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  "documentTitle": "U.S. Concrete Inc (USCR)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-17 00:00:00",
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      "kind": "callout",
      "text": "No Volatility For 3 Years In Reported Gross Margins A Major Red Flag For A Commodity Producer",
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      "text": "gross margin: 21%",
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      "text": "Many of USCR's competitors have ready-mix amongst a larger portfolio of businesses, thus making precise comparisons difficult. However, Martin Marietta and Vulcan Materials, both larger and more vertically integrated operators, each report gross margins meaningfully lower than USCR's consistent margins in the range of 21%. Also, the fact that USCR has virtually no volatility in annual gross margins as a commodity product producer should be viewed as a major red flag.",
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      "text": "1) Vulcan and USCR excludes depreciation, depletion and amortization expenses. We believe Martin Marietta excludes DD&A in its gross profit reporting as it does not discuss its impact on this metric",
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      "text": "No Volatility In Gross Margins For A Commodity Producer?",
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