U.S. Concrete Inc. reported that for the quarter ended Sept. 30, 2018, its consolidated revenue increased 14 percent to $404.3 million, an all-time quarterly high.
- Ready-mixed concrete revenue increased 7 percent to $346.2 million
- Ready-mixed concrete volume grew by 5.8 percent.
- Aggregate products revenue increased 155.4 percent to $53.5 million, an all-time quarterly high.
- Aggregate products volume increased 113.8 percent to 3.2 million tons, an all-time quarterly high.
- Polaris Materials acquisition contributed revenue and volume of $28.2 million and 1.6 million tons, respectively, both all-time quarterly highs.
- Ready-mixed concrete backlog increased 1.9 percent to 8.1 million cu. yd.
William J. Sandbrook, chairman, president and chief executive officer of U.S. Concrete Inc. stated, “We are pleased to report record results for the third quarter, which, for the second straight quarter, included all-time quarterly highs in consolidated revenue and aggregate products volume and revenue. We continue to believe these trends reflect favorably on the demand in the markets we serve.
“While the September 2018 weather presented a major obstacle for the quarter, we continue to be excited about the opportunities available to us for growth and margin expansion,” he stated. “We started the third quarter on a very positive note with strong volumes and revenue in July and August. However, September weather, including record rainfalls yet again in the Dallas/Fort Worth market, provided margin challenges, as we maintain certain fixed costs necessary to meet recurring demand and our existing backlog.
“Our Polaris Materials acquisition continues to provide the significant returns that we expected, but on a more accelerated pace than what we originally contemplated. We are excited about the opportunity we have to capitalize on the import permit we recently obtained, which will allow us to increase the amount of product we import from Polaris at our Long Beach, Calif., terminal. We are well-positioned to benefit from our increased vertical integration and aggregates exposure and the steady multi-year cyclical recovery that we believe has substantial remaining runway in our vibrant markets. We continue to be focused on generating shareholder value by capitalizing on the strength of our regional markets, maintaining our strong cash flow generation and achieving continued profitability growth,” Sandbrook concluded.