Arcosa Inc. announced results for the first quarter ended March 31, reporting revenues of $598.6 million, versus $549.2 million in the first quarter of 2023, an increase of 9%.
Total volumes for its aggregates business, which includes both natural and recycled, were up slightly compared to the prior period, as additional volume from recent acquisitions offset lower organic volumes.
Commenting on the company’s performance, Antonio Carrillo, president and chief executive officer, noted, “Our first quarter results were better than expected as we recovered from broadbased weather impacts in January, highlighting the earnings power of our portfolio of businesses. On an organic basis, we achieved double-digit Adjusted EBITDA growth and higher overall margin in the balance of the quarter.
“In Construction Products, we continued to benefit from strong pricing momentum, offsetting a modest decline in overall aggregates volume. The acquisitions that we completed in 2023 to strategically expand in Florida, Arizona and Texas also contributed to the segment growth and were margin accretive. We were pleased to report another quarter with higher year-over-year performance in specialty materials. With favorable market tailwinds, a stabilized workforce, and improved plant reliability, this business is well-positioned to deliver better results in 2024.
“Within Engineered Structures, we executed according to plan during the first quarter. Order activity in utility structures remained healthy and margin tracked with the fourth quarter. We are making good progress at our new wind tower facility in New Mexico with plans for initial tower delivery in the second quarter of 2024. Last week, we hosted the U.S. Secretary of Energy to celebrate the completion of our first wind tower section, both on-time and on-budget.
“First quarter Adjusted Segment EBITDA increased 32% in Transportation Products, driven by higher barge revenues, and 270 basis points of margin improvement. During the first quarter, we received orders for both hopper and tank barges representing a book-to-bill of 1.5, extending our backlog into 2025. We are pleased to see continued momentum in tank barge orders and are cautiously optimistic regarding replacement needs for the liquid fleet.”
Carrillo further noted, “We continue to make measurable progress advancing our sustainability initiatives at Arcosa and released our fourth annual sustainability report in April. With business-focused sustainability efforts, we believe we can translate daily actions into long-term success for our company and its stakeholders.”