TTAM · TTAM Q2 FY2026 earnings call record财报电话会记录

“Residential construction activity remains subdued, with project delays and softer cement demand impacting the region, while pricing across several product lines was relatively softer year-over-year.”

“It is slated to produce and sell approximately 400,000 tons of concrete-grade fly ash per year, complementing the product mix of our newly acquired Keystone plant and creating a one-stop shop of fly ash, cement, and aggregates for our customers in Pennsylvania and Ohio.”

“Our second quarter results reflect the resilience of our platform with strength in the mid-Atlantic, more than offsetting headwinds in Florida, which absorbed the impacts of an extended scheduled maintenance outage at our Pennsuco Cement and Aggregate plant, as well as the temporary import logistics challenges resulting from port disruptions in the Mediterranean.”

“For the same period, free cash flow was $50 million compared to $26 million in the prior year, driven by improvements in operating cash flow and a modest increase in CapEx investments.”

“Finally, after accounting for the impacts of the Keystone acquisition, our leverage ratio at the end of Q2 was 1.37x trailing 12 months adjusted EBITDA, up from 0.64x at the beginning of the year.”

“On a like-for-like basis, excluding Keystone, our cement volumes were roughly flat, held back by the impact of import supply chain disruptions in the quarter.”

“Total fly ash volumes were up approximately 12% on a low base compared to the prior year quarter, while ready-mix concrete volumes increased 2.6% year-over-year, with Mid-Atlantic generating strong growth in non-residential applications while Florida volumes were impacted by project delays.”

“Adjusted EBITDA for the segment was $53 million compared to $41 million in the prior year quarter, an increase of 30%, reflecting the benefits of favorable project mix, improved pricing, and cost discipline, which together more than offset higher raw material and energy costs and the impacts of import disruptions.”

“Florida's external revenue was $257 million in the second quarter, a decrease of 1.6% compared to $261 million in the second quarter of 2025, as lower ready-mix concrete volumes and lower aggregates and concrete block pricing was partially offset by higher concrete block volumes and external aggregate volumes.”

“Adjusted EBITDA for the Florida segment was $51 million compared to $62 million in the prior year quarter, with adjusted EBITDA margin of 19.7% in the second quarter compared to 23.8% in the second quarter of 2025.”

“Following the completion of our acquisition of Keystone Cement in the second quarter, and given our current visibility into the balance of the year, we have updated our full year 2026 guidance.”

“We now expect high single-digit revenue growth for the full year 2026 as compared to 2025.”