Date of Report (Date of Earliest Event Reported): |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Not Applicable | ||
(Former name or former address, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | ||||
Arcosa, Inc. Earnings Release, dated May 2, 2024 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Arcosa, Inc. | ||||||||
(Registrant) | ||||||||
May 2, 2024 | By: | /s/ Gail M. Peck | ||||||
Name: Gail M. Peck | ||||||||
Title: Chief Financial Officer |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
($ in millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 598.6 | $ | 549.2 | 9 | % | |||||||||||
Net income | $ | 39.2 | $ | 55.7 | (30) | % | |||||||||||
Adjusted Net Income(1)(2) | $ | 36.0 | $ | 51.7 | (30) | % | |||||||||||
Diluted EPS(2) | $ | 0.80 | $ | 1.14 | (30) | % | |||||||||||
Adjusted Diluted EPS(1)(2) | $ | 0.73 | $ | 1.06 | (31) | % | |||||||||||
Adjusted EBITDA(1)(2) | $ | 92.0 | $ | 108.1 | (15) | % | |||||||||||
Adjusted EBITDA Margin(1)(2) | 15.4 | % | 19.7 | % | (430) | bps | |||||||||||
Net cash provided by operating activities | $ | 80.5 | $ | 27.3 | 195 | % | |||||||||||
Free Cash Flow(1) | $ | 30.3 | $ | 6.8 | 346 | % |
972.942.6500 | arcosa.com |
972.942.6500 | 2 | arcosa.com |
972.942.6500 | 3 | arcosa.com |
972.942.6500 | 4 | arcosa.com |
972.942.6500 | 5 | arcosa.com |
Gail M. Peck | Erin Drabek | David Gold | ||||||
Chief Financial Officer | Director of Investor Relations | ADVISIRY Partners | ||||||
T 972.942.6500 | T 212.661.2220 | |||||||
InvestorResources@arcosa.com | David.Gold@advisiry.com |
Media@arcosa.com |
972.942.6500 | 6 | arcosa.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues | $ | 598.6 | $ | 549.2 | |||||||
Operating costs: | |||||||||||
Cost of revenues | 487.0 | 440.6 | |||||||||
Selling, general, and administrative expenses | 69.1 | 62.5 | |||||||||
Gain on disposition of property, plant, equipment, and other assets | (3.9) | (22.6) | |||||||||
Gain on sale of storage tanks business | (7.0) | (6.4) | |||||||||
545.2 | 474.1 | ||||||||||
Operating profit | 53.4 | 75.1 | |||||||||
Interest expense | 8.3 | 7.1 | |||||||||
Other, net (income) expense | (2.2) | (1.9) | |||||||||
6.1 | 5.2 | ||||||||||
Income before income taxes | 47.3 | 69.9 | |||||||||
Provision for income taxes | 8.1 | 14.2 | |||||||||
Net income | $ | 39.2 | $ | 55.7 | |||||||
Net income per common share: | |||||||||||
Basic | $ | 0.81 | $ | 1.15 | |||||||
Diluted | $ | 0.80 | $ | 1.14 | |||||||
Weighted average number of shares outstanding: | |||||||||||
Basic | 48.5 | 48.3 | |||||||||
Diluted | 48.9 | 48.8 |
972.942.6500 | 7 | arcosa.com |
Three Months Ended March 31, | |||||||||||
Revenues: | 2024 | 2023 | |||||||||
Aggregates and specialty materials | $ | 221.7 | $ | 211.0 | |||||||
Construction site support | 29.5 | 25.1 | |||||||||
Construction Products | 251.2 | 236.1 | |||||||||
Utility, wind, and related structures | 231.6 | 207.7 | |||||||||
Engineered Structures | 231.6 | 207.7 | |||||||||
Inland barges | 79.7 | 68.1 | |||||||||
Steel components | 36.1 | 37.3 | |||||||||
Transportation Products | 115.8 | 105.4 | |||||||||
Consolidated Total | $ | 598.6 | $ | 549.2 | |||||||
Three Months Ended March 31, | |||||||||||
Operating profit (loss): | 2024 | 2023 | |||||||||
Construction Products | $ | 28.8 | $ | 49.5 | |||||||
Engineered Structures | 26.3 | 29.9 | |||||||||
Transportation Products | 14.6 | 10.1 | |||||||||
Segment Total | 69.7 | 89.5 | |||||||||
Corporate | (16.3) | (14.4) | |||||||||
Consolidated Total | $ | 53.4 | $ | 75.1 |
Backlog: | March 31, 2024 | March 31, 2023 | |||||||||
Engineered Structures: | |||||||||||
Utility, wind, and related structures | $ | 1,366.7 | $ | 1,531.4 | |||||||
Transportation Products: | |||||||||||
Inland barges | $ | 294.4 | $ | 279.0 |
972.942.6500 | 8 | arcosa.com |
March 31, 2024 | December 31, 2023 | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 176.5 | $ | 104.8 | |||||||
Receivables, net of allowance | 366.2 | 357.1 | |||||||||
Inventories | 404.0 | 401.8 | |||||||||
Other | 47.0 | 48.3 | |||||||||
Total current assets | 993.7 | 912.0 | |||||||||
Property, plant, and equipment, net | 1,358.1 | 1,336.3 | |||||||||
Goodwill | 984.3 | 990.7 | |||||||||
Intangibles, net | 265.5 | 270.7 | |||||||||
Deferred income taxes | 6.8 | 6.8 | |||||||||
Other assets | 59.7 | 61.4 | |||||||||
$ | 3,668.1 | $ | 3,577.9 | ||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 275.6 | $ | 272.5 | |||||||
Accrued liabilities | 113.2 | 117.4 | |||||||||
Advance billings | 39.5 | 34.5 | |||||||||
Current portion of long-term debt | 6.6 | 6.8 | |||||||||
Total current liabilities | 434.9 | 431.2 | |||||||||
Debt | 600.6 | 561.9 | |||||||||
Deferred income taxes | 187.2 | 179.6 | |||||||||
Other liabilities | 71.6 | 73.2 | |||||||||
1,294.3 | 1,245.9 | ||||||||||
Stockholders' equity: | |||||||||||
Common stock | 0.5 | 0.5 | |||||||||
Capital in excess of par value | 1,689.6 | 1,682.8 | |||||||||
Retained earnings | 701.7 | 664.9 | |||||||||
Accumulated other comprehensive loss | (16.6) | (16.2) | |||||||||
Treasury stock | (1.4) | — | |||||||||
2,373.8 | 2,332.0 | ||||||||||
$ | 3,668.1 | $ | 3,577.9 |
972.942.6500 | 9 | arcosa.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 39.2 | $ | 55.7 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, depletion, and amortization | 42.8 | 38.8 | |||||||||
Stock-based compensation expense | 6.7 | 5.5 | |||||||||
Provision for deferred income taxes | 7.1 | 7.4 | |||||||||
Gain on disposition of property, plant, equipment, and other assets | (3.9) | (22.6) | |||||||||
Gain on sale of storage tanks business | (7.0) | (6.4) | |||||||||
(Increase) decrease in other assets | (2.2) | 3.4 | |||||||||
Increase (decrease) in other liabilities | (2.4) | (2.6) | |||||||||
Other | (4.4) | 3.5 | |||||||||
Changes in current assets and liabilities: | |||||||||||
(Increase) decrease in receivables | (10.2) | (66.4) | |||||||||
(Increase) decrease in inventories | 4.5 | (10.9) | |||||||||
(Increase) decrease in other current assets | 1.2 | 4.6 | |||||||||
Increase (decrease) in accounts payable | 3.7 | 10.5 | |||||||||
Increase (decrease) in advance billings | 5.0 | 8.0 | |||||||||
Increase (decrease) in accrued liabilities | 0.4 | (1.2) | |||||||||
Net cash provided by operating activities | 80.5 | 27.3 | |||||||||
Investing activities: | |||||||||||
Proceeds from disposition of property, plant, equipment, and other assets | 4.2 | 23.9 | |||||||||
Proceeds from sale of businesses | 6.7 | 2.0 | |||||||||
Capital expenditures | (54.4) | (44.4) | |||||||||
Acquisitions, net of cash acquired | — | (15.6) | |||||||||
Net cash required by investing activities | (43.5) | (34.1) | |||||||||
Financing activities: | |||||||||||
Payments to retire debt | (1.7) | (1.9) | |||||||||
Proceeds from issuance of debt | 40.0 | — | |||||||||
Dividends paid to common stockholders | (2.4) | (2.4) | |||||||||
Purchase of shares to satisfy employee tax on vested stock | (1.2) | (0.1) | |||||||||
Net cash provided (required) by financing activities | 34.7 | (4.4) | |||||||||
Net increase (decrease) in cash and cash equivalents | 71.7 | (11.2) | |||||||||
Cash and cash equivalents at beginning of period | 104.8 | 160.4 | |||||||||
Cash and cash equivalents at end of period | $ | 176.5 | $ | 149.2 |
972.942.6500 | 10 | arcosa.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Net Income | $ | 39.2 | $ | 55.7 | |||||||
Gain on sale of storage tanks business, net of tax | (5.3) | (4.5) | |||||||||
Impact of acquisition and divestiture-related expenses, net of tax(1) | 2.1 | 0.5 | |||||||||
Adjusted Net Income | $ | 36.0 | $ | 51.7 | |||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in dollars per share) | |||||||||||
Diluted EPS | $ | 0.80 | $ | 1.14 | |||||||
Gain on sale of storage tanks business | (0.11) | (0.09) | |||||||||
Impact of acquisition and divestiture-related expenses(1) | 0.04 | 0.01 | |||||||||
Adjusted Diluted EPS | $ | 0.73 | $ | 1.06 |
972.942.6500 | 11 | arcosa.com |
Three Months Ended March 31, | Full Year 2024 Guidance | ||||||||||||||||||||||
2024 | 2023 | Low | High | ||||||||||||||||||||
Revenues | $ | 598.6 | $ | 549.2 | $ | 2,575.0 | $ | 2,775.0 | |||||||||||||||
Net income | 39.2 | 55.7 | 166.9 | 183.3 | |||||||||||||||||||
Add: | |||||||||||||||||||||||
Interest expense, net | 6.6 | 5.9 | 34.0 | 36.0 | |||||||||||||||||||
Provision for income taxes | 8.1 | 14.2 | 34.1 | 40.2 | |||||||||||||||||||
Depreciation, depletion, and amortization expense(1)(3) | 42.8 | 38.8 | 177.5 | 182.5 | |||||||||||||||||||
EBITDA | 96.7 | 114.6 | 412.5 | 442.0 | |||||||||||||||||||
Add (less): | |||||||||||||||||||||||
Gain on sale of storage tanks business | (7.0) | (6.4) | (7.0) | (7.0) | |||||||||||||||||||
Impact of acquisition and divestiture-related expenses(2)(3) | 2.8 | 0.6 | 5.0 | 5.5 | |||||||||||||||||||
Other, net (income) expense | (0.5) | (0.7) | (0.5) | (0.5) | |||||||||||||||||||
Adjusted EBITDA | $ | 92.0 | $ | 108.1 | $ | 410.0 | $ | 440.0 | |||||||||||||||
Adjusted EBITDA Margin | 15.4 | % | 19.7 | % | 15.9 | % | 15.9 | % |
972.942.6500 | 12 | arcosa.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Construction Products | |||||||||||
Revenues | $ | 251.2 | $ | 236.1 | |||||||
Operating Profit | 28.8 | 49.5 | |||||||||
Add: Depreciation, depletion, and amortization expense(1) | 30.1 | 26.9 | |||||||||
Segment EBITDA | 58.9 | 76.4 | |||||||||
Add: Impact of acquisition and divestiture-related expenses(2) | 1.2 | — | |||||||||
Adjusted Segment EBITDA | $ | 60.1 | $ | 76.4 | |||||||
Adjusted Segment EBITDA Margin | 23.9 | % | 32.4 | % | |||||||
Engineered Structures | |||||||||||
Revenues | $ | 231.6 | $ | 207.7 | |||||||
Operating Profit | 26.3 | 29.9 | |||||||||
Add: Depreciation and amortization expense(1) | 7.9 | 6.6 | |||||||||
Segment EBITDA | 34.2 | 36.5 | |||||||||
Less: Gain on sale of storage tanks business | (7.0) | (6.4) | |||||||||
Adjusted Segment EBITDA | $ | 27.2 | $ | 30.1 | |||||||
Adjusted Segment EBITDA Margin | 11.7 | % | 14.5 | % | |||||||
Transportation Products | |||||||||||
Revenues | $ | 115.8 | $ | 105.4 | |||||||
Operating Profit | 14.6 | 10.1 | |||||||||
Add: Depreciation and amortization expense | 4.0 | 4.0 | |||||||||
Segment EBITDA | 18.6 | 14.1 | |||||||||
Adjusted Segment EBITDA | $ | 18.6 | $ | 14.1 | |||||||
Adjusted Segment EBITDA Margin | 16.1 | % | 13.4 | % | |||||||
Operating Loss - Corporate | $ | (16.3) | $ | (14.4) | |||||||
Add: Impact of acquisition and divestiture-related expenses - Corporate(2) | 1.6 | 0.6 | |||||||||
Add: Corporate depreciation expense | 0.8 | 1.3 | |||||||||
Adjusted EBITDA | $ | 92.0 | $ | 108.1 |
972.942.6500 | 13 | arcosa.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Construction Products | |||||||||||
Revenues | $ | 251.2 | $ | 236.1 | |||||||
Less: Freight revenues(1) | 23.9 | 28.5 | |||||||||
Freight-Adjusted Revenues | $ | 227.3 | $ | 207.6 | |||||||
Adjusted Segment EBITDA(2) | $ | 60.1 | $ | 76.4 | |||||||
Adjusted Segment EBITDA Margin(2) | 23.9 | % | 32.4 | % | |||||||
Freight-Adjusted Segment EBITDA Margin | 26.4 | % | 36.8 | % |
972.942.6500 | 14 | arcosa.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash Provided by Operating Activities | $ | 80.5 | $ | 27.3 | |||||||
Capital expenditures | (54.4) | (44.4) | |||||||||
Proceeds from disposition of property, plant, equipment, and other assets | 4.2 | 23.9 | |||||||||
Free Cash Flow | $ | 30.3 | $ | 6.8 | |||||||
Net income | $ | 39.2 | $ | 55.7 | |||||||
Free Cash Flow Conversion | 77 | % | 12 | % |
March 31, 2024 | Pro Forma Ameron(1) | March 31, 2024 Pro Forma | |||||||||||||||
Total debt excluding debt issuance costs | $ | 611.4 | $ | 160.0 | $ | 771.4 | |||||||||||
Cash and cash equivalents | 176.5 | (20.0) | 156.5 | ||||||||||||||
Net Debt | $ | 434.9 | $ | 180.0 | $ | 614.9 | |||||||||||
Adjusted EBITDA (trailing twelve months) | $ | 351.5 | $ | 19.8 | $ | 371.3 | |||||||||||
Net Debt to Adjusted EBITDA | 1.2 | 1.7 |
972.942.6500 | 15 | arcosa.com |
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Cover Page and DEI Document |
May 02, 2024 |
---|---|
Document Information [Line Items] | |
Entity Central Index Key | 0001739445 |
Title of 12(b) Security | Common Stock ($0.01 par value) |
Document Type | 8-K |
Document Period End Date | May 02, 2024 |
Entity Registrant Name | Arcosa, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-38494 |
Entity Tax Identification Number | 82-5339416 |
Entity Address, Address Line One | 500 N. Akard Street, Suite 400 |
Entity Address, City or Town | Dallas, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75201 |
City Area Code | 972 |
Local Phone Number | 942-6500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Trading Symbol | ACA |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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