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Forterra up 11% post Q1 results

May 08, 2018 11:57 AM ETForterra, Inc. (FRTA) StockFRTABy: Akanksha Bakshi, SA News Editor
  • Forterra (FRTA +11%) reported Q1 sales of $289.96M (-14.3% Y/Y), decline was due to impact of asset sales and divestitures, downtime at the Bessemer, Alabama ductile iron pipe facility and weather.
  • Drainage pipes & products segment sales declined by 3% Y/Y to $155.6M, gross margin improved by 620 bps to 17% and Adj. EBITDA margin improved by 640 bps to 14.4%.
  • Water pipe & products segment sales declined by 32% Y/Y to $134.3M, gross margin fell by 650 bps to 6% and Adj. EBITDA margin fell by 430 bps to 5.7%.
  • Q1 overall margins: Gross improved by 33 bps to 11.8%, operating recovered by 99 bps to -5.6% and Adj. EBITDA improved by 169 bps to 5.2%.
  • Net cash used in operating activities declined by 80.5% Y/Y to $43.1M.
  • 2Q18 Guidance: Net income $0-6M; interest expense $17M; income tax expense $4-6M; D&A $29M, corporate costs $15-16M and Adj. EBITDA $50-58M.
  • Previously: Forterra beats by $0.13, misses on revenue (May 8)

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