Arcosa(US:ACA)2023-04-28 12:59Financial Performance & Guidance - Arcosa reported record quarterly Adjusted EBITDA, driven by strong performance across all segments and a strategic land sale gain[26] - The company increased its full-year 2023 revenue guidance to a range of $2200 million to $2300 million[44], reflecting a potential increase of approximately 10% from the $2054 million in FY22 (excluding storage tanks)[44] - Adjusted EBITDA guidance for 2023 was also increased to a range of $345 million to $370 million[44], which, normalizing for the sale of storage tanks, represents a 29% growth from the $278 million in 2022[43, 44] - The updated Adjusted EBITDA guidance includes an estimated $17 million to $22 million of AMP tax credits for wind towers[44] Segment Results (Q1 2023) - Construction Products saw revenues of $236.1 million[31], a 12% increase from Q1 2022's $211.5 million[31], with Adjusted Segment EBITDA increasing by 85% to $76.4 million[31] - Engineered Structures reported Adjusted Segment EBITDA growth of 24%, normalizing for the storage tanks divestiture, driven by higher volumes in utility structures and inclusion of AMP tax credits for wind towers[32] - Transportation Products experienced Adjusted Segment EBITDA growth due to higher volumes in both barge and steel components[35] Strategic Initiatives & Outlook - Arcosa divested its storage tanks business for $275 million in October 2022[11] - The company has invested approximately $1.4 billion in 5 large acquisitions and several bolt-on acquisitions to expand its Construction Products platform[12] - Since the passage of the Inflation Reduction Act (IRA), Arcosa has received wind tower orders exceeding $1.1 billion for delivery through 2028[54]