U.S. Concrete will deliver healthy top-line growth, but its product mix will limit margin expansion.
U.S. Concrete faced a challenging first quarter, as ready-mixed concrete volume grew just 2.2% and prices rose just 2% over the prior-year quarter, as weather affected deliveries in the Dallas-Fort Worth and Atlantic regions. Yet, acquisitions in the aggregates business powered volumes to grow 71% over the prior-year quarter, and a combination of price increases and mix shift drove prices higher by 14%. Yet, overall utilization was likely lower, causing adjusted EBITDA margins to contract to 11%...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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