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U.S. Concrete releases expected first-quarter 2020 results

By |  April 21, 2020

Logo: U.S. Concrete

U.S. Concrete detailed its expected financial results for the first quarter of 2020, as well as a new credit facility for the company.

U.S. Concrete anticipates a consolidated first-quarter revenue of about $334 million; a net loss of about $3 million; an adjusted earnings before interest, tax, depreciation and amortization of about $34 million; and a liquidity of $144 million, as of March 31.

U.S. Concrete plans to release its first-quarter 2020 financial results May 5.

“Although we cannot currently predict the length or impact of the COVID-19 pandemic, we are committed to driving shareholder value,” says Ronnie Pruitt, president and CEO at U.S. Concrete. “We continually evaluate the effect that the pandemic has on our business and financial results. Business contingency plans and cost-cutting measures have been implemented across the company and will be adjusted in response to this evolving pandemic.

“The company has significant liquidity and no near-term debt maturities, which provides us the flexibility to proactively manage the business while we navigate through uncertainty,” Pruitt adds. “Our first-quarter performance reflects the hard work of each of our employees across the country. Through their efforts, we are pleased with the preliminary financial results despite the impact of the coronavirus and record rainfall in Texas during the first quarter.”

U.S. Concrete also entered into a new $180 million delayed draw term loan facility, provided by Bank of America. According to U.S. Concrete, the term loan facility’s flexible structure provides additional liquidity and allows the company to draw incrementally on the facility if needed.

“As we navigate through the COVID-19 health crisis, we are implementing plans to reduce capital spending and modifying our operating structure to maximize financial strength and flexibility,” Pruitt says. “This additional borrowing capacity further strengthens our liquidity position to support the company’s long-term strategy and business opportunities.”


For additional P&Q coverage related to the coronavirus, visit our dedicated webpage.

Zach Mentz

About the Author:

Zach Mentz is editor in chief of Portable Plants magazine and managing editor for Pit & Quarry magazine. Zach is a graduate of the Tim Russert Department of Communications at John Carroll University. His previous experience also includes time spent in the Cleveland Indians communications department.

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