Forterra (FRTA) Misses Q3 EPS by 5c, Revenues Miss

Forterra (NASDAQ: FRTA) reported Q3 EPS of $0.09, $0.05 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $434.5 million versus the consensus estimate of $446.65 million.

CEO CommentaryForterra CEO Jeff Bradley commented, “We are pleased to report organic sales growth in both of our segments, driven by strong demand across all of our end markets. The significant rain in the quarter that caused shipment delays created additional backlog against a backdrop of growing demand. We are capitalizing on these strong demand fundamentals with higher selling prices while also ramping up our cost control programs."

Bradley continued, "In our Drainage segment, we delivered another quarter of margin improvement reflecting the benefit of higher selling prices and the strategic transactions completed over the last year. In our Water segment, we are now realizing higher selling prices and lower manufacturing costs that began to impact the quarter following the significant organizational changes that we announced at the end of July. These improvements and the strong market demand for ductile iron pipe support our outlook for the fourth quarter and our expectation for higher top-line and profitability in 2019."

For earnings history and earnings-related data on Forterra (FRTA) click here.

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