U.S. Concrete Announces Second Quarter 2017 Results

Mr. Sandbrook continued, "We are very optimistic for the balance of the year because we produced these results despite weather-related challenges in some of our major markets, including the Dallas/Fort Worth metroplex, which recorded the fifth wettest June on record and the wettest June in the past decade.  Underlying market demand remains strong with the Architectural Billing Index at its highest point in three years and recently announced gross domestic product growth in the United States of 2.6% driven by solid growth in personal spending, nonresidential investment and federal government spending.  These underlying positive trends continue to support the growth in our backlog and drive increased bidding activity in our markets.  We have good visibility into the next 12-18 months and expect the current growth in our volume and pricing and margin expansion to continue."

Mr. Sandbrook concluded, "We remain active in the acquisition market with a very robust pipeline, which continues to improve in number and profile, and expect to continue to supplement our organic growth with strategic expansion within our existing markets and potential further vertical integration.  Our acquisition pipeline continues to provide opportunities for selective, accretive growth in both our ready-mixed concrete and aggregate products platforms, and we are very focused on the potential to enter into new major metropolitan areas."

SECOND QUARTER 2017 RESULTS COMPARED TO SECOND QUARTER 2016 RESULTS

Consolidated revenue increased 23.6% to $340.9 million, compared to $275.8 million in the prior year second quarter.  Revenue from the ready-mixed concrete segment increased $61.6 million, or 24.8%, compared to the prior year second quarter, driven by volume and pricing.  The Company's ready-mixed concrete sales volume was 2.3 million cubic yards, up 19.7% compared to the prior year second quarter.  Ready-mixed concrete average sales price per cubic yard increased $5.42, or 4.2%, to $134.43 compared to $129.01 in the prior year second quarter.  Ready-mixed concrete material spread increased 6.1% from $62.76 per cubic yard in the prior year second quarter to $66.59 for the second quarter of 2017.  Ready-mixed concrete backlog at the end of the 2017 second quarter was approximately 7.6 million cubic yards, up 10.6% compared to the end of the prior year second quarter and up 3.4% from the end of the prior year.  Aggregate products sales volume was 1.5 million tons, up 8.3% compared to the prior year second quarter.  Aggregate products average sales price improved 7.5% to $12.86 per ton in the 2017 second quarter compared to the prior year second quarter.

During the 2017 second quarter, operating income increased $13.2 million to $30.3 million, with an operating income margin of 8.9% compared to 6.2% in the second quarter of 2016.  On a non-GAAP basis, our consolidated Adjusted Gross Profit increased $23.8 million to $77.4 million in the 2017 second quarter, with an Adjusted Gross Margin of 22.7% compared to 19.4% in the prior year second quarter.  Adjusted Gross Profit and Adjusted Gross Margin are non-GAAP financial measures.  Please refer to the reconciliations and other information at the end of this press release. 

Selling, general and administrative ("SG&A") expenses were $30.2 million in the 2017 second quarter compared to $23.2 million in the prior year second quarter.  SG&A as a percentage of revenue was 8.9% in the 2017 second quarter compared to 8.4% in the prior year second quarter.  We incurred $2.4 million in acquisition-related costs during the second quarter of 2017 compared to $0.4 million in the second quarter of 2016 as the Company has begun to significantly elevate the scale of our acquisition target profile resulting in increased diligence costs.  On a non-GAAP basis, our Adjusted SG&A, which excludes acquisition-related professional fees and non-cash stock compensation expense, was $25.2 million for the 2017 second quarter compared to $20.1 million in the prior year second quarter.  Adjusted SG&A as a percentage of revenue was 7.4% in the 2017 second quarter, compared to 7.3% in the prior year second quarter.  Adjusted SG&A and Adjusted SG&A as a percentage of revenue are non-GAAP financial measures.  Please refer to the reconciliations and other information at the end of this press release. 

During the 2017 second quarter, loss from continuing operations was $2.2 million, as compared to a loss from continuing operations of $3.3 million in the 2016 second quarter.  Total Adjusted EBITDA of $53.0 million in the 2017 second quarter increased $18.9 million compared to the prior year second quarter.  Ready-mixed concrete segment Adjusted EBITDA increased $16.9 million to $49.6 million in the 2017 second quarter primarily due to higher volumes and selling prices.  Aggregate products Adjusted EBITDA of $8.7 million in the 2017 second quarter increased $3.5 million compared to the prior year second quarter.

For the second quarter of 2017, net loss was $2.3 million, or a $0.15 loss per diluted share, compared to a net loss of $3.5 million, or a $0.23 loss per diluted share, in the second quarter of 2016.  Adjusted Net Income from Continuing Operations was $15.8 million, or $0.95 per diluted share in the second quarter of 2017, compared to $8.7 million, or $0.54 per diluted share, in the prior year second quarter, including the impact of a normalized tax rate of 40% in both periods.  Adjusted Net Income from Continuing Operations in the second quarter of 2017 excludes a $15.8 million non-cash derivative related loss resulting from fair value changes in the Company's outstanding warrants.  This compares to a non-cash derivative related loss of $2.6 million during the second quarter of 2016.  The non-cash derivative related losses were primarily due to changes in the price of the Company's common stock during each period.  These warrants expire on August 31, 2017.  Adjusted Net Income from Continuing Operations is a non-GAAP financial measure.  Please refer to the reconciliation and other information at the end of this press release.

FIRST SIX MONTHS OF 2017 RESULTS COMPARED TO FIRST SIX MONTHS OF 2016

Consolidated revenue for the first six months of 2017 increased 22.9% to $640.1 million, versus $520.8 million in the comparable prior year period driven by higher volume and pricing in both ready-mixed concrete and aggregate products.  Revenue from the ready-mixed concrete segment increased $113.0 million, or 23.9%, compared to the prior year period.  Aggregate products revenue increased $6.3 million, or 18.4%, compared to the prior year period.

During the first six months of 2017, operating income increased $24.4 million to $51.6 million, with an operating income margin of 8.1% compared to 5.2% in the prior year period.  On a non-GAAP basis, our consolidated Adjusted Gross Profit increased $40.9 million to $140.7 million in the 2017 first half, with an Adjusted Gross Margin of 22.0% compared to 19.2% in the prior year first half.

For the first six months of 2017, net income was $4.5 million compared to a net loss of $13.5 million for the first six months of 2016.  During the first six months of 2017, income from continuing operations was $4.8 million compared to a $13.2 million loss in the first six months of 2016.  Income from continuing operations as a percentage of revenue was 0.8% in the first half of 2017, compared to a loss from continuing operations as a percentage of revenue of 2.5% in the first half of 2016.  For the first six months of 2017, Total Adjusted EBITDA of $94.1 million increased by $34.4 million versus $59.7 million in the comparable prior year period.  Total Adjusted EBITDA as a percentage of revenue was 14.7% in the first half of 2017, compared to 11.5% in the first half of 2016.  Ready-mixed concrete segment Adjusted EBITDA increased by $30.8 million to $91.2 million compared to the prior year period.  Aggregate products segment Adjusted EBITDA increased by $4.6 million to $12.7 million compared to the prior year period.

BALANCE SHEET AND LIQUIDITY

Net cash provided by operating activities in the second quarter of 2017 was $23.6 million compared to net cash provided by operating activities in the prior year second quarter of $15.5 million.  The Company's Adjusted Free Cash Flow in the second quarter of 2017 was $16.6 million, compared to $4.2 million in the prior year second quarter.

At June 30, 2017, the Company had cash and cash equivalents of $271.7 million and total debt of 673.8 million, resulting in Net Debt of $402.1 million.  Net Debt increased by $28.6 million from December 31, 2016, largely as a result of $24.4 million of equipment financing incurred during the first half of 2017.  The Company had $232.5 million of unused availability under its revolving credit facility at June 30, 2017.  Net Debt is a non-GAAP financial measure.  Please refer to the reconciliation and other information at the end of this press release.

CONFERENCE CALL AND WEBCAST DETAILS

U.S. Concrete will host a conference call on Tuesday, August 8, 2017 at 10:00 a.m. Eastern time (9:00 a.m. Central), to review its second quarter 2017 results.  To participate in the call, please dial (877) 312-8806 – Conference ID: 61902201 at least ten minutes before the conference call begins and ask for the U.S. Concrete conference call. 

A live webcast will be available on the Investor Relations section of the Company's website at www.us-concrete.com.  Please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software.  A replay of the conference call and archive of the webcast will be available shortly after the call on the Investor Relations section of the Company's website at www.us-concrete.com.

ABOUT U.S. CONCRETE

 U.S. Concrete serves the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products.  The Company has 156 standard ready-mixed concrete plants, 17 volumetric ready-mixed concrete facilities, and 17 producing aggregates facilities.  During 2016, U.S. Concrete sold approximately 8.1 million cubic yards of ready-mixed concrete and approximately 5.6 million tons of aggregates.

For more information on U.S. Concrete, visit www.us-concrete.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's beliefs, as well as assumptions made by and information currently available to management.  These forward-looking statements speak only as of the date of this press release.  The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them.  Forward-looking information includes, but is not limited to, statements regarding: the expansion of the business; the opportunities and results of our acquisitions; the prospects for growth in new and existing markets; encouraging nature of volume and pricing increases; the business levels of our existing markets; ready-mixed concrete backlog; ability to maintain our cost structure and monitor fixed costs; ability to maximize liquidity, manage variable costs, control capital spending and monitor working capital usage; and the adequacy of current liquidity.  Although U.S. Concrete believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct.  Such statements are subject to certain risks, uncertainties and assumptions, including, among other matters: general and regional economic conditions; the level of activity in the construction industry; the ability of U.S. Concrete to complete acquisitions and to effectively integrate the operations of acquired companies; development of adequate management infrastructure; departure of key personnel; access to labor; union disruption; competitive factors; government regulations; exposure to environmental and other liabilities; the cyclical and seasonal nature of U.S. Concrete's business; adverse weather conditions; the availability and pricing of raw materials; the availability of refinancing alternatives; results of litigation; and general risks related to the industry and markets in which U.S. Concrete operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected.  These risks, as well as others, are discussed in greater detail in U.S. Concrete's filings with the Securities and Exchange Commission, including U.S. Concrete's Annual Report on Form 10-K for the year ended December 31, 2016.

(Tables Follow)

U.S. CONCRETE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
	2017				2016				2017				2016
Revenue	$	340,926			$	275,750			$	640,059			$	520,795
Cost of goods sold before depreciation, depletion and amortization	263,574				222,216				499,333				420,974
Selling, general and administrative expenses	30,200				23,180				56,017				46,343
Depreciation, depletion and amortization	16,350				13,015				32,209				24,656
Loss on revaluation of contingent consideration	720				364				1,328				1,611
Gain on sale of assets	(198)				(114)				(390)				(13)
Operating income	30,280				17,089				51,562				27,224
Interest expense, net	(10,368)				(6,598)				(20,510)				(12,298)
Derivative loss	(15,766)				(2,562)				(13,910)				(15,342)
Loss on extinguishment of debt	—				(12,003)				—				(12,003)
Other income, net	596				510 Werbung Mehr Nachrichten zur US Concrete Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 12:06 - PR Newswire BH Macro Limited - Transaction in Own Shares 11:44 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Portfolio Update 09:58 - PR Newswire Wood Group (John) Plc - Director/PDMR Shareholding Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59