U.S. Concrete Inc. announced results for the full year and quarter ended Dec. 31, 2020, reporting record revenue and adjusted EBITDA in the aggregate-products segment for both periods.
Full-year highlights included:
- Aggregate products revenue increased 10.9% to a record $216.4 million.
- Aggregate products volume increased 10.8% to a record 12.6 million tons.
- Aggregate products adjusted EBITDA increased 50.4% to a record $80.9 million.
- Aggregate products adjusted EBITDA margin increased 980 basis points to a record 37.4%.
- Ready-mixed concrete adjusted EBITDA margin increased 60 basis points to 12.9%.
- Ready-mixed concrete average selling price per cu. yd. increased 1.2% to $140.69.
- Net income was $24.5 million, a margin of 1.8%.
Fourth-quarter highlights included:
- Aggregate products revenue increased 9.6% to $54.7 million.
- Aggregate products volume increased 8.2% to 3.1 million tons.
- Aggregate products adjusted EBITDA increased 42.3% to $21.2 million.
- Aggregate products adjusted EBITDA margin increased 890 basis points to 38.8%.
- Ready-mixed concrete adjusted EBITDA margin increased 150 basis points to 12.0%.
- Net loss was $3.3 million, a loss margin of 1.0%.
- Total Adjusted EBITDA increased to $47.2 million.
- Total Adjusted EBITDA Margin increased 180 basis points to 14.1%.
Ronnie Pruitt, president and chief executive officer of U.S. Concrete, stated, “While 2020 was a year of overcoming obstacles, we have many reasons to celebrate our performance during fiscal year 2020. Thanks to the dedication, vigilance and discipline of the entire U.S. Concrete team, we were able to successfully navigate through a very challenging year. We are pleased to report record annual activity in our aggregate products segment and our cost containment efforts resulted in increased profitability. Our 2020 success is not only a testament to our team’s ability to adapt to the current, dynamic environment, but also a reflection of the work we have done to transform our business.”