Forterra Announces Preliminary Second Quarter 2020 Net Sales and Adjusted EBITDA¹

Nachrichtenquelle: globenewswire
30.06.2020, 14:10  |  131   |   |   

IRVING, Texas, June 30, 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 preliminary second quarter 2020 results and provided a general business update.

Preliminary Second Quarter 2020 Highlights

  • Net sales in the range of $410 million - $430 million
  • Adjusted EBITDA1 increase year-over-year of 23% - 31% to a range of $77 million - $82 million
  • Adjusted EBITDA Margin1 improvement by approximately 270 – 480 basis points year-over-year
  • Amended revolving credit facility to increase borrowing capacity and extend the maturity to 2025
  • Repaid all precautionary first quarter revolver borrowings of $180 million

Forterra CEO Karl Watson, Jr. commented, “Our expected results for the second quarter demonstrate our efforts and capabilities during these challenging times and position us for future success. Since the onset of the COVID-19 pandemic, we have operated as an essential business under evolving government regulations, focusing on protecting the health and safety of our team members while continuing to meet our customers’ needs in this uncertain financial and operating environment. During the quarter, we were able to navigate through temporary closures of a small number of our manufacturing facilities either due to confirmed cases in our workforce or due to government mandate without any significant impact on our operations or our ability to serve our customer needs. As of the date of this release, those facilities have all resumed their normal operations. The COVID-19 pandemic will continue to pose challenges, risks and uncertainties. However, we have adapted well to the changing environment and will continue our efforts to protect the business continuity necessary to produce and sell our products safely and in compliance with applicable laws and governmental orders.”

Mr. Watson continued, “At the onset of the pandemic, we proactively took a number of precautionary measures to enhance our financial flexibility, liquidity and cash flow, including limiting capital project spend, freezing hiring, deferring annual employee compensation increases, and reducing cash compensation for the executive management team and our independent directors. Given our current and expected near term business performance, as well as our current cash position, we have determined that these precautionary measures are no longer necessary. As a result, we are re-engaging capital projects, suspending the hiring freeze, resuming annual employee compensation increases and retroactively reinstated the pay reductions to the executive management team and independent directors effective July 1.”

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Forterra Announces Preliminary Second Quarter 2020 Net Sales and Adjusted EBITDA¹ IRVING, Texas, June 30, 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 …

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