Arcosa, Inc. announced its results for the third quarter ended September 30, 2024, reporting revenues of $640.4 million, an 8.2% increase from the prior year. The company's Adjusted EBITDA grew by 28% to $114.0 million, with an Adjusted EBITDA Margin of 18.4% excluding the divested steel components business, up from 15.1% in Q3 2023.
Net income for the quarter was $16.6 million, or $0.34 per diluted share, while Adjusted Net Income was $35.5 million. The Construction Products segment saw revenues increase by 1% to $265.9 million and Adjusted Segment EBITDA rise by 21% to $71.0 million, benefiting from organic unit profitability and recent bolt-on acquisitions. The Engineered Structures segment also contributed to robust earnings growth and margin expansion.
The company highlighted the strategic completion of the Stavola acquisition on October 1, 2024, and the Ameron Pole Products acquisition earlier in the year, alongside the divestiture of the steel components business. Proforma for these transactions, the Construction Products segment now represents approximately 67% of Adjusted EBITDA. Arcosa ended the quarter with a Net Debt to Adjusted EBITDA ratio of 3.4x, reiterating its commitment to reduce leverage to 2.0-2.5x within 18 months.
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