Total Revenue

+5.6% (from $598.6M to $632.0M)

Total Revenue increased modestly as growth from prior period acquisitions and organic improvements—reflecting increased volumes and pricing trends—brought revenues up from $598.6M in Q1 2024 to $632.0M in Q1 2025. " "

Engineered Structures

+23% (from $231.6M to $284.8M)

The Engineered Structures segment benefited from higher volumes in wind towers and contributions from the acquired Ameron business compared to Q1 2024, raising its revenue from $231.6M to $284.8M. " " This improvement underscores the impact of strategic acquisitions and operational momentum relative to the previous period.

Transportation Products

–27% (from $115.8M to $84.4M)

Transportation Products revenue fell sharply due to the continued absence of the steel components business following its divestiture, with only a modest offset from increased inland barge volumes; revenues dropped from $115.8M to $84.4M relative to Q1 2024. " "

Net Income

–40% (from $39.2M to $23.6M)

Net Income declined by 40% as higher expenses—including a significant rise in interest expense and increased SG&A attributable to integration costs from the Stavola acquisition—eroded profitability compared with Q1 2024’s $39.2M. " "

Operating Cash Flow

Shift from +$80.5M to –$0.7M

Operating Cash Flow deteriorated primarily because of a drastic increase in working capital needs—most notably a $77.6M surge in receivables—along with declines in advanced billings and accrued liabilities, reversing the positive $80.5M cash source in Q1 2024 to a nearly neutral level in Q1 2025. " "

Total Assets

+34% (from $3,668.1M to $4,933.9M)

Total Assets expanded from $3,668.1M to $4,933.9M, driven mainly by the Stavola acquisition that added significant goodwill, property, plant, equipment, and intangibles, along with increases in receivables and cash from financing that were not as pronounced in the previous period. " "

Debt

+180% (from $600.6M to $1,686.3M)

Debt surged by 180% as new financing for acquisitions—especially the Stavola deal—resulted in substantial new borrowings, elevating total debt from $600.6M to $1,686.3M compared to Q1 2024, highlighting a marked shift in the company’s capital structure and leverage profile. " "

Revenue

FY 2025

$2.8B to $3B "

$2.9B "

no change

Adjusted EBITDA

FY 2025

$545M to $595M "

$570M "

no change

Capital Expenditures (CapEx)

FY 2025

$145M to $165M "

$145M to $165M "

no change

Leverage Target

FY 2025

no prior guidance

2x to 2.5x net debt to adjusted EBITDA " "

no prior guidance

Stavola Acquisition Integration

Q4 2024 emphasized that integration was “progressing well” with notable seasonality challenges and depreciation impacts. " " " Q3 2024 highlighted a smooth integration with identified synergies and a straightforward process. " " " Q2 2024 described operational efficiencies, synergies from the management team, and seasonality issues. " " "

Q1 2025 indicated that integration is proceeding smoothly with no major surprises while seasonal weather in January–February impacted EBITDA by reducing adjusted segment margins. CapEx investments at Stavola and strong management performance were noted. " " " "

Consistent integration progress with recurring seasonal challenges; overall optimism remains.

Wind Tower Production

Q4 2024 noted the production of the first towers from the New Mexico facility and a solid backlog. " " Q3 2024 reported ramp‐up at the Berlin facility with strong 2025 visibility and growing discussions for future orders. " " " Q2 2024 mentioned initial deliveries from the Belen, New Mexico plant and active discussions to secure future backlog. " " "

Q1 2025 emphasized a robust ramp‐up at the New Mexico facility with production fully operational; profitable thanks to tax credits and a significant backlog of $1.1 billion for utility and wind structures, indicating strong revenue growth potential. " " " "

Continued ramp‐up with strong production and order visibility; sentiment remains upbeat.

Renewable Energy Demand

Q4 2024 reported strong demand for wind energy driven by load growth in the U.S.. " Q3 2024 highlighted long‐term demand drivers from policy initiatives like the Inflation Reduction Act and growing infrastructure needs. " Q2 2024 acknowledged that federal initiatives were encouraging renewable energy project development. "

Q1 2025 stressed that rising U.S. power needs are fueling renewable energy demand, with wind towers being positioned as essential; demand remains robust even if tax credits change, supported by long-term sustainable growth expectations. " "

Steady and strong demand driven by growing U.S. power needs; fundamentals remain positive.

Weather-Driven Operational Volatility

Q4 2024 described impacts from heavy rainfall affecting volumes and organic growth in regions like Dallas and Tennessee. " Q3 2024 noted that while severe weather disrupted operations, impacts were not material and plants recovered quickly. " " " Q2 2024 discussed weather-induced volume constraints and higher operating costs due to shutdowns. " " "

Q1 2025 reported that unseasonably cold and wet weather in January and February caused significant volume and EBITDA impacts, especially in the Northeast where Stavola operates; however, improvements were seen in later months. " " "

Recurring seasonal weather impacts persist, with Q1 2025 showing notable early-quarter challenges but recovery evident.

Pricing Momentum and Order Visibility

Q4 2024 detailed strong pricing performance in aggregates and specialty materials with robust order backlogs in utility, wind, and barge segments. " " " Q3 2024 cited low double-digit price increases and healthy backlog for utility, wind and barge orders. " " " Q2 2024 observed disciplined low double-digit price increases and good visibility into 2025 orders. " " " "

Q1 2025 described 7%–10% price increases in aggregates and construction products resulting in margin expansion; order backlog remained strong across utility structures, wind towers, and transportation products, reinforcing robust future guidance. " " " " "

Consistent strong pricing discipline with healthy order visibility maintained across segments.

Transportation and Barge Business Dynamics

Q4 2024 highlighted a $280 million backlog, with strong demand especially for tank barges and customer concerns about steel prices and capacity constraints. " " Q3 2024 noted revenue and EBITDA growth amid divestitures and ramp-up of production, with backlog clarity for 2025. " " " " Q2 2024 described a positive market upcycle with strong liquidity and capacity focus. " "

Q1 2025 reported 6% revenue growth and 13% adjusted EBITDA growth driven by higher tank barge volumes; orders of $142 million and a 19% increase in backlog to $334 million were noted despite ongoing concerns about steel prices, trade uncertainty, and production capacity. " " "

Dynamics remain strong with clear demand and backlog growth, although steel price and capacity issues persist.

Operational Efficiency and Margin Expansion Strategies

Q4 2024 showcased margin expansion fueled by accretive acquisitions (Stavola, Ameron), organic improvements, and actions like divestitures and cost reductions. " " Q3 2024 emphasized portfolio pruning, pricing focus, and operational improvements leading to significant margin expansion. " " " Q2 2024 stressed synergies from integrating Stavola and improved cost control driving margins. " " "

Q1 2025 highlighted operational excellence in utility structures and wind tower facilities, with management leveraging pricing, cost control, and integration synergies to deliver a 100 basis point margin expansion in construction products despite volume declines due to seasonal weather. " " " " "

A consistent focus on efficiency and margin expansion, with integrated acquisitions continuing to yield benefits.

Residential Market Weakness

Q3 2024 pointed to a slow recovery in single-family and multifamily construction largely due to uncertainty and project delays. " " Q4 2024 and Q2 2024 did not address residential market specifics.

Q1 2025 reiterated that the residential market, particularly single-family housing, remains weak, though there is some stability in markets like Houston; expectations are for a modest pickup later in the year rather than a boom. "

Residential weakness persists with cautious outlook; modest stabilization is anticipated later.

Steel Pricing Dynamics

Q4 2024 reported that significant steel price declines affected revenue but improved margins through pass-through mechanisms. " " Q3 2024 noted that lower steel prices contributed to margin expansion, despite revenue volatility. " " Q2 2024 observed that lower steel prices were beneficial for securing orders in the barge business. " "

Q1 2025 discussed steel pricing in the context of tariff impacts and volatility; management is confident steel prices will moderate as mills negotiate more aggressively despite current high prices impacting both utility structures and barge segments. " "

Steel price volatility continues but with growing confidence that prices will stabilize, preserving margins.

Financial Leverage and Cost Pressures

Q4 2024 emphasized reduced net leverage from 3.4x to 2.9x due to strong free cash flow and strategic debt repayment while noting rising depreciation expenses; Q3 2024 highlighted deleveraging efforts through strong cash flow and capacity discipline; Q2 2024 discussed the impact of the Stavola acquisition on leverage and plans to return to 2–2.5x net leverage. " " " "

Q1 2025 maintained net leverage at 2.9x with strong liquidity of $868 million; cost pressures are easing with moderating variable costs and lower oil-based input expenses, supporting margin expansion in construction products despite seasonal headwinds. " "

Ongoing deleveraging remains a priority amid moderating cost pressures; balance sheet strength is maintained.

Portfolio Optimization and Asset Divestitures

Q4 2024 outlined divestitures of the steel components business, sale of a subscale asphalt operation, and closure of non-core assets as parts of a strategy to simplify the portfolio. " Q3 2024 detailed divestitures in both steel and asphalt segments, contributing to improved margins; Q2 2024 provided extensive detail on selling non-core assets including steel components and underperforming facilities. " "

Q1 2025 did not explicitly mention new portfolio optimization or divestiture actions, suggesting that recent divestitures are already integrated and the focus has shifted toward optimizing acquired operations such as Stavola. " "

Divestiture activity was robust in prior quarters; Q1 2025 sees less emphasis, indicating portfolio stabilization.

Political and Election-Related Uncertainty

Q3 2024 featured concerns that election-related uncertainty was delaying large projects and infrastructure spending. " " Q4 2024 mentioned trade and tariff uncertainties along with regulatory headwinds but did not focus on elections; Q2 2024 did not mention this topic.

Q1 2025 briefly noted a fluid global macroeconomic and political environment, with management confident in its resilience; specific election-related concerns were less emphasized compared to previous discussion. " " "

Reduced emphasis on election-related uncertainty with a broader focus on global/political conditions.

Tax Credit Monetization Concerns

Q4 2024 discussed selling wind tower tax credits resulting in a modest EBITDA reduction. " Q3 and Q2 2024 did not address this topic.

Q1 2025 provided detail on the sale of tax credits in April, noting an anticipated quarterly loss of around $2 million that has a minimal impact on margins, while reinforcing that the wind tower business remains viable without them. " "

Concerns remain modest and largely manageable; similar to Q4 2024 with no major new issues.

Specialty Materials and Infrastructure Growth

Q2 2024 detailed strong operational improvements in Specialty Materials with low double-digit revenue and margin gains, closely tied to infrastructure projects; Q3 2024 and Q4 2024 reinforced growth through enhanced pricing, capacity expansion (such as plaster plant expansion), and favorable infrastructure spending dynamics. " " " "

Q1 2025 noted that Specialty Materials revenues were flat while margins expanded modestly; infrastructure growth remains a tailwind with continued support from public projects and strong industrial demand (e.g. in New Jersey and Texas). " " "

A steady narrative of operational improvements and infrastructure-led growth persists; margins remain resilient.