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Arcosa, Inc. (NYSE: ACA) is a leading provider of infrastructure-related products and solutions, primarily operating in North America. The company specializes in manufacturing and selling products for construction, engineered structures, and transportation markets. Arcosa's offerings include aggregates, specialty materials, steel and concrete structures, and transportation equipment.
- Construction Products - Produces and sells natural and recycled aggregates, specialty materials, and construction site support equipment such as trench shields and shoring products.
- Engineered Structures - Manufactures and sells steel and concrete structures for infrastructure businesses, including utility structures for electricity transmission and distribution, structural wind towers, traffic and lighting structures, and telecommunication structures.
- Transportation Products - Manufactures and sells inland barges, fiberglass barge covers, winches, marine hardware, and steel components for railcars and other transportation and industrial equipment.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Antonio Carrillo [Feb 28 ExecutiveBoard | President and Chief Executive Officer | Director of NRG Energy, Inc. since 2019 | Antonio Carrillo is the President and Chief Executive Officer of Arcosa, Inc. since 2018 and also a member of its Board of Directors. He previously served as CEO of Orbia Advance Corporation from 2012 to February 2018 and held key leadership roles at Trinity Industries, Inc. from April 2018 to November 2018. | View Report → |
Bryan P. Stevenson [Feb 28 Executive | Chief Legal Officer | Bryan P. Stevenson has been the Chief Legal Officer at Arcosa since 2018. He previously served as Vice President, Associate General Counsel, and Corporate Secretary at Trinity Industries from 2015 to 2018, and as Vice President, General Counsel, and Secretary at CarParts, Inc. from 2011 to 2015. | ||
Eric D. Hurst [Feb 28 Executive | Vice President, Controller and Principal Accounting Officer | Eric D. Hurst is currently the Vice President, Controller and Principal Accounting Officer at Arcosa, Inc., appointed on February 28, 2025. He previously served as Corporate Controller starting in November 2018 and became Vice President, Controller in 2021. | ||
Gail M. Peck [Feb 28 Executive | Chief Financial Officer | Gail M. Peck is the Chief Financial Officer of Arcosa, Inc. since May 2021, and she began at Arcosa as Senior Vice President, Finance and Treasurer in 2018, after holding executive roles at Trinity Industries (2010-2018) and Centex Corporation (2004-2009). | ||
Jesse E. Collins Executive | Group President | Jesse E. Collins, Jr. has served as Group President at ACA since 2018 and also holds leadership roles as Chairman and President of Arcosa Mining and Construction Equipment, Inc. and as Chairman of Arcosa Wind Towers, Inc. as of December 15, 2023. | ||
Kerry S. Cole [Feb 28 Executive | Group President | Kerry S. Cole has served as Group President at Arcosa, Inc. since 2018 and brings extensive leadership experience in manufacturing and operations roles from his tenure at Trinity Industries from 2000 to 2018. | ||
Reid S. Essl [Feb 28 Executive | Group President | Reid S. Essl is the Group President at Arcosa, Inc. since 2018. Previously, he served as President of Trinity Construction Materials from 2016 to 2018 and as Group CFO for Trinity’s Construction, Energy, Marine, and Components businesses from 2013 to 2016. | ||
Jeffrey A. Craig [Apr 1 Board | Independent Director | Non-Executive Chair at Hyliion Holdings Corp. since 2022; Audit Committee Chair at Baxter International Inc. since 2024 | Jeffrey A. Craig serves as the Independent Director and Chair of the Audit Committee at Arcosa, Inc. since 2018. Previously, he held executive leadership roles at Meritor, Inc. and GMAC. | |
John W. Lindsay [Apr 1 Board | Independent Director | President and Chief Executive Officer of Helmerich & Payne, Inc. | John W. Lindsay has served as an Independent Director at Arcosa, Inc. since 2018. He is also the President and Chief Executive Officer of Helmerich & Payne, Inc. since 2014. | |
Joseph Alvarado [Apr 1 Board | Director | Director at PNC Financial Services Group, Inc. (since 2019) ; Director at Kennametal, Inc. (since 2018) ; Director at Trinseo plc (since 2017) | Joseph Alvarado is currently a Director at Arcosa, Inc. since 2018. He also serves as the Chair of the Human Resources Committee at Arcosa, Inc.. | |
Julie A. Piggott [Apr 1 Board | Independent Director | Olin Corporation (Board Member since 2023) ; Lena Pope (Board Member) ; Advisory Board, College of Business, Analytics & Communications at Minnesota State University Moorhead | Julie A. Piggott has been serving as an Independent Director at ACA since 2021 and is recognized as a financial expert, having previously served as Executive Vice President and Chief Financial Officer at BNSF Railway Company from 2014 to 2021. | |
Kimberly S. Lubel [Apr 1 Board | Director | Westlake Corporation Board Member (2020-present) ; PBF Energy Inc. Board (Chair of Health, Safety, and Environmental Committee, Chair of Audit Committee, Compensation Committee Member) (2017-present) | Kimberly S. Lubel is an experienced independent director at Arcosa, Inc. since 2021, with extensive legal and strategic leadership experience. | |
Melanie M. Trent [Apr 1 Board | Independent Director | Lead Independent Director at Diamondback Energy, Inc.; Director at Hyliion Holdings Corp. | Melanie M. Trent has an extensive legal and executive management background. She has served as an Independent Director and as Chair of the Governance & Sustainability Committee at Arcosa Inc. since 2018. | |
Rhys J. Best [Apr 1 Board | Independent, Non-Executive Chairman of the Board | Texas Pacific Land Corporation: Board Member (2022-present), Non-Executive Chair (2023-present) | Rhys J. Best [Apr 1 serves as Arcosa's Independent, Non-Executive Chairman of the Board since 2018. [0] He brings extensive leadership experience from various board roles and industrial enterprises, contributing significant governance insights at Arcosa and beyond. | |
Steven J. Demetriou [Apr 1 Board | Independent Director | Director of FirstEnergy Corporation since 2017 ; Board Member of Cuyahoga Community College Foundation ; Director of PA Consulting Group Limited ; Co-Chair of U.S.-Saudi Business Council | Steven J. Demetriou serves as an Independent Director at ACA since February 1, 2023, and brings over 35 years of international senior management experience from prior roles at companies such as Jacobs Solutions and Aleris Corporation. |
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In Q4 you mentioned a revenue shortfall of approximately $25 million due to lower steel prices and noted a near 10% decline in transmission revenues; what specific hedging or pricing strategies are you implementing to mitigate this volatility going forward? [Index 8]
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Given that Stavola contributed 25% of segment revenues and 34% of adjusted EBITDA in Q4 yet is expected to dilute EBITDA margins by about 200 basis points in Q1, how do you plan to stabilize its performance amid inherent seasonality? [Indexes 9, 13]
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With 2025 growth CapEx being reduced to $145–$165 million as part of your deleveraging initiative, how do you evaluate the risk of sacrificing future organic growth opportunities, and what criteria guide your balance between expansion and debt reduction? [Indexes 11, 13]
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Your updated guidance showed a 50% increase in depreciation, depletion, and amortization expenses primarily due to the step-up from Stavola’s asset valuation; how sustainable is this elevated non-cash expense over the longer term and what adjustments might we expect in future periods? [Indexes 4, 13]
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Amid regulatory uncertainty affecting the wind tower segment and potential delays in additional orders, what proactive measures are you taking to secure new contracts or streamline approvals, ensuring the current backlog effectively translates into sustained future growth? [Indexes 12, 16]
| Customer | Relationship | Segment | Details |
|---|---|---|---|
GE Vernova | Major wind turbine producer and a key customer for wind tower orders | Engineered Structures | Accounted for 10.8% of total revenue in 2024, 8.1% in 2023, and 9.3% in 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Stavola Holding Corporation | 2024 | Arcosa acquired Stavola for $1.2 billion in cash, financed via $600 million senior unsecured notes and a $700 million Term Loan B Facility. The deal adds key assets—including five quarries, twelve asphalt plants, and three recycled aggregates sites—to its Construction Products segment, expected to improve EBITDA margins and deliver tax benefits. |
Phoenix-based Natural Aggregates Business | 2024 | Arcosa acquired the Phoenix natural aggregates business for $35.0 million, funded with $34.7 million net of cash acquired. This deal is a scaled entry into the Phoenix market, strengthening Arcosa’s Construction Products segment. |
Ameron Pole Products LLC | 2024 | Arcosa acquired Ameron for $180 million using $160 million in borrowings and cash on hand. The acquisition expands its Engineered Structures segment by adding four manufacturing facilities that produce premium concrete and steel poles for infrastructure, enhancing its traffic, telecom, and lighting portfolio. |
Florida-based Recycled Aggregates Business | 2023 | Completed in October 2023 as part of a combined $41 million bolt-on investment, the acquisition targets six Central Florida locations. This strategic move expands Arcosa’s recycled aggregates platform within its Construction Products segment, supporting sustainability and regional market entry. |
Phoenix-based Recycled Aggregates Business | 2023 | Completed in February 2023, this acquisition—though not significant in purchase price—enabled Arcosa to enter the Phoenix metropolitan area. It is part of its strategy to grow a new, accretive recycled aggregates product category with favorable EBITDA margins. |
Houston-based Stabilized Sand Producer | 2023 | Acquired in 2023 as part of a combined $41 million investment at an attractive ~7x EBITDA multiple. The deal enhances Arcosa’s presence in the North Houston market by adding stabilized sand production capabilities to its Construction Products segment. |
Houston-based Shoring, Trench, and Excavation Business | 2023 | Completed in March 2023, this acquisition, though modest in purchase price, bolstered Arcosa’s trench shoring business. It contributed to significant revenue growth in the segment through both acquisition and organic volume expansion. |
Recycled Aggregate Materials Company, Inc. (RAMCO) | 2022 | Acquired in May 2022 for $75 million using borrowings from the revolving credit facility, RAMCO strengthens Arcosa’s recycled aggregates portfolio. With four facilities in Southern California producing approximately 850,000 tons annually, this margin-accretive acquisition supports long-term growth and market expansion. |
Recent press releases and 8-K filings for ACA.
- Arcosa, Inc. provided its quarterly results and forward-looking guidance in its March 2025 investor presentation, expecting double-digit revenue and Adjusted EBITDA growth for 2025 with revenue guidance of $2.8B to $3.0B and Adjusted EBITDA guidance of $545M to $595M.
- The presentation also highlighted key strategic moves, including the divestiture of its Steel Components business and the acquisitions of Ameron and Stavola, which are expected to enhance margin expansion and drive long-term growth.
- Record Q4 2024 performance with significant revenue and adjusted EBITDA growth driven by strategic transformation and portfolio optimization efforts.
- Adjusted EBITDA increased by 62% to $128.3M with margin expansion to 19.3%, supported by contributions from acquisitions like Stavola and Ameron as well as organic growth.
- Net Debt to Adjusted EBITDA improved to 2.9x from a pro forma 3.4x in 3Q24, reflecting effective deleveraging and robust free cash flow that enabled full repayment of the revolver.
- 2025 guidance projects double-digit revenue growth (midpoint up 17%) and a 30% increase in Adjusted EBITDA, with contributions split approximately 60% inorganic and 40% organic.
- Strategic divestitures and focused capital investments, including a reduction in growth CapEx, further position the firm for continued infrastructure-led growth in 2025.
- Q4 2024 Results: Arcosa delivered strong performance with double-digit revenue and Adjusted EBITDA growth, generating robust operating cash flow of $248 million and free cash flow of $199 million.
- Full Year Highlights: The company reported full year revenues of $2,569.9 million and improved EBITDA margins, reflecting significant margin expansion and solid financial results compared to 2023.
- Strategic Actions: Key strategic moves included the acquisition of Stavola’s construction materials business for $1.2 billion and the divestiture of its cyclical steel components business, enhancing its market diversification.
- 2025 Guidance: Updated full year 2025 guidance projects consolidated revenues between $2.8–$3.0 billion and a targeted Adjusted EBITDA range of $545–$595 million, indicating an optimistic outlook for continued profitable growth.