U.S. CONCRETE ANNOUNCES SECOND QUARTER 2020 RESULTS
EULESS, TEXAS – August 4, 2020 – U.S. Concrete, Inc. (NASDAQ: USCR), a leading producer of construction materials in select major markets across the United States, today reported results for the quarter ended June 30, 2020.
SECOND QUARTER 2020 RESULTS AND HIGHLIGHTS(1)
•Consolidated revenue was $322.7 million
•Aggregate products revenue was $54.5 million, an all-time quarterly high
•Aggregate products Adjusted EBITDA was $21.6 million, an all-time quarterly high
•Operating income more than tripled from the prior year second quarter to $21.6 million
•Net income increased to $6.5 million from $0.9 million in the prior year second quarter
•Total Adjusted EBITDA(2) increased 13.3% to $47.6 million as compared to $42.0 million in the prior year second quarter
•Net income margin of 2.0% and Total Adjusted EBITDA Margin(2) of 14.8%.
•Net cash provided by operating activities was $40.1 million, more than double the prior year second quarter
•Adjusted Free Cash Flow(2) was $33.3 million, more than double the prior year second quarter
•Available liquidity of $334.8 million as of June 30, 2020
(1) Certain computations within this press release may reflect rounding adjustments.
(2) Total Adjusted EBITDA, Adjusted Free Cash Flow and related margins 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. highlighted, “While today’s release is about our second quarter financial results, I want to acknowledge that we are operating in a remarkably challenging environment, and I want to thank our employees, suppliers, customers and financial stakeholders for their dedication and resilience.
“We are very pleased to report our Total Adjusted EBITDA Margin for the second quarter of 2020 was 14.8%, a significant improvement over the prior year second quarter. A comprehensive review of our operations and decisive action by our managers, combined with the highly variable nature of our cost structure, allowed us to achieve these margins, despite the unprecedented disruption in several of our key markets.”
Mr. Pruitt continued, "We continue to realize the strategic value of the Coram Materials acquisition, and I’m pleased by the successful integration of that important operation. Our growing presence as a third-party provider of critical aggregate products supports the underlying demand trends in all major markets where we
The following information was filed by Us Concrete Inc (USCR) on Tuesday, August 4, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.