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.
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