US Concrete says this was primarily the result of lower ready-mixed concrete volumes.
Aggressive cost containment measures, operating efficiencies and growth from the aggregate products segment helped to mitigate the impact on operating income from lower revenue.
Aggregate products segment revenue increased $0.9m in the first quarter of 2021 to an all-time first quarter high of $44.5m.
Revenue from the ready-mixed concrete segment for the first quarter of 2021 was $241.5m, a decrease of $50.7m, or 17.4%, compared to the prior year first quarter.
US Concrete emphasises the revenue decline was generally consistent with what it has experienced since the onset of the coronavirus pandemic, but was further impacted by inclement weather during the first quarter of 2021.
The decline resulted from lower volumes in the company's coastal regions as a result of weather delays and the regional effects of the pandemic, including certain construction project delays. Business contingency actions, including labour management, concrete mix optimisation, higher asset utilisation and delivery efficiencies, reduced the impact from lower revenue on adjusted EBITDA in the first quarter of 2021.
US Concrete CEO Ronnie Pruitt says: "Despite the challenges that we faced with significant winter weather during the first quarter, we are pleased with the progress we have made on our operational efficiencies and cost containment efforts. We are seeing an increase in bidding levels and project starts, which continue to point to a stronger second half of 2021. We are optimistic about the business outlook, as we see improved demand for our products with strong residential activity, diversified commercial needs and resilient infrastructure projects, which should be enhanced by a national infrastructure bill."
