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US Concrete Falls After Q2 Earnings Miss

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US Concrete (NASDAQ: USCR) reported second-quarter earnings of 4 cents per share. This is a 95.96% decrease over earnings of 99 cents per share from the same period last year.

The company reported quarterly sales of $367.5 million, which missed the analyst consensus estimate of $409.92 million by 10.35%. This is a 9.08% decrease over sales of $404.2 million the same period last year.

"The improved weather that we are experiencing this summer is in stark contrast to the record-breaking rainfall we endured during April, May and June in Texas,’ said William Sandbrook, CEO of US Concrete. “The weather-related impact was dramatic in sharply reducing ready-mixed concrete shipments in Dallas - Ft. Worth and West Texas. Furthermore, flooding on the Red River limited our ability to operate one of our sand plants dedicated to supplying a portion of our internal fine aggregates needs in the DFW Metroplex.”

US Concrete shares were trading down 8.9% at $40.75 in Friday’s pre-market session. The stock has a 52-week high of $54.95 and a 52-week low of $27.68.

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Posted-In: Earnings News

 

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