US Concrete (USCR) Reports In-Line Q1 EPS, Revenues Miss
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US Concrete (NASDAQ: USCR) reported Q1 EPS of ($0.29), in-line with the analyst estimate of ($0.29). Revenue for the quarter came in at $285.7 million versus the consensus estimate of $307.94 million.
FIRST QUARTER 2021 HIGHLIGHTS1
Consolidated revenue was $285.7 million
Aggregate products revenue increased 2.1% to $44.5 million, an all-time first quarter high
Aggregate products average selling price per ton increased 8.9% to $13.32, an all-time first quarter high
Aggregate products adjusted EBITDA was $12.5 million, an all-time first quarter high and a 10.6% increase compared to the prior year first quarter
Aggregate products adjusted EBITDA margin increased 220 basis points to 28.1%, an all-time first quarter high
Net loss was $4.8 million
Total Adjusted EBITDA2 was $28.2 million
Net loss margin was 1.7% and Total Adjusted EBITDA Margin2 was 9.9%
Invested $28.7 million to purchase fee simple property and the underlying royalty agreement associated with the Orca Quarry on Vancouver Island, British Columbia, Canada ("Orca"), improving aggregate products profitability
(1)
Certain computations within this press release may reflect rounding adjustments.
(2)
Total Adjusted EBITDA and Total Adjusted EBITDA Margin are non-GAAP financial measures. Please refer to the reconciliations and other information at the end of this press release.
Ronnie Pruitt, President and Chief Executive Officer of U.S. Concrete, Inc. stated, "Despite the challenges that we faced with significant winter weather during the first quarter, we are pleased with the progress we have made on our operational efficiencies and cost containment efforts. We are seeing an increase in bidding levels and project starts, which continue to point to a stronger second half of 2021. We are optimistic about the business outlook, as we see improved demand for our products with strong residential activity, diversified commercial needs and resilient infrastructure projects, which should be enhanced by a national infrastructure bill."
For earnings history and earnings-related data on US Concrete (USCR) click here.
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