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FRTA

Forterra

$8.27

-0.53 (-6.02%)

06:04
08/10/17
08/10
06:04
08/10/17
06:04

Forterra sees Q3 adjusted EBITDA $55M-$65M

The Company expects that the average sales prices in both segments in the third quarter of 2017 will be similar to the averages in the third quarter of 2016. However, the Company expects higher costs, including labor, freight and raw materials costs in the Drainage segment and scrap costs in the Water segment, will negatively impact margins as compared to the same period in the prior year. The Company also expects that the earnings contribution of the Canadian concrete and steel pressure pipe portion of the Water segment in the third quarter of 2017 will be negatively impacted by lower anticipated net sales as compared to the third quarter of 2016, consistent with the year over year trend from the second quarter of 2016 to the second quarter of 2017. The Company expects that costs in the Corporate segment in the third quarter of 2017 will be in line with costs in the first quarter of 2017, reflecting lower professional fees as compared to the second quarter of 2017. The Company expects that net income for the third quarter of 2017 will range from $1.0 million to $7.0 million and Adjusted EBITDA will range from $55.0 million to $65.0 million. The Company anticipates that the factors influencing expectations for the third quarter of 2017 will also impact results in the fourth quarter of 2017. The Company expects that EBITDA and Adjusted EBITDA margins in the third quarter of 2017 will be lower than the third quarter of 2016 levels, which were 16.5% and 18.2%, respectively. The Company will reevaluate whether or not to provide guidance beyond the third quarter of 2017 prior to reporting results for the third quarter of 2017 and will continue to reevaluate on an ongoing basis. The decision to provide guidance for the third quarter of 2017 was based on the significantly lower expectations for the Company for the third quarter of 2017 and the balance of the year.

  • 10

    Aug

FRTA Forterra
$8.27

-0.53 (-6.02%)

05/16/17
RHCO
05/16/17
DOWNGRADE
Target $14
RHCO
Hold
Forterra downgraded to Hold from Buy at SunTrust
SunTrust analyst Rohit Seth downgraded Forterra to Hold from Buy and cut its price target to $14 from $23 following another quarterly miss and said the 2H recovery discussed on the conference call feels like a "Hail Mary." The analyst says shares are now largely de-risked but can't recommend the stock until there are signs of a turnaround.
05/16/17
RBCM
05/16/17
DOWNGRADE
RBCM
Sector Perform
Forterra downgraded on Q1 miss at RBC Capital
As noted earlier, RBC Capital downgraded Forterra to Sector Perform from Outperform. Analyst Robert Wetenhall downgraded the stock after the company's Q1 earnings miss. He is concerned about the company's demand outlook, its leverage, and its financial reporting. Target to $16 from $23.
05/16/17
SBSH
05/16/17
DOWNGRADE
Target $17
SBSH
Neutral
Forterra downgraded to Neutral from Buy at Citi
Citi analyst Scott Schrier downgraded Forterra to Neutral saying moving to the sidelines is "prudent" even with yesterday's 24% selloff. Operational challenges are going impact the company's results in the near-term, Schrier tells investors following Forterra's Q1 results. He cut his price target for the shares to $17 from $23.
06/22/17
SBSH
06/22/17
NO CHANGE
Target $8.5
SBSH
Neutral
Forterra price target lowered to $8.50 from $17 at Citi
Citi analyst Scott Schrier said that even though Forterra management suggested the company's issues in the first half were mostly transient, he finds it difficult to gauge how the second half will play out and he lacks strong conviction in his EBITDA estimate, which he has already lowered significantly. While also noting recent construction data that point to weak water and wastewater spending, Schrier halved his price target on Forterra to $8.50 from $17 and keeps a Neutral rating on the shares.

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