U.S. Concrete, Inc. (NASDAQ: USCR), today announced that William J. Sandbrook has notified the Company's Board of Directors of his decision to retire as Chief Executive Officer effective April 3, 2020. Mr. Sandbrook will continue to serve as the Company's Chairman of the Board until the Company's annual meeting of stockholders in May 2020. Mr. Sandbrook will stand for reelection as a director at the annual meeting. To ensure an orderly transition of his duties, Mr. Sandbrook will provide consulting services to the Company pursuant to a one-year consulting agreement, which may be extended by mutual agreement. The Company also announced that Ronnie Pruitt, the Company's President and Chief Operating Officer, has been named Chief Executive Officer and President effective as of April 3, 2020.
U.S. Concrete, Inc. (NASDAQ:USCR) plans to release fourth quarter and full year 2019 results on Tuesday, February 25, 2020 at 6:00 a.m. Eastern Time. In conjunction with the release, U.S. Concrete has scheduled an investor conference call which will be held on Tuesday, February 25, 2020 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
Topics: In the news
Consolidated revenue increased 1.1% from last year's third quarter to $408.9 million, an all-time quarterly high;
Ready-mixed concrete revenue increased 2.3% from last year's third quarter to $354.1 million, an all-time quarterly high;
Operating income was $33.3 million; Adjusted Gross Profit2 increased 9.9% to $87.7 million compared to last year's third quarter; Adjusted Gross Profit Margin2 increased to 21.4% from 19.7% in last year's third quarter;
Net income was $13.6 million; Total Adjusted EBITDA2 increased 15.6% from last year's third quarter to $62.1 million, an all-time quarterly high; Total Adjusted EBITDA Margin2 increased to 15.2% from 13.3% in last year's third quarter.
SECOND QUARTER 2019 RESULTS1
- Total consolidated revenue was $367.5 million
- Aggregate products revenue of $49.5 million on sales volume of 2.9 million tons increased 2.1% compared to last year's second quarter
- Aggregate products average sales price of $11.83 per ton increased 6.5% compared to last year's second quarter
- Ready-mixed concrete revenue was $314 million on sales volume of 2.3 million cubic yards
- Ready-mixed concrete average sales price of $138.40 per cubic yard increased 4.0% compared to last year's second quarter
- Net income was $0.9 million and Total Adjusted EBITDA2 was $42.0 million
- Cash provided by operating activities was $18.7 million
- Adjusted Free Cash Flow2 of $14.1 million increased 29.4% compared to last year's second quarter
Liz Claman will host Bill Sandbrook today at 3:00pm ET on her hit show, Countdown to the Closing Bell. Liz is producing a special segment on the state of America's infrastructure and will discuss how to get it fixed. Bill is a previous guest and a frequent on-air contributor to the Fox Business Network. U.S. Concrete's ability to deliver concrete to meet stringent specifications and success on major infrastructure projects across the country makes Bill a highly sought after guest. Tune in to Fox Business soon to watch.
FIRST QUARTER 2019 HIGHLIGHTS COMPARED TO FIRST QUARTER 2018
- Consolidated revenue increased 1.6% to $333.1 million
- Ready-mixed concrete revenue increased 0.4% to $290.4 million
- Aggregate products revenue increased 25.4% to $42.9 million
- Aggregate products volume increased 17.0% to 2.5 million tons
- Operating income increased to $7.9 million and operating income margin increased to 2.4%
- Adjusted Gross Profit2 increased 4.8% to $64.7 million and Adjusted Gross Profit Margin increased to 19.4%
EULESS, Texas, Feb. 26, 2019 -- U.S. Concrete, Inc. (NASDAQ: USCR), a leading producer of construction materials in select major markets across the United States, today reported results for the full year and quarter ended December 31, 2018.
In honor of our CEO's military service and all of the cadets from the United States Military Academy at West Point, U.S. Concrete New York painted one of its trucks as a tribute. Most fitting, the truck is making its debut at the annual Army/Navy college football game in Philadelphia. The truck, seen here in front of The Union League of Philadelphia, will stay throughout the game weekend.
U.S. Concrete CEO sees path to infrastructure bill 'in the next two years'
Watch the interview between Bill and Jim where they discuss the following: