by 4c, Beats on Revenues; Boosts FY17 EPS Guidance Above Consensus

Ferro Corp. (NYSE: FOE) reported Q2 EPS of $0.37, $0.04 better than the analyst estimate of $0.33. Revenue for the quarter came in at $348.6 million versus the consensus estimate of $336.13 million.

Ferro is updating its full year 2017 guidance based on the Company’s year-to-date performance and the acquisition of SPC in the second quarter of 2017. This guidance reflects the foreign exchange rates consistent with those from our prior guidance of foreign exchange rates as of 12/31/2016.

• Adjusted EPS of $1.22 - $1.27 per diluted share, up from $1.17 - $1.22 per diluted share
• Adjusted EBITDA of $223 million - $228 million, up from $214 million - $219 million
• Adjusted Free Cash Flow from Continuing Operations of $90 million - $100 million, up from $85 million - $95 million
• Consolidated sales growth of 12.0% - 13.0%, up from 8.5% - 9.5%

GUIDANCE:

Ferro Corp. sees FY2017 EPS of $1.22-$1.27, versus the consensus of $1.22.

Second Quarter Financial and Operating Highlights *:

• Net sales increased 17.0%, to $348.6 million
• Organic sales rose 6.5% on a constant currency basis
• Total volume grew 11.6% and organic volume grew 8.2%
• Achieved gross margin of 31.1% despite raw material headwinds
• Adjusted gross margin was 31.5%
• Earnings per diluted share increased 13.6% to $0.25
• Adjusted earnings per diluted share increased 8.8% to $0.37
• Net income attributable to Ferro Corporation common shareholders increased 10.8% to $21.0 million
• Adjusted EBITDA grew 13.6% to $64.3 million

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

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