U.S. CONCRETE REPORTS 2020 FULL YEAR AND FOURTH QUARTER RESULTS
Company Achieved Fourth Quarter and Full Year Record Results in Aggregate Products Segment
EULESS, TEXAS – February 24, 2021 – U.S. Concrete, Inc. (NASDAQ: USCR), a leading producer of construction materials in select major markets across the United States, the U.S. Virgin Islands and Canada, today announced results for the full year and quarter ended December 31, 2020, including record revenue and adjusted EBITDA in the aggregate products segment for both periods.
FULL YEAR 2020 HIGHLIGHTS COMPARED TO FULL YEAR 20191
•Aggregate products revenue increased 10.9% to a record $216.4 million
•Aggregate products volume increased 10.8% to a record 12.6 million tons
•Aggregate products adjusted EBITDA increased 50.4% to a record $80.9 million
•Aggregate products adjusted EBITDA margin increased 980 basis points to a record 37.4%
•Ready-mixed concrete adjusted EBITDA margin increased 60 basis points to 12.9%
•Ready-mixed concrete average selling price per cubic yard increased 1.2% to $140.69
•Net income was $24.5 million, a margin of 1.8%
•Total Adjusted EBITDA2 increased to $192.9 million, despite the impact of the COVID-19 pandemic
•Total Adjusted EBITDA Margin2 increased 160 basis points to 14.1%
•Net cash provided by operating activities increased $42.5 million to a record $181.3 million
•Adjusted Free Cash Flow2 increased $53.6 million to a record $158.6 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%
(1) Certain computations within this press release may reflect rounding adjustments.
(2) Total Adjusted EBITDA, Total Adjusted EBITDA Margin and Adjusted Free Cash Flow are non-GAAP financial measures. Please refer to the reconciliations and other information at the end of this press release.
The following information was filed by Us Concrete Inc (USCR) on Wednesday, February 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.