US Concrete Slumps Most in Four Months as Rains Hurt Volume
This article is for subscribers only.
US Concrete Inc. dropped the most in four months after second-quarter profit missed analysts’ estimates as poor weather in key markets hurt volume in its core business.
Adjusted earnings declined to 54 cents a share, 39 cents below the average of estimates compiled by Bloomberg. Revenue of $275.8 million fell short of the $293 million analysts expected. Weaker-than-expected volume for ready-mix concrete, the aggregate producer’s core business, drove the shortfall.