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U.S. Concrete Aggregate Products Revenue an All-Time High

U.S. Concrete Inc. reported results for the quarter ended June 30. Consolidated revenue was $322.7 million, versus $367.5 in the second quarter of 2019. However, operating income more than tripled from the prior-year second quarter to $21.6 million.

Net income increased to $6.5 million from $0.9 million in the prior-year second quarter.

Aggregate products revenue was $54.5 million, an all-time quarterly high, versus 49.5 million in the second quarter of 2019. Aggregate products Adjusted EBITDA was $21.6 million, an all-time quarterly high.

Ronnie Pruitt, president and chief executive officer of U.S. Concrete said, "While today's release is about our second quarter financial results, I want to acknowledge that we are operating in a remarkably challenging environment, and I want to thank our employees, suppliers, customers and financial stakeholders for their dedication and resilience.

"We are very pleased to report our Total Adjusted EBITDA Margin for the second quarter of 2020 was 14.8%, a significant improvement over the prior year second quarter. A comprehensive review of our operations and decisive action by our managers, combined with the highly variable nature of our cost structure, allowed us to achieve these margins, despite the unprecedented disruption in several of our key markets."

Pruitt continued, "We continue to realize the strategic value of the Coram Materials acquisition, and I'm pleased by the successful integration of that important operation. Our growing presence as a third-party provider of critical aggregate products supports the underlying demand trends in all major markets where we operate. This was evident as we achieved all-time quarterly high revenue and Adjusted EBITDA in our aggregate products segment during the second quarter of 2020.

"Our employees' ability to address rapid changes in our markets during the quarter demonstrates their flexibility and resolve. This is most evident in our re-engineering efforts and sustainable cost containment initiatives that resulted in the operating performance improvements and set the framework to address future changes to our business and demand for our products."