U.S. Concrete Announces 2015 First Quarter Results

EULESS, TX--(Marketwired - May 07, 2015) -

First Quarter 2015 Highlights Compared to First Quarter 2014

  • Adjusted earnings per diluted share increased to $0.22

  • Adjusted EBITDA increased 62.7% to $15.4 million

  • Adjusted EBITDA margin improved 250 basis points to 9.0%

Consolidated revenue increased 17.1% to $171.3 million
◦ Like-for-like consolidated revenue increased 2.9%

  • Ready-mixed concrete revenue increased 15.8% to $155.0 million

◦ Like-for-like ready-mixed concrete revenue increased 2.8%

  • Ready-mixed concrete average sales price improved 13.6% to $121.04 per cubic yard

◦ Like-for-like ready-mixed concrete average sales price improved 11.7%

  • Aggregate products revenue increased 8.1% to $8.9 million

  • Aggregate products average sales price improved 13.2% to $9.95 per ton

  • Since the beginning of 2015, acquired two leading ready-mixed producers in key high growth markets which further enhanced the Company's presence in the San Francisco Bay Area and New York metro regions

U.S. Concrete, Inc. (USCR), a leading producer of construction materials in select major markets across the United States, today reported results for the first quarter ended March 31, 2015. In the first quarter of 2015, Adjusted EBITDA increased to $15.4 million, compared to $9.5 million in the prior year quarter. Adjusted EBITDA margin as a percentage of revenue improved to 9.0%, compared to 6.5% in the prior year quarter.

William J. Sandbrook, President and Chief Executive Officer of U.S. Concrete, stated, "We produced another quarter of strong improvement in our pricing and margins to start the full year 2015. The strength of our platform in our well-structured markets supported a favorable pricing environment across our operations to more than offset the volume impact from the inclement weather we experienced, mainly in our Texas markets. As we look forward in 2015, we are optimistic on the growth prospects for both our ready-mixed concrete and aggregates businesses. The results we are achieving through our acquisitions are validating our growth strategy and we are very excited about our most recent addition of Ferrara Bros. in metro New York, which will help us to further deliver on our growth objectives in this very important Atlantic market. This transaction builds on the significant acquisition activity we have completed in each of our high-growth regional markets during the past 12 months and we are encouraged by the opportunities to further expand our operations and improve our profitability for the full year 2015."

FIRST QUARTER 2015 RESULTS COMPARED TO FIRST QUARTER 2014
Consolidated revenue increased 17.1% to $171.3 million, compared to $146.3 million in the prior year quarter. Revenue from the ready-mixed concrete segment increased $21.1 million, or 15.8%, driven by both volume and pricing. The Company's ready-mixed concrete sales volume was 1.3 million cubic yards, up 1.8%. Ready-mixed concrete average sales price per cubic yard increased $14.51, or 13.6%, to $121.04 compared to $106.53. Ready-mixed backlog at the end of the quarter was approximately 5.1 million cubic yards, up 14.1% compared to the end of the prior year quarter. Aggregate products segment revenue increased $0.7 million, or 8.1%, to $8.9 million compared to the prior year quarter.