Synalloy Updates Full Year 2019 Guidance
Synalloy Corporation (SYNL)
US:NASDAQ Investor Relations:
investor.synalloy.com/investor-relations
Company Research
Source: GlobeNewswire
RICHMOND, Va., June 19, 2019 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL), today announced reduced guidance for the full year 2019 results. Net sales are now expected to total $329 million, down from the previous forecast of $340 million. Adjusted EBITDA for the year is estimated at $22 million, down from the prior forecast of $30 million. Adjusted EBITDA reflects inventory price change losses and negative manufacturing variances that are projected to total approximately $5 million. A reconciliation of Net Income to Adjusted EBITDA is provided as an exhibit to the press release. The reduced guidance is primarily the result of the following items: Average selling prices for welded stainless steel pipe are down approximately 15% from last year, pressuring contribution margins by about 9%. Prices are falling due to lower surcharges and what we believe to be a temporary surplus of inventory in the supply chain. Recent consolidation among master distribution companies h
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