Arcosa reported a solid Q3 2024 performance marked by top-line growth, margin expansion, and strong cash generation, set against a backdrop of strategic portfolio actions. Consolidated revenue rose 14% year over year and adjusted EBITDA grew 39%, with the reported margin expanding to 18.4% after normalizing for the steel components divestiture. Management attributes the margin strength to accretive bolt-ons, operational efficiencies, and favorable mix across Construction Products and Engineered Structures, supported by the Ameron acquisition. The quarter featured the closing of Stavola, the largest purchase in Arcosa’s history, which expands the aggregates footprint into the nation’s largest MSA and exposes the company to lower-volatility infrastructure markets. Arcosa also reiterated a more ambitious EBITDA trajectory for 2024 and outlined a disciplined deleveraging plan toward a 2x–2.5x net leverage target within 18 months, funded in part by Stavola’s cash flow and disciplined capital allocation including a lower CapEx trajectory for the year.