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Vulcan Materials (NYSE: VMC) has announced a merger agreement to acquire U.S. Concrete (NASDAQ: USCR) for $74 per share, totaling $1.294 billion. This acquisition aims to strengthen Vulcan's presence in key markets like California and Texas while enhancing its ready-mixed concrete operations. The deal is expected to close in H2 2021, pending shareholder and regulatory approvals. U.S. Concrete's operational excellence and strategic location will complement Vulcan's existing footprint, potentially adding approximately $190 million to EBITDA before synergies and positively affecting EPS in the first year post-closure.
U.S. Concrete (NASDAQ: USCR) reported first-quarter 2021 revenue of $285.7 million, a decline of 14.6% year-over-year, attributed mainly to lower ready-mixed concrete volumes and weather-related disruptions. Aggregate products revenue rose to an all-time high of $44.5 million, with an 8.9% increase in average selling price per ton. The company posted a net loss of $4.8 million and total adjusted EBITDA of $28.2 million. Despite challenges, U.S. Concrete remains optimistic, targeting a Total Adjusted EBITDA of around $200 million for 2021, supported by increased demand and a potential national infrastructure bill.
U.S. Concrete, Inc. (NASDAQ: USCR) will release its first-quarter 2021 results on May 6, 2021, at 6:00 a.m. ET. A conference call is scheduled for the same day at 12:00 p.m. ET. Investors can join by dialing (877) 312-8806 with Conference ID 4478966. The call will also be available via webcast. U.S. Concrete specializes in aggregates and concrete supply for various projects across major U.S. metropolitan areas, known for its strategic growth through acquisitions.
On April 21, 2021, U.S. Concrete (NASDAQ: USCR) announced the acquisition of a cementitious terminal and bulk storage facility in Stockton, California. This strategic purchase aims to enhance supply chain control and improve margins in the Bay Area. CEO Ronnie Pruitt highlighted that the acquisition supports short-term benefits for the West Region and long-term shareholder value by increasing sourcing options. U.S. Concrete continues to establish its presence in high-growth metropolitan markets and focuses on achieving its strategic growth initiatives.
U.S. Concrete (NASDAQ: USCR) announced that William J. Sandbrook will not seek reelection to the Board of Directors at the 2021 annual stockholders meeting. Sandbrook, who served as Chairman and CEO, emphasized his pride in the company's transformation over the past decade. Ronnie Pruitt, the current President and CEO, acknowledged Sandbrook's pivotal role in the company's success and expressed gratitude for his mentorship. Michael Lundin, Chairman of the Board, commended Sandbrook's visionary leadership and contributions during his tenure.
U.S. Concrete, Inc. (NASDAQ: USCR) announced the acquisition of the Orca Quarry in British Columbia, Canada, purchasing 1,551 acres of previously leased land and associated royalty agreements. This strategic move aims to enhance aggregates profitability by eliminating the royalty burden, which is expected to improve margins and cash flow. CEO Ronnie Pruitt highlighted the acquisition as providing an attractive multiple and aligning with the company's focus on growth in aggregates. The company continues to pursue organic growth and acquisitions to strengthen its market position.
U.S. Concrete (NASDAQ: USCR) reported strong financial results for 2020, achieving record revenue of $1.4 billion despite a 7.6% decline from 2019. Key highlights include a 10.9% increase in aggregate products revenue to $216.4 million and a 50.4% rise in adjusted EBITDA to $80.9 million. However, ready-mixed concrete revenue dropped by 9.2%. Net income reached $24.5 million with significant cash flow improvements. The company’s outlook for 2021 anticipates an increase in total adjusted EBITDA to around $200 million.
U.S. Concrete, Inc. (NASDAQ: USCR) will release its fourth quarter and full year 2020 results on February 24, 2021, at 6:00 a.m. Eastern Time. An investor conference call is scheduled for the same day at 8:30 a.m. Eastern Time. Investors can access the call by dialing (877) 312-8806 with the Conference ID 3295129. A live webcast will be available on the company's Investor Relations website. U.S. Concrete is a leading supplier of aggregates and concrete, serving key metropolitan markets across the U.S. and focusing on strategic growth through acquisitions.
U.S. Concrete, Inc. (NASDAQ: USCR) has acquired assets from Sugar City Building Materials Co. in the San Francisco East Bay area. This acquisition, which includes retail operations, two ready-mixed concrete batch plants, and concrete recycling systems, expands U.S. Concrete’s regional footprint. The deal enhances the company's Westside Concrete Materials network to six locations and adds to its Central Concrete operation. President Ronnie Pruitt emphasized the strategic advantage, particularly in distribution of high-performance concrete aggregates.
U.S. Concrete, Inc. (NASDAQ:USCR) announced its inaugural virtual Investor Day set for November 12, 2020, at 10:30 a.m. ET. The event will showcase the company's financial performance, management insights, and future strategies. Key executives, including President and CEO Ronnie Pruitt and Senior VP and CFO John E. Kunz, will lead presentations and a Q&A session. A replay will be available post-event. U.S. Concrete is a leading supplier of aggregates and concrete for various construction projects across the U.S., holding significant market positions in major metropolitan areas.
