05:47 AM EDT, 08/02/2024 (MT Newswires) -- Arcosa ( ACA ) reported Q2 adjusted earnings Thursday of $0.91 per diluted share, up from $0.76 a year earlier.

Analysts polled by Capital IQ expected $0.83.

Revenue for the quarter ended June 30 was $664.7 million, compared with $584.8 million a year earlier.

Analysts polled by Capital IQ expected $661.5 million.

The company said it now expects full-year 2024 revenue of $2.60 billion to $2.72 billion from the previous range of $2.58 billion to $2.78 billion. Analysts polled by Capital IQ expect $2.66 billion.

In a separate statement, Arcosa ( ACA ) said it has agreed to acquire the construction materials business of Stavola Holding and its affiliates for $1.2 billion in cash.

The company said it also signed an agreement to sell its steel components business to Stellex Capital Management.

According to Arcosa ( ACA ), it also completed a series of divestitures in Q2, raising $137 million for debt repayment.

Arcosa ( ACA ) said its board has approved the transactions and has obtained $1.2 billion of committed secured bridge loan financing for the Stavola acquisition, along with a backstop to its current $600 million revolving credit facility. The company expects to close the acquisition in Q4 and the divestiture in Q3.

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