US Concrete (USCR) Tops Q4 EPS by 29c, Revenues Miss
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US Concrete (NASDAQ: USCR) reported Q4 EPS of $0.55, $0.29 better than the analyst estimate of $0.26. Revenue for the quarter came in at $334.4 million versus the consensus estimate of $353.12 million.
FOURTH QUARTER 2020 HIGHLIGHTS COMPARED TO FOURTH QUARTER 20191
Aggregate products revenue increased 9.6% to $54.7 million
- Aggregate products volume increased 8.2% to 3.1 million tons
- Aggregate products adjusted EBITDA increased 42.3% to $21.2 million
- Aggregate products adjusted EBITDA margin increased 890 basis points to 38.8%
- Ready-mixed concrete adjusted EBITDA margin increased 150 basis points to 12.0%
- Net loss was $3.3 million, a loss margin of 1.0%
- Total Adjusted EBITDA2 increased to $47.2 million
- Total Adjusted EBITDA Margin2 increased 180 basis points to 14.1%
Ronnie Pruitt, President and Chief Executive Officer of U.S. Concrete, Inc. stated, "While 2020 was a year of overcoming obstacles, we have many reasons to celebrate our performance during fiscal year 2020. Thanks to the dedication, vigilance and discipline of the entire U.S. Concrete team, we were able to successfully navigate through a very challenging year. We are pleased to report record annual activity in our aggregate products segment and our cost containment efforts resulted in increased profitability. Our 2020 success is not only a testament to our team's ability to adapt to the current, dynamic environment, but also a reflection of the work we have done to transform our business."
OUTLOOK FOR 2021
We are currently targeting 2021 Total Adjusted EBITDA to be around $200 million for the full year, or a 2% to 5% increase from 2020. Total Adjusted EBITDA is a non-GAAP financial measure. Please refer to the definition and other information at the end of this press release. Because certain GAAP financial measures on a forward-looking basis are not accessible and not available without unreasonable effort, reconciliations are not provided for forward-looking non-GAAP measures.
For earnings history and earnings-related data on US Concrete (USCR) click here.
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