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Earnings
Forterra sees H2 shipment volumes lower than prior year level » 17:31
07/27/20
07/27
17:31
07/27/20
17:31
FRTA

Forterra

$13.40 /

+0.23 (+1.75%)

Watson stated,…

Watson stated, "While we are pleased with the robust quarterly results, our visibility into the remainder of 2020 and beyond is still clouded by the uncertainly surrounding the impact of the COVID-19 pandemic with respect to sales volumes, funding of projects, and the overall economy. Based on recent trends in our backlogs, along with other factors, we expect shipment volumes in the second half of the year to continue to be lower than the prior year level as they were during the first half. That said, we believe we are favorably positioned to confront any future market challenges just as we have this quarter."

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FRTA Forterra
$13.40 /

+0.23 (+1.75%)

07/02/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
07/01/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
03/11/20 Deutsche Bank
Deutsche Bank maintained a Buy rating on Forterra after FY19 results
02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
FRTA Forterra
$13.40 /

+0.23 (+1.75%)

Earnings
Forterra reports Q2 EPS 40c, consensus 20c » 17:31
07/27/20
07/27
17:31
07/27/20
17:31
FRTA

Forterra

$13.40 /

+0.23 (+1.75%)

Reports Q2 revenue…

Reports Q2 revenue $426.2M, consensus $402.37M. Forterra CEO Karl Watson, Jr. commented, "Our company performed well in this challenging market environment associated with the COVID-19 pandemic. We continue to demonstrate the operating and financial durability of our business as well as our ability to achieve higher profitability and cash flow. Second quarter revenues were within the range of the preliminary guidance that we provided last month, while Adjusted EBITDA slightly exceeded our estimate. Importantly, we were able to continue to expand our gross profit margins, Adjusted EBITDA margins, and generate higher operating cash flow compared to the prior year period. These results reflect our continued progress towards earning a full and fair return on the products we produce and the capital we have deployed."

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FRTA Forterra
$13.40 /

+0.23 (+1.75%)

07/02/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
07/01/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
03/11/20 Deutsche Bank
Deutsche Bank maintained a Buy rating on Forterra after FY19 results
02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
FRTA Forterra
$13.40 /

+0.23 (+1.75%)

Over a month ago
Upgrade
Forterra upgraded to Buy from Hold at SunTrust » 07:10
07/02/20
07/02
07:10
07/02/20
07:10
FRTA

Forterra

$11.87 /

+0.7 (+6.27%)

SunTrust analyst Rohit…

SunTrust analyst Rohit Seth upgraded Forterra to Buy from Hold with a price target of $19, up from $12. The analyst sees the company as a "levered small-cap infrastructure and housing play" and believes that its underappreciated pricing and margin expansion story, along with several catalysts, can drive up its shares by as much as 70% in the next 6 months. Seth adds that Forterra had managed well during the Covid-related disruption of activity, as evidenced by its 10% ASP growth and 400bps in margin expansion, while noting its potential benefits from the increase in Federal government's highway spending and support in its current valuation multiples.

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FRTA Forterra
$11.87 /

+0.7 (+6.27%)

07/01/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
03/11/20 Deutsche Bank
Deutsche Bank maintained a Buy rating on Forterra after FY19 results
02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
FRTA Forterra
$11.87 /

+0.7 (+6.27%)

Upgrade
Forterra upgraded to Buy from Hold at SunTrust » 08:43
07/01/20
07/01
08:43
07/01/20
08:43
FRTA

Forterra

$11.17 /

+1.84 (+19.72%)

SunTrust analyst Rohit…

SunTrust analyst Rohit Seth upgraded Forterra to Buy from Hold.

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FRTA Forterra
$11.17 /

+1.84 (+19.72%)

03/11/20 Deutsche Bank
Deutsche Bank maintained a Buy rating on Forterra after FY19 results
02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
01/14/20 Berenberg
Forterra initiated with a Buy at Berenberg
FRTA Forterra
$11.17 /

+1.84 (+19.72%)

Earnings
Forterra sees Q1 revenue $410M-$430M, consensus $392.98M » 08:13
06/30/20
06/30
08:13
06/30/20
08:13
FRTA

Forterra

$9.33 /

+0.39 (+4.36%)

Sees adjusted EBITDA…

Sees adjusted EBITDA $77M-$82M. 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. 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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FRTA Forterra
$9.33 /

+0.39 (+4.36%)

03/11/20 Deutsche Bank
Deutsche Bank maintained a Buy rating on Forterra after FY19 results
02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
01/14/20 Berenberg
Forterra initiated with a Buy at Berenberg
FRTA Forterra
$9.33 /

+0.39 (+4.36%)

Over a quarter ago
Earnings
Forterra reports Q1 EPS (22c), consensus (23c) » 18:30
04/29/20
04/29
18:30
04/29/20
18:30
FRTA

Forterra

$9.60 /

+0.94 (+10.85%)

Reports Q1 revenue…

Reports Q1 revenue $330.9M, consensus $303.3M. Q1 Adjusted EBITDA increased to $35.5 million as compared to $19.9 million in the prior year quarter. CEO Karl Watson says: "First quarter revenues, gross profit margins, and operating cash flow all improved versus the prior year period despite challenges associated with the COVID-19 pandemic and adverse weather conditions impacting our Texas operations. These results reflect our continued progress in our journey to earning a full and fair return on the products we produce and the capital we have deployed. Growth in topline revenue, driven by a combination of volumes and price increases, contributed to the significant earnings improvement year-over-year. We entered 2020 with clear plans for extending recent improvements in production efficiencies, commercial strategies, unit margin expansion, and returns on capital. This momentum will serve us well as we manage through this period of extreme uncertainty."

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FRTA Forterra
$9.60 /

+0.94 (+10.85%)

03/11/20 Deutsche Bank
Deutsche Bank maintained a Buy rating on Forterra after FY19 results
02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
01/14/20 Berenberg
Forterra initiated with a Buy at Berenberg
Recommendations
Deutsche Bank maintained a Buy rating on Forterra after FY19 results » 12:00
03/11/20
03/11
12:00
03/11/20
12:00
FRTA

Forterra

$9.24 /

-0.15 (-1.60%)

Deutsche Bank analyst Jon…

Deutsche Bank analyst Jon Bell maintained a Buy rating and GBp 340 price target on Forterra after the company's full year results.

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FRTA Forterra
$9.24 /

-0.15 (-1.60%)

02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
01/14/20 Berenberg
Forterra initiated with a Buy at Berenberg
11/05/19 Truist
Forterra price target raised to $10 from $5 at SunTrust
Earnings
Forterra sees FY20 adj. EBITDA $210M-$240M vs. $203.9M in FY19 » 19:47
02/26/20
02/26
19:47
02/26/20
19:47
FRTA

Forterra

$14.24 /

-0.37 (-2.53%)

Sees FY20 capex…

Sees FY20 capex $45M-$55M.

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FRTA Forterra
$14.24 /

-0.37 (-2.53%)

02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
01/14/20 Berenberg
Forterra initiated with a Buy at Berenberg
11/05/19 Truist
Forterra price target raised to $10 from $5 at SunTrust
Earnings
Forterra reports Q4 EPS (12c), consensus (13c) » 19:45
02/26/20
02/26
19:45
02/26/20
19:45
FRTA

Forterra

$14.24 /

-0.37 (-2.53%)

Reports Q4 revenue…

Reports Q4 revenue $363.1M, consensus $346.91M. Reports Q4 adj. EBITDA $41.5M vs. $32.9M last year. Forterra CEO Karl Watson, Jr. commented, "Our fourth quarter results reflect another step forward in our journey to earning a full and fair return on the products we produce and the capital we have deployed. We had a solid finish to the year with increased volume in both of our businesses largely due to favorable weather, continued pricing improvements, and reduced scrap costs in our Water segment. These benefits were partially offset by higher operating expenses reflecting our investments in manufacturing activities to improve future operational efficiencies. As a result, we exceeded our annual earnings and debt reduction targets for the year."

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FRTA Forterra
$14.24 /

-0.37 (-2.53%)

02/13/20 Goldman Sachs
Forterra downgraded to Neutral from Buy at Goldman Sachs
01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
01/14/20 Berenberg
Forterra initiated with a Buy at Berenberg
11/05/19 Truist
Forterra price target raised to $10 from $5 at SunTrust
Downgrade
Forterra downgraded to Neutral from Buy at Goldman Sachs » 05:05
02/13/20
02/13
05:05
02/13/20
05:05
FRTA

Forterra

$14.16 /

+0.54 (+3.96%)

Goldman Sachs analyst…

Goldman Sachs analyst Jerry Revich downgraded Forterra to Neutral from Buy with an unchanged 12-month price target of $14.75. The analyst remains positive on Forterra's "operational improvement story" driven by a combination of improved commercial pricing practices and "lean" organizational improvement. However, he believes this thesis appears to be the consensus with the shares up 143% since his upgrade on August 7, 2019.

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FRTA Forterra
$14.16 /

+0.54 (+3.96%)

01/14/20 Truist
Forterra upgraded to Buy from Hold at SunTrust
01/14/20 Berenberg
Forterra initiated with a Buy at Berenberg
11/05/19 Truist
Forterra price target raised to $10 from $5 at SunTrust
08/07/19 Goldman Sachs
Forterra upgraded to Buy from Sell at Goldman Sachs

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