Arcosa, Inc.
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
ACA$149.15+0.1%Stored close · as of Oct 22, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001739445-25-000067
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001739445-25-000115
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 167 current paragraphs.
92 unchanged; 44 reworded; 23 added; 15 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
•Operating profit for the three and six months ended June 30, 2025 increased by $27.6 million and $30.0 million, respectively, to $94.8 million and $150.6 million, respectively, from the same periods in 2024, primarily driven by higher operating profit in Construction Products and Engineered Structures, partially offset by a decrease in Transportation Products resulting from the divestiture of the steel components business.
Current report
•Selling, general, and administrative expenses decreased by 8.2% and 1.3% for the three and six months ended June 30, 2025, respectively, from the same periods in 2024. As a percentage of revenues, selling, general, and administrative expenses were 9.9% and 10.7% for the three and six months ended June 30, 2025, respectively, compared to 12.0% and 11.8% for the same periods in 2024, respectively.
Current report
In our Engineered Structures segment,84% of the unsatisfied performance obligations for our utility and related structures are expected to be delivered during 2025, and substantially all of the remaining performance obligations are expected to be delivered in 2026. For our wind towers business, 30% of the unsatisfied performance obligations are expected to be delivered during 2025, 24% are expected to be delivered during 2026, and the remainder are expected to be delivered through 2028.
Current report
•Revenues increased by 10.9% and 8.4% during the three and six months ended June 30, 2025, respectively.
Current report
(1) Depreciation, depletion, and amortization are included within operating profit and allocated between cost of revenues and selling, general, and administrative expenses depending on whether the underlying assets contribute to the production of revenue.
Current report
•Operating costs increased by 7.5% and 6.6% during the three and six months ended June 30, 2025, respectively.
Current report
•Operating profit increased 41.1% and 24.9% for the three and six months ended June 30, 2025, respectively.
Current report
(1) Depreciation, depletion, and amortization are included within operating profit and allocated between cost of revenues and selling, general, and administrative expenses depending on whether the underlying assets contribute to the production of revenue.
Current report
•Operating profit increased 48.7% primarily due to the impact of the Stavola acquisition, which contributed $22.9 million in the current period. On an organic basis, operating profit decreased due to the decline in revenues and lower cost absorption.
Current report
•Cost of revenues increased 19.8% primarily due to increased costs from the recently acquired businesses, including higher depreciation, depletion, and amortization expense. These costs were partially offset by lower costs in our legacy businesses driven by lower organic volumes. As a percentage of revenues, cost of revenues was 78.9% in the current period, compared to 77.1% in the prior period.
Current report
•Selling, general, and administrative expenses increased 7.7% due to additional costs from Stavola partially offset by lower costs in our legacy businesses. Selling, general, and administrative expenses as a percentage of revenues was 10.0% in the current period, compared to 10.8% in the prior period.
Current report
•Operating profit increased 12.8% primarily due to the impact of the Stavola acquisition, which contributed $11.9 million in the current period. On an organic basis, operating profit decreased roughly in line with the decrease in revenues.
Current report
(1) Depreciation, depletion, and amortization are included within operating profit and allocated between cost of revenues and selling, general, and administrative expenses depending on whether the underlying assets contribute to the production of revenue.
Current report
•Selling, general, and administrative expenses decreased 2.5%. Selling, general, and administrative expenses as a percentage of revenues was 7.9% in the current period, compared to 8.7% in the prior period.
Current report
•During the prior period, the Company recognized a gain on the sale of a non-operating facility that previously supported the divested business.
Current report
•Operating profit increased 21.9% primarily due to higher wind tower volumes as well as increased volumes and operating improvements in our utility and related structures businesses, partially offset by the asset sale gains recognized in the prior period from the divested business.
Current report
•Revenues increased 14.1% primarily due to higher volumes from our new facility in our wind towers business. Revenue for our utility and related structures businesses increased slightly as higher utility structures volumes and the contribution from Ameron, which was acquired in April 2024, was partially offset by lower steel prices.
Current report
•Selling, general, and administrative expenses increased 9.7% primarily due to additional costs from the acquired Ameron business.
Current report
•During the prior period, the Company recognized an additional gain related to the divestiture of the storage tanks business, which closed in October 2022, including a gain on the settlement of certain contingencies from the sale and a gain on the sale of a non-operating facility that previously supported the divested business.
Current report
•Operating profit increased 33.2% primarily due to higher wind tower volumes as well as increased volumes and operating improvements in our utility and related structures businesses, partially offset by the asset sale gains recognized in the prior period from the divested business.
Current report
As of June 30, 2025, the backlog for utility and related structures was $450.0 million compared to $414.0 million and $424.6 million as of December 31, 2024 and June 30, 2024, respectively. We expect to deliver 84% of the unsatisfied performance obligations for utility and related structures during 2025, and substantially all of the remaining performance obligations are expected to be delivered in 2026.
Current report
The backlog for wind towers as of June 30, 2025 was $598.6 million compared to $776.8 million and $914.1 million as of December 31, 2024 and June 30, 2024, respectively. We expect to deliver 30% of the unsatisfied performance obligations for wind towers during 2025, 24% during 2026, with the remainder expected to be delivered through 2028.
Current report
(1)Depreciation, depletion, and amortization are included within operating profit and allocated between cost of revenues and selling, general, and administrative expenses depending on whether the underlying assets contribute to the production of revenue.
Removed paragraphs (15)
Previous report
In April 2024, we completed the acquisition of Ameron Pole Products, LLC ("Ameron"), a leading manufacturer of highly engineered, premium concrete, and steel poles for a broad range of infrastructure applications, including lighting, traffic, electric distribution, and small-cell telecom, for a total purchase price of $180.0 million. With operations in Alabama, California, and Oklahoma, Ameron is included in our Engineered Structures segment.
Previous report
•Operating profit for the three months ended March 31, 2025 totaled $55.8 million, an increase of $2.4 million year-over-year driven by higher operating profit in Engineered Structures and Transportation Products, partially offset by a decrease in Construction Products primarily driven by the seasonally dilutive impact of the acquired Stavola business, which is more impacted by the winter months than our legacy operations.
Previous report
•Revenues increased 5.6%.
Previous report
(1) Depreciation, depletion, and amortization are components of operating costs.
Previous report
•Operating costs increased 5.7%.
Previous report
•Depreciation, depletion, and amortization expense increased as a result of recent acquisitions and organic growth investments.
Previous report
•Selling, general, and administrative expenses increased 6.7% primarily due to additional costs from recently acquired businesses. As a percentage of revenues, selling, general, and administrative expenses was 11.7% for the three months ended March 31, 2025, compared to 11.5% for the same period in 2024.
Previous report
•Operating profit increased 4.5%.
Previous report
(1) Depreciation, depletion, and amortization are components of operating profit.
Previous report
•Operating profit decreased 36.5% primarily due to impact of the Stavola acquisition, which is more seasonally impacted by the winter months than our legacy operations. Stavola reduced operating profit by $11 million in the current period. On an organic basis, operating profit increased slightly as increased unit profitability was partially offset by volume declines.
Previous report
(1) Depreciation and amortization are components of operating profit.
Previous report
•Selling, general, and administrative expenses increased 25.4% primarily due to additional costs from the acquired Ameron business. Selling, general, and administrative expenses as a percentage of revenues was 8.1% in the current period, compared to 8.0% in the prior period.
Previous report
•Operating profit increased 48.3% primarily due to higher wind tower volumes, operating improvements in our utility structures business and the accretive impact of the acquired Ameron business.
Previous report
As of March 31, 2025, the backlog for utility, wind, and related structures was $1,094.1 million, compared to $1,190.8 million and $1,366.7 million as of December 31, 2024 and March 31, 2024, respectively. Approximately 59% of these unsatisfied performance obligations are expected to be delivered during 2025, approximately 15% during 2026, and the remainder are expected to be delivered through 2028.
Previous report
(1)Depreciation and amortization are components of operating profit.
Reworded paragraphs (44)
Previous wording
•Within our Engineered Structures segment, our backlog as of March 31, 2025 provides good production visibility for the remainder of 2025. Our customers remain committed to taking delivery of these orders. In utility structures, order and inquiry activity continues to be healthy, as customers remain focused on grid hardening and reliability initiatives. The passage of the Inflation Reduction Act ("IRA") in August 2022, which included a long-term extension of the Production Tax Credit for new wind farm projects and introduced new Advanced Manufacturing Production (“AMP”) tax credits for companies that domestically manufacture and sell clean energy equipment in the U.S., is a significant catalyst for our wind towers business. Since the passage of the IRA, we have received new orders of $1.1 billion for delivery through 2028, a large portion of which will support wind energy expansion projects in the Southwest. As a result, we have opened a new plant in New Mexico and started delivering towers from this facility in the second quarter of 2024. The timing of new orders may be unpredictable, particularly as the market adjusts to a new presidential administration. However, we remain confident that further investment in wind energy is needed to meet the load growth demands in the U.S., and we continue to have discussions with our customers about additional orders for 2026 and beyond.
Current wording
•Within our Engineered Structures segment, our backlog as of June 30, 2025 provides good production visibility for the remainder of 2025. Our customers remain committed to taking delivery of these orders. In utility structures, order and inquiry activity continues to be healthy, as customers remain focused on grid hardening and reliability initiatives, along with increasing demand for electricity. In our wind towers business, the Inflation Reduction Act ("IRA"), which passed in August 2022, was a significant catalyst for order activity following its passage. The IRA included a long-term extension of the Production Tax Credit (“PTC”) for new wind farm projects and introduced new Advanced Manufacturing Production (“AMP”) tax credits for companies that domestically manufacture and sell clean energy equipment in the U.S. Shortly following the passage of the IRA, we received new wind tower orders of $1.1 billion for delivery through 2028, a large portion of which is supporting wind energy expansion projects in the Southwest. As a result, we opened a new plant in New Mexico and started delivering towers from this facility in the second quarter of 2024. Uncertainty around potential changes in energy policy with the current U.S. presidential administration tempered order activity. The OBBBA, which was enacted on July 4, 2025, includes several provisions that roll-back, phase out, repeal, and/or add stricter eligibility requirements for, several tax incentives applicable to wind and solar projects. The OBBBA terminates the IRA's AMP tax credits for wind towers sold after 2027. Also, under the OBBBA, wind farm projects that begin construction after July 4, 2026, and are not placed in service before the end of 2027, will not be eligible for the PTC. The pending expiration of these incentives may pull demand forward. Notwithstanding these developments, we remain confident that further investment in wind energy is needed to meet the load growth demands in the U.S., and we continue to have discussions with our customers about additional orders for 2026 and beyond. As of June 30, 2025, our remaining backlog for wind towers was $598.6 million.
Previous wording
•Within our Transportation Products segment, our backlog for inland barges as of March 31, 2025 was $333.6 million, up 19.1% from the start of the year. Our customers remain committed to taking delivery of these orders. Our barge business is recovering from cyclical lows resulting from the onset of the COVID-19 pandemic when order levels fell sharply due to high steel prices throughout 2022 and 2023. Over this time, customer inquiries have remained healthy, initially for dry barges and more recently for tank barges. Both fleets continue to age as new builds have not kept pace with scrapping, which indicates future replacement demand. During the first quarter, we received orders of $142 million primarily for tank barges, which extends our tank barge backlog well into 2026. For dry barges, we have open slots in the fourth quarter to fill our 2025 planned capacity.
Current wording
•Within our Transportation Products segment, our backlog for inland barges as of June 30, 2025 was $277.0 million, up 10% from June 30, 2024. Our customers remain committed to taking delivery of these orders. Our barge business is recovering from cyclical lows resulting from the onset of the COVID-19 pandemic when order levels fell sharply due to high steel prices throughout 2022 and 2023. Over this time, customer inquiries have remained healthy, initially for dry barges and more recently for tank barges. Our backlog for tank barges extends deep into 2026. Both fleets continue to age as new builds have not kept pace with scrapping, which indicates future replacement demand. During the second quarter, we received orders of $33 million primarily for hopper barges. After quarter end, we received additional orders totaling $122 million, solidifying our 2025 production plans and extending our hopper barge backlog into 2026 as well.
Previous wording
•Revenues for the three months ended March 31, 2025 increased 5.6% to $632.0 million compared to the three months ended March 31, 2024 due to higher revenues in Engineered Structures and Construction Products, partially offset by lower revenues in Transportation Products resulting from the divestiture of the steel components business.
Current wording
•Revenues for the three and six months ended June 30, 2025 increased by 10.9% and 8.4%, respectively, to $736.9 million and $1,368.9 million, respectively, from the same periods in 2024, due to higher revenues in Construction Products and Engineered Structures, partially offset by lower revenues in Transportation Products resulting from the divestiture of the steel components business.
Previous wording
•Interest expense totaled $28.3 million, an increase of $20.0 million year-over-year driven by the additional debt incurred to finance the Stavola acquisition.
Current wording
•Interest expense for the three and six months ended June 30, 2025 totaled $28.5 million and $56.8 million, respectively, an increase of $17.1 million and $37.1 million, respectively, from the same periods in 2024, driven by the additional debt incurred to finance the Stavola acquisition.
Previous wording
•The effective tax rate for the three months ended March 31, 2025 was 19.2%, compared to 17.1% for the same period in 2024. See Note 10 Income Taxes to the Consolidated Financial Statements.
Current wording
•The effective tax rate for the three and six months ended June 30, 2025 was 14.5% and 15.9%, respectively, compared to 14.3% and 15.6%, respectively, for the same periods in 2024. See Note 10 Income Taxes to the Consolidated Financial Statements.
Previous wording
•Net income for the three months ended March 31, 2025 was $23.6 million, compared to $39.2 million for the same period in 2024.
Current wording
•Net income for the three and six months ended June 30, 2025 was $59.7 million and $83.3 million, respectively, compared to $45.6 million and $84.8 million, respectively, for the same periods in 2024.
Previous wording
Approximately 59% of the unsatisfied performance obligations for utility, wind, and related structures in our Engineered Structures segment are expected to be delivered during 2025, approximately 15% are expected to be delivered during 2026, and the remainder are expected to be delivered through 2028. Approximately 63% of the unsatisfied performance obligations for inland barges in our Transportation Products segment are expected to be delivered during 2025, and the remainder are expected to be delivered during 2026.
Current wording
For inland barges in our Transportation Products segment, 57% of the unsatisfied performance obligations are expected to be delivered during 2025, and the remainder are expected to be delivered during 2026.
Previous wording
•Revenues from Engineered Structures increased primarily due to higher volumes in our wind towers business and the contribution from the acquired Ameron business, which closed in April 2024.
Current wording
•Revenues from Engineered Structures increased primarily due to higher volumes in our wind towers business. For the six months ended June 30, 2025, revenues also increased due to the contribution from the acquired Ameron business, which closed in April 2024.
Previous wording
•Operating costs for Construction Products increased due to additional costs from the acquired Stavola business.
Current wording
•Operating costs for Construction Products increased primarily due to additional costs from the acquired Stavola business.
Previous wording
•Operating costs for Engineered Structures increased primarily due to higher volumes in wind towers and increased costs from the acquired Ameron business.
Current wording
•Operating costs for Engineered Structures increased primarily due to higher volumes in wind towers, partially offset by lower steel costs for utility structures.
Previous wording
•Operating costs for Transportation Products decreased primarily due to the divestiture of the steel components business, partially offset by higher inland barge volumes.
Current wording
•Operating costs for Transportation Products decreased primarily due to the divestiture of the steel components business, partially offset by higher barge volumes.
Previous wording
•Depreciation and amortization expense increased primarily due to the acquired Ameron business and organic growth investments.
Current wording
•Depreciation, depletion, and amortization expense increased primarily due to the acquisition of Stavola.
Previous wording
•Selling, general, and administrative expenses increased 6.7% for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to additional costs from recently acquired businesses. As a percentage of revenues, selling, general, and administrative expenses were 11.7% for the three months ended March 31, 2025, compared to 11.5% for the same period in 2024.
Current wording
•Selling, general, and administrative expenses decreased by 8.2% and 1.3% for the three and six months ended June 30, 2025, compared to the same periods in the prior year. As a percentage of revenues, selling, general, and administrative expenses were 9.9% and 10.7% for the three and six months ended June 30, 2025, respectively, compared to 12.0% and 11.8% for the same periods in 2024, respectively.
Previous wording
•Operating profit in Construction Products decreased primarily due to the seasonally dilutive impact of the acquired Stavola business.
Current wording
•Operating profit in Construction Products increased primarily due to the impact of the acquired Stavola business.
Previous wording
•Operating profit in Engineered Structures increased due to higher wind tower volumes, operating improvements in our utility structures business and the accretive impact of the acquired Ameron business.
Current wording
•Operating profit in Engineered Structures increased due to higher wind tower volumes as well as improved product mix and operating improvements in our utility structures business.
Previous wording
Other, net (income) expense consists of the following items:
Current wording
Other (income) expense consists of the following items:
Previous wording
The provision for income taxes results in effective tax rates that differ from the statutory rates. The Company's effective tax rate for the three months ended March 31, 2025 was 19.2% compared to 17.1% for the same period in 2024. The change in the tax rate for the three months ended March 31, 2025 is primarily due higher state taxes and foreign adjustments.
Current wording
The provision for income taxes results in effective tax rates that differ from the statutory rates. The Company's effective tax rate for the three and six months ended June 30, 2025 was 14.5% and 15.9%, respectively, compared to 14.3% and 15.6%, respectively, for the same periods in 2024. The change in the tax rate for the three and six months ended June 30, 2025 is primarily due to higher state taxes and foreign adjustments.
Previous wording
•Revenues increased 4.6% primarily due to the acquisition of Stavola which contributed $26.4 million to revenues during the quarter. Organic revenues in our construction materials businesses declined as higher pricing was offset by lower volumes, a decrease in freight revenue, and a reduction in revenue from recently divested operations. Revenues in our trench shoring business decreased 3.7% primarily due to reduced steel prices and lower volumes.
Current wording
•Revenues increased 28.4% primarily due to the acquisition of Stavola which contributed $90.3 million to revenues during the quarter. Organic revenues in our construction materials businesses declined as higher pricing was offset by lower volumes, a decrease in freight revenue, and a reduction in revenue from operations divested in the prior year. Revenues in our trench shoring business decreased 7.6% primarily due to lower volumes and reduced steel prices.
Previous wording
•Cost of revenues increased 9.5% due to increased costs from the Stavola acquisition, including higher depreciation, depletion, and amortization expense. This was partially offset by a decrease in costs for our legacy businesses driven by lower organic volumes. As a percentage of revenues, cost of revenues increased to 82.6% in the current period, compared to 78.9% in the prior period.
Current wording
•Cost of revenues increased 29.7% due to increased costs from the Stavola acquisition, including higher depreciation, depletion, and amortization expense. This was partially offset by a slight decrease in costs for our legacy businesses driven by lower organic volumes. As a percentage of revenues, cost of revenues increased to 76.2% in the current period, compared to 75.4% in the prior period.
Previous wording
•Selling, general, and administrative expenses increased 11.4% due to additional costs from Stavola partially offset by lower costs in our legacy businesses. Selling, general, and administrative expenses as a percentage of revenues was 11.9% in the current period, compared to 11.1% in the prior period.
Current wording
•Selling, general, and administrative expenses increased 4.1% due to additional costs from Stavola partially offset by lower costs in our legacy businesses. Selling, general, and administrative expenses as a percentage of revenues was 8.5% in the current period, compared to 10.5% in the prior period.
Previous wording
•Depreciation, depletion, and amortization expense increased 28.2% primarily due to the acquisition of Stavola, including the fair market value write-up of long-lived assets.
Current wording
•Depreciation, depletion, and amortization expense increased 42.2% primarily due to the acquisition of Stavola, including the fair market value write-up of long-lived assets.
Previous wording
•Revenues increased 23.0% primarily due to higher volumes in our wind towers business and the contribution from the acquired Ameron business. Revenues for utility structures decreased slightly as higher volumes and improved product mix was offset by lower steel prices.
Current wording
•Revenues increased 6.6% primarily due to higher volumes from the new wind tower facility in New Mexico which delivered its first wind tower in the prior period. Revenues for utility and related structures decreased slightly as higher volumes and improved product mix were offset by lower steel prices.
Previous wording
•Cost of revenues increased 14.9% primarily due to increased costs from the acquired Ameron business and higher wind towers volumes. Costs of revenues for utility structures declined as lower steel costs more than offset increased volumes. As a percentage of revenues, cost of revenues decreased to 78.2% in the current period, compared to 83.7% in the prior period. This decrease is partially attributed to startup costs incurred in the prior period for the new concrete utility structure and wind tower facilities.
Current wording
•Cost of revenues increased 1.4% primarily due to higher wind tower volumes. Costs of revenues for utility structures declined as lower steel costs more than offset increased volumes. As a percentage of revenues, cost of revenues decreased to 77.5% in the current period, compared to 81.5% in the prior period. This decrease is partially attributed to startup costs incurred in the prior period for the new wind tower facility.
Previous wording
•Revenues decreased 27.1% resulting from the sale of the steel components business. Inland barge revenues increased 5.9%, driven by higher tank barge deliveries.
Current wording
•Revenues decreased 21.4% resulting from the sale of the steel components business. Inland barge revenues increased 18.1%, driven by higher tank barge deliveries, partially offset by lower hopper barge deliveries.
Previous wording
•Cost of revenues decreased 29.5% driven by the steel components divestiture, partially offset by higher cost of revenues for the inland barge business due to increased volumes.
Current wording
•Cost of revenues decreased 22.0% driven by the steel components divestiture, partially offset by higher cost of revenues for the barge business due to increased volumes.
Previous wording
•Operating profit increased 12.4%, excluding the impact of the steel components divestiture, driven by increased operating profit for the barge business primarily due to increased tank barge volumes.
Current wording
•Operating profit increased 9.4%, excluding the impact of the steel components divestiture, driven by increased operating profit for the barge business primarily due to increased tank barge volumes.
Previous wording
As of March 31, 2025, the backlog for inland barges was $333.6 million, compared to $280.1 million and $294.4 million as of December 31, 2024 and March 31, 2024, respectively. Approximately 63% of the unsatisfied performance obligations for inland barges are expected to be delivered during 2025, and the remainder are expected to be delivered in 2026.
Current wording
As of June 30, 2025, the backlog for inland barges was $277.0 million, compared to $280.1 million and $251.5 million as of December 31, 2024 and June 30, 2024, respectively. We expect to deliver 57% of the unsatisfied performance obligations for inland barges during 2025, and the remainder are expected to be delivered in 2026.
Previous wording
•Corporate overhead costs decreased 5.5% primarily due to lower acquisition and divestiture-related expenses of $0.8 million, compared to $1.6 million for the same period in 2024.
Current wording
•Corporate overhead costs decreased 22.6% primarily due to lower acquisition and divestiture-related expenses of $0.5 million, compared to $3.9 million for the same period in 2024.
Previous wording
Arcosa’s primary liquidity requirement consists of funding our business operations, including operating expenses, capital expenditures, working capital investment, and our regular quarterly dividend. Our primary sources of liquidity include cash flow from operations, our existing cash balance, availability under the revolving credit facility, and, as necessary, the issuance of additional long-term debt or equity. We may also consider undertaking disciplined acquisitions, organic growth, investment projects, additional return of capital to stockholders, or funding other general corporate purposes to the extent we have available liquidity.
Current wording
Arcosa’s primary liquidity requirement consists of funding our business operations, including operating expenses, capital expenditures, working capital investment, and our regular quarterly dividend. Our primary sources of liquidity include cash flow from operations, our existing cash balance, availability under the revolving credit facility, and, as necessary, the issuance of additional long-term debt or equity. We may also consider undertaking disciplined acquisitions, organic investment projects, additional return of capital to stockholders, or funding other general corporate purposes to the extent we have available liquidity.
Previous wording
The following table summarizes our cash flows from operating, investing, and financing activities for the three months ended March 31, 2025 and 2024:
Current wording
The following table summarizes our cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024:
Previous wording
Operating Activities. Net cash required by operating activities for the three months ended March 31, 2025 was $0.7 million, compared to $80.5 million of net cash provided by operating activities for the three months ended March 31, 2024.
Current wording
Operating Activities. Net cash provided by operating activities for the six months ended June 30, 2025 was $60.5 million, compared to $118.8 million of net cash provided by operating activities for the six months ended June 30, 2024.
Previous wording
•The changes in current assets and liabilities resulted in a net use of cash of $80.7 million for the three months ended March 31, 2025, compared to a net source of cash of $4.6 million for the three months ended March 31, 2024. The current year activity was primarily driven by an increase in receivables and a decrease in advanced billings and accrued liabilities, partially offset by higher accounts payable.
Current wording
•The changes in current assets and liabilities resulted in a net use of cash of $156.3 million for the six months ended June 30, 2025, compared to a net use of cash of $44.7 million for the six months ended June 30, 2024. The current year activity was primarily driven by increases in receivables and inventory and a decrease in advanced billings, partially offset by higher accounts payable.
Previous wording
Investing Activities. Net cash required by investing activities for the three months ended March 31, 2025 was $11.4 million, compared to $43.5 million for the three months ended March 31, 2024.
Current wording
Investing Activities. Net cash required by investing activities for the six months ended June 30, 2025 was $33.4 million, compared to $241.2 million for the six months ended June 30, 2024.
Previous wording
•Capital expenditures for the three months ended March 31, 2025 were $34.0 million, compared to $54.4 million for the same period last year. Full-year capital expenditures are expected to be approximately $145 to $165 million in 2025.
Current wording
•Capital expenditures for the six months ended June 30, 2025 were $61.8 million, compared to $102.0 million for the same period last year. Full-year capital expenditures are expected to be approximately $145 to $155 million in 2025.
Previous wording
•Proceeds from the sale of property, plant, and equipment and other assets totaled $5.0 million for the three months ended March 31, 2025, compared to $4.2 million for the same period in 2024.
Current wording
•Proceeds from the sale of property, plant, and equipment and other assets totaled $10.8 million for the six months ended June 30, 2025, compared to $7.4 million for the same period in 2024.
Previous wording
•For the three months ended March 31, 2025, cash received from acquisitions was $17.6 million due to escrow funds that were returned to Arcosa related to contractual purchase price adjustments in connection with the Stavola acquisition. There was no acquisition activity during the same period in 2024.
Current wording
•For the six months ended June 30, 2025, cash received from acquisitions was $17.6 million due to escrow funds that were returned to Arcosa related to contractual purchase price adjustments in connection with the Stavola acquisition. Cash paid for acquisitions, net of cash acquired, was $179.9 million during the same period in 2024.
Previous wording
•There were no proceeds from the sale of businesses during the three months ended March 31, 2025, compared to $6.7 million for the same period in 2024.
Current wording
•There were no proceeds from the sale of businesses during the six months ended June 30, 2025, compared to $33.3 million for the same period in 2024.
Previous wording
Financing Activities. Net cash required by financing activities during the three months ended March 31, 2025 was $7.3 million, compared to net cash provided by financing activities of $34.7 million for the same period in 2024.
Current wording
Financing Activities. Net cash required by financing activities during the six months ended June 30, 2025 was $24.7 million, compared to net cash provided by financing activities of $121.3 million for the same period in 2024.
Previous wording
•Current year activity was driven by scheduled debt payments, dividends paid during the period, and shares purchased to satisfy employee taxes on vested stock.
Current wording
•Current year activity was driven by scheduled debt payments, dividends paid during the period, shares purchased to satisfy employee taxes on vested stock, and debt issuance costs.
Previous wording
On August 15, 2024, we entered into an amendment to the Credit Agreement to, among other things, (i) increase our revolving credit facility from $600.0 million to $700.0 million, (ii) collateralize the amended revolving credit facility with substantially all of our and our subsidiary guarantors' personal property (with certain exceptions), (iii) make the applicable margin for revolving borrowings, letters of credit and the commitment fee rate be based on our consolidated net leverage ratio (permitting up to $150.0 million of unrestricted cash to be netted from the calculation thereof), (iv) modify the margin for SOFR-based revolving borrowings and letters of credit to range from 1.25% to 2.50% per annum, (v) modify the margin for base rate revolving borrowings to range from 0.25% to 1.50%, (vi) modify the commitment fee that accrues on the unused portion of the revolving credit facility to range from 0.20% to 0.45%, and (vii) modify the maximum permitted leverage ratio to include a net debt concept (permitting up to $150.0 million of unrestricted cash to be netted from the calculation thereof), and to provide that such ratio shall be no greater than 5.00 to 1.00 during the fourth quarter of 2024 and the next two fiscal quarters, 4.50 to 1.00 for the next following two fiscal quarters, and 4.00 to 1.00 for each fiscal quarter thereafter (however, this maximum permitted leverage ratio may be increased to 4.50 to 1.00 for up to four fiscal quarters if a material acquisition is entered into). These amendments did not become effective until the closing of the Stavola acquisition on October 1, 2024. The amended revolving credit facility's maturity date of August 23, 2028 remains unchanged.
Current wording
On August 15, 2024, we entered into Amendment No.1 to the Credit Agreement to, among other things, (i) increase our revolving credit facility from $600.0 million to $700.0 million, (ii) collateralize the amended revolving credit facility with substantially all of our and our subsidiary guarantors' personal property (with certain exceptions), (iii) make the applicable margin for revolving borrowings, letters of credit and the commitment fee rate be based on our consolidated net leverage ratio (permitting up to $150.0 million of unrestricted cash to be netted from the calculation thereof), (iv) modify the margin for SOFR-based revolving borrowings and letters of credit to range from 1.25% to 2.50% per annum, (v) modify the margin for base rate revolving borrowings to range from 0.25% to 1.50%, (vi) modify the commitment fee that accrues on the unused portion of the revolving credit facility to range from 0.20% to 0.45%, and (vii) modify the maximum permitted leverage ratio to include a net debt concept (permitting up to $150.0 million of unrestricted cash to be netted from the calculation thereof), and to provide that such ratio shall be no greater than 5.00 to 1.00 during the fourth quarter of 2024 and the next two fiscal quarters, 4.50 to 1.00 for the next following two fiscal quarters, and 4.00 to 1.00 for each fiscal quarter thereafter (however, this maximum permitted leverage ratio may be increased to 4.50 to 1.00 for up to four fiscal quarters if a material acquisition is entered into). These amendments did not become effective until the closing of the Stavola acquisition on October 1, 2024. The amended revolving credit facility's maturity date of August 23, 2028 remains unchanged.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
•Revenues increased 17.1% primarily due to the acquisition of Stavola which contributed $116.7 million to revenues during the period. Organic revenues in our construction materials businesses declined as higher pricing was offset by lower volumes, a decrease in freight revenue, and a reduction in revenue from operations divested in the prior year. Revenues from our trench shoring business decreased 6.0% primarily due to lower volumes and reduced steel prices.
Current report — wording carried from elsewhere
•Depreciation, depletion, and amortization expense increased 35.1% primarily due to the acquisition of Stavola, including the fair market value write-up of long-lived assets.
Current report — wording carried from elsewhere
•Cost of revenues increased 7.6% primarily due to higher wind tower volumes. Costs of revenues for utility structures declined as lower steel costs more than offset increased volumes. As a percentage of revenues, cost of revenues decreased to 77.8% in the current period, compared to 82.5% in the prior period. This decrease is partially attributed to startup costs incurred in the prior period for the new wind tower facility.
Current report — wording carried from elsewhere
•Revenues decreased 24.3% resulting from the sale of the steel components business. Inland barge revenues increased 11.8%, driven by higher tank barge deliveries, partially offset by lower hopper barge deliveries.
Current report — wording carried from elsewhere
•Cost of revenues decreased 25.8% driven by the steel components divestiture, partially offset by higher cost of revenues for the barge business due to increased volumes.
Current report — wording carried from elsewhere
•Selling, general, and administrative expenses were roughly flat, excluding the impact of the steel components business from the prior period.
Current report — wording carried from elsewhere
•Operating profit increased 11.0%, excluding the impact of the steel components divestiture, driven by increased operating profit for the barge business primarily due to increased tank barge volumes.
Current report — wording carried from elsewhere
•Corporate overhead costs decreased 14.9% primarily due to lower acquisition and divestiture-related expenses of $1.3 million, compared to $5.5 million for the same period in 2024.