Arcosa Inc. announced results for the fourth quarter and full year ended Dec. 31, 2020. Revenues increased 3% to $458.9 million for the quarter; revenues increased 11% to $1,935.6 million for the full year.
Commenting on 2020 performance, Antonio Carrillo, president and chief executive officer, noted, “During one of the most challenging business periods in recent history, our 2020 results demonstrate the resilience of our company and the strength of our culture. Our teams did an outstanding job prioritizing the health and safety of our employees and communities, while continuing to provide critical infrastructure products for our customers.
“Our Construction Products segment was a key driver of our strong 2020 financial results. The segment reported 35% revenue growth and 50% Adjusted EBITDA growth, driven by the Cherry acquisition and improved margins across the segment. Our outlook for these businesses remains favorable, and we expect to continue to deploy capital to strengthen our current market positions and expand our geographic footprint.
“In 2020, we also strategically expanded our product lines in Engineered Structures to include telecom, traffic and concrete structures. We are integrating these acquisitions and expect to replicate these platforms in other regions.”
Carrillo concluded, “I want to thank all our employees for their dedication under difficult circumstances. The way we have executed in the last year makes me proud to lead such a high performing and resilient company. I am excited about our prospects for the future, and the organic and acquisition growth opportunities we have ahead of us.”
Based on its current portfolio of businesses, the company expects full year 2021 revenues of $1.78 billion to $1.90 billion, and Adjusted EBITDA of $250 million to $270 million. Looking ahead into 2021, the company is optimistic on the underlying health of most of its markets, and key growth businesses in Construction Products and Engineered Structures are positioned well for organic and acquisition growth.
The company said that construction activity remains robust, particularly in key states like Texas, and could see additional upside from new state and federal infrastructure spending. “We continue to see healthy activity in infrastructure and residential markets, while non-residential markets have performed better than expected, led by increased demand for distribution and data centers,” the company stated.
The company did note that the February 2021 winter storm in Texas and the broader Southern United States will impact first quarter 2021 performance, as the company lost more than one week of production across a significant part of its operating footprint.