U.S. Concrete's focus on concrete will limit long-term margin expansion.
Over the past two years, U.S. aggregates and concrete stocks have rallied about 60%, far outpacing the S&P 500's 15% return and pricing in significant future profit growth. Industry leaders Martin Marietta and Vulcan Materials, for example, trade at 15 and 16 times estimated 2017 EBITDA, respectively, substantially higher than both historical and midcycle levels. As a result, value-conscious investors are questioning whether the runup has been justified and whether the market is appropriatel...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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