Company Quick10K Filing
Ferro
Price11.77 EPS1
Shares83 P/E20
MCap976 P/FCF-15
Net Debt776 EBIT88
TEV1,752 TEV/EBIT20
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
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10-K 2016-12-31 Filed 2017-03-01
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10-Q 2016-03-31 Filed 2016-04-26
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-27
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-23
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-24
10-K 2012-12-31 Filed 2013-03-05
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-07-25
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-10-25
10-Q 2010-06-30 Filed 2010-07-26
10-Q 2010-03-31 Filed 2010-04-27
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-11-04
8-K 2020-08-04
8-K 2020-05-22
8-K 2020-05-11
8-K 2020-04-30
8-K 2020-04-17
8-K 2020-03-02
8-K 2020-01-10
8-K 2019-12-15
8-K 2019-11-12
8-K 2019-08-23
8-K 2019-07-30
8-K 2019-05-06
8-K 2019-05-01
8-K 2019-02-27
8-K 2019-01-17
8-K 2018-12-05
8-K 2018-11-08
8-K 2018-07-25
8-K 2018-05-07
8-K 2018-05-01
8-K 2018-04-25
8-K 2018-02-28

FOE 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 foe-20200930xex31_1.htm
EX-31.2 foe-20200930xex31_2.htm
EX-32.1 foe-20200930xex32_1.htm
EX-32.2 foe-20200930xex32_2.htm

Ferro Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

foe-20200930x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to __________

Commission File Number 1-584

FERRO CORPORATION

(Exact name of registrant as specified in its charter)

OH

(State or other jurisdiction of

incorporation or organization)

34-0217820

(I.R.S. Employer Identification No.)

6060 Parkland Boulevard

Suite 250

Mayfield Heights, OH

(Address of principal executive offices)

44124

(Zip Code)

216-875-5600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES x NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated Filer

o

Non-accelerated Filer

o

Smaller Reporting Company

o

Emerging Growth Company

o

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES o NO x

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00

FOE

NYSE

At September 30, 2020, there were 82,290,617 shares of Ferro Common Stock, par value $1.00, outstanding.


TABLE OF CONTENTS

2


PART I — FINANCIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

Ferro Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

Three Months Ended

Nine Months Ended

September 30,

September 30,

(Dollars in thousands, except per share amounts)

2020

2019

2020

2019

Net sales

$

241,877

$

245,339

$

699,004

$

769,679

Cost of sales

171,711

169,277

484,356

536,628

Gross profit

70,166

76,062

214,648

233,051

Selling, general and administrative expenses

47,820

47,543

154,407

157,723

Restructuring and impairment charges

2,447

2,065

12,231

7,862

Other expense (income):

Interest expense

4,767

6,002

16,474

18,578

Interest earned

(474)

(813)

(1,035)

(2,456)

Foreign currency losses, net

1,450

3,655

1,278

7,662

Miscellaneous expense (income), net

(438)

(2,467)

(2,604)

(2,103)

Income before income taxes

14,594

20,077

33,897

45,785

Income tax expense

5,047

3,347

10,364

8,893

Income from continuing operations

9,547

16,730

23,533

36,892

Income (loss) from discontinued operations, net of income taxes

5,367

(3,520)

2,350

1,305

Net income

14,914

13,210

25,883

38,197

Less: Net income attributable to noncontrolling interests

440

390

826

902

Net income attributable to Ferro Corporation common shareholders

$

14,474

$

12,820

$

25,057

$

37,295

Earnings (loss) per share attributable to Ferro Corporation common shareholders:

Basic earnings (loss):

Continuing operations

$

0.11

$

0.20

$

0.28

$

0.44

Discontinued operations

0.07

(0.04)

0.03

0.01

$

0.18

$

0.16

$

0.31

$

0.45

Diluted earnings (loss):

Continuing operations

$

0.11

$

0.20

$

0.27

$

0.44

Discontinued operations

0.06

(0.04)

0.03

0.01

$

0.17

$

0.16

$

0.30

$

0.45

See accompanying notes to condensed consolidated financial statements.

3


Ferro Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended

Nine Months Ended

September 30,

September 30,

(Dollars in thousands)

2020

2019

2020

2019

Net income

$

14,914

$

13,210

$

25,883

$

38,197

Other comprehensive income (loss), net of income tax:

Foreign currency translation income (loss)

13,831

(10,966)

(678)

(3,585)

Cash flow hedging instruments, unrealized income (loss)

269

(1,644)

(10,331)

(13,307)

Other comprehensive income (loss), net of income tax

14,100

(12,610)

(11,009)

(16,892)

Total comprehensive income

29,014

600

14,874

21,305

Less: Comprehensive income attributable to noncontrolling interests

197

146

453

648

Comprehensive income attributable to Ferro Corporation

$

28,817

$

454

$

14,421

$

20,657

See accompanying notes to condensed consolidated financial statements.

4


Ferro Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

September 30,

December 31,

(Dollars in thousands)

2020

2019

ASSETS

Current assets

Cash and cash equivalents

$

64,495

$

96,202

Accounts receivable, net

148,050

139,333

Inventories

272,797

264,476

Other receivables

69,933

69,365

Other current assets

15,724

22,373

Current assets held-for-sale

285,229

291,420

Total current assets

856,228

883,169

Other assets

Property, plant and equipment, net

303,291

302,672

Goodwill

173,241

172,209

Intangible assets, net

120,658

127,815

Deferred income taxes

103,380

98,714

Operating leased assets

14,246

20,088

Other non-current assets

88,361

72,023

Non-current assets held-for-sale

163,103

157,931

Total assets

$

1,822,508

$

1,834,621

LIABILITIES AND EQUITY

Current liabilities

Loans payable and current portion of long-term debt

$

8,764

$

8,703

Accounts payable

92,702

138,799

Accrued payrolls

30,232

27,447

Accrued expenses and other current liabilities

103,344

73,016

Current liabilities held-for-sale

89,481

133,780

Total current liabilities

324,523

381,745

Other liabilities

Long-term debt, less current portion

798,775

798,862

Postretirement and pension liabilities

170,467

174,021

Operating leased non-current liabilities

9,000

14,474

Other non-current liabilities

59,300

56,976

Non-current liabilities held-for-sale

69,535

38,341

Total liabilities

1,431,600

1,464,419

Equity

Ferro Corporation shareholders’ equity:

Common stock, par value $