U.S. Concrete Inc. reported that consolidated revenue increased 18.6 percent to $404.2 million in this year’s second quarter, an all-time quarterly high.
- Aggregate products revenue increased 113.1 percent to $48.5 million, an all-time quarterly high.
- Polaris recorded revenue and volume of $22.5 million and 1.3 million tons, respectively, both all-time quarterly highs.
- Ready-mixed concrete revenue increased 12.9 percent to $350.0 million, an all-time quarterly high.
- Ready-mixed concrete organic volume grew by 5 percent.
William J. Sandbrook, chairman, president and chief executive officer of U.S. Concrete, stated, “We are very pleased to report record results for the second quarter, including all-time quarterly highs in volumes, revenue, Adjusted EBITDA and backlog. We believe our second quarter results reflect favorably on the underlying demand environment in each of our markets. We continue to be excited about the opportunities available to us for growth and margin expansion as we fully integrate our recent acquisitions, improve operational efficiencies and capitalize on operating leverage provided by higher volumes.
“Our Polaris Materials acquisition is generating significant returns and facilitating the vertical integration of our Northern California operations through just two full quarters under our ownership,” Sandbrook continued. “Polaris’s operational and financial results have exceeded our initial expectations. With Polaris and other recent acquisitions, we have more than doubled our aggregate revenue and volumes during the past 15 months. Our year-to-date total aggregate products revenue, including internally managed hauling and distribution operations, now represents more than 15 percent of total revenue and should represent close to 20 percent of revenue after these acquisitions have contributed to our results for a full 12 months. Additionally, the end market diversification provided by the growth in our aggregate products segment and the resiliency in aggregates pricing further strengthens our financial position.”
Aggregate products sales volume increased 99.8 percent compared to the prior-year second quarter, predominantly as a result of acquisitions, especially the acquisition of Polaris Materials. Aggregate products Adjusted EBITDA of $12.2 million in the second quarter increased $3.5 million compared to the prior-year second quarter primarily related to higher sales volumes resulting from acquisitions. The recent acquisitions of Corbett Sand & Gravel and Polaris have resulted in a change in product mix, which has resulted in an overall lower average selling price for products in that segment, according to the company.