Suncrete, Inc. (RMIX) Q3 2026 Earnings Call Transcript

Welcome to the call.

Thanks, and welcome to the Suncrete Third Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Rick Black, Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. We appreciate you joining us for the Sun Creek conference call to review third quarter 2026 results. This call is also being webcast, and it can be accessed through the audio link on the events and presentations page of the investor relations section of suncreek.com. Information recorded on this call speaks only as of today, November 13, 2026. Please be advised that any time-sensitive information may no longer be accurate as of the date of any replay, listening, or transcript reading. I would also like to remind you that the statements made in today's discussion that are not historical facts, including statements of expectations or future events or future financial performance, are considered forward-looking statements made pursuant to the safe harbor provision for the Private Securities Litigation Reform Act of 1995. We will be making forward-looking statements as part of today's call that by their nature are uncertain and outside of the company's control. Actual results may differ materially. Please refer to our earnings press release for our disclosures on forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. Management will also refer to non-GAAP measures, including adjusted net income, adjusted EBITDA, and supplemental adjusted EBITDA. Reconciliations to the nearest GAAP measures can be found at the end of our earnings press release. Suncrete assumes no obligation to publicly update or revise any forward-looking statements. And now with that out, I would now like to turn the call over to Suncrete's CEO, Randall Edgar. Randall?

Thank you, Rick, and good morning, everyone. Joining me today are Tommy Wintroth, our Chief Financial Officer, and Ned Fleming, our Executive Chairman, along with other members of our management team. I'll begin with our third quarter operating performance and the progress we are making across our acquired businesses. Tommy will then review our financial results and 2026 outlook, followed by Ned's remarks before we open the call for questions. There are three things I want investors to take away from the quarter. First, our local markets across the Sunbelt remain active, and I'm pleased with our operational performance that generated approximately 10% organic growth. In addition, we increased the supplemental adjusted EBITDA margin by 150 basis points compared to the second quarter. Also, revenue was up 45%. And supplemental adjusted EBITDA was up 60% compared to last quarter. Second important takeaway is that our acquisition integration plans are progressing as expected, with several businesses now approaching Sun Creek target margin levels. We took a significant step forward on this front with our North Texas one. And our M&A pipeline remains robust, while our balance sheet gives us the flexibility to continue executing our growth strategy. Before going any further, I want to thank our more than 1,100 employees for their commitment to our customers and to one another. ReadyMix is a service business. The quality of our product and the reliability of deliveries depend on the local teams who manage the plants, maintain the equipment, and work with customers every day. We believe people and culture are fundamental to our ability to consistently execute. To grow the business and to create long-term value. Activity across the Sunbelt market supported both year-over-year and sequential volume growth. However, we lowered our full-year outlook ranges to reflect the current weakness in our residential construction due to elevated interest rates and multiple larger projects have been delayed. As a result of the uncertainty following the midterm election and continuing geopolitical concerns, we remain confident in the persistent volume demand across our specific markets. Since we have navigated through similar economic times, we know that many new growth and margin opportunities will arise. The revised outlook reflects adjusted year-end timelines for integration in certain markets. We continue to advance operating initiatives and remain confident in our ability to bring this year's acquisitions for the target margin profile. Throughout SunCrete's footprint, our markets remain under-built compared to the demand created by Population Road in Oklahoma, Arkansas, North Texas, and Louisiana. This trend is not slowing. Population and business growth across the Sunbelt continues to support long-term demand opportunities in commercial infrastructure and residential construction. Data centers are a growing part of that mix. In our Oklahoma market, several projects are under construction today, and we expect them to support activity into 2027. Additionally, we continue to see at least two years of data center backlog schedules across our footprint. Our local relationships and ability to reliably execute large, complex cores is a competitive advantage and positions us well for these projects. Our strategy has always been to build a balanced customer base across commercial infrastructure and residential construction, which has served us well in times of economic uncertainty. Activity varies by sector and geography, and a key component for our continued success is strong customer relationships. Turning now to our growing platform and the integration of acquisitions, we continue to implement the playbook and are making progress with all of the businesses we acquired last quarter. Notably, North Texas remains highly competitive, but our performance improved steadily throughout the quarter as shown by the March and expansion. Our playbook is built around five key areas. People and culture. Procurement, commercial opportunities, logistics, and technology. It starts with people, where we work to retain local leadership and bring each team into a shared culture of safety and accountability. In procurement, greater purchasing scale can improve how we source materials, equipment, and maintenance services. On the commercial side, our broader capabilities can help local teams serve regional customers and pursue projects that may have previously been beyond their reach. In logistics, we concentrate on dispatch, routing, maintenance, and fleet productivity. Technology supports those efforts by giving teams better visibility into truck activity and efficiency, plant performance, and financial results. We evaluate progress through measures such as yards delivered per driver hour, plant and fleet utilization, on-time delivery, and profitability. Turning now to strategy, the 2026 acquisitions provide a larger revenue base for 2027 and further margin expansion opportunities. At present, we expect these acquisitions to contribute approximately $200 to $250 million in revenue in 2027. Depending on project timing and market activity, representing a meaningful full-year contribution, continued integration should support further margin improvement. And we expect gross profit to expand and SG&A to grow more slowly than revenue. Turning to the cost environment, we generally address material price increases through annual customer base price adjustments. We expect limited aggregate cost impact in Q4 and plan to incorporate anticipated supplier increases into our normal 2027 pricing cycle. Our acquisition pipeline remains active. We are in advanced discussions with several prospects that would be highly accreted, expanding existing markets and entering adjacent markets. We continue to exercise discipline in capital deployment and believe our balance sheet supports our future growth. While the timing of several acquisitions has shifted to the first half of 2027, our number of opportunities continues to expand. We are committed to growing the platform and integrating our playbook to scale the business and drive operating performance. As we build density in our local markets, we have an opportunity to serve more customers, improve the productivity of our plants and trucks, and expand margins across the businesses we acquire. I'll now turn the call over to Tommy.

Thank you, Randall, and good morning, everyone. As a reminder, our third quarter results reflect the full contributions from all acquisitions closed today. Now, reviewing our third quarter results and key financial metrics. Revenue in the third quarter was $141 million, an increase of 45% compared to the second quarter of 2026, And up 163% compared to Q3 last year. Net income in the third quarter was $76,000 compared to a net loss of $37.1 million in the second quarter of 2026, and net income in the same quarter last year, $4.6 million. Adjusted EBITDA in the third quarter was $22.4 million, representing a 15.9% adjusted EBITDA margin. This increased 66% when compared to the second quarter of 2026 and 64% compared to Q3 last year. Supplemental adjusted EBITDA in the third quarter was $23.3 million, representing a 16.5% supplemental adjusted EBITDA margin. This increased 60% compared to the second quarter of 2026 and 62% compared to Q3 last year. You can find GAAP and non-GAAP reconciliations of net income, adjusted EBITDA, and supplemental adjusted EBITDA financial measures at the end of today's earnings release. Turning now to the balance sheet, as of September 30th, we had total liquidity of approximately $206.5 million, including $49 million of cash and cash equivalents. And $44.5 million available capacity under our revolving loan facility. Turning now to our outlook. Today we are revising our outlook for 2026 to the following ranges. Revenue in the range of $408 to $434 million. Net loss in the range of $48.7 to $44.7 million. Adjusted net loss in the range of 21.8 to 17.8 million. Adjusted EBITDA in the range of 60 to 64 million. Supplemental adjusted EBITDA in the range of 63 to 67 million. And with that, I'd like to turn the call over to our executive chairman, Ned Fleming. Ned?

Thank you, Tommy. SunCrete is built to deliver sustained, profitable growth through organic expansion and disciplined acquisitions across the Sun Belt, and our team continues to advance that strategy. As Randall mentioned, success in this business starts with the people. Randall, Tommy, and Mark Jones lead an outstanding team with experienced leaders and over 1,100 disciplined, dedicated workers throughout the organization driving execution every day this team has successfully led and grown the business over the last 18 years year after year we are increasing the local market share by earning customer loyalty through reliable service providing exacting specifications for required materials and partnering with high-quality suppliers Our acquisition and growth model preserves customer relations by supporting local leadership and creating an entrepreneurial culture while simultaneously providing capital and expertise and administrative services to support sustainable, profitable growth. Population and business growth continue to drive opportunities across our market. Data centers, our customers, Including projects under construction in Oklahoma. Add another source of demand into 2027. Our local relationships and ability to execute large, complex pours strengthen our ability to win and do this work. As we expand, we build market density, increase purchasing power, And improve fleet utilization to lift the acquired businesses' margins and generate attractive returns on invested capital. We reinvest the resulting cash flow in our people, operations, and additional acquisitions. This repeatable model allows us to scale Sun Creek, sustain profitable growth, and compound shareholder value over time. As a result of this... We believe the future for Suncrete is very bright. And now we'd like to turn the call over for questions. Operator?

Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we pose with the first question. The first question comes from Catherine Thompson with Thompson Research. Please proceed.

Good morning, and thank you for taking my questions today. I just want to focus on some of your commentary that you had in today's release. Just about certain larger projects getting pushed into 27. That's certainly something that we heard from a wide variety of our industry contacts during our survey season, and some of it were for different reasons. One was just to get beyond elections. Second was just... Pausing as we look at reauthorizing the next federal highway bill. So in other words, it's a way to create some urgency with Congress. And then some are just, you know, high rates. When you look at the book of your business and backlog, what is the mix of those kind of three buckets for delays for projects into 2027?

Catherine, right now, we still have a robust backlog, but you're correct in some of the points you made, is that we have seen a couple jobs kind of delay, and we think that's related to the election, the unknown outcome of that, the geopolitical uncertainty going on, but we think now that we're past the election, things will settle back down, and those jobs will probably come back on the books. We also mentioned interest rates, and we all know those went up, which has not helped improve the residential sector. We think that's going to remain pressed until that turns around. But again, we feel like 27 will be a good year. We have some good projects that we are actually starting in this fourth quarter that are sizable, and then some that we'll start after the first quarter. Another component of that. Some of the integration processes, I mean, we're still confident about our 12 to 18-month window playbook, but we see that some of them are going to be closer to 18 months than the 12. But overall, we feel good about 27.

Okay. That's helpful. And could you also just, you know, how this plays into your margin profile? You know, going in the quarter, some of your acquired companies have lower margins than legacy. How much of the quarter was just those acquired assets and bringing down margins versus pressures in the market? Okay. And then also, too, could you just give a little bit more of a color because I know that you're working on... Thank you, Kevin.

I think you kind of hit the nail on the head. It is the acquisitions, and again, we still feel confident we'll get them to the margins, but it's going to be in that 12- to 18-month window. Repeat the second part of your question for me.

Really, how much of the quarter impact was from acquired margins versus seeing margin pressures from the overall market with your legacy business?

Well, the legacy businesses are doing well. I mean, again, our margins are still outstanding, and they continue to be that, and we'll think we'll hold those into 27. So, again, it is about bringing up the acquisitions to the legacy margin.

Okay, perfect. Excellent. Thank you.

Thank you. Before we move to the next question. We'd like to quickly correct the number that was in our press release related to our outlet. Clearly, the massive e-mail outage yesterday was a challenge to work around. The good news is that the correct numbers are an improvement. And I'll have Tommy walk you through it. Tommy?

In the full year 2026 guidance, the numbers for the net loss were overstated. The correct numbers are as follows. A net loss of $43.685 million to a net loss of $39.685 million, and the adjusted net loss should be $16.81 million to adjusted net loss of $12.81 million. Revenue, adjusted EBITDA, and supplemental adjusted EBITDA guidance remain the same.

Thank you. The next question, please.

Yes, the next question comes from Phil Ingrid Jeffries. Please proceed.

Hey, guys. I guess a question for you, Randall. Margins, as you kind of pointed out, still under pressure for some of the deals you've integrated, but you sound pretty constructive and certainly encouraging that margins improve sequentially. Certainly, there's some element of seasonality there. If there's no deals from here on out, if we just kind of look at your book of business now, you know, from the outside looking in, we're certainly going to look at EBITDA dollars and EBITDA margins. Do you think you're going to be at a good spot where, one, your overall business will see EBITDA margin expansion on a year-year basis, call it? First half of next year, maybe 2Q, or, you know, it's still going to take some time because, as you kind of pointed out, it's more on the 18-month window versus 12 months. Just kind of help us contextualize how the integration progress is progressing and milestones that we could look at from the outside to see if you're making progress.

Well, the simple answer is yes. But we do believe we will. And if you look at last quarter compared to this quarter, I think we've improved that over 150 basis points. So that reflects that we are making progress on the acquisition to bring them up to our standards.

And we think 2027 will be a good year for us.

We have a good backlog going into it. Like I said, we have projects kicking off. We've adjusted to the downturn in the residential, and yet we still manage to keep a fairly good diversity of approach to work and being diversified. We think volumes will be up, revenues will be up, and it will be up in 2020.

Okay. But you're not comfortable calling out when that inflection could happen on a yearly basis at this point?

Well, we'll provide the outlook for 2027, which we expect significant growth, both equisitably and organically.

Okay, helpful. Was freight and just inflation at large contributed to the margin compression in 3Q? Was your price cost pretty neutral, low-compressed, and what's the outlook for the back half, the fourth quarter? And I think you kind of alluded to your suppliers announcing price increases, i.e., the aggroves guys and cement guys, I think, have price increases broadly. Is that helpful in terms of your cause, in terms of getting price increases through 2027? Kind of how should we think about your ability to take perhaps incremental price and how you're managing that price cost spread?

Yes. You know, we're at the time of the year where all those suppliers are putting out their price increase notices, and we systematically will meet with those suppliers and talk about what 2027 looks like. We've been successful at something we do every year. Nothing new that happens this time every year. In the markets where we feel like we have the strong ability to pass that through, We'll pass it through, and markets we think might be a little tighter, we'll negotiate through that. We have been successful for 20 years in maintaining our margins, and the aggregate increases are this time every year. Okay.

And was price cost a pinch point in the back or this is mostly demand and just the incremental acquisitions.

I'm sorry, you broke up on me there for a little.

Sure. Was price cost a bad guy in terms of how margins are going to impact you in 3Q and 4Q, or this is just largely, you know, the deals and perhaps volume is being a little softer?

Yeah, it was largely what you just said. Okay. All right. Helpful.

Thank you.

Thank you.

Next question comes from Rohit Seth with B-Riley Securities. Please proceed.

Thanks for taking my question. Just on the materials margin, which is revenue less than that now, it was about 53% in the first half. Did it hold above 52% in the third quarter with the full quarter's acquisitions?

I'm not, we're having a hard time hearing you. Yeah, would you like to ask that again, please? Yes, please.

So on the materials margin, it was about 53% in the first half of the year. Did it hold above 52% this quarter with the full quarter of acquisitions in there?

I'm going to hand that off to Tommy.

It was down slightly from 9%. So you're down 9%?

It's kind of like you're in a cave. It's hard to understand here.

Are you not able to hear me? Is that what you're saying?

That's much better, Rogan, yes.

All right. So your materials margin, it was about 53% in the first half. Did it hold above 52% in the third quarter with all the acquisitions in there?

The acquisitions brought it down slightly.

Okay. And then what about on the plant and delivery costs? Those are 24% of sales in the second. Again, it's 22% in the first. Maybe you can give me a sense of what it was in the third quarter with the acquired fleets in your dispatch system?

They were better in the third quarter.

Okay, so material margin down, plant and delivery cost better. Okay, and then on the SG&A, it was about $31 million in 3Q. In August, I think you said it was going to be about $25 million. So what's the right quarterly run rate we should model going forward?

I think $31 million on a quarterly basis. That will slightly increase, but we've got to get prepared for the growth that we're expecting throughout 2027.

Okay. Okay, and then maybe you can comment on what you're seeing in the acquisition pipeline. You guys are talking about doing some deals in the third and potentially the fourth. We didn't see any in the third. Do you have something lined up for the fourth that we should be expecting?

Yes.

Okay. And so your net debt, your leverage, you got it with your guide, it's going to be out 3.4 times on your performer guide numbers. So you're willing to take leverage up a little bit from here?

No. I believe it to stay within the previous range that we've mentioned, 3.5, or I'm sorry, 2.5 to 3.2 times.

The next question comes from Andy Whitman with Baird. Please proceed.

Great. Thanks for taking my questions. I guess I wanted to just get a little bit of understanding in the quarter and the guidance revision on the top line to start. You cited some delays on the commercial side and obviously interest rates on the residential side. I guess maybe just talking about the commercial side and getting some project delays there. You said there's a couple of delays there. It sounds like this is the smaller factor. Is my understanding that right? It's more of a residential, if you had to attribute it to one of these two factors. And are the couple of projects that you said are delayed, are those projects stopped currently, or are they just sequenced differently than what you previously expected? And they're still under construction, the site work's still preparing for you guys to come and deliver. I just want to understand. That this is really just a deferral, and you've got some visibility to it, rather than something that's on hold until further notice. Thanks.

Well, it's a combination of all those things, Andy. Yes, residential is a factor. Of course, it's been down, you know, over the last couple of quarters, as we know, but I think with the recent rise of an interest rate, so it's maybe just a little bit more. Some of the statistics we gathered kind of indicate that the trough has not quite hit the slowest point. That being said, we adapted to that months ago, and that hasn't truly adversely affected us. Now, when it comes back, that would be great. We managed around 2008, so we're used to managing around the residential effect. The job that went... They're really just a couple. The rest of them are all proceeding, but we did see a couple just in the last 30 days, and we really attribute it mostly to the election. Okay, so we think those would come back, but, you know, we just had the election, so, you know, we might find out next week, everything's back, but those wouldn't impact us. They're not material in our total volume picture. We see a lot of robust jobs coming through Oklahoma. Data centers are still a big deal in Oklahoma, and we think they'll come back in other regions we're in also.

Okay, great. And then I guess my next question is just on cash. Obviously, the third quarter is always the seasonally highest burn rate, so it's going to consume some capital. But, you know, now that we're getting into a seasonally slower period, I would imagine that the company is going to start releasing some capital. I was hoping that you would comment on what you would expect here in the next three or six month period in terms of cash inflows. I just want to make sure that all the integration is able to deliver the working capital as it unwinds here. It looks like there's been some injections certainly here in the quarter, which would be expected, but it's always hard to know how much given that the company's profile and acquisitions have changed it so much. So I want to just get your sense or your comments on how and what we should expect here in the nearer term for cash.

Well, Andy, Calvin's kind of on the front line on that, so I'm going to defer that to Calvin.

Andy, good morning. What you see in this business is cash flow conversion is really good. This business converts a lot of its EBITDA into free cash flow, and you see we've got roughly 50 million of cash today. You're right. We did sink some working capital into those deals that we did in Q2 throughout Q3, but there were working capital crew-ups, many of which came through in Q4, so I would not expect the business to burn cash outside of M&A during Q4.

Okay, so I'm glad you answered the question that way, so I just want to make sure I understand this correctly. When you guys have done these acquisitions, are you not buying their working capital so that you have to refill basically that working capital in addition to their cash purchase price? I know that in the early days at Construction Partners, that was how it was done, and I wasn't familiar if that was how you guys at SunCrete are also doing your M&A. Is that right? Do I understand that correctly or not correctly?

That's right. We are acquiring working capital, of course, at various levels depending on the business, and we have the right working capital targets for those businesses which are addressed through the post-close true-up process.

Okay, that makes sense. And just I want to do a clarification, I think, for everyone's benefit. You had the comment that in 2027, you expect $200 to $250 million of revenue from the acquisitions, again, in 2027. I think those are the acquisitions starting with Hope, and then onwards, stuff in Louisiana, Nelson Brothers, ABC Block. That's not the contribution from any other deals. It's just those, I guess. Those handful of deals. Is that correct? I just want to make sure that we're all kind of working off the same numbers as we kind of refine our 27 numbers. Yes, that's correct. Okay. Okay. I think I'll leave it there. Thank you. Thank you, Andy.

The next question comes from Adam Thalmere with Thompson-Davis. Please proceed.

Hey, good morning, guys. Good morning. Can you give an update on the ABC block business and Louisiana overall?

Yes, that's a great question. It's going fantastic. I mean, seriously, Adam, it's been a great performer, great management team there, and their results are actually above expectations, so we couldn't be happier with the block.

And then maybe you could update us also on the North Texas acquisitions, how that integration is going, and kind of what inning are they in in terms of getting that combined business where you want it?

Well, again, we are making progress, as you can see, quarter over quarter. We still have plenty to make. We've got a good plan. We're implementing it, but it's going to take a little bit of time. So we feel confident we will get them up to our standards. As you know, Adam, we've got various examples where some of them we got them up there within six months. But, you know, this is a little more challenging, but we've identified and we've got a playbook and we're implementing it. So we will get it there within the 18 months, we believe.

Okay. And then, Randall, I think it was you mentioned that you have a two-year data center backlog. What did you mean by that?

Well, I got a little. So our data, everybody's read all the news about Texas and the oratorians and all that, but what nobody's reading is there were already several data projects in play, approved, and about to build. And if you look at what's already out there and about to build, that's over two years backlogged just in Texas data centers alone. And, of course, we expect... The data centers to the political outlook to change on those, now that the election's done, and that, you know, the 17 moratoriums, et cetera, we think those would probably be worked through.

Hey, Adam, this is Ned. Let's just take a step back. Number one is we had a really good quarter. We're executing the plan. Unfortunately for everybody, it's not a straight line, right? I mean, it is up and to the right with a little ups and downs along the way. Everything's going pretty much according to plan. Some things are moving to the left. Some things are better than we expected. We've had a real positive outlook for 2027. When you talk about data centers, you know, we've had the opportunity to meet with both the Louisiana governor as well as the Oklahoma governor. And they would love for every data center that Texas doesn't want to come to Louisiana and Oklahoma. So there is a, we are in states where a lot of the things, not only do we have a backlog in Texas, but we have a backlog in Oklahoma, we have a backlog in Louisiana, so those are very, very positive. In fact, I think these governors would prefer to call them digital factories, not data centers anymore, handily. So we're going to continue to grow this business. I think as far as the margins improvements, it's been a question asked. We see that happening month to month. We can see it business by business. Texas has done. North Texas did a lot better this quarter than last quarter. We expect them to do better next quarter. We will continue to make acquisitions and continue to compound wealth into the foreseeable future.

Perfect. I'll leave it there. Thanks, guys. The next question comes from Michael Francis with William Blair. Please proceed.

Hi, guys. This is Mike on for Ryan. Thanks for taking the question. I wanted to start on residential because it does seem like it's softened. Can you give a sense on how that's trended through the quarter and into October and as we look forward? Is your expectation there that what's happening in October continues through November and December, or is there any sort of additional caution baked in for that potentially softening more?

Well, I think we'd be at the bottom of the trough. So, I think it'd probably stay that way for a little bit. So, there's a lot of macroeconomic factors in the election and where interest rates will spread. But, you know, we've adapted to that. That's why we take the whole approach we do from day one of a segmented commercial infrastructure residential. So, that resi market's been flat for a long time, and it may stay flat for a bit longer, but we don't think we've already factored that in. That's been in place since the beginning of the year. So, we'll, we, we. We have been fortunate with infrastructure and commercial projects offsetting, you know, one large commercial project offsets a whole lot of housing, okay? So, and so, again, we've been able to maintain our volumes and our margins in spite of the housing downturn.

And then on the commercial piece, the projects you called out, are you confident that those will just shift into 2027? That's just sort of a delay and not sort of a situation where some of those might get canceled?

Yes, and again, it was just one or two projects. There's several large projects that are, again, about to kick off and that we've already secured. Keep in mind, we're well... We're in a position to get those types of large jobs. Other people don't have the resources, they don't have the equipment, they don't have the personnel. So we'll continue to get those large-scale jobs. Keep in mind, we had a 10% programming increase in Q3. Now, probably about two-thirds of that is volume, and a third of it is price, but still, yeah, it's 10% organic growth.

Okay. And that answered my last question there, so I'll pass it back. Okay. Well, great, Michael. Thanks.

The next question comes from Alex Rago with Texas Capital. Please proceed.

Thank you. Good morning, gentlemen.

Can you speak to pricing more broadly in the quarter and thoughts about it going into 2027?

Well, we think pricing will vary by market. Some markets have more latitude to accept a price increase than others, and so our goal is just to maintain our market, and we've been successful with that for 20 years. You know, there are, I could go back 35 years in this business. There are years where the market may not be ripe for a price increase. Then you just have to successfully manage your cost impacts, and if you can't pass them on, you have to try to maintain what they are, and I think we've been very successful that year over the year, and that's what we'll continue to do.

And then was there any abnormal weather impact in the quarter?

You know, October historically can be one of your biggest months in concrete, but October can be a very rainy month, too. So this October was fairly rainy, but I don't think we're going to blame. It didn't harm us. It just didn't turn out where we had. October was the biggest month of the year. If you go back, though, speaking of weather, some of the where We push revenue to change the guidance. You don't lose that yard of concrete that day, but the day it rains or the two or three days of rain where we had all this abnormal excessive rain pattern in the second quarter, that also retards the ability to do all the dirt work for these large-scale projects. Of course, that's a massive task, and nothing gets done until that's done. Part of why we're pushing some things into 27 is we didn't lose those yards, but there's a point where that push doesn't just get caught up by the end of that fiscal or calendar year. So it'll just be reflected in the next year. So we have seen some of that. We are feeling some of that because, again, second quarter was abnormal, and they're just people are behind on their projects time-wise. But they're still out there. They're still moving forward, and they'll still get the full volume of concrete.

Very helpful.

Thank you. Thank you.

Thank you. At this time, I would like to turn the call back to management for closing comments.

Thank you.

Goodbye.

Thank you. This just concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.