U.S. Concrete, Inc. (NASDAQ:USCR) notched a move of 3.75% to $32.64 for the day. The total traded volume was 719037. The stock had closed at $31.46 on the previous day. The stock has recorded a 200-day Moving Average of -43.06% and the 50-Day Moving Average is -24.87%. Shares have moved -62.20% from its 1 Year high price and changed 17.92% from its 1 Year low price. The shares registered one year high at $86.35 and the one year low was seen at $27.68.
U.S. Concrete, Inc. (NASDAQ:USCR), a leading producer of construction materials in select major markets across the United States, declared results for the quarter ended September 30, 2018.
THIRD QUARTER 2018 HIGHLIGHTS COMPARED TO THIRD QUARTER 2017
- Consolidated revenue increased 14.0% to $404.3 million, an all-time quarterly high
- Ready-mixed concrete revenue increased 7.0% to $346.2 million
- Ready-mixed concrete volume grew by 5.8%
- Aggregate products revenue increased 155.4% to $53.5 million, an all-time quarterly high
- Aggregate products volume increased 113.8% to 3.2 million tons, an all-time quarterly high
- Polaris Materials acquisition contributed revenue and volume of $28.2 million and 1.6 million tons, respectively, both all-time quarterly highs
- Ready-mixed concrete backlog increased 1.9% to 8.1 million cubic yards
- Net cash provided by operating activities increased $11.3 million to $42.4 million
- Adjusted Free Cash Flow1 increased $29.1 million to $45.5 million
William J. Sandbrook, Chairman, President and Chief Executive Officer of U.S. Concrete, Inc. stated, “We are pleased to report record results for the third quarter, which, for the second straight quarter, included all-time quarterly highs in consolidated revenue and aggregate products volume and revenue. We continue to believe these trends reflect favorably on the demand in the markets we serve.
“While the September 2018 weather presented a major obstacle for the quarter, we continue to be excited about the opportunities available to us for growth and margin expansion. We started the third quarter on a very positive note with strong volumes and revenue in July and August. However, September weather, including record rainfalls yet again in the Dallas/Fort Worth market, provided margin challenges, as we maintain certain fixed costs necessary to meet recurring demand and our existing backlog.”
Mr. Sandbrook concluded, “Our Polaris Materials acquisition continues to provide the significant returns that we expected, but on a more accelerated pace than what we originally contemplated. We are excited about the opportunity we have to capitalize on the import permit we recently obtained, which will allow us to increase the amount of product we import from Polaris at our Long Beach, California terminal. We are well-positioned to benefit from our increased vertical integration and aggregates exposure and the steady multi-year cyclical recovery that we believe has substantial remaining runway in our vibrant markets. We continue to be focused on generating shareholder value by capitalizing on the strength of our regional markets, maintaining our strong cash flow generation and achieving continued profitability growth.”
U.S. Concrete, Inc. is with Insider ownership of 3.70% . Shares float is 16.04M and outstanding shares are at 17.10M. The float short is currently 21.86% and short ratio is 8.06.