U.S. Concrete Announces CFO Resignation and Auditor Change, but We Don’t See an Impact to FVE
On March 24, U.S. Concrete made two announcements, curiously released together, leading to a 9% decline in its share price. However, neither announcement will lead to a change in our $68 per share fair value estimate or no-moat rating. The ongoing handling of its accounting control issues may lead us to revisit our Standard stewardship rating, though.First, the company announced that Ernst & Young would replace Grant Thornton as its independent auditor. For fiscal 2015 and 2016, Grant Thorn...
U.S. Concrete is a holding company. Through its subsidiaries, the company is engaged as a producer of ready-mixed and as a supplier of aggregates. The company's products comprised of: ready-mixed concrete, which products consist of proportioned mixes it produces and delivers in an unhardened plastic state for placement and shaping into designed forms at the job site; aggregates products, which sells these aggregates for use in commercial, industrial and public works projects in the markets they serve; and other, which includes the company's building materials stores, hauling operations, aggregates distribution terminals, a recycled aggregates operation and concrete blocks.
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