(Mark One)
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|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
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|
OR
|
¨
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
82-5339416
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
|
500 N. Akard Street, Suite 400, Dallas, Texas
|
75201
|
(Address of principal executive offices)
|
(Zip Code)
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock ($0.01 par value)
|
ACA
|
New York Stock Exchange
|
Caption
|
Page
|
|
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|
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Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
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2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Revenues
|
$
|
434.1
|
|
|
$
|
353.0
|
|
|
$
|
845.0
|
|
|
$
|
707.4
|
|
Operating costs:
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
345.7
|
|
|
283.0
|
|
|
678.5
|
|
|
568.6
|
|
||||
Selling, engineering, and administrative expenses
|
46.1
|
|
|
39.4
|
|
|
86.9
|
|
|
77.0
|
|
||||
|
391.8
|
|
|
322.4
|
|
|
765.4
|
|
|
645.6
|
|
||||
Total operating profit
|
42.3
|
|
|
30.6
|
|
|
79.6
|
|
|
61.8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
1.6
|
|
|
—
|
|
|
3.5
|
|
|
—
|
|
||||
Other, net (income) expense
|
(0.1
|
)
|
|
1.2
|
|
|
(0.3
|
)
|
|
2.2
|
|
||||
Income before income taxes
|
40.8
|
|
|
29.4
|
|
|
76.4
|
|
|
59.6
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
9.0
|
|
|
6.8
|
|
|
16.9
|
|
|
14.8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
31.8
|
|
|
$
|
22.6
|
|
|
$
|
59.5
|
|
|
$
|
44.8
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Arcosa, Inc. per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.66
|
|
|
$
|
0.46
|
|
|
$
|
1.23
|
|
|
$
|
0.92
|
|
Diluted
|
$
|
0.65
|
|
|
$
|
0.46
|
|
|
$
|
1.21
|
|
|
$
|
0.92
|
|
Weighted average number of shares outstanding
(1)
:
|
|
|
|
|
|
|
|
||||||||
Basic
|
47.8
|
|
|
48.8
|
|
|
47.9
|
|
|
48.8
|
|
||||
Diluted
|
48.3
|
|
|
48.8
|
|
|
48.4
|
|
|
48.8
|
|
||||
Dividends declared per common share
|
$
|
0.05
|
|
|
$
|
—
|
|
|
$
|
0.10
|
|
|
$
|
—
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net income
|
$
|
31.8
|
|
|
$
|
22.6
|
|
|
$
|
59.5
|
|
|
$
|
44.8
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Unrealized losses arising during the period, net of tax expense (benefit) of ($0.5), $0.0, ($0.7), and $0.0
|
(1.8
|
)
|
|
—
|
|
|
(2.8
|
)
|
|
—
|
|
||||
Reclassification adjustments for losses included in net income, net of tax expense (benefit) of $0.0, $0.0, $0.0,and $0.0
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Currency translation adjustment:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $0.2, $0.0, $0.0, and $0.0
|
0.1
|
|
|
0.2
|
|
|
0.4
|
|
|
0.5
|
|
||||
|
(1.7
|
)
|
|
0.2
|
|
|
(2.3
|
)
|
|
0.5
|
|
||||
Comprehensive income
|
$
|
30.1
|
|
|
$
|
22.8
|
|
|
$
|
57.2
|
|
|
$
|
45.3
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
(unaudited)
|
|
|
||||
|
(in millions)
|
||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
83.3
|
|
|
$
|
99.4
|
|
Receivables, net of allowance
|
228.7
|
|
|
291.4
|
|
||
Inventories:
|
|
|
|
||||
Raw materials and supplies
|
145.6
|
|
|
128.4
|
|
||
Work in process
|
45.7
|
|
|
33.3
|
|
||
Finished goods
|
99.7
|
|
|
90.8
|
|
||
|
291.0
|
|
|
252.5
|
|
||
Other
|
19.9
|
|
|
24.1
|
|
||
Total current assets
|
622.9
|
|
|
667.4
|
|
||
|
|
|
|
||||
Property, plant, and equipment, net
|
814.3
|
|
|
803.0
|
|
||
Goodwill
|
631.4
|
|
|
615.2
|
|
||
Deferred income taxes
|
7.6
|
|
|
6.9
|
|
||
Other assets
|
95.7
|
|
|
79.7
|
|
||
|
$
|
2,171.9
|
|
|
$
|
2,172.2
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
73.0
|
|
|
$
|
86.2
|
|
Accrued liabilities
|
129.0
|
|
|
121.5
|
|
||
Current portion of long-term debt
|
1.1
|
|
|
1.8
|
|
||
Total current liabilities
|
203.1
|
|
|
209.5
|
|
||
|
|
|
|
||||
Debt
|
106.7
|
|
|
183.7
|
|
||
Deferred income taxes
|
69.4
|
|
|
58.3
|
|
||
Other liabilities
|
58.4
|
|
|
36.2
|
|
||
|
437.6
|
|
|
487.7
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock – 200.0 shares authorized
|
0.5
|
|
|
0.5
|
|
||
Capital in excess of par value
|
1,679.8
|
|
|
1,685.7
|
|
||
Retained earnings
|
74.0
|
|
|
19.5
|
|
||
Accumulated other comprehensive loss
|
(20.0
|
)
|
|
(17.7
|
)
|
||
Treasury stock
|
—
|
|
|
(3.5
|
)
|
||
|
1,734.3
|
|
|
1,684.5
|
|
||
|
$
|
2,171.9
|
|
|
$
|
2,172.2
|
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
59.5
|
|
|
$
|
44.8
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, depletion, and amortization
|
41.5
|
|
|
32.9
|
|
||
Stock-based compensation expense
|
7.1
|
|
|
4.8
|
|
||
Provision for deferred income taxes
|
9.3
|
|
|
4.7
|
|
||
Gains on dispositions of property and other assets
|
(1.9
|
)
|
|
(0.4
|
)
|
||
(Increase) decrease in other assets
|
0.2
|
|
|
2.0
|
|
||
Increase (decrease) in other liabilities
|
2.3
|
|
|
(0.2
|
)
|
||
Other
|
(2.8
|
)
|
|
—
|
|
||
Changes in current assets and liabilities:
|
|
|
|
||||
(Increase) decrease in receivables
|
65.3
|
|
|
20.8
|
|
||
(Increase) decrease in inventories
|
(32.2
|
)
|
|
(14.0
|
)
|
||
(Increase) decrease in other current assets
|
4.3
|
|
|
—
|
|
||
Increase (decrease) in accounts payable
|
(13.5
|
)
|
|
15.5
|
|
||
Increase (decrease) in accrued liabilities
|
2.1
|
|
|
(5.6
|
)
|
||
Net cash provided by operating activities
|
141.2
|
|
|
105.3
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Proceeds from dispositions of property and other assets
|
2.2
|
|
|
1.1
|
|
||
Capital expenditures
|
(38.9
|
)
|
|
(20.4
|
)
|
||
Acquisitions, net of cash acquired
|
(22.8
|
)
|
|
(25.0
|
)
|
||
Net cash required by investing activities
|
(59.5
|
)
|
|
(44.3
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Payments to retire debt
|
(80.7
|
)
|
|
(0.1
|
)
|
||
Shares repurchased
|
(8.0
|
)
|
|
—
|
|
||
Dividends paid to common shareholders
|
(5.0
|
)
|
|
—
|
|
||
Purchase of shares to satisfy employee tax on vested stock
|
(4.1
|
)
|
|
—
|
|
||
Net transfers from/(to) Former Parent and affiliates
|
—
|
|
|
(54.0
|
)
|
||
Holdback payment from acquisition
|
—
|
|
|
(3.1
|
)
|
||
Net cash required by financing activities
|
(97.8
|
)
|
|
(57.2
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(16.1
|
)
|
|
3.8
|
|
||
Cash and cash equivalents at beginning of period
|
99.4
|
|
|
6.8
|
|
||
Cash and cash equivalents at end of period
|
$
|
83.3
|
|
|
$
|
10.6
|
|
|
|
Former Parent's Net Investment
|
|
Common
Stock |
|
Capital in
Excess of Par Value |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Treasury
Stock |
|
Total
Stockholders’ Equity |
||||||||||||||||||||
|
|
|
Shares
|
|
$0.01 Par Value
|
|
|
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
|
|
(in millions, except par value)
|
||||||||||||||||||||||||||||||||
Balances at March 31, 2018
|
|
$
|
1,391.9
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(19.5
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
1,372.4
|
|
Net income
|
|
22.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22.6
|
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||||||
Net transfers from parent and affiliates
|
|
(2.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.9
|
)
|
|||||||
Restricted shares, net
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|||||||
Balances at June 30, 2018
|
|
$
|
1,414.2
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(19.3
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
1,394.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balances at March 31, 2019
|
|
$
|
—
|
|
|
48.8
|
|
|
$
|
0.5
|
|
|
$
|
1,690.2
|
|
|
$
|
44.7
|
|
|
$
|
(18.3
|
)
|
|
(0.4
|
)
|
|
$
|
(11.9
|
)
|
|
$
|
1,705.2
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31.8
|
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.5
|
)
|
|||||||
Restricted shares, net
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(4.5
|
)
|
|
(0.3
|
)
|
|||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Retirement of treasury stock
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(16.4
|
)
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
16.4
|
|
|
—
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|||||||
Balances at June 30, 2019
|
|
$
|
—
|
|
|
48.4
|
|
|
$
|
0.5
|
|
|
$
|
1,679.8
|
|
|
$
|
74.0
|
|
|
$
|
(20.0
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
1,734.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balances at December 31, 2017
|
|
$
|
1,427.7
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(19.8
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
1,407.9
|
|
Cumulative effect of adopting new accounting standards (see Note 1)
|
|
(4.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.0
|
)
|
|||||||
Net income
|
|
44.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44.8
|
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||||||
Net transfers from parent and affiliates
|
|
(59.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59.1
|
)
|
|||||||
Restricted shares, net
|
|
4.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.8
|
|
|||||||
Balances at June 30, 2018
|
|
$
|
1,414.2
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(19.3
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
1,394.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balances at December 31, 2018
|
|
$
|
—
|
|
|
48.8
|
|
|
$
|
0.5
|
|
|
$
|
1,685.7
|
|
|
$
|
19.5
|
|
|
$
|
(17.7
|
)
|
|
(0.1
|
)
|
|
$
|
(3.5
|
)
|
|
$
|
1,684.5
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59.5
|
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.0
|
)
|
|||||||
Restricted shares, net
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
7.8
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(4.9
|
)
|
|
2.9
|
|
|||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(8.0
|
)
|
|
(8.0
|
)
|
|||||||
Retirement of treasury stock
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(16.4
|
)
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
16.4
|
|
|
—
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
|||||||
Balances at June 30, 2019
|
|
$
|
—
|
|
|
48.4
|
|
|
$
|
0.5
|
|
|
$
|
1,679.8
|
|
|
$
|
74.0
|
|
|
$
|
(20.0
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
1,734.3
|
|
|
Unsatisfied performance obligations at June 30, 2019
|
|||||
|
Total
Amount
|
|
Percent expected to be delivered in 2019
|
|||
|
(in millions)
|
|
|
|||
Energy Equipment Group:
|
|
|
|
|||
Wind towers and utility structures
|
$
|
517.6
|
|
|
52
|
%
|
Other
|
$
|
45.3
|
|
|
80
|
%
|
|
|
|
|
|||
Transportation Products Group:
|
|
|
|
|||
Inland barges
|
$
|
349.7
|
|
|
54
|
%
|
|
June 30, 2019
|
||
|
(in millions)
|
||
Accounts receivable
|
$
|
23.7
|
|
Inventories
|
12.5
|
|
|
Property, plant, and equipment
|
83.4
|
|
|
Depletable land
|
137.1
|
|
|
Goodwill
|
115.5
|
|
|
Other assets
|
5.5
|
|
|
Accounts payable
|
(10.2
|
)
|
|
Accrued and other liabilities
|
(14.3
|
)
|
|
Finance lease liability
|
(8.3
|
)
|
|
Deferred income taxes
|
(35.8
|
)
|
|
Total net assets acquired
|
$
|
309.1
|
|
|
Fair Value Measurement as of June 30, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
50.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50.0
|
|
Total assets
|
$
|
50.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50.0
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedge
(1)
|
$
|
—
|
|
|
$
|
4.6
|
|
|
$
|
—
|
|
|
$
|
4.6
|
|
Contingent consideration
(2)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.2
|
|
|
$
|
5.2
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
4.6
|
|
|
$
|
5.2
|
|
|
$
|
9.8
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurement as of December 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
30.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30.0
|
|
Total assets
|
$
|
30.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30.0
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedge
(1)
|
$
|
—
|
|
|
$
|
1.2
|
|
|
$
|
—
|
|
|
$
|
1.2
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
1.2
|
|
|
$
|
—
|
|
|
$
|
1.2
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Construction aggregates
|
$
|
93.2
|
|
|
$
|
61.1
|
|
|
|
|
|
||||
Other
|
22.4
|
|
|
22.8
|
|
|
|
|
|
||||||
Construction Products Group
|
115.6
|
|
|
83.9
|
|
|
$
|
17.5
|
|
|
$
|
17.6
|
|
||
|
|
|
|
|
|
|
|
||||||||
Wind towers and utility structures
|
151.0
|
|
|
133.0
|
|
|
|
|
|
||||||
Other
|
53.3
|
|
|
45.4
|
|
|
|
|
|
||||||
Energy Equipment Group
|
204.3
|
|
|
178.4
|
|
|
25.0
|
|
|
8.2
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Inland barges
|
66.1
|
|
|
42.9
|
|
|
|
|
|
||||||
Steel components
|
49.2
|
|
|
48.6
|
|
|
|
|
|
||||||
Transportation Products Group
|
115.3
|
|
|
91.5
|
|
|
12.6
|
|
|
12.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Segment Totals before Eliminations and Corporate
|
435.2
|
|
|
353.8
|
|
|
55.1
|
|
|
38.5
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
(12.8
|
)
|
|
(7.9
|
)
|
||||
Eliminations
|
(1.1
|
)
|
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
||||
Consolidated and Combined Total
|
$
|
434.1
|
|
|
$
|
353.0
|
|
|
$
|
42.3
|
|
|
$
|
30.6
|
|
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended June 30,
|
||||||||||||||
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Construction aggregates
|
$
|
181.6
|
|
|
$
|
113.7
|
|
|
|
|
|
||||
Other
|
40.0
|
|
|
40.4
|
|
|
|
|
|
||||||
Construction Products Group
|
221.6
|
|
|
154.1
|
|
|
$
|
28.8
|
|
|
$
|
30.0
|
|
||
|
|
|
|
|
|
|
|
||||||||
Wind towers and utility structures
|
309.6
|
|
|
280.5
|
|
|
|
|
|
||||||
Other
|
103.8
|
|
|
94.2
|
|
|
|
|
|
||||||
Energy Equipment Group
|
413.4
|
|
|
374.7
|
|
|
53.2
|
|
|
25.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Inland barges
|
115.5
|
|
|
73.7
|
|
|
|
|
|
||||||
Steel components
|
97.3
|
|
|
107.1
|
|
|
|
|
|
||||||
Transportation Products Group
|
212.8
|
|
|
180.8
|
|
|
20.9
|
|
|
21.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Segment Totals before Eliminations and Corporate
|
847.8
|
|
|
709.6
|
|
|
102.9
|
|
|
77.4
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
(23.3
|
)
|
|
(15.6
|
)
|
||||
Eliminations
|
(2.8
|
)
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
||||
Consolidated and Combined Total
|
$
|
845.0
|
|
|
$
|
707.4
|
|
|
$
|
79.6
|
|
|
$
|
61.8
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
(in millions)
|
||||||
Land
(1)
|
$
|
332.5
|
|
|
$
|
316.5
|
|
Buildings and improvements
|
273.6
|
|
|
267.5
|
|
||
Machinery and other
|
736.4
|
|
|
715.9
|
|
||
Construction in progress
|
34.7
|
|
|
28.8
|
|
||
|
1,377.2
|
|
|
1,328.7
|
|
||
Less accumulated depreciation and depletion
|
(562.9
|
)
|
|
(525.7
|
)
|
||
|
$
|
814.3
|
|
|
$
|
803.0
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
(in millions)
|
||||||
Construction Products Group
|
$
|
175.8
|
|
|
$
|
171.7
|
|
Energy Equipment Group
|
416.9
|
|
|
416.9
|
|
||
Transportation Products Group
|
38.7
|
|
|
26.6
|
|
||
|
$
|
631.4
|
|
|
$
|
615.2
|
|
|
June 30, 2019
|
|
December 31,
2018 |
||||
|
(in millions)
|
||||||
Revolving credit facility
|
$
|
100.0
|
|
|
$
|
180.0
|
|
Finance leases
|
7.8
|
|
|
5.5
|
|
||
Total debt
|
$
|
107.8
|
|
|
$
|
185.5
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100.0
|
|
|
$
|
—
|
|
|
June 30, 2019
|
||
|
(in millions)
|
||
Maturity of Lease Liabilities
|
|
||
2019 (remaining)
|
$
|
3.7
|
|
2020
|
6.1
|
|
|
2021
|
3.8
|
|
|
2022
|
2.4
|
|
|
2023
|
1.9
|
|
|
Thereafter
|
7.6
|
|
|
Total undiscounted operating lease payments
|
25.5
|
|
|
Less imputed interest
|
(3.7
|
)
|
|
Present value of operating lease liabilities
|
$
|
21.8
|
|
|
|
||
Balance Sheet Classification
|
|
||
Other assets
|
$
|
18.4
|
|
|
|
||
Accrued liabilities
|
$
|
6.1
|
|
Other liabilities
|
15.7
|
|
|
Total operating lease liabilities
|
$
|
21.8
|
|
|
|
||
Other Information
|
|
||
Weighted average remaining lease term
|
5.8 years
|
|
|
Weighted average discount rate
|
4.8
|
%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Interest income
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
—
|
|
Foreign currency exchange transactions
|
0.5
|
|
|
1.2
|
|
|
1.0
|
|
|
2.2
|
|
||||
Other
|
(0.2
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
||||
Other, net (income) expense
|
$
|
(0.1
|
)
|
|
$
|
1.2
|
|
|
$
|
(0.3
|
)
|
|
$
|
2.2
|
|
|
|
Currency
translation
adjustments
|
|
Unrealized
loss on
derivative
financial
instruments
|
|
Accumulated
Other Comprehensive Loss |
||||||
|
|
(in millions)
|
||||||||||
Balances at December 31, 2017
|
|
$
|
(19.8
|
)
|
|
$
|
—
|
|
|
$
|
(19.8
|
)
|
Other comprehensive income (loss), net of tax, before reclassifications
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $0.0, $0.0, and $0.0
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other comprehensive income (loss)
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|||
Balances at June 30, 2018
|
|
$
|
(19.3
|
)
|
|
$
|
—
|
|
|
$
|
(19.3
|
)
|
|
|
|
|
|
|
|
||||||
Balances at December 31, 2018
|
|
$
|
(16.8
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(17.7
|
)
|
Other comprehensive income (loss), net of tax, before reclassifications
|
|
0.4
|
|
|
(2.8
|
)
|
|
(2.4
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $0.0, $0.0 and $0.0
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||
Other comprehensive income (loss)
|
|
0.4
|
|
|
(2.7
|
)
|
|
(2.3
|
)
|
|||
Balances at June 30, 2019
|
|
$
|
(16.4
|
)
|
|
$
|
(3.6
|
)
|
|
$
|
(20.0
|
)
|
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
||||||||||||||||||
|
Income
(Loss) |
|
Average
Shares |
|
EPS
|
|
Income
(Loss) |
|
Average
Shares |
|
EPS
|
||||||||||
|
(in millions, except per share amounts)
|
||||||||||||||||||||
Net income
|
$
|
31.8
|
|
|
|
|
|
|
$
|
22.6
|
|
|
|
|
|
||||||
Unvested restricted share participation
|
(0.3
|
)
|
|
|
|
|
|
—
|
|
|
|
|
|
||||||||
Net income – basic
|
31.5
|
|
|
47.8
|
|
|
$
|
0.66
|
|
|
22.6
|
|
|
48.8
|
|
|
$
|
0.46
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonparticipating unvested restricted shares
|
—
|
|
|
0.5
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Net income – diluted
|
$
|
31.5
|
|
|
48.3
|
|
|
$
|
0.65
|
|
|
$
|
22.6
|
|
|
48.8
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended
June 30, 2019 |
|
Six Months Ended
June 30, 2018 |
||||||||||||||||||
|
Income
(Loss) |
|
Average
Shares |
|
EPS
|
|
Income
(Loss) |
|
Average
Shares |
|
EPS
|
||||||||||
|
(in millions, except per share amounts)
|
||||||||||||||||||||
Net income
|
$
|
59.5
|
|
|
|
|
|
|
$
|
44.8
|
|
|
|
|
|
||||||
Unvested restricted share participation
|
(0.7
|
)
|
|
|
|
|
|
—
|
|
|
|
|
|
||||||||
Net income – basic
|
58.8
|
|
|
47.9
|
|
|
$
|
1.23
|
|
|
44.8
|
|
|
48.8
|
|
|
$
|
0.92
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonparticipating unvested restricted shares
|
—
|
|
|
0.5
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Net income – diluted
|
$
|
58.8
|
|
|
48.4
|
|
|
$
|
1.21
|
|
|
$
|
44.8
|
|
|
48.8
|
|
|
$
|
0.92
|
|
|
June 30,
2019 |
|
June 30,
2018 |
||||
|
(in millions)
|
||||||
Energy Equipment Group:
|
|
|
|
||||
Wind towers and utility structures
|
$
|
517.6
|
|
|
$
|
780.1
|
|
Other
|
45.3
|
|
|
53.2
|
|
||
|
|
|
|
||||
Transportation Products Group:
|
|
|
|
||||
Inland barges
|
$
|
349.7
|
|
|
$
|
198.4
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Percent Change
|
|
2019
|
|
2018
|
|
Percent Change
|
||||||||||
|
(in millions)
|
|
|
(in millions)
|
|
||||||||||||||||
Construction Products Group
|
$
|
115.6
|
|
|
$
|
83.9
|
|
|
37.8
|
%
|
|
$
|
221.6
|
|
|
$
|
154.1
|
|
|
43.8
|
%
|
Energy Equipment Group
|
204.3
|
|
|
178.4
|
|
|
14.5
|
|
|
413.4
|
|
|
374.7
|
|
|
10.3
|
|
||||
Transportation Products Group
|
115.3
|
|
|
91.5
|
|
|
26.0
|
|
|
212.8
|
|
|
180.8
|
|
|
17.7
|
|
||||
Segment Totals before Eliminations and Corporate Expenses
|
435.2
|
|
|
353.8
|
|
|
23.0
|
|
|
847.8
|
|
|
709.6
|
|
|
19.5
|
|
||||
Eliminations
|
(1.1
|
)
|
|
(0.8
|
)
|
|
|
|
(2.8
|
)
|
|
(2.2
|
)
|
|
|
||||||
Consolidated and Combined Total
|
$
|
434.1
|
|
|
$
|
353.0
|
|
|
23.0
|
|
|
$
|
845.0
|
|
|
$
|
707.4
|
|
|
19.5
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Percent Change
|
|
2019
|
|
2018
|
|
Percent Change
|
||||||||||
|
(in millions)
|
|
|
(in millions)
|
|
||||||||||||||||
Construction Products Group
|
$
|
98.1
|
|
|
$
|
66.3
|
|
|
48.0
|
%
|
|
$
|
192.8
|
|
|
$
|
124.1
|
|
|
55.4
|
%
|
Energy Equipment Group
|
179.3
|
|
|
170.2
|
|
|
5.3
|
|
|
360.2
|
|
|
349.0
|
|
|
3.2
|
|
||||
Transportation Products Group
|
102.7
|
|
|
78.8
|
|
|
30.3
|
|
|
191.9
|
|
|
159.1
|
|
|
20.6
|
|
||||
Segment Totals before Eliminations and Corporate Expenses
|
380.1
|
|
|
315.3
|
|
|
20.6
|
|
|
744.9
|
|
|
632.2
|
|
|
17.8
|
|
||||
Corporate
|
12.8
|
|
|
7.9
|
|
|
62.0
|
|
|
23.3
|
|
|
15.6
|
|
|
49.4
|
|
||||
Eliminations
|
(1.1
|
)
|
|
(0.8
|
)
|
|
37.5
|
|
|
(2.8
|
)
|
|
(2.2
|
)
|
|
27.3
|
|
||||
Consolidated and Combined Total
|
$
|
391.8
|
|
|
$
|
322.4
|
|
|
21.5
|
|
|
$
|
765.4
|
|
|
$
|
645.6
|
|
|
18.6
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Percent Change
|
|
2019
|
|
2018
|
|
Percent Change
|
||||||||||
|
(in millions)
|
|
|
(in millions)
|
|
||||||||||||||||
Construction Products Group
|
$
|
17.5
|
|
|
$
|
17.6
|
|
|
(0.6
|
)%
|
|
$
|
28.8
|
|
|
$
|
30.0
|
|
|
(4.0
|
)%
|
Energy Equipment Group
|
25.0
|
|
|
8.2
|
|
|
204.9
|
|
|
53.2
|
|
|
25.7
|
|
|
107.0
|
|
||||
Transportation Products Group
|
12.6
|
|
|
12.7
|
|
|
(0.8
|
)
|
|
20.9
|
|
|
21.7
|
|
|
(3.7
|
)
|
||||
Segment Totals before Corporate Expenses
|
55.1
|
|
|
38.5
|
|
|
43.1
|
|
|
102.9
|
|
|
77.4
|
|
|
32.9
|
|
||||
Corporate
|
(12.8
|
)
|
|
(7.9
|
)
|
|
62.0
|
|
|
(23.3
|
)
|
|
(15.6
|
)
|
|
49.4
|
|
||||
Consolidated and Combined Total
|
$
|
42.3
|
|
|
$
|
30.6
|
|
|
38.2
|
|
|
$
|
79.6
|
|
|
$
|
61.8
|
|
|
28.8
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Interest income
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
—
|
|
Foreign currency exchange transactions
|
0.5
|
|
|
1.2
|
|
|
1.0
|
|
|
2.2
|
|
||||
Other
|
(0.2
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
||||
Other, net
|
$
|
(0.1
|
)
|
|
$
|
1.2
|
|
|
$
|
(0.3
|
)
|
|
$
|
2.2
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Percent
|
|
2019
|
|
2018
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction aggregates
|
$
|
93.2
|
|
|
$
|
61.1
|
|
|
52.5
|
%
|
|
$
|
181.6
|
|
|
$
|
113.7
|
|
|
59.7
|
%
|
Other
|
22.4
|
|
|
22.8
|
|
|
(1.8
|
)
|
|
40.0
|
|
|
40.4
|
|
|
(1.0
|
)
|
||||
Total revenues
|
115.6
|
|
|
83.9
|
|
|
37.8
|
|
|
221.6
|
|
|
154.1
|
|
|
43.8
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
86.7
|
|
|
59.2
|
|
|
46.5
|
|
|
169.0
|
|
|
110.0
|
|
|
53.6
|
|
||||
Selling, engineering, and administrative costs
|
11.4
|
|
|
7.1
|
|
|
60.6
|
|
|
23.8
|
|
|
14.1
|
|
|
68.8
|
|
||||
Operating profit
|
$
|
17.5
|
|
|
$
|
17.6
|
|
|
(0.6
|
)
|
|
$
|
28.8
|
|
|
$
|
30.0
|
|
|
(4.0
|
)
|
Operating profit margin
|
15.1
|
%
|
|
21.0
|
%
|
|
|
|
13.0
|
%
|
|
19.5
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion, and amortization
(1)
|
$
|
9.0
|
|
|
$
|
5.1
|
|
|
76.5
|
|
|
$
|
17.8
|
|
|
$
|
10.2
|
|
|
74.5
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Percent
|
|
2019
|
|
2018
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Wind towers and utility structures
|
$
|
151.0
|
|
|
$
|
133.0
|
|
|
13.5
|
%
|
|
$
|
309.6
|
|
|
$
|
280.5
|
|
|
10.4
|
%
|
Other
|
53.3
|
|
|
45.4
|
|
|
17.4
|
|
|
103.8
|
|
|
94.2
|
|
|
10.2
|
|
||||
Total revenues
|
204.3
|
|
|
178.4
|
|
|
14.5
|
|
|
413.4
|
|
|
374.7
|
|
|
10.3
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
163.0
|
|
|
151.5
|
|
|
7.6
|
|
|
331.6
|
|
|
313.0
|
|
|
5.9
|
|
||||
Selling, engineering, and administrative costs
|
16.3
|
|
|
18.7
|
|
|
(12.8
|
)
|
|
28.6
|
|
|
36.0
|
|
|
(20.6
|
)
|
||||
Operating profit
|
$
|
25.0
|
|
|
$
|
8.2
|
|
|
204.9
|
|
|
$
|
53.2
|
|
|
$
|
25.7
|
|
|
107.0
|
|
Operating profit margin
|
12.2
|
%
|
|
4.6
|
%
|
|
|
|
12.9
|
%
|
|
6.9
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
(1)
|
$
|
7.3
|
|
|
$
|
7.4
|
|
|
(1.4
|
)
|
|
$
|
14.3
|
|
|
$
|
15.2
|
|
|
(5.9
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Percent
|
|
2019
|
|
2018
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Inland barges
|
$
|
66.1
|
|
|
$
|
42.9
|
|
|
54.1
|
%
|
|
$
|
115.5
|
|
|
$
|
73.7
|
|
|
56.7
|
%
|
Steel components
|
49.2
|
|
|
48.6
|
|
|
1.2
|
|
|
97.3
|
|
|
107.1
|
|
|
(9.2
|
)
|
||||
Total revenues
|
115.3
|
|
|
91.5
|
|
|
26.0
|
|
|
212.8
|
|
|
180.8
|
|
|
17.7
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
97.0
|
|
|
73.1
|
|
|
32.7
|
|
|
180.7
|
|
|
147.8
|
|
|
22.3
|
|
||||
Selling, engineering, and administrative costs
|
5.7
|
|
|
5.7
|
|
|
—
|
|
|
11.2
|
|
|
11.3
|
|
|
(0.9
|
)
|
||||
Operating profit
|
$
|
12.6
|
|
|
$
|
12.7
|
|
|
(0.8
|
)
|
|
$
|
20.9
|
|
|
$
|
21.7
|
|
|
(3.7
|
)
|
Operating profit margin
|
10.9
|
%
|
|
13.9
|
%
|
|
|
|
9.8
|
%
|
|
12.0
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
(1)
|
$
|
3.9
|
|
|
$
|
3.3
|
|
|
18.2
|
|
|
$
|
7.7
|
|
|
$
|
7.5
|
|
|
2.7
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
Percent
|
|
2019
|
|
2018
|
|
Percent
|
||||||||||
|
(in millions)
|
|
Change
|
|
(in millions)
|
|
Change
|
||||||||||||||
Corporate overhead costs
|
$
|
12.8
|
|
|
$
|
7.9
|
|
|
62.0
|
%
|
|
$
|
23.3
|
|
|
$
|
15.6
|
|
|
49.4
|
%
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Total cash provided by (required by):
|
|
|
|
||||
Operating activities
|
$
|
141.2
|
|
|
$
|
105.3
|
|
Investing activities
|
(59.5
|
)
|
|
(44.3
|
)
|
||
Financing activities
|
(97.8
|
)
|
|
(57.2
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
$
|
(16.1
|
)
|
|
$
|
3.8
|
|
•
|
market conditions and demand for Arcosa's business products and services;
|
•
|
the cyclical nature of industries in which Arcosa competes;
|
•
|
variations in weather in areas where Arcosa construction products are sold, used, or installed;
|
•
|
naturally-occurring events and disasters causing disruption to our manufacturing, product deliveries, and production capacity, thereby giving rise to an increase in expenses, loss of revenue, and property losses;
|
•
|
the timing of introduction of new products;
|
•
|
the timing and delivery of customer orders or a breach of customer contracts;
|
•
|
the credit worthiness of customers and their access to capital;
|
•
|
product price changes;
|
•
|
changes in mix of products sold;
|
•
|
the costs incurred to align manufacturing capacity with demand and the extent of its utilization;
|
•
|
the operating leverage and efficiencies that can be achieved by Arcosa's manufacturing businesses;
|
•
|
availability and costs of steel, component parts, supplies, and other raw materials;
|
•
|
competition and other competitive factors;
|
•
|
changing technologies;
|
•
|
surcharges and other fees added to fixed pricing agreements for steel, component parts, supplies and other raw materials;
|
•
|
interest rates and capital costs;
|
•
|
counter-party risks for financial instruments;
|
•
|
long-term funding of our operations;
|
•
|
taxes;
|
•
|
the stability of the governments and political and business conditions in certain foreign countries, particularly Mexico;
|
•
|
changes in import and export quotas and regulations;
|
•
|
business conditions in emerging economies;
|
•
|
costs and results of litigation;
|
•
|
changes in accounting standards or inaccurate estimates or assumptions in the application of accounting policies;
|
•
|
legal, regulatory, and environmental issues, including compliance of Arcosa's products with mandated specifications, standards, or testing criteria and obligations to remove and replace Arcosa's products following installation or to recall our products and install different products manufactured by Arcosa or our competitors;
|
•
|
actions by the executive and legislative branches of the U.S. government relative to federal government budgeting, taxation policies, government expenditures, U.S. borrowing/debt ceiling limits, trade policies, including tariffs, and border closures;
|
•
|
the use of social or digital media to disseminate false, misleading and/or unreliable or inaccurate information;
|
•
|
the inability to sufficiently protect our intellectual property rights;
|
•
|
if Arcosa does not realize some or all of the benefits expected to result from the spin-off, or if such benefits are delayed;
|
•
|
Arcosa's ongoing businesses may be adversely affected and subject to certain risks and consequences as a result of the spin-off transaction;
|
•
|
if the distribution of shares of Arcosa, together with certain related transactions, does not qualify as a transaction that is generally tax-free for U.S. federal income tax purposes, the Company's stockholders and the Company could be subject to significant tax liability; and
|
•
|
if the spin-off transaction does not comply with state and federal fraudulent conveyance laws and legal dividend requirements.
|
Period
|
|
Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
(1)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
(2)
|
||||||
April 1, 2019 through April 30, 2019
|
|
151
|
|
|
$
|
30.72
|
|
|
—
|
|
|
$
|
39,023,255
|
|
May 1, 2019 through May 31, 2019
|
|
106,086
|
|
|
$
|
36.16
|
|
|
—
|
|
|
$
|
39,023,255
|
|
June 1, 2019 through June 30, 2019
|
|
270
|
|
|
$
|
36.09
|
|
|
—
|
|
|
$
|
39,023,255
|
|
Total
|
|
106,507
|
|
|
$
|
36.15
|
|
|
—
|
|
|
$
|
39,023,255
|
|
(1)
|
These columns include the surrender to the Company of 106,507 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock and restricted stock units issued to employees.
|
(2)
|
In
December 2018
, the Company’s Board of Directors authorized a new
$50.0 million
share repurchase program that expires
December 31, 2020
.
|
NO.
|
|
DESCRIPTION
|
3.1
|
|
|
3.2
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
95
|
|
|
101.INS
|
|
XBRL Instance Document (filed electronically herewith).
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document (filed electronically herewith).
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document (filed electronically herewith).
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith).
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith).
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document (filed electronically herewith).
|
ARCOSA, INC.
|
By
|
/s/ Scott C. Beasley
|
Registrant
|
|
|
|
|
Scott C. Beasley
|
|
|
Chief Financial Officer
|
|
|
August 2, 2019
|
Title:
|
Chief Human Resources Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Arcosa, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
c.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Arcosa, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
c.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company, as of, and for, the periods presented in the Report.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company, as of, and for, the periods presented in the Report.
|
Mine or Operating
Name/MSHA
Identification
Number
|
Section 104 S&S Citations (#)
|
|
Section 104(b) Orders (#)
|
|
Section 104(d) Citations and Orders (#)
|
|
Section 110(b)(2) Violations (#)
|
|
Section 107(a) Orders (#)
|
|
Total Dollar Value of MSHA Assessments Proposed
($)
|
|
Total Number of Mining Related Fatalities (#)
|
|
Received Notice of Pattern of Violation Under Section 104(e) (yes/no)
|
|
Received Notice of Potential to Have Pattern under Section 104(e) (yes/no)
|
|
Legal Actions Pending as of Last Day of Period (#)
|
|
Legal
Actions
Initiated
During
Period
(#)
|
|
Legal Actions Resolved During Period (#)
|
||||||||||||||||||||||||
Asa
(4104399)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
2
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Belton
(4101043)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
2
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Cottonwood
(4104553)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Curry
(4105307)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Kopperl
(4104450)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Malloy Bridge
(4102946)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Paradise
(4103253)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
242
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Anacoco
(1600543)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Indian Village
(1600348)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
2
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Rye
(4102547) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
ACG Materials Bouse Junction
(3401828) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
263
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Materials Diamond
(3401660) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Materials Diamond North
(3401977) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Materials Shamrock
(4104758) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Adams Claim
(2600668) |
2
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
3
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Harrison Gypsum #2
(3401364) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Harrison Gypsum #5
(3401964) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Ludwig
(2602775) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
1
|
|
Significant and Substantial (S&S) citations are reported on this form. Non-S&S citations are not reported on this form but any assessments resulting from non-S&S citations are reported.
|
2
|
|
Proposed penalty amounts are pending regarding non-S&S citation(s) issued during the reporting period.
|
3
|
|
Proposed penalty amounts are pending regarding S&S and non-S&S citation(s) issued during the reporting period.
|
Mine or Operating
Name/MSHA
Identification
Number
|
Section 104 S&S Citations (#)
|
|
Section 104(b) Orders (#)
|
|
Section 104(d) Citations and Orders (#)
|
|
Section 110(b)(2) Violations (#)
|
|
Section 107(a) Orders (#)
|
|
Total Dollar Value of MSHA Assessments Proposed
($)
|
|
Total Number of Mining Related Fatalities (#)
|
|
Received Notice of Pattern of Violation Under Section 104(e) (yes/no)
|
|
Received Notice of Potential to Have Pattern under Section 104(e) (yes/no)
|
|
Legal Actions Pending as of Last Day of Period (#)
|
|
Legal
Actions
Initiated
During
Period
(#)
|
|
Legal Actions Resolved During Period (#)
|
||||||||||||||||||||||||
ACG Ainsworth
4
(4105117) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Deiringer
(4104878) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Ft Stockton
(4104943) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Materials Ark City
(1401743) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Materials Newkirk
(3401781) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Materials Orla LLC
(4104958) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Midkiff
(4104913) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
ACG Stanton
(4105067) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Dilley Pit
(4104879) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
J A Jack & Sons
(4503239) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
KRMI Quarry
(4503363) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
5
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Marianna Quarry
(0801267) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Wills Point
(4104113)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Wills Point II
(4104071)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Boulder
(0504415) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Brooklyn
(1200254) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Brooks
(1500187) |
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Erwinville
(1600033)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Frazier Park
(0400555)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
5
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Livingston
(0100034)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Streetman
(4101628)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
4
|
|
From June 12, 2019 date of acquisition
|
5
|
|
Proposed penalty amounts are pending regarding non-S&S citation(s) issued during the reporting period.
|