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SEC Filings

10-Q
FORTERRA, INC. filed this Form 10-Q on 11/09/2017
Entire Document
 

Other Operating Income

The remaining categories of operating income and expenses consist of scrap income (associated with scrap from the manufacturing process or remaining scrap after plants are closed), insurance gains, rental income and the gain or loss generated on the sale of assets including property, plant and equipment.

Interest Expense

Interest expense represents interest on indebtedness.

Other Expense, net

Other expense, net includes the loss on the U.S. Pressure Pipe Divestiture that occurred in July 2017.

Income Tax Expense

Income tax expense consists of federal, state, provincial, local and foreign taxes based on income in the jurisdictions in which we operate.


Results of Operations

Three Months Ended September 30, 2017 as Compared to Three Months Ended September 30, 2016

Total Company

The following table summarizes certain financial information relating to our operating results for the three months ended September 30, 2017 and September 30, 2016. Also included is information relating to the operating results as a percentage of net sales.

 Statements of Income Data:
For the three months ended September 30, 2017
 
% of
Net Sales
 
For the three months ended September 30, 2016
 
% of
Net Sales
 
 
 
 
 
 
 
 
 Net sales
$
444,257

 
100.0
%
 
$
441,132

 
100.0
%
 Cost of goods sold
362,150

 
81.5
%
 
339,819

 
77.0
%
 Gross profit
82,107

 
18.5
%
 
101,313

 
23.0
%
 Selling, general and administrative expenses
(59,366
)
 
13.4
%
 
(62,355
)
 
14.1
%
 Impairment and exit charges
(1,193
)
 
0.3
%
 
(555
)
 
0.1
%
 Earnings from equity method investee
2,936

 
0.7
%
 
4,146

 
0.9
%
 Other operating income
2,008

 
0.5
%
 
1,946

 
0.4
%
 
(55,615
)
 
12.5
%
 
(56,818
)
 
12.9
%
 Income from operations
26,492

 
6.0
%
 
44,495

 
10.1
%
 Other income (expenses)
 
 
 
 
 
 
 
 Interest expense
(15,582
)
 
3.5
%
 
(31,756
)
 
7.2
%
 Other expense, net
(30,866
)
 
6.9
%
 
(217
)
 
%
 Income (loss) from continuing operations before income taxes
(19,956
)
 
4.5
%
 
12,522

 
2.8
%
 Income tax (expense) benefit
8,454

 
1.9
%
 
(8,154
)
 
1.8
%
 Income (loss) from continuing operations
(11,502
)
 
2.6
%
 
4,368

 
1.0
%
 Discontinued operations, net of tax

 
%
 
4,000

 
0.9
%
 Net Income (loss)
$
(11,502
)
 
2.6
%
 
$
8,368

 
1.9
%


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