Foundation Building Materials Provides Preliminary Information on Third Quarter Net Sales and Projected Fiscal 2017 Net Sales
October 11 2017 - 4:15PM
Business Wire
Foundation Building Materials, Inc. (NYSE: FBM), one of the
largest specialty distributors of wallboard, suspended ceiling
systems and mechanical insulation in North America, today is
providing preliminary information regarding its net sales for the
third quarter and projected net sales for the full fiscal year.
These amounts reflect the impacts of Hurricanes Harvey and Irma as
well as the Company’s recent market performance.
During the third quarter, the unprecedented occurrence of two
back-to-back major hurricanes affected the Company’s branch
operations in Texas, Florida, Georgia, and South Carolina. In
addition, two fewer business days compared to the prior year
quarter led to lower shipping activity. Based on preliminary
results, the Company expects net sales to be in the range of $530
million to $540 million for the third quarter. The Company expects
full year 2017 net sales to be in the range of $2.03 to $2.07
billion including contributions from all acquisitions of $70 to $80
million.
“We continue to give our thoughts, prayers, and assistance to
our FBM employees and all those affected by these natural
disasters,” commented Ruben Mendoza, President and Chief Executive
Officer. “Our branch operations impacted by the hurricanes have
reopened and resumed operations, and FBM stands ready to help
impacted communities with the substantial rebuilding effort
underway.” Mendoza continued, “While we experienced some short-term
disruption to our business, we expect product demand to regain
strength that will likely extend into future quarters.”
Third Quarter Earnings Release and
Conference Call
Foundation Building Materials will release its third quarter
2017 results before the market opens on Tuesday, November 7, 2017.
The Company will hold a conference call to discuss the results at
5:30 AM PT/ 8:30 AM ET that same day.
Interested parties can listen to a webcast of the conference
call by logging onto the Investor Relations section of the
Company’s website at http://investors.fbmsales.com/. The online
replay will be available on the same website immediately following
the call.
The conference call can also be accessed by dialing (877)
407-9039 (domestic) or (201) 689-8470 (international). A telephonic
replay will be available approximately two hours after the call by
dialing (844) 512-2921, or for international callers, (412)
317-6671.
The passcode for the live call and replay is 13672256. The
replay will be available until 11:59 p.m. ET on November 14,
2017.
About Foundation Building
Materials
Foundation Building Materials is a specialty distributor of
wallboard, suspended ceiling systems, and mechanical insulation
throughout the U.S. and Canada. Based in Tustin, California, the
Company employs more than 3,500 people and operates more than 220
branches across the U.S. and Canada.
Forward-Looking
Statements
This press release contains “forward-looking statements” as that
term is defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain words such as
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements should not be read as a guarantee of future performance
or results, and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on current
expectations, forecasts and assumptions that involve risks and
uncertainties, including, but not limited to, economic,
competitive, governmental and technological factors outside of our
control, that may cause our business, strategy or actual results to
differ materially from the forward-looking statements. We do not
intend, and undertake no obligation, to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable law.
Investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K and
our Quarterly Reports on Form 10-Q for additional information
regarding the risks and uncertainties that may cause actual results
to differ materially from those expressed in any forward-looking
statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20171011006172/en/
Investor Relations:Foundation
Building MaterialsJohn MotenVP Investor
Relations657-900-3213john.moten@fbmsales.comorMedia Relations:Joele Frank, Wilkinson Brimmer
KatcherJed Repko or Ed Trissel212-355-4449
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