EULESS, Texas, Oct. 29, 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 September 30, 2020.
THIRD QUARTER 2020 RESULTS(1) AND HIGHLIGHTS, INCLUDING RECORD AGGREGATE RESULTS
- Consolidated revenue was $374.2 million
- Aggregate products revenue was $63.6 million, an all-time quarterly high
- Aggregate products average selling price per ton, $13.37, and volumes sold, 3.7 million, were both all-time quarterly highs
- Aggregate products Adjusted EBITDA was $26.8 million, an all-time quarterly high and a 64.4% increase compared to the prior year third quarter
- Net income was $24.1 million
- Total Adjusted EBITDA(2) increased 2.9% to $63.9 million compared to the prior year third quarter
- Net income margin was 6.4% and Total Adjusted EBITDA Margin(2) was 17.1%
- Net cash provided by operating activities increased 19.0% to $61.3 million compared to the prior year third quarter
- Adjusted Free Cash Flow(2) increased 40.7% to $58.4 million compared to the prior year third quarter
- Completed a $400.0 million private placement of 5.125% senior unsecured notes due 2029
(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.