Investor Relations
Press Release
U.S. Concrete Reports Fourth Quarter and Full Year 2015 Results
- Adjusted earnings per diluted share increased 80.4% to
$0.92 - Adjusted EBITDA increased 72.1% to
$32.7 million - Adjusted EBITDA margin improved 180 basis points to 12.4%
- Consolidated revenue grew 46.8% to
$263.6 million - Ready-mixed concrete revenue increased 50.0% to
$238.1 million - Ready-mixed concrete sales volume rose 37.5% to approximately 1.9 million cubic yards
- Ready-mixed concrete average sales price improved 9.0% to
$125.41 per cubic yard - Aggregate products revenue increased 20.1% to
$16.9 million - Aggregate products segment adjusted EBITDA margin improved 490 basis points to 27.3%
- Acquired a strong strategic position in aggregate and ready-mixed concrete operations in the
U.S. Virgin Islands .
Full Year 2015 Highlights Compared to Full Year 2014
- Adjusted earnings per diluted share increased 73.3% to
$4.28 - Adjusted EBITDA increased 69.6% to
$131.9 million - Adjusted EBITDA margin improved 250 basis points to a record 13.5%
- Free cash flow increased to
$81.8 million , representing 62.0% of adjusted EBITDA - Consolidated revenue increased 38.5% to
$974.7 million - Ready-mixed concrete revenue increased 38.5% to
$876.6 million - Ready-mixed concrete volume rose 23.6% to approximately 7.0 million cubic yards
- Ready-mixed concrete average sales price improved 11.8%, to
$123.98 per cubic yard - Aggregate products revenue increased 14.9% to
$60.4 million - Completed 8 acquisitions, consisting of 5 aggregates facilities and 22 ready-mixed concrete facilities, strengthening the Company's ready mix presence and vertically integrated capabilities across its geographic footprint.
FOURTH QUARTER 2015 RESULTS
Consolidated Results
Consolidated revenue for the fourth quarter of 2015 increased 46.8% to
Consolidated gross profit increased
Adjusted net income was
Revenue from the ready-mixed concrete segment increased
Aggregate Products
Aggregate products segment revenue increased
LIQUIDITY AND CAPITAL RESOURCES
The Company's free cash flow in the fourth quarter of 2015 was
At
On
ACQUISITIONS
In
CONFERENCE CALL
USE OF NON-GAAP FINANCIAL MEASURES
This press release uses the non-GAAP financial measures "adjusted EBITDA," "adjusted net income (loss)," "adjusted net income from continuing operations," "adjusted net income from continuing operations before income taxes," "adjusted EBITDA margin," "free cash flow" and "net debt." The Company has included adjusted EBITDA and adjusted EBITDA margin in this press release because it is widely used by investors for valuation and comparing the Company's financial performance with the performance of other building material companies. The Company also uses adjusted EBITDA and adjusted EBITDA margin to monitor and compare the financial performance of its operations. Adjusted EBITDA does not give effect to the cash the Company must use to service its debt or pay its income taxes, and thus does not reflect the
funds actually available for capital expenditures. In addition, the Company's presentation of adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures that other companies report. The Company considers free cash flow to be an important indicator of its ability to service debt and generate cash for acquisitions and other strategic investments. The Company believes that net debt is useful to investors as a measure of its financial position. The Company presents adjusted net income (loss) from continuing operations, adjusted net income from continuing operations before taxes, adjusted net income (loss) from continuing operations per share, and adjusted net income from continuing operations before income taxes per share to provide more consistent information for investors to use when comparing operating results for the fourth quarter and full year of 2015
to the fourth quarter and full year of 2014. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP. See the attached "Additional Statistics" for reconciliation of each of these non-GAAP financial measures to the most comparable GAAP financial measures for the quarters and years ended
ABOUT
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. These forward-looking statements speak only as of the date of this press release. The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them. Forward-looking information includes, but is not limited to, statements regarding: the expansion of the business; the opportunities and results of our acquisitions in the
(Tables Follow)
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue | $ | 263,573 | $ | 179,510 | $ | 974,717 | $ | 703,714 | |||||||||
Cost of goods sold before depreciation, depletion and amortization | 210,137 | 145,780 | 768,839 | 573,318 | |||||||||||||
Selling, general and administrative expenses | 24,125 | 18,415 | 87,978 | 61,850 | |||||||||||||
Depreciation, depletion and amortization | 12,159 | 7,457 | 43,570 | 23,849 | |||||||||||||
Loss on revaluation of contingent consideration, net | 2,319 | - | 932 | - | |||||||||||||
Gain on sale of assets, net | (473 | ) | (319 | ) | (468 | ) | (625 | ) | |||||||||
Income from operations | 15,306 | 8,177 | 73,866 | 45,322 | |||||||||||||
Interest expense, net | (5,768 | ) | (5,286 | ) | (21,734 | ) | (20,431 | ) | |||||||||
Derivative loss | (13,615 | ) | (1,250 | ) | (60,016 | ) | (3,556 | ) | |||||||||
Gain on extinguishment of debt | - | 11 | - | 11 | |||||||||||||
Other income, net | 1,338 | 779 | 3,569 | 2,385 | |||||||||||||
(Loss) income from continuing operations before income taxes | (2,739 | ) | 2,431 | (4,315 | ) | 23,731 | |||||||||||
Income tax (benefit) expense | (27,330 | ) | 616 | (30,135 | ) | 2,156 | |||||||||||
Net income from continuing operations | 24,591 | 1,815 | 25,820 | 21,575 | |||||||||||||
Income (loss) from discontinued operations, net of taxes | 71 | (948 | ) | (320 | ) | (993 | ) | ||||||||||
Net income | $ | 24,662 | $ | 867 | $ | 25,500 | $ | 20,582 | |||||||||
Basic income (loss) per share: | |||||||||||||||||
Income from continuing operations | $ | 1.70 | $ | 0.13 | $ | 1.83 | $ | 1.59 | |||||||||
Loss from discontinued operations, net of taxes | 0.00 | (0.07 | ) | (0.02 | ) | (0.07 | ) | ||||||||||
Net income per share - basic | $ | 1.70 | $ | 0.06 | $ | 1.81 | $ | 1.52 | |||||||||
Diluted income (loss) per share: | |||||||||||||||||
Income from continuing operations | $ | 1.53 | $ | 0.13 | $ | 1.66 | $ | 1.55 | |||||||||
Loss from discontinued operations, net of taxes | 0.00 | (0.07 | ) | (0.02 | ) | (0.07 | ) | ||||||||||
Net income per share - diluted | $ | 1.53 | $ | 0.06 | $ | 1.64 | $ | 1.48 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 14,475 | 13,545 | 14,080 | 13,541 | |||||||||||||
Diluted | 16,071 | 13,925 | 15,560 | 13,898 | |||||||||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(in thousands, except per share amounts) | ||||||||||
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ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 3,925 | $ | 30,202 | ||||||
Trade accounts receivable, net | 171,256 | 114,902 | ||||||||
Inventories | 36,726 | 31,722 | ||||||||
Deferred income taxes | - | 1,887 | ||||||||
Prepaid expenses | 4,450 | 3,965 | ||||||||
Other receivables | 7,765 | 6,519 | ||||||||
Assets held for sale | - | 3,779 | ||||||||
Other current assets | 2,374 | 301 | ||||||||
Total current assets | 226,496 | 193,277 | ||||||||
Property, plant and equipment, net | 248,123 | 176,524 | ||||||||
100,204 | 50,757 | |||||||||
Intangible assets, net | 95,754 | 31,720 | ||||||||
Deferred income taxes | 30,875 | - | ||||||||
Other assets | 11,450 | 8,250 | ||||||||
Total assets | $ | 712,902 | $ | 460,528 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 80,419 | $ | 48,705 | ||||||
Accrued liabilities | 79,996 | 50,391 | ||||||||
Current maturities of long-term debt | 9,386 | 5,104 | ||||||||
Liabilities held for sale | - | 902 | ||||||||
Derivative liabilities | 67,401 | 25,246 | ||||||||
Total current liabilities | 237,202 | 130,348 | ||||||||
Long-term debt, net of current maturities | 272,363 | 215,333 | ||||||||
Other long-term obligations and deferred credits | 38,416 | 6,940 | ||||||||
Deferred income taxes | - | 6,427 | ||||||||
Total liabilities | 547,981 | 359,048 | ||||||||
Commitments and contingencies | ||||||||||
Equity: | ||||||||||
Preferred stock, |
- | - | ||||||||
Common stock, |
16 | 15 | ||||||||
Additional paid-in capital | 201,015 | 156,745 | ||||||||
Accumulated deficit | (17,243 | ) | (42,743 | ) | ||||||
Treasury stock, at cost (842 and 697 common shares, respectively) | (18,867 | ) | (12,537 | ) | ||||||
Total equity | 164,921 | 101,480 | ||||||||
Total liabilities and equity | $ | 712,902 | $ | 460,528 | ||||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in thousands) | |||||||||||
Twelve Months Ended |
|||||||||||
2015 | 2014 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 25,500 | $ | 20,582 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | 43,570 | 23,849 | |||||||||
Debt issuance cost amortization | 1,795 | 1,679 | |||||||||
Gain on extinguishment of debt | - | (11 | ) | ||||||||
Amortization of discount on long-term incentive plan and other accrued interest | 427 | 425 | |||||||||
Net loss on derivative | 60,016 | 3,556 | |||||||||
Loss on impairment of long-lived assets | - | 900 | |||||||||
Net loss on revaluation of contingent consideration | 932 | - | |||||||||
Net gain on sale of assets | (275 | ) | (1,265 | ) | |||||||
Deferred income taxes | (37,428 | ) | 864 | ||||||||
Provision for doubtful accounts and customer disputes | 4,198 | 1,533 | |||||||||
Stock-based compensation | 5,824 | 3,655 | |||||||||
Changes in assets and liabilities, excluding effects of acquisitions: | |||||||||||
Accounts receivable | (37,766 | ) | (13,466 | ) | |||||||
Inventories | (383 | ) | (2,534 | ) | |||||||
Prepaid expenses and other current assets | (1,094 | ) | 217 | ||||||||
Other assets and liabilities, net | (1,341 | ) | (380 | ) | |||||||
Accounts payable and accrued liabilities | 40,286 | 11,311 | |||||||||
Net cash provided by operating activities | 104,261 | 50,915 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | (24,977 | ) | (32,584 | ) | |||||||
Payments for acquisitions | (135,347 | ) | (89,602 | ) | |||||||
Proceeds from disposals of property, plant and equipment | 1,312 | 3,708 | |||||||||
Proceeds from disposals of business units | 1,177 | - | |||||||||
Net cash used in investing activities | (157,835 | ) | (118,478 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from revolver borrowings | 206,809 | 213 | |||||||||
Repayments of revolver borrowings | (161,809 | ) | (213 | ) | |||||||
Repayments of debt | (117 | ) | - | ||||||||
Proceeds from exercise of stock options and warrants | 546 | 396 | |||||||||
Payments of other long-term obligations | (2,298 | ) | (2,250 | ) | |||||||
Payments for other financing | (8,611 | ) | (5,194 | ) | |||||||
Debt issuance costs | (893 | ) | (974 | ) | |||||||
Payments for share repurchases | - | (4,824 | ) | ||||||||
Other treasury share purchases | (6,330 | ) | (2,056 | ) | |||||||
Net cash provided by (used in) financing activities | 27,297 | (14,902 | ) | ||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (26,277 | ) | (82,465 | ) | |||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 30,202 | 112,667 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 3,925 | $ | 30,202 | |||||||
ADDITIONAL STATISTICS
(Unaudited)
We report our financial results in accordance with generally accepted accounting principles in
We define adjusted EBITDA as our net income (loss) from continuing operations, plus the provision (benefit) for income taxes, net interest expense, depreciation, depletion and amortization, non-cash stock compensation expense, derivative (gain) loss, (gain) loss on extinguishment of debt, non-cash gain (loss) on revaluation of contingent consideration, and officer severance. We define adjusted EBITDA margin as the amount determined by dividing adjusted EBITDA by total revenue. We have included adjusted EBITDA and adjusted EBITDA margin in the accompanying tables because they are widely used by investors for valuation and comparing our financial performance with the performance of other building material companies. We also use adjusted EBITDA and adjusted EBITDA margin to monitor and compare the financial performance of our operations. Adjusted EBITDA does not give effect to the cash we must use to service our debt or pay our income taxes and thus does not reflect the funds actually available for capital expenditures. In addition, our presentation of adjusted EBITDA may not be comparable to similarly titled measures other companies report.
We define adjusted net income (loss) from continuing operations and adjusted net income (loss) from continuing operations per share as net income (loss) and net income (loss) per share excluding derivative loss, (gain) loss on extinguishment of debt, non-cash gain (loss) on revaluation of contingent consideration, impairment loss on long-lived assets, non-cash stock compensation expense, acquisition-related professional fees, officer severance, and income tax expense (benefit). We present adjusted net income (loss) from continuing operations and adjusted net income (loss) from continuing operations per share to provide more consistent information for investors to use when comparing operating results for the quarters and years ended
We define Free Cash Flow as cash provided by (used in) operations less capital expenditures for property, plant and equipment, net of disposals. We consider Free Cash Flow to be an important indicator of our ability to service our debt and generate cash for acquisitions and other strategic investments.
We define Net Debt as total debt, including current maturities and capital lease obligations, minus cash and cash equivalents. We believe that Net Debt is useful to investors as a measure of our financial position.
Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported operating results or cash flow from operations or any other measure of performance prepared in accordance with GAAP.
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SELECTED REPORTABLE OPERATING AND FINANCIAL INFORMATION | ||||||||||||||||||
(In thousands, except average price amounts) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Year-Over- | Twelve Months Ended | Year-Over- | |||||||||||||||
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Year % |
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Year % | |||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | |||||||||||||
Ready-Mixed Concrete | ||||||||||||||||||
Average price per cubic yard (in dollars) | $ | 125.41 | $ | 115.05 | 9.0 | % | $ | 123.98 | $ | 110.85 | 11.8 | % | ||||||
Volume in cubic yards | 1,893 | 1,377 | 37.5 | % | 7,038 | 5,696 | 23.6 | % | ||||||||||
Aggregate Products | ||||||||||||||||||
Average price per ton (in dollars) | $ | 10.95 | $ | 9.59 | 14.2 | % | $ | 10.54 | $ | 9.40 | 12.1 | % | ||||||
Sales volume in tons | 1,380 | 1,221 | 13.0 | % | 4,919 | 4,650 | 5.8 | % | ||||||||||
Ready-Mixed Concrete Organic Year-Over-Year Growth (Like-for-Like) | ||||||||||||||||||
Average price per cubic yard (in dollars) | 5.6 | % | 7.8 | % | ||||||||||||||
Volume in cubic yards | 9.2 | % | 1.0 | % | ||||||||||||||
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SELECTED REPORTABLE OPERATING AND FINANCIAL INFORMATION | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
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2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Revenue: | |||||||||||||||||||||
Ready-mixed concrete | |||||||||||||||||||||
Sales to external customers | $ | 238,142 | $ | 158,810 | $ | 876,633 | $ | 632,787 | |||||||||||||
Aggregate products | |||||||||||||||||||||
Sales to external customers | 9,128 | 8,591 | 34,191 | 31,662 | |||||||||||||||||
Intersegment sales | 7,812 | 5,518 | 26,248 | 20,956 | |||||||||||||||||
Total aggregate products | 16,940 | 14,109 | 60,439 | 52,618 | |||||||||||||||||
Total reportable segment revenue | 255,082 | 172,919 | 937,072 | 685,405 | |||||||||||||||||
Other products and eliminations | 8,491 | 6,591 | 37,645 | 18,309 | |||||||||||||||||
Total revenue | $ | 263,573 | $ | 179,510 | $ | 974,717 | $ | 703,714 | |||||||||||||
Reportable Segment Adjusted EBITDA: | |||||||||||||||||||||
Ready-mixed concrete | $ | 31,678 | $ | 21,064 | $ | 131,940 | $ | 84,706 | |||||||||||||
Aggregate products | 4,624 | 3,159 | 14,996 | 10,549 | |||||||||||||||||
Total reportable segment Adjusted EBITDA | 36,302 | 24,223 | 146,936 | 95,255 | |||||||||||||||||
Other products and eliminations | 4,342 | 983 | 12,571 | 4,599 | |||||||||||||||||
Corporate | (9,522 | ) | (8,793 | ) | (37,570 | ) | (28,298 | ) | |||||||||||||
Non-cash stock compensation expense | 830 | 1,008 | 5,824 | 3,655 | |||||||||||||||||
Acquisition-related professional fees | 703 | 1,551 | 3,760 | 2,542 | |||||||||||||||||
Officer severance | - | - | 357 | - | |||||||||||||||||
Total Adjusted EBITDA | $ | 32,655 | $ | 18,972 | $ | 131,878 | $ | 77,753 | |||||||||||||
Adjusted EBITDA margin | 12.4 | % | 10.6 | % | 13.5 | % | 11.0 | % | |||||||||||||
Reconciliation Of Total Adjusted EBITDA To Income (Loss) From Continuing Operations Before Income Taxes: | |||||||||||||||||||||
Total Adjusted EBITDA | $ | 32,655 | $ | 18,972 | $ | 131,878 | $ | 77,753 | |||||||||||||
Depreciation, depletion and amortization | (12,159 | ) | (7,457 | ) | (43,570 | ) | (23,849 | ) | |||||||||||||
Interest expense, net | (5,768 | ) | (5,286 | ) | (21,734 | ) | (20,431 | ) | |||||||||||||
Corporate gain on early extinguishment of debt | - | 11 | - | 11 | |||||||||||||||||
Derivative loss | (13,615 | ) | (1,250 | ) | (60,016 | ) | (3,556 | ) | |||||||||||||
Non-cash loss on revaluation of contingent consideration | (2,319 | ) | - | (932 | ) | - | |||||||||||||||
Non-cash stock compensation expense | (830 | ) | (1,008 | ) | (5,824 | ) | (3,655 | ) | |||||||||||||
Acquisition-related professional fees | (703 | ) | (1,551 | ) | (3,760 | ) | (2,542 | ) | |||||||||||||
Officer severance | - | - | (357 | ) | - | ||||||||||||||||
(Loss) income from continuing operations before income taxes | $ | (2,739 | ) | $ | 2,431 | $ | (4,315 | ) | $ | 23,731 | |||||||||||
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SELECTED REPORTABLE OPERATING AND FINANCIAL INFORMATION | ||||||||||||||||
(In thousands, except net income (loss) per share) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Adjusted Net Income from Continuing Operations and EPS | ||||||||||||||||
(Loss) income from continuing operations before income taxes | $ | (2,739 | ) | $ | 2,431 | $ | (4,315 | ) | $ | 23,731 | ||||||
Add: Derivative loss | 13,615 | 1,250 | 60,016 | 3,556 | ||||||||||||
Less: Gain on extinguishment of debt | - | (11 | ) | - | (11 | ) | ||||||||||
Add: Loss on impairment of long-lived assets | - | 900 | - | 900 | ||||||||||||
Add: Non-cash stock compensation expense | 830 | 1,008 | 5,824 | 3,655 | ||||||||||||
Add: Acquisition-related professional fees | 703 | 1,551 | 3,760 | 2,542 | ||||||||||||
Add: Officer severance | - | - | 357 | - | ||||||||||||
Add: Non-cash loss on revaluation of contingent consideration | 2,319 | - | 932 | - | ||||||||||||
Adjusted income from continuing operations before income taxes | 14,728 | 7,129 | 66,574 | 34,373 | ||||||||||||
Income tax (benefit) expense | - | - | - | - | ||||||||||||
Adjusted net income from continuing operations | $ | 14,728 | $ | 7,129 | $ | 66,574 | $ | 34,373 | ||||||||
(Loss) income from continuing operations before income taxes per diluted share | $ | (0.17 | ) | $ | 0.17 | $ | (0.28 | ) | $ | 1.71 | ||||||
Impact of derivative loss | 0.85 | 0.09 | 3.86 | 0.26 | ||||||||||||
Impact of gain on extinguishment of debt | - | 0.00 | - | 0.00 | ||||||||||||
Impact of loss on impairment of long-lived assets | - | 0.07 | - | 0.06 | ||||||||||||
Impact of non-cash stock compensation expense | 0.05 | 0.07 | 0.38 | 0.26 | ||||||||||||
Impact of acquisition-related professional fees | 0.05 | 0.11 | 0.24 | 0.18 | ||||||||||||
Impact of officer severance | - | - | 0.02 | - | ||||||||||||
Impact of non-cash loss on revaluation of contingent consideration | 0.14 | - | 0.06 | - | ||||||||||||
Adjusted income from continuing operations before income taxes | 0.92 | 0.51 | 4.28 | 2.47 | ||||||||||||
Income tax (benefit) expense | - | - | - | - | ||||||||||||
Adjusted net income from continuing operations per diluted share | $ | 0.92 | $ | 0.51 | $ | 4.28 | $ | 2.47 | ||||||||
Free Cash Flow Reconciliation | ||||||||||||||||
Net cash provided by operating activities | $ | 47,535 | $ | 20,372 | $ | 104,261 | $ | 50,915 | ||||||||
Less: capital expenditures | (12,214 | ) | (3,424 | ) | (24,977 | ) | (32,584 | ) | ||||||||
Plus: proceeds from the sale of property, plant and equipment | 649 | 947 | 1,312 | 3,708 | ||||||||||||
Plus: proceeds from the disposal of business units | 125 | - | 1,177 | - | ||||||||||||
Plus: proceeds from other investing | - | - | - | - | ||||||||||||
Free Cash Flow | $ | 36,095 | $ | 17,895 | $ | 81,773 | $ | 22,039 | ||||||||
Net Debt Reconciliation | ||||||||||||||||
As of | As of | |||||||||||||||
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Total debt, including current maturities and capital lease obligations | $ | 281,749 | $ | 220,437 | ||||||||||||
Less: cash and cash equivalents | 3,925 | 30,202 | ||||||||||||||
Net Debt | $ | 277,824 | $ | 190,235 | ||||||||||||
Source: USCR-E
Contact:
Investor Relations
844-828-4774
IR@us-concrete.com
Source:
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