U.S. CONCRETE REPORTS FIRST QUARTER 2021 RESULTS
EULESS, TEXAS – May 6, 2021 – U.S. Concrete, Inc. (NASDAQ: USCR), a leading supplier of aggregates and ready-mixed concrete in active construction markets across the country, today announced results for the quarter ended March 31, 2021.
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.”
The following information was filed by Us Concrete Inc (USCR) on Thursday, May 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.