Skip to main content

Forterra Announces First Quarter 2020 Results

Written by Customer Service on . Posted in Public Companies.

IRVING, Texas, April 29, 2020 (GLOBE NEWSWIRE) — Forterra, Inc. (“Forterra” or “the Company”) (NASDAQ: FRTA), a leading manufacturer of water and drainage infrastructure pipe and products in the United States and Eastern Canada, today announced results for the quarter ended March 31, 2020.
First Quarter 2020 HighlightsIncreased net sales by 13.4% to $330.9 million as compared to $291.9 million in the prior year quarterIncreased gross profit by 40.5% to $58.7 million as compared to $41.8 million in the prior year quarterGross profit margin improved by 340 basis points year-over-yearNet loss decreased to $14.1 million compared to $25.0 million in the prior year quarterAdjusted EBITDA¹ increased to $35.5 million as compared to $19.9 million in the prior year quarterAdjusted EBITDA margin¹ improved by 390 basis points year-over-yearImproved operating cash flow by $24.8 million and free cash flow¹ by $43.2 million year-over-year¹ A reconciliation of non-GAAP financial measures, including EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow, to comparable GAAP financial measures is provided in the reconciliation of Non-GAAP measures section of this press release.Business Update related to COVID-19Our businesses are essential under government “shelter in place” type orders, so all facilities are capable of operatingManagement has implemented enhanced health and safety protocols to safeguard our employees and our operationsManagement has proactively taken prudent and precautionary actions to enhance our financial flexibility, liquidity and cash flow, including, but not limited to:Limiting capital spending to essential maintenance and short payback projectsReducing cash compensation for executive management team and independent members of our board of directorsFreezing hiring, deferring annual employee compensation increases and minimizing overtimeDrawing down $180 million of cash under our revolving credit facility. As of March 31, 2020, we had total liquidity of $254.5 million, comprised of $182.4 million cash and $72.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.