Key Developments For U.S. Concrete, Inc.
U.S. Concrete, Inc. (RMIX.O) (Consolidated Issue listed on NASDAQ Global Market)
U.S. Concrete, Inc. Announces Divestiture Of Sacramento, California Operations
U.S. Concrete, Inc. announced that it has sold its four ready mixed concrete plants in Sacramento, California. The sales price was approximately $6.0 million, plus payment for certain inventory on hand at closing. The sales proceeds were used to pay down debt under the Company's revolving credit facility.
U.S. Concrete, Inc. Issues Q4 2008 Revenue Guidance In Line With Analysts' Estimates; Comments On Q4 2008 Earnings Guidance
U.S. Concrete, Inc. announced that for fourth quarter 2008 it expects revenues and ready-mixed concrete volumes to be down between 10% and 15%, assuming normal operating conditions, compared to the fourth quarter of 2007, reflecting the sustained slowdown in construction activity in its markets. Although it expect to generate positive EBITDA in the fourth quarter, it expect to generate a loss on a per share basis. The Company reported revenue of $198.72 million for fourth quarter 2007. According to Reuters Estimates, analysts are expecting the Company to report revenue of $171.95 million, EBITDA of $10.18 million and EPS of $(0.06) for fourth quarter 2008.
U.S. Concrete, Inc. Lowers Q3 2008 Earnings Guidance; Updates Q3 2008 Revenue Guidance
U.S. Concrete, Inc. announced that for the third quarter of 2008, earnings from continuing operations are expected to be approximately $0.04-$0.06 per diluted share (EPS), which is below the Company's previously issued guidance. Revenues are expected to be about $213 million and EBITDA to be in the range of $16.5 million to $17.5 million. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.09, EBITDA of $19.35 million on revenue of $215 million for the same period. The Company cited the challenging environment for sales volumes, as the primary reason for the outlook.
U.S. Concrete, Inc. Completes Share Repurchase Program
U.S. Concrete, Inc. announced that, through a block trade transaction executed, it has completed its 3 million share repurchase program authorized by its Board of Directors in January of 2008. The Company purchased 3 million shares at an average price of $2.09 per share, which it intends to retire.
U.S. Concrete, Inc. Issues Q3 2008 Outlook Below Analysts' Estimates
U.S. Concrete, Inc. announced that for the third quarter 2008, it expects revenues to be in the range of $210 million to $225 million, adjusted EBITDA to be in the range of $17 million to $23 million, and earnings per diluted share (EPS) to be in the range of $0.07 to $0.13. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.15, EBITDA of $24 million on revenue of $239 million for the same period.
