U.S. Concrete Starts 2019 Slow but Shows Signs of Strong Underlying Demand; Shares Undervalued
U.S. Concrete had a slow start to the year, with revenue growing just 1.6% year over year to $333 million and adjusted EBITDA falling 4% to $34.5 million. Adverse weather impacted deliveries, particularly weighing on the concrete business. However, we see the year-over-year price increases of 2% in concrete and 11% aggregates as positive indicators that underlying demand remains strong despite the weather.U.S. Concrete reaffirmed its 2019 guidance for $1.51 billion to $1.65 billion of revenue a...
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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