01—Abstract
Summary
Summary of the 10-K filed February 20, 2025. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company (VMC) reported 2024 total revenues of $7,417.7 milliona, down from $7,781.9 million in 2023, while gross profit rose to $1,999.6 million.
Net earnings attributable to Vulcan were $911.9 millionb, or $6.85 per diluted share, compared with $933.2 million ($6.98) a year earlier. Adjusted EBITDA increased to $2,057.2 million from $2,011.3 million, and Aggregates segment cash gross profit per ton reached $10.61, up from $9.46. Aggregates shipments fell to 219.9 million tons from 234.6 million, while freight-adjusted pricing rose 10.8% to $21.08 per ton.
The year was shaped by acquisitions and a goodwill impairment. Vulcan closed six business acquisitions for total consideration of $2,297.1 millionc, including Wake Stone Corporation and Superior Ready Mix, L.P., and recorded an $86.6 million goodwill impairment on a reporting unit with concrete operations acquired from U.S. Concrete. Total debt rose to $5,307.4 million, giving a total debt to Adjusted EBITDA ratio of 2.6 times, and the company issued $2,000.0 million of senior notes in November 2024.
Operations at the Calica quarry in Mexico remain halted following Mexican government actions, and Vulcan's NAFTA arbitration claim is expected to receive a decision in the first half of 2025. For 2025, management expects shipments growth of 3% to 5%, freight-adjusted price improvement of 5% to 7%, and Adjusted EBITDA between $2,350 milliond and $2,550 million, including a $150 million contribution from acquisitions. Net earnings attributable to Vulcan are projected at $1,010 million to $1,170 million, and capital spending is planned at $750 million to $800 million.
02—Key points
Key Highlights
- Total revenues were $7,417.7 million in 2024, down from $7,781.9 million, while gross profit increased to $1,999.6 million and gross profit margin rose to 27.0% from 25.0%.
- Diluted EPS was $6.85 versus $6.98 in 2023; Adjusted diluted EPS from continuing operations was $7.53 versus $7.00.
- Adjusted EBITDA rose to $2,057.2 million from $2,011.3 million, and Aggregates cash gross profit per ton increased to $10.61 from $9.46.
- Aggregates shipments declined to 219.9 million tons from 234.6 million, while freight-adjusted sales price rose 10.8% to $21.08 per ton.
- Acquisitions totaled $2,297.1 million, including Wake Stone and Superior; an $86.6 million goodwill impairment was recorded on a concrete reporting unit.
- Total debt rose to $5,307.4 million, with total debt to Adjusted EBITDA of 2.6 times and $2,000.0 million of senior notes issued in November 2024.
- 2025 guidance includes Adjusted EBITDA of $2,350 million to $2,550 million and net earnings attributable to Vulcan of $1,010 million to $1,170 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Vulcan Materials kept $0.12.
- Revenue$7.42B100.0%
- Cost of revenue−$5.42B73.0%
- Gross profit$2.00B27.0%
- Operating costs−$635.1M8.6%
- Operating income$1.36B18.4%
- Interest, other & tax−$452.6M6.1%
- Net income$911.9M12.3%
Where FY2024 revenue went
$7.42B- Cost of revenue: $5.42B, 73% of revenue
- Net income: $911.9M, 12% of revenue
- SG&A: $531.1M, 7.2% of revenue
- Other operating costs: $104.0M, 1.4% of revenue
- Interest, other & tax: $452.6M, 6.1% of revenue
Kept 12% as net incomeOther operating costs $104.0M · 1.4%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 20, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $7.42B$7.78B | −4.7% |
| Cost of Revenue | $5.42B$5.83B | −7.1% |
| Gross Profit | $2.00B$1.95B | +2.6% |
| SG&A Expenses | $531.10M$542.80M | −2.2% |
| Operating Income | $1.36B$1.43B | −4.4% |
| Net Income | $911.90M$933.20M | −2.3% |
| EPS (Basic) | $6.89$7.02 | −1.9% |
| EPS (Diluted) | $6.85$6.98 | −1.9% |
| Shares Outstanding (Basic) | 132.30M133.00M | −0.5% |
| Shares Outstanding (Diluted) | 133.10M133.70M | −0.4% |
05—Questions
Frequently Asked Questions
How did Vulcan perform financially in 2024 compared with 2023?
Total revenues decreased to $7,417.7 million from $7,781.9 million, but gross profit increased to $1,999.6 million from $1,948.5 million. Net earnings attributable to Vulcan were $911.9 million ($6.85 per diluted share), compared with $933.2 million ($6.98 per diluted share) in 2023.
What is the status of the Calica operations in Mexico?
Production and sales at Calica are currently halted. In September 2024 the Mexican government ordered the closure of Calica's quarrying activities, and a presidential decree declared its properties a Natural Protected Area. Vulcan states it strongly believes these actions are arbitrary and illegal and intends to pursue all lawful avenues, and the NAFTA arbitration tribunal is expected to issue a decision on the claim during the first half of 2025.
What acquisitions did Vulcan complete in 2024?
Vulcan closed six business acquisitions for total consideration of $2,297.1 million. The largest were Wake Stone Corporation, which expanded its presence in the Carolinas, and Superior Ready Mix, L.P., which strengthened its position in Southern California. Bolt-on acquisitions were also completed in Alabama and Texas.
What is Vulcan's outlook for 2025?
Management expects a third consecutive year of double-digit growth in Aggregates cash gross profit per ton, shipments growth of 3% to 5%, and freight-adjusted price improvement of 5% to 7%. Adjusted EBITDA is projected between $2,350 million and $2,550 million, including a $150 million contribution from acquisitions, and capital spending is expected to be $750 million to $800 million.
How leveraged is Vulcan's balance sheet?
At December 31, 2024, total debt was $5,307.4 million and total debt to Adjusted EBITDA was 2.6 times, or 2.3 times on a net debt basis after $600.8 million of cash and restricted cash. The company's long-term leverage target is 2.0 to 2.5 times, and its credit ratings are Fitch BBB, Moody's Baa2 and S&P BBB+.
06—Continue