U.S. Concrete Reports 2020 Full Year And Fourth Quarter Results

EULESS, Texas, Feb. 24, 2021

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. ARIVA.DE Börsen-Geflüster Kurse US Concrete -   0,00%

Ronnie Pruitt, President and Chief Executive Officer of U.S. Concrete, Inc. stated, "While 2020 was a year of overcoming obstacles, we have many reasons to celebrate our performance during fiscal year 2020. Thanks to the dedication, vigilance and discipline of the entire U.S. Concrete team, we were able to successfully navigate through a very challenging year. We are pleased to report record annual activity in our aggregate products segment and our cost containment efforts resulted in increased profitability. Our 2020 success is not only a testament to our team's ability to adapt to the current, dynamic environment, but also a reflection of the work we have done to transform our business." 

OPERATING RESULTS

AGGREGATE PRODUCTS SEGMENT

The aggregate products segment achieved record revenue of $216.4 million in 2020, representing a 10.9% increase from the prior year that resulted from a 10.8% increase in sales volume and a 9.6% increase in average selling price related to the favorable mix of products sold, including the impact of Coram Materials, compared to the prior year, partially offset by a 10.9% decrease in pass-through freight revenue.  Aggregate products also achieved record adjusted EBITDA of $80.9 million in 2020, a 50.4% increase compared to the prior year, primarily related to improved operating efficiencies, increased production volume, and the profitability from the Coram Materials business acquired in February 2020.  During the fourth quarter of 2020, aggregate products sales volume increased 8.2% compared to the prior year fourth quarter.  Aggregate products adjusted EBITDA of $21.2 million in the 2020 fourth quarter increased 42.3%, or $6.3 million  compared to the prior year fourth quarter.  The revenue growth in our aggregate products segment was primarily the result of our Coram Materials acquisition in the East Region as well as our West Texas greenfield operation in the Central Region, which was partially offset by lower pass-through freight revenue due primarily to lower fuel costs. 

READY-MIXED CONCRETE SEGMENT

		Three Months Ended December 31,								Twelve Months Ended December 31,
($ in millions, except selling price)		2020				2019				2020				2019
Revenue		$	283.5			$	320.1			$	1,161.4			$	1,278.6
Adjusted EBITDA		$	33.9			$	33.6			$	149.6			$	157.7
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