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.
Across the country, U.S. Concrete is considered an essential service and is operational in all regions with the implementation of new safety and health protocols. The safety and health of the Company's employees and their families, customers and communities are the Company's highest priority during these uncertain times.
U.S. Concrete President and Chief Executive Officer, Ronnie Pruitt said, "Although we cannot currently predict the length or impact of the COVID-19 pandemic, we are committed to driving shareholder value. We continually evaluate the effect that the pandemic has on our business and financial results. Business contingency plans and cost-cutting measures have been implemented across the Company and will be adjusted in response to this evolving pandemic. The Company has significant liquidity and no near-term debt maturities, which provides us the flexibility to proactively manage the business while we navigate through uncertainty."