US Concrete (USCR) Tops Q3 EPS by 27c, Revenues Miss
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US Concrete (NASDAQ: USCR) reported Q3 EPS of $1.12, $0.27 better than the analyst estimate of $0.85. Revenue for the quarter came in at $374.2 million versus the consensus estimate of $387.88 million.
THIRD QUARTER 2020 RESULTS(1) AND HIGHLIGHTS, INCLUDING RECORD AGGREGATE RESULTS
- Consolidated revenue was $374.2 million
- Aggregate products revenue was $63.6 million, an all-time quarterly high
- Aggregate products average selling price per ton, $13.37, and volumes sold, 3.7 million, were both all-time quarterly highs
- Aggregate products Adjusted EBITDA was $26.8 million, an all-time quarterly high and a 64.4% increase compared to the prior year third quarter
- Net income was $24.1 million
- Total Adjusted EBITDA(2) increased 2.9% to $63.9 million compared to the prior year third quarter
- Net income margin was 6.4% and Total Adjusted EBITDA Margin(2) was 17.1%
- Net cash provided by operating activities increased 19.0% to $61.3 million compared to the prior year third quarter
- Adjusted Free Cash Flow(2) increased 40.7% to $58.4 million compared to the prior year third quarter
- Completed a $400.0 million private placement of 5.125% senior unsecured notes due 2029
Ronnie Pruitt, President and Chief Executive Officer of U.S. Concrete, Inc. stated, "We believe our business is well positioned to continue to deliver strong results, both in the short and long term. We are very proud to announce record results for the quarter, and record six-month results when combining the second and third quarters of 2020, all in the context of lower revenues amid the pandemic. The transformation we have undertaken over the past several years to reshape our portfolio and capabilities for growth and better margins has proven critical in enabling us to respond to the changing dynamics in the current environment. Our diversified portfolio of operating assets, commitment to innovate, and agile culture have allowed us to respond to the construction demand in the markets that we serve and positions us to deliver meaningful financial results into the future."
For earnings history and earnings-related data on US Concrete (USCR) click here.
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