Net Sales Increase over 15% for Ferro in First Quarter 2017
Ferro’s first quarter net sales grew to $320.6 million from $277.5 million in the prior-year quarter.
Ferro Corp. recently reported results for the first quarter ending March 31. First quarter net sales reportedly grew 15.5% to $320.6 million from $277.5 million in the prior-year quarter. On a constant currency basis, first quarter net sales increased 18.8% compared to the prior-year quarter, and gross profit increased 17.3% to $98.8 million from $84.2 million. Adjusted gross profit increased 20.4% to $101.4 million from $84.2 million, while adjusted gross profit margin expanded by 120 basis points to 31.6%.
Ferro reported income from continuing operations in the 2017 first quarter of $22.1 million, or $0.26 per diluted share, compared with income from continuing operations of $19.8 million, or $0.23 per diluted share, for the prior-year quarter. On an adjusted basis, earnings per diluted share from continuing operations were $0.31, an increase of 40.9% from $0.22 per diluted share for the prior-year quarter.
“Ferro delivered another quarter of strong financial performance, as volume and sales growth continued the momentum from the second half of 2016,” said Peter Thomas, chairman, president and CEO. “Over the past three consecutive quarters, we have delivered year-over-year improvements in organic volume and revenue growth, gross margin, and adjusted EBITDA margin.
“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.
“Along with organic growth, we also continued to extend our market leadership positions in functional coatings and color solutions by acquiring, in the second quarter, Italy based Smalti per Ceramiche, an attractive and complementary addition to our portfolio of high-end tile coating products.
“With intense focus on our strategic priorities, a solid financial position, and ongoing commitment to operational efficiencies, we are driving growth across our portfolio of businesses and have every confidence that we can create significant long-term value for our shareholders.’’
For more information, visit www.ferro.com.