US Concrete has posted a net loss of $2.3m in the second quarter of 2017 compared to a loss of $3.5m in the second quarter of 2016.
During the 2017 second quarter, loss from continuing operations was $2.2m as compared to a loss from continuing operations of $3.3m in the 2016 second quarter.
Other highlights from the second quarter results include consolidated revenue increasing 23.6% to $340.9m and ready-mixed concrete revenue rising 24.8% to $310.1m. Ready-mixed concrete’s average sales price improved 4.2% to $134.43 per cubic yard.
Aggregate products' revenue increased 19% to $22.8m and aggregate products’ average sales price improved 7.5% to $12.86 per ton.
The company said that it had incurred $2.4m in acquisition-related costs during the second quarter of 2017 compared to $0.4m in the second quarter of 2016 as it began to “significantly elevate the scale of our acquisition target profile resulting in increased diligence costs”.
William J. Sandbrook, president and chief executive of US Concrete, said: "We drove these superior results with our development of market-leading positions in high growth urban areas with difficult operating environments and lack of reliance on external stimulus or local government funding. Our market strategy continues to prove successful and allowed us to achieve our 26th straight quarter of year-over-year revenue growth and 25th straight quarter of ready-mixed concrete pricing growth. Additionally, we remain focused on operating excellence and capitalized on our strategic operating leverage, which drove incremental aggregate products segment and ready-mixed concrete segment Adjusted EBITDA margins of 72.7% and 27.2%, respectively, through the first half of 2017.”
Sandbrook added: "We remain active in the acquisition market with a very robust pipeline, which continues to improve in number and profile, and expect to continue to supplement our organic growth with strategic expansion within our existing markets and potential further vertical integration. Our acquisition pipeline continues to provide opportunities for selective, accretive growth in both our ready-mixed concrete and aggregate products platforms, and we are very focused on the potential to enter into new major metropolitan areas."
