For Immediate Release

FERRO REPORTS SECOND QUARTER 2013 ADJUSTED EPS OF $0.14

Adjusted Gross Margin for Second Quarter 2013 Increases to 21.9% Compared With 20.4% in Same Period Last Year

Company Reaffirms Commitment to Reduce Operating Costs in Excess of $85 million with $30 million in 2013 and $70 million in 2014

Full-Year Adjusted Earnings Guidance Reaffirmed at $0.35 — $0.40 per Diluted Share

CLEVELAND, Ohio – July 31, 2013 – Ferro Corporation (NYSE: FOE, the “Company”) today reported results for the second quarter ended June 30, 2013. The second-quarter loss attributable to common shareholders was $0.02 per diluted share compared with income of $0.02 per share in the second quarter of 2012. On an adjusted basis, earnings per diluted share were $0.14, an increase of 40% versus the second quarter of 2012. The Company attributed the increase in profitability to management’s continued progress executing on its value creation strategy. The Company also reaffirmed its previous full-year adjusted earnings guidance of $0.35 to $0.40 per diluted share. Please refer to the supplemental tables at the end of this release for additional information concerning adjusted financial results.

Second-Quarter Highlights

Ferro reported net sales of $435 million in the second quarter of 2013, compared with net sales of $476 million in the second quarter of 2012. Value-added sales, which exclude precious metal sales, were $408 million, versus $424 million in the second quarter last year. The reduction in sales resulted primarily from the Company’s divestiture of its solar paste assets in the first quarter of 2013 and its borates mining operation in Argentina during the second quarter of 2012 coupled with product de-selection in the Polymer Additives segment. The divested operations had approximately $36 million of net sales and $11 million of value-added sales in the second quarter of 2012. Adjusting for the impact of the divested operations, value-added sales were down 1%.

The Company reported a net loss attributable to common shareholders of $2.1 million, or $0.02 per diluted share, in the second quarter of 2013, compared with net income of $1.9 million, or $0.02 per diluted share, in the prior-year quarter. The adjusted net income from continuing operations attributable to common shareholders was $12.1 million, or $0.14 per diluted share, compared with $8.6 million, or $0.10 per diluted share, in the second quarter of 2012. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $38 million in the second quarter of 2013, compared with $33 million in the same period last year. EBITDA margins, based on value-added sales, were 9.3% in the current quarter and 7.9% in the same period last year.

Commenting on the results, Peter Thomas, President and Chief Executive Officer, said, “We continue to make good progress on our value creation strategy, resulting in improved gross profit margins, lower SG&A costs and increased adjusted earnings. Second-quarter value-added sales, excluding divested business, were down slightly versus the same period last year, despite continued depressed economic conditions in Europe, de-selection of certain Polymer Additives products, and continued rationalization of our customer and product portfolios. We are successfully executing on our cost saving initiatives, making Ferro more competitive and driving increased profitability. We are on track with our cost saving initiatives and continue to expect $30 million of savings in 2013 and $70 million in 2014.”

2013 Second-Quarter Results Detail

Net sales for the three months ended June 30, 2013, were $435 million versus $476 million in the second quarter of 2012. On a value-added basis, removing the sale of precious metals, sales declined 3.8% from $424 million in the second quarter of 2012 to $408 million in the second quarter of 2013. Adjusting for the impact of exiting the solar pastes product line ($9 million) and a borates mine in Argentina ($2 million), value-added sales declined by 1.2%.

Although value-added sales declined across all reportable segments, adjusting for divested operations, sales in the Pigments, Powders and Oxides segment increased by approximately $2 million, while sales in Performance Colors and Glass, Performance Coatings and Specialty Plastics were nearly flat. Polymer Additives sales declined by approximately $7 million, due to expected changes in environmental regulations pertaining to certain plasticizer products, which are resulting in product replacement by some customers in the United States and Europe. As previously announced, the Company is installing dibenzoates and benzoic acid production capabilities at its operations in Antwerp, Belgium that will provide an alternative for its plasticizer product offering. Production is expected to begin in the second half of 2014.

Gross profit was $88 million during the 2013 second quarter, compared with $86 million during the second quarter of 2012. Excluding special charges, adjusted gross profit was $89 million compared with $87 million in the prior-year period. During the second quarter of 2013, gross profit was reduced by special charges of approximately $2 million related primarily to inventory items, including a loss associated with a flood at our Colditz, Germany manufacturing facility. During the 2012 second quarter, gross profit was reduced by charges of approximately $1 million, primarily related to residual costs at closed manufacturing sites involved in earlier restructuring initiatives. Gross profit in the second quarter was further affected by two plant shutdowns, one for maintenance and the other as a result of the flood at the Colditz facility. The Company estimates the shutdowns reduced gross profit by approximately $2 million.

The primary driver of the increase in gross profit was improved profitability in the Performance Coatings and Performance Colors and Glass segments, partially offset by the exit of the solar pastes product line and lower sales in Polymer Additives. Adjusted gross profit as a percent of value-added sales for the second quarter of 2013 was 21.9% versus 20.4% in the same period of 2012. Gross margins benefitted from the execution of cost saving initiatives and recent reductions in raw material pricing relative to current pricing levels.

Selling, general, and administrative (“SG&A”) expenses were $64 million during the second quarter of 2013 compared with $66 million in the prior-year quarter, a 3% reduction. Excluding special charges in both periods, SG&A expenses declined 7% to $61 million from $65 million. During the second quarter of 2013, the Company incurred approximately $3 million of special charges, primarily related to a proxy contest and other nonrecurring corporate expenses. Special charges totaled approximately $1 million in the second quarter of 2012 related to severance and expenses at sites that were closed during earlier restructuring actions.

Cost saving initiatives and actions taken to reduce costs associated with the solar divestiture favorably impacted SG&A by an estimated $10 million. These reductions in SG&A expenses were partially offset by higher costs in other areas, including higher incentive compensation expense ($3 million), additions to the bad debt reserve associated with two customer bankruptcies in Latin America ($1 million), higher pension costs due to a second quarter 2012 curtailment of a defined benefit plan in Europe ($1 million), and higher other net expenses ($1 million).

Total debt as of the end of the second quarter was $339 million, a reduction of $8 million from December 31, 2012. In addition, cash balances increased $1 million during the first half of the year to $31 million, resulting in a reduction in net debt of $9 million during the first six months of the year. In comparison, during the first six months of 2012, net debt increased by $30 million. Cash from operations was $8 million during the second quarter of 2013 versus $16 million in the same period last year. Net precious metal leases at the end of the second quarter were $51 million versus $112 million at the end of last year.

2013 Outlook

The Company continues to expect adjusted earnings for 2013 to be in the range of $0.35 to $0.40 per diluted share. The expected increase in earnings compared with 2012 will be driven primarily by cost savings of approximately $30 million and the exit from the solar pastes product line. Expected improvements in the Company’s cost structure will be partially offset by anticipated inflation and the normalization of incentive compensation.

Adjusting for the impact of divested operations and before the impact of changes in foreign currency rates, second-half value-added sales growth is expected to be in the range of 4% to 5% compared to the same period last year. For the year, the Company expects cash flow to be slightly positive.

Commenting on the 2013 outlook, Mr. Thomas said, “We are pleased with our progress year-to-date and are confident we will deliver on our cost saving targets, but we remain cautious about market conditions in Europe and Asia. In addition, our normal seasonal business pattern is characterized by lower customer demand and reduced plant utilization due to holiday shutdowns in the second half of the year. Accordingly, while we expect higher sales and gross margins in the second half of the year relative to the same period last year, we expect lower sales and gross margins in each of the third and fourth quarters of 2013 compared with the second quarter 2013 levels. Based on these considerations, we are maintaining our current 2013 adjusted earnings guidance of $0.35 to $0.40 per share.”

Conference Call

The Company will host a conference call to discuss its second-quarter financial results and current outlook for 2013 on Thursday, August 1, 2013, at 10:00 a.m. Eastern Time. To listen to the call, dial 800-915-4217 if calling from the United States or Canada, or dial 212-231-2934 if calling from outside North America. Please call approximately 10 minutes before the conference call is scheduled to begin.

An audio replay of the call will be available through noon Eastern Time on August 7. To access the replay, dial 800-633-8284 if calling from the United States or Canada, or dial 402-977-9140 if calling from outside North America. Use the program ID #21669223 to access the audio replay.

The conference call also will be broadcast live over the Internet and will be available for replay through September 30, 2013. The live broadcast and replay can be accessed through the Investor Information portion of the Company’s Web site at www.ferro.com. A podcast of the conference call will also be available on the Company’s Web site.

About Ferro Corporation

Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials and chemicals for manufacturers. Ferro products are sold into the building and construction, automotive, appliances, electronics, household furnishings, and industrial products markets. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,600 employees globally and reported 2012 sales of $1.8 billion.

Cautionary Note on Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks, and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following:

The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition, and results of operations.

This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after the date of this release. Additional information regarding these risks can be found in our Annual Report on Form 10-K for the period ended December 31, 2012.

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Contacts:

Investor Contact:
John Bingle, 216-875-5411
Treasurer and Director of Investor Relations
john.bingle@ferro.com

or

Media Contact:
Mary Abood, 216-875-5401
Director, Corporate Communications
mary.abood@ferro.com

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It should be noted that adjusted earnings and earnings per share are financial measures not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The adjusted earnings and earnings per share presented here exclude certain special items including the mark-to-market adjustments related to our net pension and other postretirement benefit liabilities, restructuring and impairment charges, severance costs, ongoing costs at facilities that have been idled, gain/loss on divestitures, proxy contest related costs and certain business development costs. We believe this data provides investors with additional information on the underlying operations of the business and enables period-to-period comparability of financial performance. In addition, these measures are used in the calculation of certain incentive compensation programs for selected employees.

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It should be noted that adjusted earnings and earnings per share are financial measures not required by, or presented in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The adjusted earnings and earnings per share presented here exclude certain special items including the mark-to-market adjustments related to our net pension and other postretirement benefit liabilities, restructuring and impairment charges, severance costs, ongoing costs at facilities that have been idled, gain/loss on divestitures, proxy contest related costs and certain business development costs. We believe this data provides investors with additional information on the underlying operations of the business and enables period-to-period comparability of financial performance. In addition, these measures are used in the calculation of certain incentive compensation programs for selected employees.

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