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FERRO CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2021 10-K, filed Mar 1, 2022. Its latest SEC filing is a SC 13G/A from Feb 10, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells specialty coatings and color solutions to manufacturers of building products and appliances, automotive products, and glass and electronic components.

How Did They Make Money?

Ferro sells manufactured products on confirmed customer orders, invoicing each order; each product sale is counted when it ships.

FY2021 revenue

Who Were Their Customers?

Customers are manufacturers of building products and appliances, automotive makers and parts suppliers, and glass and electronics producers. Ferro generally sells directly, while agents and distributors handle part of its sales.

Did Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2021, but spent more cash than it brought in: free cash flow was −$91.3M.

Operating income, FY2021
8% of revenue
▲ +69% vs FY2020 ($55.7M, 6%)
Net income, FY2021
13% of revenue
▲ +248% vs FY2020 ($42.8M, 4%)
Free cash flow, FY2021
−8% of revenue
▲ +103% (Loss) vs FY2020 (−$45M, −5%)

How Were They Changing?

Since the FY2021 annual report
  • Apr 21, 2022 Prince International completed its acquisition of Ferro Ferro shareholders were entitled to $22.00 in cash per share, and Ferro stock ceased trading on the NYSE.

Grew. Revenue grew 13% in 4 years, from $996.4M in FY2017 to $1.1B in FY2021, about 3% a year.

Tile coatings sale The older report included Tile Coating Systems in Performance Coatings; the latest report says Ferro sold its Tile Coatings business and reports Functional Coatings and Color Solutions as its reportable segments.

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