U.S. Concrete Reports Strong Start to 2017; Raising FVE on Lower Tax Assumption and Time Value
U.S. Concrete’s momentum continued into the first quarter of 2017. Revenue rose more than 22% to $299 million, and adjusted EBITDA rose more than 60% over the prior year's quarter to $41 million, although this includes the impact from acquisitions. Excluding acquisitions, organic revenue growth in ready-mixed concrete was just about 3%, according to management commentary during the earnings call. Nevertheless, U.S. Concrete increased prices about 6% over the prior year on a companywide average, ...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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