Continental Building Products, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018
Continental Building Products, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net sales of $116,802,000 compared to $120,615,000 a year ago. This result was primarily driven by the anticipated decrease in wallboard volumes to 615 million square feet, partly offset by higher average mill net pricing of $151.60, which is up 2.5% year-on-year. Operating income was $20,762,000 compared to $21,687,000 a year ago. Income before provision for income taxes was $17,538,000 compared to $17,957,000 a year ago. Net income was $13,646,000 or $0.36 per basic and diluted share compared to $12,227,000 or $0.31 per basic and diluted share a year ago. For the quarter, the company increased net income by 12%, the company's earnings per share by 16%. Net cash provided by operating activities was $13,743,000 compared to $18,536,000 a year ago. The decrease in operating cash flow from $18.5 million in the prior year was primarily a result of the timing of working capital spend. Capital expenditures were $5,955,000 compared to $5,359,000 a year ago. EBITDA - non-GAAP measure was $31,343,000 compared to $32,973,000 a year ago. Adjusted net income - non-GAAP measure was $13,646,000 or $0.36 per share compared to $12,681,000 or $0.32 per share a year ago.
Outlook for the full year 2018, the company total capital expenditures are expected to be in the range of $30 million to $35 million. Maintenance CapEx is expected to be approximately $15 million. High-return CapEx is expected to be in the range of $15 million to $20 million. Depreciation and amortization is anticipated to be in the range of $43 million to $46 million. And the effective tax rate is targeted to be in the range of 22% to 24%.