Foundation Building Materials, Inc. Announces Unaudited Earnings Results for the Three Months and Nine Month Ended September 30, 2017; Provides Earnings Guidance for the Year 2017; Provides Earnings Guidance for the Year 2018
For the nine months, the company reported Net Sales were $1,544,133,000 compared to $930,315,000 a year ago. Income before income tax was $11,225,000 compared to loss $24,924,000 a year ago. Net income was $6,588,000 compared to loss $19,566,000 a year ago. Diluted earnings per share was $0.16 compared to loss $0.65 a year ago. Net cash provided by operating activities was $32,555,000 compared to $7,922,000 a year ago. Purchases of property and equipment were $26,268,000 compared to $22,780,000 a year ago. Income from operations was $43,000,000 against $12,185,000 a year ago.
For the year 2017, the company expecting the gross margins in fourth quarter trends with that year-to-date number around 28.7%.
For the year 2018, the company still expects a 50 basis point improvement to EBITDA margin, and that will be contributed both from the gross profit improvement and well as operational efficiencies.