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U.S. Concrete Announces First Quarter 2020 Results

Posted by U.S. Concrete on May 5, 2020 5:50:12 AM

EULESS, Texas, May 5, 2020 /PRNewswire/ -- 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 quarter ended March 31, 2020.

FIRST QUARTER 2020 RESULTS COMPARED TO FIRST QUARTER 2019(1)

  • Consolidated revenue increased 0.4% to $334.4 million
  • Ready-mixed concrete revenue increased 0.6% to $292.2 million
  • Aggregate products revenue increased 1.6% to $43.6 million
  • Aggregate products sales volume increased 5.4% to 2.6 million tons
  • Net loss was $2.8 million compared to $2.6 million
  • Total Adjusted EBITDA(2) was $34.2 million compared to $34.5 million
  • Net cash provided by operating activities more than doubled to $44.0 million
  • Adjusted Free Cash Flow(2) more than doubled to $36.9 million
  • Available liquidity of $152.6 million as of March 31, 2020, which does not include the additional $180 million of available liquidity from the delayed draw term loan credit facility entered into on April 17, 2020
    (1) Certain computations within this press release may reflect rounding adjustments.
    (2) Total Adjusted EBITDA, Adjusted Free Cash Flow and related margins are non-GAAP financial measures.  Please refer to the reconciliations and other information at the end of this press release.
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Topics: In the news, U.S. Concrete

U.S. Concrete Announces Change to a Virtual Meeting Format for 2020 Annual Meeting of Stockholders

Posted by U.S. Concrete on Apr 23, 2020 8:19:17 AM

 U.S. Concrete, Inc. (NASDAQ: USCR) ("U.S. Concrete" or the "Company") today announced that due to the public health impact of the coronavirus pandemic (COVID-19), governmental restrictions limiting the number of people who may gather together and to support the health and well-being of the Company's stockholders, employees and their families, the Company will hold its Annual Meeting of Stockholders (the "Annual Meeting") in a virtual meeting only format via webcast. As a result, stockholders will not be able to attend the Annual Meeting in person. As previously announced, the Annual Meeting will be held on Thursday, May 14, 2020 at 8:00 a.m. EDT.

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Topics: In the news, U.S. Concrete

U.S. Concrete Announces Preliminary First Quarter 2020 Financial Results, New $180 Million Credit Facility and First Quarter 2020 Investor Conference Call Schedule

Posted by U.S. Concrete on Apr 20, 2020 7:08:17 AM

U.S. Concrete, Inc. (NASDAQ: USCR) ("U.S. Concrete" or the "Company") provided an update today regarding its expected financial results for the first quarter of 2020, announced a new credit facility and announced the Company's investor conference call for the first quarter of 2020.

Preliminary Financial Results - Quarter Ended March 31, 2020

The Company today provided its expected results for the first quarter of 2020:

  • Consolidated revenue of approximately $334 million
  • Net loss of approximately $3 million
  • Adjusted EBITDA(1) of approximately $34 million
  • Liquidity of $144 million as of March 31, 2020

(1)   Total Adjusted EBITDA is a non-GAAP financial measure.  Please refer to the reconciliation and other information provided at the end of this press release.

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U.S. Concrete Board of Directors Nominates Rajan C. Penkar to the Company's Board of Directors

Posted by U.S. Concrete on Mar 5, 2020 4:55:39 PM

U.S. Concrete, Inc.(NASDAQ: USCR) ("U.S. Concrete" or the "Company") announced today that its Board of Directors ("Board") has nominated Rajan C. Penkar for election to join the Company's Board of Directors. The election will take place at the Company's annual meeting of stockholders in May 2020.

"Mr. Penkar's extensive experience in logistics and sourcing brings a unique set of qualities to the Company's Board and I believe he will help further drive shareholder value, if elected," said U.S. Concrete Lead Independent Director of the Board, Michael D. Lundin. "Raj's diverse background in technology and e-commerce will support the Company's major investment in and strategic focus on innovation through its suite of dispatching and cloud-based apps, including Where's My Concrete?®. His experience in all aspects of the supply chain including global sourcing, retail and e-commerce distribution and fulfillment, global transportation, and inventory management will enhance the Company's operations and deliveries, further building the value-proposition."

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U.S. Concrete Reports Strategic Acquisition And 2019 Full Year And Fourth Quarter Results

Posted by U.S. Concrete on Feb 25, 2020 6:05:28 AM

William J. Sandbrook, Chairman and Chief Executive Officer of U.S. Concrete, Inc.stated, "Today we are excited to announce the completion of our most recent aggregates acquisition, Coram Materials Corp., for a purchase price of $142 million, which significantly expands our East Coast aggregates portfolio. The acquisition should produce a margin profile in excess of the Company's average within the first full year of ownership. Post synergies, which we expect to achieve within two years, the deal represents a multiple of approximately 7 times EBITDA. This acquisition possesses significant, premium sand reserves that will provide us with self-sufficiency in meeting our sand supply needs to our ready-mixed concrete operations in New York City as well as providing external sales to third party customers. Coram's 50 million tons of reserves, located in the quickly depleting Long Island sand market, increases the vertical integration of our New York operations, strengthens our competitive position and advances the continuation of our strategy of expanding into higher margin aggregates businesses. Following our successful Polaris acquisition, we continue to seek out accretive opportunities of coupling the pull through capabilities of our large regional footprints of ready-mixed concrete operations with attractive aggregate assets."

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U.S. Concrete Announces Retirement of William J. Sandbrook as CEO and Succession of Ronnie Pruitt as CEO

Posted by U.S. Concrete on Feb 13, 2020 7:29:08 AM

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.

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U.S. Concrete Announces Fourth Quarter And Full Year 2019 Earnings Release And Conference Call Schedule

Posted by U.S. Concrete on Feb 12, 2020 8:25:04 AM

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).

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U.S. Concrete Announces Third Quarter 2019 Results

Posted by U.S. Concrete on Nov 8, 2019 8:14:03 AM



U.S. Concrete Announces Third Quarter 2019 Results
  • 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.
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U.S. Concrete Announces Second Quarter 2019 Results

Posted by U.S. Concrete on Aug 9, 2019 7:53:27 AM

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

Read the full press release here>>

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Watch U.S. Concrete Chairman and CEO, Bill Sandbrook, on Fox Business Network

Posted by U.S. Concrete on Jun 6, 2019 1:57:03 PM

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.

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Topics: In the news, U.S. Concrete