US Concrete (USCR) Misses Q1 EPS by 7c, Revenues Miss; Offers FY19 Revenue Outlook

US Concrete (NASDAQ: USCR) reported Q1 EPS of $0.00, $0.07 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $333.1 million versus the consensus estimate of $337.94 million.

William J. Sandbrook, Chairman and Chief Executive Officer of U.S. Concrete, Inc. stated, "While faced with negative weather patterns, which seemingly have become routine, we are pleased to report multiple financial accomplishments, including our 33rd consecutive quarter of year-over-year revenue growth and an improved adjusted gross profit. We continue to believe these trends, including the solid runway of demand in all of our regions, reflect the strong fundamentals in the markets we serve."

Mr. Sandbrook continued, "A significant driver of the positive momentum in our Adjusted Gross Profit is the significant growth in our higher margin aggregate products segment, once again led by Polaris. We sold 2.5 million tons of aggregates during the 2019 first quarter, generating more than $10 million of Adjusted EBITDA, which is more than double last year\'s first quarter."

"There are numerous positive indicators that fuel our positive outlook for continued growth and reaffirm our position in the construction market. We are focused on continuous improvement in the face of the negative weather patterns with the intent to fortify our market positions and related operating leverage. We have several internal strategic initiatives in place to help us capitalize on the robust demand within all of our regions. These initiatives are designed to improve our operating leverage, customer service, internal processes, and most importantly our ability to operate more efficiently in our seasonal and cyclical business."

GUIDANCE:

US Concrete sees FY2019 revenue of $1.51-1.65 billion, versus the consensus of $1.6 billion.

For earnings history and earnings-related data on US Concrete (USCR) click here.

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