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VMC · Vulcan Materials

50 filings

10-Q

VMC 10-Q Quarterly Reports

Vulcan Materials - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K128

VMC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2026

    Vulcan Materials Company reported lower third-quarter 2026 results, with total revenues of $2,184.6 million, down 5% from $2,291.5 million a year earlier, and gross profit of $665.6 million, down $31.6 million or 5%. Net earnings attributable to Vulcan were $362.3 million, or $2.80 per diluted share, versus $2.82 in the prior-year quarter. Adjusted EBITDA was $706.7 million, a decrease of $28.5 million or 4%. Aggregates freight-adjusted sales prices rose 3.8% per ton, but aggregates shipments fell 3%, and energy and diesel costs weighed on unit costs. Over the first nine months, revenues rose 1% to $6,096.3 million and diluted EPS was $6.53 versus $6.21. Adjusted diluted EPS from continuing operations was $6.76 versus $6.29. Cash generation weakened over the nine months. Net cash provided by operating activities was $971.0 million, a decrease of $299.0 million, driven mainly by working capital and deferred taxes. Vulcan returned $952.1 million to shareholders, including $749.8 million of share repurchases and $202.3 million of dividends. Total debt rose to $4,680.6 million, reflecting $315.0 million of commercial paper and $400.0 million of current maturities due in the second quarter of 2027. The company reports total debt to trailing-twelve-month Adjusted EBITDA of 2.0 times, within its target range of 2.0 to 2.5 times. Management expects approximately $2.4 billion of full-year 2026 Adjusted EBITDA. The filing also details several contingencies. A NAFTA arbitration tribunal found Mexico violated NAFTA but awarded negligible damages, and Vulcan filed a new ICSID arbitration in October 2026. A dispute with the Los Angeles Department of Water and Power over the Hewitt Landfill could produce a material loss in the near term, although a range cannot yet be estimated. Calica faces a Mexican tax claim that could cost about $35 million if Vulcan is unsuccessful.

    Oct 29, 2026
  2. 2026-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2026

    Vulcan Materials Company (VMC) reported second-quarter 2026 total revenues of $2,155.8 million, up from $2,102.4 million a year earlier, with net earnings attributable to Vulcan of $323.4 million, or $2.48 per diluted share, compared with $320.9 million, or $2.42 per diluted share, in the second quarter of 2025. Operating earnings declined to $455.5 million from $471.0 million, mainly because of a $11.3 million loss on sale of property, plant and equipment and businesses and higher other operating expense. Adjusted diluted EPS from continuing operations was $2.59 versus $2.45, and Adjusted EBITDA was $654.0 million, down from $659.5 million. Aggregates drove results: segment gross profit rose to $567.3 million ($9.47 per ton), freight-adjusted selling prices increased 3.9%, and shipments rose 1%, while asphalt and concrete gross profit declined after the divestiture of California ready-mixed concrete operations. For the first six months, net earnings attributable to Vulcan were $488.9 million, or $3.74 per diluted share, versus $449.8 million, or $3.38 per diluted share, and cash provided by operating activities was $584.6 million. Investing cash flow was positive at $144.8 million, reflecting $572.1 million of cash proceeds from business sales, partly offset by $370.4 million of capital expenditures and $75.0 million for acquisitions. Shareholders received $535.2 million through dividends and $399.8 million of share repurchases. Total debt was $4,364.3 million, and the ratio of total debt to trailing-twelve-months Adjusted EBITDA was 1.9 times. Management reiterated its full-year 2026 Adjusted EBITDA outlook of $2.4 to $2.6 billion. The filing also discloses that on July 27, 2026, the NAFTA arbitration tribunal ruled that Mexico violated NAFTA in several respects, but the monetary damages awarded to Vulcan were negligible, and the tribunal found the ancillary claim outside its jurisdiction. The company reported no material impact from this decision on the period's financial statements. The Hewitt Landfill matter with the Los Angeles Department of Water and Power is unresolved, and the filing states that a reasonably possible material loss could be recognized in the near term.

    Jul 29, 2026
  3. 2026-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2026

    Vulcan Materials Company (VMC) reported first-quarter 2026 total revenues of $1,755.9 million, up from $1,634.6 million a year earlier, and net earnings attributable to Vulcan of $165.5 million, compared with $128.9 million. Diluted EPS was $1.26 versus $0.97. Operating earnings rose to $265.4 million from $226.4 million, and gross profit increased to $422.7 million. Results included $8.6 million of CEO transition and reorganization charges. Adjusted EBITDA was $447.1 million, up from $410.9 million, and Adjusted diluted EPS from continuing operations was $1.35 versus $1.00. The company reiterated its full-year 2026 outlook for Adjusted EBITDA of $2.4 to $2.6 billion. Cash provided by operating activities was $241.1 million, slightly lower than the prior year, largely due to working capital changes. Capital expenditures were $176.5 million in investing cash outflows. Vulcan returned $217.4 million to shareholders through $67.9 million in dividends and $149.5 million in share repurchases. The company took on $197.0 million of commercial paper, and total debt was $4,560.0 million at March 31, 2026, against cash of $143.7 million, for a total debt to trailing-twelve-month Adjusted EBITDA ratio of 1.9 times. The filing also flags several contingencies. These include a pending NAFTA arbitration decision on the Calica operations in Mexico, which the company expects during 2026, and a dispute with the Los Angeles Department of Water and Power over the Hewitt Landfill, where the company said an estimated material loss could be recognized in the near term. A California ready-mixed concrete divestiture is held for sale, with closing expected in the first half of 2026.

    Apr 29, 2026
  4. 2025-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2025

    Vulcan Materials Company's Form 10-Q for the quarter ended September 30, 2025 shows continued earnings growth and margin expansion. Third-quarter total revenues were $2,291.5 million, up 14% from $2,003.9 million, and operating earnings rose to $543.2 million from $337.1 million. Net earnings attributable to Vulcan were $374.9 million, or $2.82 per diluted share, compared with $1.56 in the prior-year quarter. For the first nine months, net earnings attributable to Vulcan were $824.7 million, or $6.21 per diluted share, and cash provided by operating activities was $1,270.0 million versus $969.5 million a year earlier. Adjusted EBITDA was $735.2 million for the quarter and $1,805.6 million year to date, and the company reaffirmed 2025 projected Adjusted EBITDA of $2,350 million to $2,450 million. Balance sheet activity included repayment of the $400.0 million senior notes due 2025 and $550.0 million of commercial paper, leaving no commercial paper outstanding and total debt of $4,360.8 million at September 30, 2025, compared with $5,307.4 million at December 31, 2024. Total debt to trailing-twelve-month Adjusted EBITDA was 1.9 times, and net debt to that measure was 1.8 times. The line of credit had $1,576.7 million of available capacity. Dividends paid were $195.4 million year to date. The filing also discloses portfolio changes and open legal matters. Subsequent to quarter end, Vulcan completed the disposition of its Texas asphalt and construction services assets, and on October 28, 2025 it agreed to sell its California ready-mixed concrete businesses, with closing expected in the fourth quarter of 2025. Legal matters include the Calica NAFTA arbitration, for which a tribunal decision was expected during 2025, and environmental proceedings such as the Hewitt Landfill and Lower Passaic River matters.

    Oct 30, 2025
  5. 2025-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2025

    Vulcan Materials Company's second-quarter 2025 Form 10-Q reports total revenues of $2,102.4 million, up from $2,014.4 million in the second quarter of 2024, and net earnings attributable to Vulcan of $320.9 million, or $2.42 per diluted share, compared with $308.0 million, or $2.31 per diluted share, a year earlier. Gross profit rose to $625.2 million from $592.2 million. The filing attributes the Aggregates segment's gross profit growth to pricing discipline and cost performance, despite aggregates shipments decreasing 1% to 59.3 million tons amid rainfall in Southeastern markets. Adjusted EBITDA was $659.5 million for the quarter and $1,070.4 million year to date, and management reiterated a full-year 2025 Adjusted EBITDA outlook of $2,350 million to $2,550 million. Leverage and liquidity are central to the investor picture. Total debt was $4,909.7 million at June 30, 2025, up from $3,427.2 million a year earlier, reflecting the November 2024 notes issuances and $550.0 million of commercial paper outstanding. Total debt to trailing-twelve-month Adjusted EBITDA was 2.2 times (2.1 times on a net debt basis), within the company's stated target range of 2.0 to 2.5 times. Interest expense, net, rose to $59.2 million in the quarter from $40.2 million. Cash and cash equivalents and restricted cash totaled $351.0 million, and the company returned $64.7 million to shareholders through dividends in the quarter. The filing also highlights ongoing legal and regulatory matters, including the Lower Passaic River Superfund matter, the Texas Brine litigation, the Hewitt Landfill matter, and a NAFTA arbitration against Mexico related to the 2022 shutdown of Calica operations. The company states that the Calica deferred tax valuation allowance was adjusted and that a subsequent law, the One Big Beautiful Bill Act, is expected to increase deferred tax liabilities and reduce income taxes payable, with no material change to the effective tax rate expected.

    Jul 31, 2025
  6. 2025-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2025

    Vulcan Materials Company (VMC) reported first-quarter 2025 total revenues of $1,634.6 million, up 6% from $1,545.7 million, and net earnings attributable to Vulcan of $128.9 million, up 26% from $102.7 million. Diluted EPS from continuing operations was $0.98 versus $0.78, and Adjusted diluted EPS was $1.00 versus $0.80. Gross profit rose 20% to $365.3 million, driven by the Aggregates segment, where freight-adjusted sales prices increased 7.0% and gross profit per ton increased 19% to $7.48, while aggregates shipments decreased 1% to 47.8 million tons. Adjusted EBITDA was $410.9 million, up 27%, and the company reiterated its full-year 2025 Adjusted EBITDA outlook of $2,350 million to $2,550 million. Balance sheet activity centered on debt management. Vulcan redeemed $400.0 million of senior notes due April 2025 with cash on hand, leaving total debt of $4,908.4 million at March 31, 2025, versus $5,307.4 million at December 31, 2024. Cash and restricted cash fell to $192.9 million. Total debt to trailing-twelve-month Adjusted EBITDA was 2.3 times (2.2 times net of cash), and the weighted-average debt maturity was 13.4 years. Interest expense, net, rose to $59.7 million from $39.1 million, primarily due to the November 2024 notes issuances. The company also returned $104.1 million to shareholders through $66.0 million of dividends and $38.1 million of share repurchases. Legal and regulatory matters remain significant. The Calica operations in Mexico, which were shut down in 2022 and subject to a September 2024 presidential decree, remain under NAFTA arbitration, with a decision expected during 2025 and no assurance of recovery. Discontinued-operations legacy matters, including the Lower Passaic River, Texas Brine and 1,1,1-trichloroethane litigation, and the Hewitt Landfill matter, continue, with several outcomes not reasonably estimable. Management stated that these legacy matters are not expected to have a material effect on consolidated results, with the Passaic settlement falling within a previously recorded immaterial loss.

    Apr 30, 2025
  7. 2024-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2024

    Vulcan Materials Company (VMC) reported third-quarter 2024 total revenues of $2,003.9 million, down 8% from $2,185.8 million a year earlier, and net earnings attributable to Vulcan of $207.6 million, or $1.56 per diluted share, versus $276.5 million, or $2.07, in the prior-year quarter. The decline was driven largely by an $86.6 million pretax goodwill impairment tied to a reporting unit that includes concrete operations acquired from U.S. Concrete in 2021, along with lower concrete gross profit following the November 2023 Texas divestiture. Aggregates, the core business, remained resilient on pricing: freight-adjusted selling prices rose 10.2% and aggregates gross profit per ton increased 9% to $8.63, even as aggregates shipments fell 10% to 57.7 million tons amid weather disruptions. Adjusted EBITDA was $580.6 million, down 4%, and management now expects full-year 2024 Adjusted EBITDA of approximately $2,000 million. Balance sheet and capital returns remained solid. Total debt to trailing-twelve-month Adjusted EBITDA was 1.7 times, below the stated 2.0 to 2.5 times long-term target, and cash and cash equivalents and restricted cash totaled $434.3 million. Long-term debt fell to $3,329.2 million after the $550.0 million 5.80% notes were redeemed in March 2024. Dividends were raised to $0.46 per share from $0.43, and year-to-date operating cash flow declined to $969.5 million from $1,055.2 million, mainly due to working capital changes. The company also agreed in September 2024 to acquire Wake Stone Corporation, expected to close in the fourth quarter of 2024. The filing also flags regulatory and legal developments. In September 2024, the Mexican government ordered closure of Calica's remaining quarrying activities, and a presidential decree declared Calica's properties a Natural Protected Area, which prohibits extraction of construction materials there. Vulcan says it intends to vigorously pursue its NAFTA arbitration, with a tribunal decision expected by the end of the first quarter of 2025, though it cannot quantify any potential recovery. Legacy environmental and litigation matters, including Texas Brine and Lower Passaic River exposures, are described in Note 8 without accrual beyond amounts already recorded.

    Oct 30, 2024
  8. 2024-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2024

    Vulcan Materials Company reported second-quarter 2024 total revenues of $2,014.4 million, down 5% from $2,112.9 million a year earlier, while gross profit rose $8.9 million to $592.2 million and operating earnings rose $2.5 million to $453.6 million. Net earnings attributable to Vulcan were $308.0 million, or $2.31 per diluted share, essentially flat year over year. Aggregates drove results: segment gross profit increased 6% to $528.5 million, freight-adjusted sales prices rose 12.2%, and shipments fell 5% to 60.1 million tons amid significant rainfall. Concrete gross profit fell sharply after the November 2023 sale of Texas concrete operations, and the Asphalt segment gross profit rose $2.4 million to $59.0 million. For the six months ended June 30, 2024, net cash provided by operating activities was $374.5 million, down $133.0 million from the prior year, while capital expenditures totaled $297.9 million year to date. The company redeemed $550.0 million of 5.80% senior notes due 2026 in March 2024, and total debt was $3,427.2 million at June 30, 2024, or 1.7 times trailing-twelve-month Adjusted EBITDA of $2,005.0 million. Management's 2024 outlook projects aggregates shipments down 4% to 7% and freight-adjusted price improvement of 10% to 12%, with net earnings attributable to Vulcan of $950 million to $1,070 million. The filing also discloses ongoing legal and environmental matters, including the Lower Passaic River Superfund matter, the Texas Brine sinkhole litigation, New York and New Jersey TCA cases, the Hewitt Landfill matter, and a NAFTA arbitration against Mexico following the May 2022 shutdown of Calica operations. The company stated it cannot reasonably estimate a range of loss for several of these matters, and it recorded no liability for reasonably possible losses.

    Aug 7, 2024
  9. 2024-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2024

    Vulcan Materials Company's first quarter 2024 Form 10-Q shows lower revenue but slightly higher gross profit and improved unit profitability. Total revenues were $1,545.7 million, down from $1,649.0 million, while gross profit rose to $304.9 million from $302.0 million. Operating earnings fell to $172.9 million from $187.2 million, and net earnings attributable to Vulcan were $102.7 million, or $0.77 per diluted share, versus $120.7 million, or $0.90 per diluted share, a year earlier. Management attributed the lower volumes to weather: aggregates shipments fell 7% to 48.1 million tons, while freight-adjusted aggregates prices rose 10.2% to $20.59 per ton and aggregates gross profit per ton rose to $6.30 from $5.86. Balance sheet and cash flow changes were driven mainly by the redemption of $550.0 million of 5.80% senior notes due 2026 in March 2024. Long-term debt fell to $3,330.7 million from $3,877.3 million at December 31, 2023, and cash and cash equivalents fell to $292.4 million from $931.1 million. Net cash provided by operating activities was $173.4 million, down from $221.3 million, and dividends paid were $62.0 million. Total debt to trailing-twelve-month Adjusted EBITDA was 1.7 times, and the company repurchased $18.8 million of common stock. Management reiterated its 2024 outlook of $2,150 to $2,300 million of Adjusted EBITDA and expects to spend $625 million to $675 million on maintenance and growth projects. The filing also details ongoing legal and environmental matters, including the Lower Passaic River Superfund matter, the Texas Brine matter, New York and New Jersey 1,4-dioxane cases, the Hewitt Landfill matter, and the NAFTA arbitration against Mexico following the May 2022 shutdown of Calica operations, for which the company cannot quantify any potential recovery.

    May 2, 2024
  10. 2023-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2023

    Vulcan Materials Company (VMC) reported third-quarter 2023 total revenues of $2,185.8 million, up from $2,088.3 million in the prior-year quarter, and net earnings attributable to Vulcan of $276.5 million, or $2.07 per diluted share, compared with $177.1 million, or $1.33 per diluted share. Operating earnings rose to $418.9 million from $305.4 million, and gross profit increased to $591.0 million. Aggregates segment gross profit was $508.4 million ($7.95 per ton), with freight-adjusted pricing up 14.9% while aggregates shipments decreased 2%. Adjusted EBITDA for the quarter was $602.2 million, and management now expects full-year 2023 Adjusted EBITDA of $1,950 million to $2,000 million. For the first nine months of 2023, net earnings attributable to Vulcan were $705.8 million ($5.28 per diluted share) and net cash provided by operating activities was $1,055.2 million. Capital expenditures totaled $666.3 million year to date, including $172.9 million for opportunistic land purchases of strategic reserves in California, North Carolina and Texas. Total debt was $3,874.8 million at September 30, 2023, a total debt to trailing-twelve-month Adjusted EBITDA ratio of 2.0 times (1.8 times on a net debt basis), and the company repaid its $550.0 million delayed draw term loan in March 2023 using proceeds from new 5.80% senior notes due 2026. The filing also reports that the probable sale of concrete operations in Texas is classified as held for sale, with a $28.3 million pretax impairment charge recorded in the third quarter. Ongoing legal matters include a NAFTA arbitration against Mexico related to the May 2022 shutdown of Calica operations, for which a tribunal decision is expected in the first half of 2024, and several environmental and litigation matters, including the Lower Passaic River and Texas Brine cases, which the company says are not expected to have a material effect on its consolidated results.

    Oct 27, 2023
  11. 2023-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2023

    Vulcan Materials Company (VMC) reported second-quarter 2023 total revenues of $2,112.9 million, up 8% from $1,954.3 million a year earlier, and gross profit of $583.3 million, up from $446.2 million. Net earnings attributable to Vulcan were $308.6 million, or $2.31 per diluted share, compared with $187.3 million, or $1.40 per diluted share, in the second quarter of 2022. Operating earnings rose to $451.1 million from $307.6 million, and Adjusted EBITDA was $595.3 million versus $450.2 million. Aggregates drove the results: segment gross profit rose to $498.6 million ($7.87 per ton), and freight-adjusted sales price increased 15.0% to $18.69 per ton, while shipments declined 1% to 63.4 million tons. Management raised its full-year 2023 outlook. Net earnings attributable to Vulcan are now expected between $855 million and $935 million, and Adjusted EBITDA between $1,900 million and $2,000 million. Aggregates shipments are expected to fall 1% to 4% from 236.3 million tons in 2022. Management also cited full-year capital spending of $600 million to $650 million for maintenance and growth projects, plus about $200 million for opportunistic land purchases. Balance sheet and capital returns remained solid. Total debt was $3,873.7 million at June 30, 2023, equal to 2.1 times trailing-twelve-month Adjusted EBITDA (2.0 times net of cash), within the stated 2.0 to 2.5 times target range. The company issued $550.0 million of 5.80% senior notes due 2026 in March 2023 and repaid its delayed draw term loan. It paid $57.2 million in dividends ($0.43 per share) and repurchased $49.9 million of stock in June. Ongoing legal matters, including the Texas Brine, Lower Passaic River, Hewitt Landfill, and NAFTA arbitration proceedings relating to Mexico, remain disclosed without a reasonably estimable loss in several cases.

    Aug 4, 2023
  12. 2023-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2023

    Vulcan Materials Company's first quarter 2023 Form 10-Q reports total revenues of $1,649.0 million, up from $1,540.7 million in the first quarter of 2022, and operating earnings of $187.2 million versus $147.0 million. Net earnings attributable to Vulcan were $120.7 million, or $0.90 per diluted share, compared with $91.8 million, or $0.69 per diluted share. Aggregates segment gross profit rose $60.0 million to $302.8 million, with gross profit per ton of $5.85 and a freight-adjusted sales price of $18.67 per ton. Concrete segment gross profit declined to a loss of $2.4 million, and Asphalt gross profit was $0.8 million. Management raised its 2023 outlook, now expecting net earnings attributable to Vulcan of between $815 million and $895 million and Adjusted EBITDA of between $1,850 million and $1,950 million. Capital expenditures are expected to be $600 million to $650 million for the full year. Total debt to trailing-twelve months Adjusted EBITDA was 2.3 times at March 31, 2023, within the stated long-term target range of 2.0 to 2.5 times. In March 2023 the company issued $550.0 million of 5.80% senior notes due 2026 and used the proceeds to repay the delayed draw term loan. Key legal matters remain open. Texas Brine claims and State of Louisiana claims are unresolved, the Hewitt Landfill remedy is pending EPA selection, and the NAFTA arbitration against Mexico is expected to yield a decision no earlier than 2024. Following the May 2022 shutdown of Calica operations in Mexico, Vulcan recorded a $3.6 million tax charge in the quarter related to a Calica NOL valuation allowance.

    May 5, 2023
  13. 2022-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2022

    Vulcan Materials Company's Form 10-Q for the quarter ended September 30, 2022 shows third-quarter total revenues of $2,088.3 million, up 38% from $1,516.5 million a year earlier, and gross profit of $492.9 million, up 25%. Operating earnings rose to $305.4 million from $262.4 million. Net earnings attributable to Vulcan were essentially flat at $177.1 million, or $1.33 per diluted share, as the company recorded a $50.9 million goodwill impairment and a $16.9 million long-lived asset impairment tied to the probable sale of concrete operations in New York, New Jersey and Pennsylvania. Adjusted diluted EPS from continuing operations was $1.78, compared with $1.54 a year earlier, and adjusted EBITDA was $507.0 million, up $89.3 million, or 21%. Aggregates drove results. Aggregates shipments rose 9% to 65.4 million tons, and freight-adjusted sales price increased 12.5% to $16.79 per ton. Aggregates gross profit per ton reached $6.67. Nine-month revenues were $5,583.3 million, up 41%, and nine-month net earnings attributable to Vulcan were $456.2 million, or $3.42 per diluted share. Management expects full-year 2022 Adjusted EBITDA of $1.640 to $1.680 billion. The filing also discloses that Mexican government officials shut down the Calica operations in May 2022, which the company estimates reduces full-year 2022 EBITDA by $80 million to $100 million, and that a NAFTA arbitration decision is not expected before 2023. Balance sheet leverage increased. Total debt rose to $4,186.7 million at September 30, 2022, including $312.0 million of short-term debt and a $550.0 million commercial paper borrowing. The ratio of total debt to trailing-twelve-month Adjusted EBITDA was 2.6 times, or 2.5 times on a net debt basis, within the company's stated long-term target range of 2.0 to 2.5 times on a net basis. Capital expenditures were $377.6 million year to date, and full-year capital expenditures are expected to be $600 million to $650 million.

    Nov 3, 2022
  14. 2022-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2022

    Vulcan Materials Company's second-quarter 2022 Form 10-Q reports total revenues of $1,954.3 million for the three months ended June 30, 2022, up from $1,361.0 million a year earlier, with net earnings attributable to Vulcan of $187.3 million, or $1.40 per diluted share, compared with $195.3 million, or $1.46 per diluted share, in the prior-year quarter. Gross profit rose to $446.2 million and operating earnings to $307.6 million. The filing attributes much of the revenue increase to the August 2021 acquisition of U.S. Concrete, along with price growth in aggregates. Six-month revenues were $3,495.0 million, and net cash provided by operating activities was $325.5 million, down from $397.9 million. Management revised its 2022 guidance, now projecting net earnings attributable to Vulcan of $680 million to $760 million and Adjusted EBITDA of $1.60 billion to $1.70 billion. The outlook reflects aggregates pricing momentum and higher energy-related cost inflation, and it includes an $80 million to $100 million potential EBITDA impact from the closure of Mexico operations for the balance of 2022. The filing reports an approximate $20 million negative impact in the second quarter from that shutdown. Total debt to trailing-twelve-month Adjusted EBITDA was 2.6 times, within the company's stated long-term target range of 2.0 to 2.5 times when measured against the target's total-debt basis, and the company reports a NAFTA arbitration against Mexico with a decision not expected before 2023. The filing also details ongoing legal matters, including the Texas Brine sinkhole litigation, the Lower Passaic River Superfund matter, the New York water district cases, and the Hewitt Landfill matter, several of which relate to discontinued Chemicals operations. Second-quarter results included a $15.3 million pretax litigation charge recorded in discontinued operations.

    Aug 5, 2022
  15. 2022-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2022

    Vulcan Materials Company's first quarter 2022 results show strong top-line growth but lower profitability versus the prior year, which included a large one-time gain. Total revenues rose to $1,540.7 million from $1,068.3 million, and gross profit increased to $268.8 million from $229.3 million. Operating earnings fell to $147.0 million from $249.5 million, mainly because the prior-year period included a $114.7 million pretax gain on the sale of a reclaimed quarry in Southern California. Net earnings attributable to Vulcan were $91.8 million, or $0.69 per diluted share, compared with $160.6 million, or $1.20 per diluted share, a year earlier. Management reported Adjusted EBITDA of $293.9 million, up from $244.3 million, and Adjusted diluted EPS of $0.73 versus $0.69. The quarter reflects the August 2021 acquisition of U.S. Concrete, which drove Concrete segment gross profit to $28.2 million from $7.8 million and added to total debt. Total debt was $3,978.4 million at March 31, 2022, and the ratio of total debt to trailing-twelve-month Adjusted EBITDA was 2.7 times. Cash and cash equivalents and restricted cash totaled $133.0 million, and the company drew $100.0 million on its line of credit. Management cited diesel fuel costs up 62% and liquid asphalt costs up 33% as cost pressures. The company reiterated its full-year 2022 Adjusted EBITDA range of $1.72 to $1.82 billion and expects capital expenditures of $600 million to $650 million. The filing also discloses ongoing legal matters, including the Texas Brine sinkhole litigation, the Lower Passaic River Superfund matter, and a NAFTA arbitration against Mexico, for which a tribunal decision is expected in the second half of 2022. The company states that no liability was recorded for reasonably possible losses, and it cannot reasonably estimate ranges for several of these matters.

    May 5, 2022
  16. 2021-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2021

    Vulcan Materials Company's Form 10-Q for the quarter ended September 30, 2021 shows third-quarter total revenues of $1.52 billion, up from $1.31 billion a year earlier, with net earnings attributable to Vulcan of $176.9 million, or $1.32 per diluted share, compared with $199.8 million, or $1.50 per diluted share, in the third quarter of 2020. Results were shaped by the August 26, 2021 acquisition of U.S. Concrete, which contributed $141.1 million of revenue and an $8.8 million net loss attributable to Vulcan in the period. Aggregates segment gross profit rose to $372.3 million, while the Asphalt segment gross profit fell to $7.1 million from $30.2 million, driven by higher liquid asphalt and energy costs. The company cited a 59% increase in the unit cost of diesel fuel in the quarter. Balance sheet and leverage shifted materially. Total assets grew to $13.69 billion and total debt rose to $3.89 billion at September 30, 2021, from $3.29 billion a year earlier, after a $1.6 billion delayed draw term loan was drawn in August and later paid down to $1.1 billion. The company stated total debt to trailing-twelve month Adjusted EBITDA of 2.8 times (2.7 times on a net debt basis), and said it remains committed to a target leverage range of 2.0 to 2.5 times. Year-to-date operating cash flow was $724.8 million, and cash and cash equivalents fell to $135.7 million from $1.20 billion at year-end 2020. Management raised its full-year 2021 Adjusted EBITDA outlook to $1.430 to $1.460 billion, excluding the $114.7 million gain from a first-quarter land sale and including U.S. Concrete. It expects 2021 capital expenditures of $450 million to $475 million and full-year interest expense of approximately $145 million. The filing also describes ongoing legal matters, including the Texas Brine sinkhole litigation and the Lower Passaic River Superfund matter, which the company says it cannot reasonably estimate in full.

    Nov 5, 2021
  17. 2021-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2021

    Vulcan Materials Company reported second-quarter 2021 total revenues of $1,361.0 million, up from $1,322.6 million a year earlier, with gross profit of $398.4 million and operating earnings of $287.5 million, down from $298.9 million. Net earnings were $195.3 million, or $1.46 per diluted share, compared with $209.9 million, or $1.58, in the second quarter of 2020. Aggregates segment gross profit rose to $373.8 million, while the Asphalt, Concrete and Calcium segments together saw gross profit fall by $20.8 million, reflecting higher liquid asphalt costs and wet weather. Management cited energy inflation that reduced earnings by $25.3 million in the quarter, including $15.2 million from diesel. For the first six months of 2021, net earnings were $356.0 million, or $2.67 per diluted share, helped by a pretax gain of $114.7 million from the sale of a reclaimed quarry in Southern California. Cash provided by operating activities was $397.9 million, and total debt was $2,785.3 million at June 30, 2021, against cash and restricted cash of $968.4 million. The company reiterated its full-year 2021 Adjusted EBITDA range of $1.380 billion to $1.460 billion and expects capital expenditures of $450 million to $475 million. The filing is dominated by the pending acquisition of U.S. Concrete, Inc. at $74.00 per share in cash, representing a total equity value of $1.294 billion, expected to close in the second half of 2021. Vulcan secured a $1.6 billion delayed draw term loan to fund it, and recognized $9.4 million of related interest expense in the quarter. Management also disclosed ongoing litigation, including the Texas Brine matter, the Lower Passaic River matter and the NAFTA arbitration against Mexico.

    Aug 5, 2021
  18. 2021-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2021

    Vulcan Materials Company's first quarter 2021 results, filed in its Form 10-Q, show total revenues of $1,068.3 million, up 2% from $1,049.2 million in the first quarter of 2020, and net earnings of $160.6 million, or $1.20 per diluted share, compared with $60.3 million, or $0.45 per diluted share. Results were lifted by a pretax gain of $114.7 million on the sale of a reclaimed quarry in Southern California and by aggregates gross profit growth. Aggregates segment gross profit rose $29.5 million, or 15%, to $223.6 million, on a 3% increase in shipments to 46.4 million tons and a 1.9% rise in freight-adjusted sales price to $14.67 per ton. Asphalt, Concrete and Calcium gross profit declined collectively. Income tax expense increased to $60.6 million, which included a $13.7 million charge to increase the Alabama NOL valuation allowance. The balance sheet strengthened over the quarter. Management repaid $500.0 million of floating-rate notes due March 2021 from cash on hand, reducing cash and cash equivalents to $722.3 million (plus $168.6 million of restricted cash) and total debt to $2,788.3 million. Total debt to trailing-twelve-month Adjusted EBITDA was 2.0 times, or 1.4 times on a net debt basis. Net cash provided by operating activities was $169.3 million, up from $82.5 million, and capital expenditures were $71.4 million in the quarter. Management raised its 2021 outlook, now expecting aggregates shipments up 1% to 4% versus 2020, adjusted diluted EPS from continuing operations of $4.85 to $5.30 (excluding the land sale gain), and Adjusted EBITDA of $1.380 to $1.460 billion. Full-year capital expenditures are expected to be between $450 and $475 million. The filing also discloses ongoing legal matters, including the Lower Passaic River Superfund matter, the Texas Brine litigation, and the NAFTA arbitration against Mexico, which the company expects to conclude in the second half of 2022.

    May 5, 2021
  19. 2020-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2020

    Vulcan Materials Company's Form 10-Q for the quarter ended September 30, 2020 shows third-quarter total revenues of $1,309.9 million, down 8% from $1,418.8 million a year earlier, with gross profit of $380.5 million and net earnings of $199.8 million, or $1.50 per diluted share, compared with $215.7 million ($1.62 per diluted share) in the prior-year quarter. Management attributes the lower results to shipment declines across all major products, including aggregates shipments down 8%, which it ties to the COVID-19 pandemic, severe wet weather and wildfires. Aggregates segment gross profit margin expanded 0.7 percentage points, and the company reported Adjusted EBITDA of $403.5 million, a decrease of $3.4 million, or 1%, versus the prior year. For the first nine months of 2020, total revenues were $3,681.7 million, down 2%, and net earnings were $470.0 million, or $3.53 per diluted share. Operating cash flow rose to $777.9 million from $646.1 million, and the company expects 2020 Adjusted EBITDA of $1.285 billion to $1.315 billion. Capital expenditures are projected at $300 million to $350 million for the year. The balance sheet shows cash and cash equivalents of $1,084.1 million and total debt of $3,286.5 million at September 30, 2020, with total debt at 2.5 times trailing-twelve-month Adjusted EBITDA. During the period the company issued $750.0 million of 3.50% senior notes due 2030, entered a new five-year $1,000.0 million unsecured line of credit in September 2020, and terminated a $750.0 million delayed draw term loan. Approximately $500 million of notes mature in March 2021 and will be repaid from the proceeds of the May 2020 issuance along with cash on hand. The filing also discloses ongoing environmental and legal matters, including the Lower Passaic River Study Area, the Texas Brine matter and the NAFTA arbitration with Mexico, none of which the company says it has accrued material amounts for beyond those recorded.

    Nov 6, 2020
  20. 2020-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2020

    Vulcan Materials Company's second-quarter 2020 Form 10-Q shows net earnings of $209.9 million, or $1.58 per diluted share, on total revenues of $1,322.6 million, compared with net earnings of $197.6 million, or $1.48 per diluted share, in the second quarter of 2019. Gross profit rose to $396.5 million from $370.5 million, and operating earnings increased to $298.9 million from $276.1 million. The company cited wide-spread pricing growth and effective cost control in aggregates, with aggregates shipments down 2%. Adjusted EBITDA was $407.8 million, an increase of 10%. The filing states that the COVID-19 pandemic had not yet materially affected operations, though management said visibility beyond the near term remains restricted, and it is not reinstating earnings guidance. Liquidity was strengthened during the period. The company issued $750.0 million of 3.50% senior notes due 2030 in May 2020 and entered into a $750.0 million 364-day delayed draw term loan, of which $500.0 million remains available. Cash and cash equivalents were $816.8 million at June 30, 2020, up from $271.6 million at December 31, 2019. Total debt was $3,285.6 million, and total debt to trailing-twelve month Adjusted EBITDA was 2.5 times. Share repurchases were temporarily suspended during the quarter, and dividends rose to $0.34 per share from $0.31. The filing also discloses pending legal matters, including the Lower Passaic River superfund matter, the Texas Brine litigation, and a NAFTA arbitration against Mexico, for which the company said it cannot quantify any potential recovery. Accrued environmental remediation costs totaled $33.6 million at June 30, 2020.

    Aug 5, 2020
  21. 2020-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2020

    Vulcan Materials Company's first quarter 2020 Form 10-Q reports total revenues of $1,049.2 million, up from $996.5 million in the first quarter of 2019, and net earnings of $60.3 million, or $0.45 per diluted share, compared with $63.3 million, or $0.48 per diluted share, a year earlier. Gross profit rose to $201.7 million and operating earnings to $112.3 million. Aggregates segment gross profit increased to $194.1 million, driven by a freight-adjusted sales price increase of 4.5% (to $14.39 per ton), partly offset by a 1.3% decline in aggregates shipments that management attributed largely to wet weather in the Southeast and Southwest. Adjusted EBITDA was $201.0 million, up from $192.7 million. Management stated that the COVID-19 pandemic had not yet materially affected the business, but it withdrew its previous 2020 financial guidance because of uncertainty in aggregates demand and cut its 2020 capital expenditure plan to $275 to $325 million from $475 million. Cash from operating activities was $82.5 million, versus $116.2 million a year earlier, mainly due to increased working capital. Total debt was $2,785.6 million at March 31, 2020, with no borrowings under the $750.0 million line of credit. Subsequent to quarter-end, the company executed a $750.0 million 364-day delayed draw term loan to refinance the $250.0 million floating-rate notes due 2020 and the $500.0 million floating-rate notes due 2021. The company also repurchased 214,338 shares for $26.1 million and paid $45.1 million in dividends. The filing notes ongoing legal and environmental matters, including the Lower Passaic River Superfund matter, the Texas Brine litigation (discontinued operations), the New York Water District cases, the Hewitt Landfill matter, and a NAFTA arbitration against Mexico. It states that no liability was recorded for claims that are reasonably possible or not reasonably estimable.

    May 6, 2020
  22. 2019-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2019

    Vulcan Materials Company reported third quarter 2019 total revenues of $1,418.8 million, up 14% from $1,240.2 million in the third quarter of 2018, with gross profit of $400.6 million, up 17%, and operating earnings of $303.4 million, up 22%. Net earnings were $215.7 million, or $1.62 per diluted share, compared to $179.2 million, or $1.34 per diluted share a year earlier. Adjusted diluted EPS from continuing operations was $1.68 versus $1.40, and Adjusted EBITDA was $406.8 million, up 15%. Aggregates drove the results: shipments rose 8% to 60.9 million tons, freight-adjusted aggregates pricing rose 5.6%, and Aggregates segment gross profit increased 18% to $357.2 million. For the first nine months, net earnings were $476.6 million, or $3.58 per diluted share. The balance sheet shows total debt of $2.78 billion at September 30, 2019, with no borrowings on the $750 million line of credit and $53.25 million of standby letters of credit outstanding. Operating cash flow for the nine months was $646.1 million, and capital expenditures were $306.9 million. The company adopted ASU 2016-02 (Leases) in 2019, recording operating lease right-of-use assets of $410.8 million and operating lease liabilities of $391.1 million (noncurrent). Management reaffirmed its full-year 2019 earnings outlook, with earnings from continuing operations expected between $4.55 and $5.05 per diluted share and Adjusted EBITDA between $1.250 and $1.330 billion. The filing also discloses several legal matters, including the Lower Passaic River Superfund study, the Texas Brine sinkhole litigation, New York water district cases, the Hewitt Landfill matter, and a NAFTA arbitration against Mexico that the company expects will take at least two years to conclude. Management states that the outcome of these matters is not expected to have a material effect on consolidated results, although some amounts recorded in a given period could be material to results for that period.

    Nov 7, 2019
  23. 2019-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2019

    Vulcan Materials Company's Form 10-Q for the quarter ended June 30, 2019 reports strong second-quarter results driven by its Aggregates segment. Total revenues rose to $1,327.7 million, up 11% from $1,200.2 million, and gross profit increased to $370.5 million from $323.2 million. Net earnings were $197.6 million, or $1.48 per diluted share, compared with $159.7 million, or $1.19 per diluted share, in the second quarter of 2018. Aggregates segment gross profit increased 16% to $329.2 million, and the company reported Adjusted EBITDA of $372.0 million, up 15% from $324.8 million. Aggregates shipments rose 4% to 57.3 million tons, and freight-adjusted aggregates pricing rose 5.9%. Management updated its full-year 2019 outlook to earnings from continuing operations of $4.55 to $5.05 per diluted share and Adjusted EBITDA of $1.250 billion to $1.330 billion. Balance sheet and cash flow were stable. Total debt was $2.9 billion, or 2.4 times trailing-twelve-month Adjusted EBITDA, and total debt as a percentage of total capital was 35.2%. Net cash provided by operating activities for the first six months was $301.9 million, and capital expenditures for the first six months totaled $225.8 million. The company paid $41.0 million in dividends in the quarter and repurchased no shares. Total equity was $5.37 billion at June 30, 2019. The company adopted the new lease standard (ASU 2016-02) in the first quarter, recognizing $418.9 million of operating lease right-of-use assets and $428.3 million of total lease liabilities. The filing also discloses several legal and environmental matters. These include the Lower Passaic River Superfund matter, the Texas Brine sinkhole litigation, New York water district cases, the Hewitt Landfill matter, and a NAFTA arbitration against Mexico that the company filed with ICSID. The company states it cannot reasonably estimate losses for several of these matters, and it recorded no liability for those deemed reasonably possible.

    Jul 29, 2019
  24. 2019-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2019

    Vulcan Materials Company reported first-quarter 2019 total revenues of $996.5 million, up 17% from $854.5 million in the first quarter of 2018. Gross profit rose to $191.7 million from $159.3 million, and operating earnings increased 29% to $104.4 million. Net earnings were $63.3 million, or $0.48 per diluted share, compared with $53.0 million, or $0.39 per diluted share, a year earlier. Adjusted EBITDA was $192.7 million, up 15% from $167.8 million. The filing states that the Aggregates segment drove results, with segment gross profit of $185.7 million, up $37.5 million or 25%, on shipments up 13% and freight-adjusted pricing up 5.4%. Asphalt segment gross profit swung to a loss of $3.3 million, reflecting a 29% increase in liquid asphalt unit costs. Management reiterated its full-year 2019 guidance of earnings from continuing operations of $4.55 to $5.05 per diluted share and Adjusted EBITDA of $1.25 to $1.33 billion. Cash provided by operating activities was $116.2 million, and capital expenditures were $122.0 million. No shares were repurchased in the quarter, and $40.9 million was paid in dividends. Total debt was $2.96 billion at quarter-end, equal to 2.6 times trailing-twelve-month Adjusted EBITDA as stated in the filing. The filing also discloses several contingent matters that remain unresolved, including the Lower Passaic River Superfund matter, the Texas Brine sinkhole litigation, New York water district cases involving 1,1,1-trichloroethane, the Hewitt Landfill matter, and a NAFTA arbitration against Mexico. The company states it cannot reasonably estimate liability for several of these, and that the NAFTA arbitration will take at least two years to conclude.

    May 3, 2019
  25. 2018-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2018

    Vulcan Materials Company's third quarter 2018 Form 10-Q reports continued growth in its aggregates-centric business. Total revenues for the three months ended September 30, 2018 were $1,240.2 million, up from $1,094.7 million, and net earnings were $179.2 million, or $1.34 per diluted share, compared with $108.6 million, or $0.81 per diluted share, a year earlier. Operating earnings rose to $249.2 million from $227.5 million, and interest expense, net fell to $33.5 million from $82.0 million, which included a $46.1 million charge tied to the July 2017 debt purchase. Adjusted EBITDA was $353.5 million, up from $311.8 million. Aggregates segment gross profit was $303.8 million ($5.41 per ton) versus $257.8 million ($5.06 per ton), with shipments up 10% (6% same-store) and freight-adjusted average sales price up 2%. Asphalt segment gross profit fell to $23.9 million, pressured by a 29% increase in liquid asphalt unit costs, and a 28% rise in diesel fuel unit costs added pressure across the business. Management said weather affected third-quarter earnings by approximately $27 million. For 2018, management now expects net earnings of approximately $530 million, earnings from continuing operations of $3.85 to $3.95 per diluted share, Adjusted EBITDA of $1.125 to $1.135 billion, and after-tax cash flow from earnings of approximately $810 million. The company repurchased $25.0 million of stock in the quarter, paid $37.0 million in dividends, and held $200.0 million of short-term debt under its $750.0 million line of credit at quarter end. Its Lower Passaic River Superfund exposure and the Texas Brine litigation remain open matters, with the company stating that it cannot reasonably estimate a range of liability for the open Texas Brine cases.

    Oct 31, 2018
  26. 2018-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2018

    Vulcan Materials Company's 10-Q for the quarter ended June 30, 2018 reports second-quarter total revenues of $1,200.2 million, up from $1,030.8 million a year earlier, and net earnings of $159.7 million, or $1.19 per diluted share, versus $120.1 million, or $0.89 per diluted share, in the second quarter of 2017. Gross profit rose to $323.2 million and operating earnings to $230.3 million. Adjusted EBITDA was $324.8 million, up from $287.7 million. For the first six months, net earnings were $212.6 million, or $1.58 per diluted share, and net cash provided by operating activities was $275.8 million, compared with $155.2 million a year earlier. The company cites a 28% increase in diesel fuel unit cost and a 28% increase in liquid asphalt unit cost as cost headwinds, and attributes the Aggregates segment's gross profit growth to shipments that rose 15% in the quarter. Balance sheet and capital allocation changed during the first half. Total debt rose to $3,136.9 million, including $360.0 million drawn on the line of credit, and total debt as a percentage of total capital was 38.5%, versus 42.0% at June 30, 2017. The company issued $850.0 million of long-term debt in 2018, including $500.0 million of floating-rate notes due 2021, and made a $100.0 million discretionary pension contribution in the first quarter. It completed three bolt-on acquisitions in the first half for $219.0 million of cash consideration and divested its Georgia ready-mixed concrete operations. Management reiterated full-year 2018 guidance of earnings from continuing operations between $4.00 and $4.65 per diluted share and Adjusted EBITDA between $1.15 billion and $1.25 billion. The filing also discloses ongoing legal and environmental matters. These include the Lower Passaic River Superfund matter, where the EPA estimates a bank-to-bank dredging remedy at $1.38 billion, and the Texas Brine matter, in which a December 2017 ruling allocated fault at 15% to Vulcan. The company states it cannot reasonably estimate a range of liability for the open Texas Brine cases. Management also reports that its disclosure controls were effective as of June 30, 2018.

    Aug 1, 2018
  27. 2018-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2018

    Vulcan Materials Company's first-quarter 2018 Form 10-Q reports total revenues of $854.5 million, up from $787.3 million in the prior-year quarter, and net earnings of $53.0 million, or $0.39 per diluted share, compared with $44.9 million, or $0.33 per diluted share. Earnings from continuing operations were $53.4 million, or $0.40 per diluted share, versus $43.5 million, or $0.32 per diluted share. Aggregates segment gross profit rose 7% to $148.2 million, while Asphalt, Concrete and Calcium gross profit combined fell to $11.1 million, as weather, delayed work and higher input costs weighed on the Asphalt segment. Adjusted EBITDA was $167.8 million, up from $149.3 million. Management reiterated its full-year 2018 guidance of earnings from continuing operations between $4.00 and $4.65 per diluted share and Adjusted EBITDA between $1.150 and $1.250 billion. The company's balance sheet reflects a first-quarter debt refinancing. Vulcan issued $850.0 million of senior notes and retired $885.0 million of debt, and it made a $100.0 million discretionary pension contribution. Total debt rose to $2,975.7 million from $2,854.9 million at December 31, 2017, and total debt as a percentage of total capital was 37.7%. Net cash provided by operating activities was $93.0 million, and the company returned $92.7 million to shareholders through dividends and share repurchases. Cash capital expenditures were $128.7 million. The company also completed three acquisitions and divested its Georgia ready-mixed concrete business. The filing discloses ongoing legal and environmental matters, including the Lower Passaic River Superfund site, the Texas Brine litigation, and the Hewitt Landfill matter. For the Texas Brine matter, a December 2017 ruling allocated fault at 50% to Occidental, 35% to Texas Brine and 15% to Vulcan. The company states that these matters are not expected to have a material effect on consolidated results, financial position or cash flows, though amounts recorded in a given period could be material to results for that period.

    May 4, 2018
  28. 2017-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2017

    Vulcan Materials Company's Form 10-Q for the quarter ended September 30, 2017 shows third-quarter total revenues of $1.09 billion, up 9% from $1.01 billion a year earlier, while net earnings fell to $108.6 million ($0.81 per diluted share) from $142.0 million ($1.05 per diluted share). The decline was driven largely by $46.1 million of pretax interest charges tied to the July 2017 early retirement of 2018 notes, which pushed net interest expense to $82.0 million from $33.1 million. Operating earnings rose slightly to $229.5 million, and Adjusted EBITDA was $311.8 million, up $10.8 million or 4%. Management said Hurricanes Harvey and Irma disrupted more than half of the operational footprint in the quarter, limiting shipments, while aggregates pricing rose 3%. For the first nine months, revenues were $2.91 billion, up 7%, and net earnings were $273.6 million ($2.03 per diluted share) versus $306.9 million a year earlier. Cash from operations was $399.5 million, and capital expenditures were $366.8 million. Total debt rose to $2.81 billion from $1.98 billion at year-end 2016, after $1.6 billion of new notes and term debt issued in 2017 to fund debt retirement and the pending Aggregates USA acquisition for $900.0 million in cash, which the company expects to close in the fourth quarter of 2017. Management now expects full-year aggregates shipments to approximate 2016 and full-year Adjusted EBITDA of approximately $1 billion. The filing also discloses ongoing litigation, including the Texas Brine sinkhole matter, where post-trial briefs were due in early November 2017 and the company cannot reasonably estimate a range of liability for open cases, and the Hewitt Landfill environmental matter, for which the company accrued $14.2 million in the second quarter of 2017.

    Nov 3, 2017
  29. 2017-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2017

    Vulcan Materials Company reported second-quarter 2017 total revenues of $1,030.8 million, up 8% from $956.8 million a year earlier, while net earnings were $120.1 million, or $0.89 per diluted share, versus $124.7 million, or $0.92 per diluted share, in the second quarter of 2016. Earnings from continuing operations fell to $111.7 million ($0.83 per diluted share) from $127.2 million ($0.93). The company cited wet weather in the Southeast, weaker demand in Illinois and coastal Texas, and $15.0 million of pretax charges tied to divested operations. Aggregates shipments decreased 2% to 48.0 million tons, while freight-adjusted aggregates pricing rose 4%, or $0.55 per ton, and management described aggregates unit gross profit as a second-quarter record. Balance sheet and capital structure changed significantly in the period. Cash and cash equivalents rose to $1,129.8 million from $259.0 million at December 31, 2016, and long-term debt book value reached $3,335.1 million, with total debt at 42.0% of total capital versus 30.2% at year-end 2016. The company issued $1.0 billion of notes in June 2017 and a $250.0 million term loan draw, and it early retired $522.5 million of 2018 notes in July 2017 at a cost of $565.5 million. These proceeds are intended to partially finance the pending $900.0 million acquisition of Aggregates USA, LLC, which the company expects to close in the second half of 2017. Management revised its 2017 outlook, now projecting aggregates shipments of 182 to 187 million tons and full-year Adjusted EBITDA of $1.05 billion to $1.13 billion, citing the second-quarter volume shortfall. Legal and environmental matters remain material, including the Texas Brine litigation, where a September 2017 bench trial is scheduled against the remaining pipeline plaintiff group, and the Hewitt Landfill matter, for which the company accrued $14.2 million in the second quarter.

    Aug 4, 2017
  30. 2017-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2017

    Vulcan Materials Company's first quarter 2017 Form 10-Q reports total revenues of $787.3 million, up from $754.7 million in the first quarter of 2016, and net earnings of $44.9 million, or $0.33 per diluted share, compared with $40.2 million, or $0.30 per diluted share, a year earlier. Gross profit declined to $160.0 million from $164.7 million, with the Aggregates segment's gross profit falling $8.2 million to $140.2 million. Management attributed the Aggregates decline largely to a 35% increase in the unit cost of diesel fuel, California flooding, increased stripping expense and costs of transitioning to two new ships, which together reduced segment gross profit by $14.4 million versus the prior year. Aggregates freight-adjusted average sales price rose 5%, or $0.57 per ton, while aggregates shipments fell 2% to 38.2 million tons. Concrete gross profit more than tripled to $10.5 million, and Asphalt Mix gross profit fell to $8.6 million. Net earnings were supported by a $15.5 million income tax benefit from excess tax benefits on share-based compensation. Adjusted EBITDA was $149.3 million, down from $155.4 million. Management reaffirmed full-year 2017 Adjusted EBITDA guidance of $1.125 to $1.225 billion and expects full-year aggregates shipment growth of 5% to 8%. Balance sheet activity included the March 2017 issuance of $350.0 million of 3.90% senior notes due 2027, which pushed total debt to $2,329.3 million, and total debt as a percentage of total capital to 34.0%, up from 30.2% at December 31, 2016. Vulcan also spent $185.1 million on three acquisitions in California and Tennessee, repurchased 416,891 shares for $49.2 million, and paid $33.2 million in dividends. Cash and cash equivalents ended the quarter at $287.0 million.

    May 10, 2017
  31. 2016-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2016

    Vulcan Materials Company's Form 10-Q for the quarter ended September 30, 2016 shows continued earnings recovery. Third-quarter total revenues were $1,008.1 million, down from $1,038.5 million a year earlier, while gross profit rose to $304.2 million from $291.3 million and net earnings increased to $139.8 million from $123.8 million. For the nine months, net earnings were $282.4 million ($2.09 per diluted share) versus $132.3 million ($0.98 per diluted share) in 2015, helped by lower interest expense after the 2015 debt refinancing charges of $67.1 million. Aggregates segment gross profit rose to $261.8 million in the quarter, driven by a 7% increase in freight-adjusted average sales price, even as aggregates shipments declined 4% to 50.3 million tons. Management stated that it expects full-year 2016 Adjusted EBITDA of $1 billion, a 20% increase over the prior year, and that it remains on track toward the low end of its 2016 profit plan despite shipments below beginning-of-year expectations. Management also said it expects broad-based volume and pricing growth with continued margin expansion in 2017, though it noted it is too soon to issue firm guidance. Year-to-date, the company returned $241.3 million to shareholders through dividends and share repurchases, and total debt was approximately $2 billion at quarter end. The filing also details significant legal and environmental exposures. The Texas Brine matter involves damages claimed in excess of $500 million, with the first trial date set for March 2017 and no estimable range of liability. The Lower Passaic River matter references an EPA cost estimate of $1.38 billion for a proposed remedy, though Vulcan does not agree that the remedy is warranted and is not currently obligated to fund it. Standard & Poor's and Fitch upgraded the company's ratings to investment grade in March 2016.

    Nov 2, 2016
  32. 2016-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2016

    Vulcan Materials Company's second-quarter 2016 Form 10-Q reports a strong improvement in earnings. Total revenues for the quarter were $956.8 million, compared with $895.1 million a year earlier, and gross profit rose to $292.2 million from $234.4 million. Net earnings were $123.8 million, or $0.91 per diluted share, versus $48.2 million, or $0.36 per diluted share, in the prior-year quarter. The prior-year quarter included a $45.3 million debt purchase charge within interest expense, so net interest expense fell to $33.3 million from $83.7 million. Aggregates segment gross profit increased $46.7 million to $254.0 million on aggregates shipments up 3% to 48.8 million tons and freight-adjusted pricing up 7%. Management reaffirmed full-year Adjusted EBITDA guidance of $1.0 to $1.1 billion. Balance sheet and cash flow data show total debt of $1.98 billion at June 30, 2016, with $235.0 million of floating-rate line of credit borrowings outstanding and cash of $91.9 million. Net cash provided by operating activities was $102.5 million for the six months, compared with $64.6 million a year earlier. Capital expenditures were $199.8 million year to date, and the company returned $122.5 million to shareholders through dividends and share repurchases in the first half. Credit ratings were upgraded to investment grade by two of three agencies in March 2016. The filing also discloses significant legal exposures. The Lower Passaic River Superfund matter involves an EPA record of decision estimating a remedy cost of $1.38 billion, while the Company's own draft RI/FS estimate is $475 million to $725 million, and Vulcan states it is not obligated to fund the remedy. The Texas Brine sinkhole litigation seeks damages exceeding $500 million, with a first trial date set for March 2017, and the company cannot reasonably estimate a range of liability. The Hewitt Landfill matter also remains unestimated.

    Aug 3, 2016
  33. 2016-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2016

    Vulcan Materials Company's first quarter 2016 Form 10-Q reports total revenues of $754.7 million, up from $631.3 million in the first quarter of 2015, and net earnings of $18.9 million, or $0.14 per diluted share, compared with a net loss of $39.7 million, or $0.30 per diluted share, a year earlier. Gross profit rose to $164.7 million from $77.9 million. Results include discrete pretax charges of $12.4 million for acquisitions and divestitures, a $9.6 million asset impairment, and $0.3 million for restructuring. Management reports Adjusted EBITDA of $155.9 million, compared with $77.8 million in the prior-year quarter, and states that aggregates shipments rose 17% to 39.2 million tons, with freight-adjusted aggregates pricing up 9.5%. Balance sheet and liquidity: cash and cash equivalents were $191.9 million at March 31, 2016, and total debt was $1,981.5 million, versus $2,253.8 million a year earlier, which reflected 2015 refinancing. Total debt as a percentage of total capital was 30.9%. Operating cash flow was $42.9 million, against $19.2 million in the first quarter of 2015. Capital expenditures were $108.3 million, and the company repurchased 257,000 shares for $26.6 million. The company reports that Standard & Poor's and Fitch upgraded its senior unsecured term debt to investment grade in March 2016, and management says it now projects 2016 aggregates shipments to be 8% to 9% higher than 2015. The filing also discloses material legal exposures. The Texas Brine sinkhole litigation seeks more than $500 million in damages, with the first trial date set for March 2017 and no estimable liability range. The EPA's March 2016 record of decision for the Lower Passaic River estimates a remedy cost of $1.38 billion, though Vulcan states it is not obligated to fund the remedy and recorded only an immaterial loss in 2015.

    May 4, 2016
  34. 2015-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2015

    Vulcan Materials Company's third-quarter 2015 Form 10-Q reports total revenues of $1,038.5 million, up from $873.6 million a year earlier, and net earnings of $123.8 million, or $0.91 per diluted share, versus $66.9 million, or $0.50 per diluted share, in the third quarter of 2014. Gross profit rose to $291.3 million from $209.0 million. Management describes continued revenue growth and margin expansion amid a gradual recovery in construction activity. Aggregates shipments rose 10% in total and 7% on a same-store basis, and freight-adjusted aggregates pricing increased 8% on a same-store basis. Management reaffirmed full-year Adjusted EBITDA guidance of $775 million to $825 million, assuming normal fourth-quarter weather. Adjusted EBITDA for the quarter was $281.9 million. For the nine months ended September 30, 2015, revenues were $2,564.9 million and net earnings were $132.3 million, which included a $67.1 million pretax loss on debt purchases recorded in interest expense. Operating cash flow for the nine months was $281.3 million, and free cash flow, a non-GAAP measure, was $66.5 million. Total debt was $1,979.6 million at quarter end and cash was $168.7 million. During 2015 the company refinanced $485.1 million of debt, issued $400.0 million of 4.50% notes due 2025, and replaced its secured $500.0 million credit line with an unsecured $750.0 million facility expiring in June 2020, of which $85.0 million was borrowed. Litigation remains a notable item. The Texas Brine matter, with claims exceeding $500 million, has a first trial date set for April 2016, and the company cannot reasonably estimate a range of liability. The Hewitt Landfill matter also has no estimable range of liability, and the Lower Passaic River remediation cost estimates range widely, with an immaterial loss recorded in the first quarter of 2015.

    Nov 4, 2015
  35. 2015-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2015

    Vulcan Materials Company reported second-quarter 2015 total revenues of $895.1 million, up 13% from $791.1 million a year earlier, with gross profit rising 34% to $234.4 million. Aggregates shipments increased 9% to 47.5 million tons, and same-store aggregates shipments rose 5%. Freight-adjusted aggregates pricing on a same-store basis increased 6%, and the Aggregates segment's gross profit reached $207.3 million. Net earnings were $48.2 million, or $0.36 per diluted share, compared with $46.0 million, or $0.35 per diluted share, in the second quarter of 2014. Management reaffirmed full-year Adjusted EBITDA guidance of $775 to $825 million. First-half results were weaker at the bottom line. Net earnings were $8.5 million, or $0.06 per diluted share, versus $100.0 million, or $0.75 per diluted share, in the first half of 2014. That comparison is distorted by a $229.1 million pretax gain on the 2014 Florida cement and concrete sale and by a $67.1 million pretax debt-purchase charge recorded in interest expense in 2015. Management attributed the weak second quarter partly to extremely wet weather in April and May. The company refinanced its debt during the period, issuing $400.0 million of 4.50% notes due 2025 and entering a new unsecured $750.0 million line of credit expiring in June 2020. Total debt was $2,046.3 million at June 30, 2015, and the company reported $74.7 million of cash and cash equivalents. Free cash flow for the first half was negative $84.1 million, as operating cash flow of $64.6 million did not cover $148.7 million of capital expenditures.

    Aug 5, 2015
  36. 2015-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2015

    Vulcan Materials Company reported a first-quarter 2015 net loss of $39.7 million, or $0.30 per diluted share, compared with net earnings of $54.0 million, or $0.41 per diluted share, in the first quarter of 2014. The prior-year period included a $226.9 million pretax gain on the sale of real estate and businesses, including the Florida cement and concrete businesses, and a $72.9 million pretax charge for debt purchases. Total revenues rose 10% to $631.3 million, and gross profit increased to $77.9 million from $34.1 million. Aggregates segment gross profit rose $29.2 million, or 76%, to $67.7 million, and aggregates shipments increased 13% to 33.5 million tons. Adjusted EBITDA was $76.8 million, up from $39.0 million, and management reiterated full-year 2015 Adjusted EBITDA guidance of $775 to $825 million. The quarter's results were affected by several discrete items: a $21.7 million pretax charge for debt purchases, a $2.8 million restructuring charge, and a $3.5 million net pretax gain on the exchange of California concrete operations for thirteen asphalt mix plants. Management completed a refinancing in March and April 2015, issuing $400.0 million of 4.50% notes due 2025 and redeeming $343.8 million of debt maturing in 2016 to 2018. Total debt was $2.28 billion at March 31, 2015, temporarily elevated by the refinancing, and is expected to return to approximately $2.0 billion. Cash and cash equivalents were $392.7 million, and the company expects to close a new $750.0 million unsecured line of credit in May 2015. Operating cash flow was $19.2 million, and free cash flow was negative $30.4 million. Management described demand as still well below normal levels but cited accelerating momentum in aggregates volumes and pricing. The company also disclosed an ongoing Texas Brine sinkhole litigation in which it denies liability and for which it cannot reasonably estimate any loss.

    May 6, 2015
  37. 2014-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2014

    Vulcan Materials Company reported third-quarter 2014 total revenues of $873.6 million, up 7% from $813.6 million a year earlier, and net earnings of $66.9 million, or $0.50 per diluted share, versus $41.4 million, or $0.31 per diluted share, in the third quarter of 2013. Gross profit rose to $209.0 million from $159.0 million, and Aggregates segment gross profit increased $38.2 million, or 26%. Aggregates shipments grew 12% in the quarter, and same-store aggregates shipments increased 10.5%. Management stated that aggregates shipments have grown for six consecutive quarters and that it expects this volume momentum to lead to accelerating price growth, with some markets already seeing price increases of 5% to 10%. For the first nine months of 2014, net earnings were $166.9 million, or $1.26 per diluted share, compared with $15.3 million, or $0.12, in the prior year. Results were heavily affected by non-recurring items, including a $235.9 million pretax gain on real estate and business sales, most notably the March 2014 sale of the Florida cement and concrete businesses to Cementos Argos for total consideration of $721.4 million, and a $72.9 million pretax loss on debt purchases. In March 2014 the company purchased $506.4 million of principal amount of notes through a tender offer, funded by the Florida sale, and acquired six aggregates businesses in the third quarter for $318.0 million in total consideration. The balance sheet shows total debt of $2,006.1 million at September 30, 2014, down from $2,522.4 million at December 31, 2013, and total debt as a percentage of total capital of 32.3%, compared with 39.0% at year-end 2013. Free cash flow for the nine months was negative $19.5 million, as net cash provided by operating activities of $149.7 million was less than purchases of property, plant and equipment of $169.2 million. The company stated it was in compliance with all debt and line of credit covenants, and it reported $446.7 million of available line of credit borrowing capacity.

    Nov 5, 2014
  38. 2014-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2014

    Vulcan Materials Company's second-quarter 2014 Form 10-Q shows continued recovery in its core aggregates business. Net sales for the quarter were $756.3 million, up from $696.1 million, and net earnings were $46.0 million, or $0.35 per diluted share, versus $28.8 million, or $0.22, a year earlier. Aggregates segment gross profit rose $34.6 million, or 27%, on 10% higher shipments and 3% higher freight-adjusted pricing. For the first half of 2014, net earnings were $100.0 million, or $0.75 per diluted share, compared with a net loss of $26.1 million in the prior-year period, though these results include a $229.1 million pretax gain on the March 2014 sale of the Florida cement and concrete businesses to Cementos Argos. The balance sheet improved meaningfully. Long-term debt fell to $2.01 billion from $2.52 billion at year-end 2013 after a March 2014 tender offer retired $506.4 million of principal, which generated a $72.9 million pretax loss on debt purchase recorded in interest expense. Total debt as a percentage of total capital was 32.9%, versus 39.0% at December 31, 2013. Free cash flow was negative $93.4 million for the first six months, reflecting $116.3 million of capital expenditures, and management now projects 2014 capital spending of approximately $240 million. Management maintained its full-year outlook for freight-adjusted aggregates pricing to improve 3% to 5% and projects aggregates shipments to rise 7% to 9% in 2014. The company also declared a quarterly dividend of six cents per share, up from five cents. Disclosed legal exposures include a proposed $48.1 million settlement in the Texas Brine sinkhole litigation, in which Vulcan is a defendant but denies liability, and the EPA's proposed Lower Passaic River remedy, for which the company says its liability is expected to be immaterial.

    Aug 6, 2014
  39. 2014-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2014

    Vulcan Materials Company's first quarter 2014 results show net sales of $548.5 million, up 9% from the prior year, and net earnings of $54.0 million, or $0.41 per diluted share, compared with a net loss of $54.8 million in the first quarter of 2013. Results were heavily affected by discrete items: a pretax gain of $226.9 million (net of $9.1 million of disposition-related charges) on the sale of real estate and businesses, mainly the Florida-area cement and concrete businesses sold to Cementos Argos for $720.1 million in net proceeds, and a $72.9 million pretax loss on the purchase of $506.4 million of debt through a tender offer. Excluding these items, earnings from continuing operations were a loss of $37.0 million, or $0.28 per diluted share, versus a loss of $61.6 million, or $0.47 per diluted share, a year earlier. Core operations improved. Aggregates shipments rose 6% and aggregates pricing rose 2%, lifting Aggregates segment gross profit by $13.7 million, or 55%, to $38.5 million. Adjusted EBITDA was $39.0 million versus $25.9 million. Net cash used for operating activities was $5.0 million, and free cash flow was negative $51.0 million, reflecting $46.0 million of capital expenditures. Total debt fell to $2.01 billion from $2.52 billion at December 31, 2013, and total debt as a percentage of total capital was 33.2%, down from 39.0%. The filing also notes ongoing legal and environmental exposures. The Texas Brine sinkhole litigation has a proposed class settlement of $48.1 million, and Vulcan says it cannot reasonably estimate its liability in that matter. In the Lower Passaic River matter, the EPA's April 11, 2014 proposed Focused Feasibility Study estimates remediation costs of approximately $950 million to $1.73 billion for the lower 8 miles of the river, though Vulcan says its ultimate liability is not known and that its liability for remedial actions is immaterial.

    May 12, 2014
  40. 2013-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2013

    Vulcan Materials Company's third-quarter 2013 Form 10-Q reports net sales of $775.2 million, up 13% from the prior-year quarter, with gross profit of $159.0 million and net earnings of $41.4 million, or $0.31 per diluted share, versus $14.3 million, or $0.11 per diluted share, a year earlier. Shipments rose in every major product line, with aggregates up 9%, ready-mixed concrete up 17%, cement up 10% and asphalt mix up 4%. Results include a $9.2 million pretax gain on the sale of reclaimed real estate. For the first nine months, net earnings were $15.3 million, compared with a net loss of $56.1 million in the prior-year period, which included a $43.3 million exchange offer charge tied to Martin Marietta's unsolicited offer. Cash flow and balance sheet developments were significant in the period. Net cash provided by operating activities was $260.0 million for the nine months, up from $93.8 million, driven mainly by $153.1 million of net proceeds from a volumetric production payment on aggregates reserves, recorded as deferred revenue. Total debt fell to $2,523.6 million from $2,677.0 million at December 31, 2012, after scheduled repayments of the 6.30% notes and the 8.70% medium-term note. Total debt as a percentage of total capital was 39.5%, versus 41.6% at year-end 2012. Free cash flow, a non-GAAP measure the company presents, was $142.7 million for the nine months. The company reports that it has achieved $373.2 million of net proceeds under its Planned Asset Sales initiative against a target of approximately $500 million. Environmental exposure remains open, particularly the Lower Passaic River Superfund matter, where the company says it cannot reasonably estimate its liability, and the perchloroethylene lawsuits, which are being vigorously defended. The filing also notes that the company's line of credit was reduced to $500 million and extended to March 2018, and that no amount was drawn as of September 30, 2013.

    Nov 5, 2013
  41. 2013-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2013

    Vulcan Materials Company's second-quarter 2013 Form 10-Q reports a return to profitability on higher volumes and pricing in its core businesses. Net sales for the quarter were $696.1 million, up 7% from the second quarter of 2012, with aggregates shipments up 2%, ready-mixed concrete up 15%, and cement up 20%, while aggregates pricing rose 4%. Net earnings were $28.8 million, or $0.22 per diluted share, compared with a net loss of $18.3 million in the prior-year quarter. Earnings from continuing operations were $30.1 million, helped by a $23.0 million pretax gain on the sale of real estate and businesses. Gross profit rose to $132.9 million from $105.9 million, and EBITDA was $164.1 million, up $61.0 million, or 59%. For the first six months, net sales were $1,200.6 million and the net loss narrowed to $26.1 million, or $0.20 per diluted share, from $70.3 million a year earlier. Cash flow was weaker: net cash used for operating activities was $45.3 million, driven by a $107.7 million increase in accounts and notes receivable, and free cash flow was negative $105.4 million. Total debt was $2,624.6 million, and total debt was 40.8% of total capital at June 30, 2013. The company drew $100.0 million on its bank line of credit and completed a $140.4 million retirement of 6.30% notes in June. Management continued its Planned Asset Sales initiative, with $208.8 million of net proceeds achieved against a targeted approximately $500 million, and made about $90.0 million of aggregates and concrete acquisitions in Texas and Georgia during the first half. Management attributes expected earnings improvement in 2013 to residential construction recovery, and says most weather-related shipment delays may be recovered in the second half if weather normalizes. Pending legal matters include perchloroethylene litigation and the Lower Passaic River Superfund site, for which the company states it cannot reasonably estimate its liability.

    Aug 6, 2013
  42. 2013-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2013

    Vulcan Materials Company reported a first-quarter 2013 net loss of $54.8 million, or $0.42 per diluted share, compared with a net loss of $52.1 million, or $0.40 per diluted share, in the first quarter of 2012. Total revenues were $538.2 million, up from $535.9 million, and net sales were $504.6 million versus $499.9 million. Operating loss widened to $50.1 million from $46.3 million, and gross profit declined to $17.7 million from $22.0 million. Management described shipment levels as in line with first-quarter expectations, with aggregates shipments down 6% and ready-mixed concrete and cement shipments up 6% and 14%, respectively. Aggregates pricing rose 5%, and management said it remains on track for earnings improvement in 2013. Cash flow weakened in the quarter. Net cash used for operating activities was $12.9 million, compared with $29.1 million provided in the prior year, and free cash flow was negative $39.7 million. The company acquired two aggregates production facilities for $60.2 million. Cash and cash equivalents were $188.1 million at March 31, 2013, and total debt was $2,666.0 million. The company amended its $600.0 million bank line of credit to reduce capacity to $500.0 million and extend its term to March 12, 2018. None of the line was drawn at quarter end, though $56.9 million supported standby letters of credit. The company reported progress on its Planned Asset Sales initiative, which has achieved $174.4 million of net proceeds against a target of approximately $500 million. Legal matters include perchloroethylene cases and the Lower Passaic River Superfund matter, for which the company said it cannot reasonably estimate its liability. Management said the Profit Enhancement Plan and exchange offer costs are not expected to produce future material charges.

    May 7, 2013
  43. 2012-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2012

    Vulcan Materials Company reported a third-quarter 2012 net profit of $14.3 million, or $0.11 per diluted share, compared with $20.0 million, or $0.15 per diluted share, in the third quarter of 2011. Net sales were $687.6 million, versus $714.9 million a year earlier, and total revenues were $728.9 million. Gross profit rose to $126.9 million from $115.8 million, driven by aggregates pricing and lower unit costs. Adjusted EBITDA was $146.0 million, up $11.8 million from the prior year. Earnings from continuing operations were $0.12 per diluted share, including $0.02 per diluted share of restructuring charges and exchange offer costs. The prior-year quarter benefited from a $39.7 million pretax gain on the sale of four aggregates facilities and a $20.9 million legal settlement recovery. For the nine months ended September 30, 2012, the company posted a net loss of $56.1 million, or $0.43 per diluted share, compared with a net loss of $42.9 million, or $0.33 per diluted share, in the prior-year period. The year-to-date results include a $43.3 million pretax charge for costs related to Martin Marietta's unsolicited exchange offer. Net cash provided by operating activities was $93.8 million, and free cash flow was $44.3 million. Cash and cash equivalents stood at $243.1 million at September 30, 2012, and long-term debt including current maturities totaled $2.81 billion. The company has no borrowings under its $600 million bank line of credit, with $58.6 million used for standby letters of credit. Management cited improving private construction activity, particularly residential, in Florida, Texas and Arizona, and noted that the new federal highway bill was signed into law in July 2012. Dividends were reduced to $0.01 per share in 2012 from $0.25 per share in the 2011 quarter. The filing also discloses ongoing environmental and litigation matters tied to the former Chemicals business, including perchloroethylene cases and the Lower Passaic River matters, for which the company states it cannot reasonably estimate liability.

    Nov 8, 2012
  44. 2012-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2012

    Vulcan Materials Company reported a second-quarter 2012 net loss of $18.3 million, or $0.14 per diluted share, compared with a net loss of $8.1 million, or $0.06 per diluted share, in the second quarter of 2011. Net sales were $648.9 million, down 1% from the prior year. The results include a pretax charge of $32.1 million for legal, professional and other costs tied to Martin Marietta's unsolicited exchange offer, a $12.3 million gain on the sale of mitigation credits, and $4.5 million of restructuring charges under the new Profit Enhancement Plan. For the first six months, net loss was $70.3 million, or $0.54 per diluted share, on net sales of $1.15 billion, up 3% year over year. Adjusted EBITDA was $127.3 million for the quarter, up $9.9 million, and $174.8 million for the six months versus $123.0 million a year earlier. Aggregates segment gross profit improved $9.0 million in the quarter, with management attributing this to lower unit costs from productivity and cost reduction efforts. Balance sheet and liquidity remained stable. Total debt was $2,813.6 million at June 30, 2012, with the $600.0 million bank line of credit undrawn, and cash and cash equivalents were $158.3 million. Net cash used for operating activities was $3.1 million for the six months, compared with $7.0 million provided in the same period of 2011, and free cash flow was negative $36.6 million. Current maturities of long-term debt rose to $285.2 million. Moody's downgraded the company's long-term debt rating to Ba3/negative on July 12, 2012. Management reaffirmed its target of more than $100 million in annual run-rate EBITDA improvement from the Profit Enhancement Plan and a goal of $500 million in net after-tax proceeds from Planned Asset Sales. The filing also covers ongoing litigation, including shareholder suits over the exchange offer, perchloroethylene cases tied to the former Chemicals business, and Lower Passaic River matters. Vulcan and its directors believe the shareholder lawsuits are meritless, and the company states it cannot reasonably estimate its liability in the Lower Passaic River matters.

    Aug 8, 2012
  45. 2012-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2012

    Vulcan Materials Company reported a first-quarter 2012 net loss of $52.1 million, or $0.40 per diluted share, compared with a net loss of $54.7 million, or $0.42 per diluted share, in the first quarter of 2011. Net sales rose to $499.9 million from $456.3 million, with growth in every segment, and gross profit improved to $22.0 million from a loss of $7.1 million. Aggregates shipments increased 10%, and the Aggregates segment's gross profit reached $34.0 million versus $10.7 million a year earlier. The filing attributes the quarter's results to higher shipments and lower unit costs, and it notes the quarter included a $10.1 million charge for exchange offer costs tied to Martin Marietta's unsolicited exchange offer, along with a $6.0 million gain on the sale of California real estate. The company's balance sheet shows total debt of $2.81 billion and total equity of $3.75 billion at March 31, 2012, with total debt at 42.9% of total capital. Cash and cash equivalents were $191.2 million, and no amount was drawn on the $600.0 million bank line of credit. Operating cash flow was $29.1 million, and free cash flow was $10.3 million. Interest expense, net, rose to $52.3 million from $42.3 million, reflecting higher rates following the June 2011 debt refinancing. Dividends paid were $1.3 million, and the quarterly dividend declared was $0.01 per share versus $0.25 a year earlier. The filing also details ongoing litigation: Martin Marietta's exchange offer and proxy contest are the subject of multiple suits in Delaware, New Jersey and Alabama, and Vulcan's directors describe the claims as meritless. Management reiterates a Profit Enhancement Plan targeting $100 million in annual EBITDA improvement by 2014, and expects about $500 million in net proceeds from planned asset sales by mid-2013.

    May 2, 2012
  46. 2011-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2011

    Vulcan Materials Company (VMC) reported third-quarter 2011 net earnings of $19,959 thousand, or $0.15 per diluted share, compared with $13,246 thousand, or $0.10 per diluted share, in the third quarter of 2010. Net sales were $714.9 million, up 2% from the prior year quarter, with shipments down slightly in aggregates and ready-mixed concrete. Earnings from continuing operations were $22.4 million, which included a $39.7 million pretax gain on the sale of four aggregates facilities and a $24.1 million insurance recovery tied to the 2010 Illinois Department of Transportation (IDOT) lawsuit settlement. Higher unit costs for diesel fuel and liquid asphalt reduced pretax earnings by $21.4 million in the quarter. For the first nine months of 2011, the company reported a net loss of $42,913 thousand, or $0.33 per diluted share, versus a net loss of $49,493 thousand in the prior-year period. Balance sheet and liquidity improved during the period. Following a $1.1 billion notes offering in June 2011, cash and cash equivalents rose to $152,379 thousand at September 30, 2011, from $47,541 thousand at December 31, 2010, and short-term borrowings fell to zero from $285,500 thousand. Total debt was $2,821.4 million, and total debt as a percentage of total capital was 42.1%, against a covenant limit of 65%. The company also reduced its quarterly dividend to one cent per share from 25 cents, effective with the fourth-quarter 2011 payment, which the filing says will improve available cash by approximately $124 million annually. Standard and Poor's and Moody's both revised their outlooks to negative during September 2011, and Moody's downgraded the long-term rating to Ba2. The filing also discloses a restatement of the September 30, 2010 balance sheet to correct understated deferred income tax liabilities, which reduced retained earnings by $14,785 thousand as of January 1, 2007. Ongoing legal matters include perchloroethylene cases tied to the former Chemicals business, a Florida antitrust suit against Florida Rock Industries, and the Lower Passaic River clean-up. The company also disclosed that goodwill totaled $3,086.7 million and that a sustained construction recovery could affect the fair value of its reporting units.

    Nov 4, 2011
  47. 2011-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2011

    Vulcan Materials Company's second-quarter 2011 Form 10-Q reports a net loss of $8.1 million, or $0.06 per diluted share, compared with a net loss of $24.0 million, or $0.19 per diluted share, in the second quarter of 2010. Net sales were $657.5 million, down from $692.8 million a year earlier, with shipments lower in all product lines except asphalt. The company cites severe April storms, flooding, and a sharp rise in diesel fuel and liquid asphalt costs, which reduced pretax earnings by $19.2 million. Average unit sales prices rose in all major product lines. Second-quarter results include a $26.5 million pretax charge tied to a June 2011 tender offer and debt retirement. For the six months ended June 30, 2011, the net loss was $62.9 million, or $0.49 per diluted share, essentially unchanged from $62.7 million a year earlier. The first half benefited from a $25.5 million pretax gain on a partial insurance recovery of the Illinois (IDOT/Joliet Road) settlement. Cash flow from operations was only $7.0 million, while purchases of property, plant and equipment were $51.5 million, producing free cash flow of negative $44.5 million as defined by the company. Balance sheet activity centered on refinancing. In June 2011 Vulcan issued $1.1 billion of notes, $500 million of 6.50% notes due 2016 and $600 million of 7.50% notes due 2021, and used proceeds to repay a $450 million term loan, tender for portions of its 2007 and 2008 notes, and repay $275 million under its revolver. Short-term borrowings fell to $100.0 million from $285.5 million at year-end 2010. Total debt as a percentage of total capital was 42.7%, against a covenant limit of 65%. The filing also restates the June 30, 2010 balance sheet for deferred income tax errors.

    Aug 4, 2011
  48. 2011-Q1

    Vulcan Materials Quarterly Report for Q1 Ended Mar 31, 2011

    Vulcan Materials Company reported a first-quarter 2011 net loss of $54.7 million, or ($0.42) per diluted share, compared with a net loss of $38.7 million, or ($0.31) per diluted share, in the first quarter of 2010. Net sales were $456.3 million, down 1.8% from the prior year, with shipments lower in all product lines except cement, which was essentially flat. Results were helped by a $25.5 million recovery from a legal settlement tied to the Illinois Department of Transportation (IDOT) Joliet Road lawsuit and by $9.9 million of income from discontinued operations, but were held back by higher diesel fuel and liquid asphalt costs, which reduced pretax earnings by $9.8 million. The company also restated its March 31, 2010 balance sheet to correct deferred income tax liabilities. Liquidity remained adequate but constrained by credit rating actions. Total debt as a percentage of total capital was 41.2% at March 31, 2011, against a covenant maximum of 65%. Short-term borrowings were $300.0 million under a $1.5 billion bank credit line that expires November 16, 2012, leaving $1,138.5 million of available lines of credit. Standard and Poor's and Moody's downgraded the company's short-term and long-term ratings in March 2011, so Vulcan no longer has access to the commercial paper market, and the spread on its $450.0 million 5-year term loan rose to its 2.50% cap. The filing also details ongoing perchloroethylene litigation tied to the former Chemicals business, a Florida antitrust suit involving Florida Rock Industries, and the Lower Passaic River clean-up, for which the company says it cannot determine the likelihood or reasonably estimate a range of loss. Management reported that the first-quarter 2010 results included a $39.5 million pretax gain on the sale of three Virginia aggregates facilities.

    May 6, 2011
  49. 2010-Q3

    Vulcan Materials Quarterly Report for Q3 Ended Sep 30, 2010

    Vulcan Materials Company reported a net loss of $49.5 million, or $0.39 per diluted share, for the nine months ended September 30, 2010, compared with net earnings of $43.7 million, or $0.37 per diluted share, in the prior-year period. For the third quarter alone, net earnings were $13.2 million, or $0.10 per diluted share, versus $54.2 million, or $0.43 per diluted share, a year earlier. Net sales for the quarter were $699.8 million, down from $738.7 million, and nine-month net sales were $1.86 billion, down from $1.99 billion. Results were pressured by a $40 million charge for the IDOT/Joliet Road legal settlement, higher diesel and liquid asphalt costs, and lower shipments and pricing in several segments. Partly offsetting this were a $50.2 million year-to-date gain on sales of property and businesses, including three Virginia aggregates facilities. Cash flow and balance sheet metrics weakened over the period. Net cash provided by operating activities fell to $127.8 million for the first nine months of 2010 from $354.8 million, and free cash flow was $65.7 million versus $260.6 million. Management attributed the working capital improvement largely to a $450.0 million five-year term loan completed in July 2010, which was used to repay commercial paper and maturing debt. Total debt as a percentage of total capital was 40.6%, and the company disclosed that Moody's lowered its short-term and long-term ratings in August 2010, with Standard & Poor's also lowering its long-term rating to BBB-. The filing also discloses significant ongoing litigation, including perchloroethylene (perc) cases, the Florida antitrust litigation, and the Lower Passaic River clean-up, for which the company stated it could not determine the likelihood or reasonably estimate a range of loss. Dividends were reduced to $0.25 per quarter from $0.49 beginning in the third quarter of 2009.

    Nov 3, 2010
  50. 2010-Q2

    Vulcan Materials Quarterly Report for Q2 Ended Jun 30, 2010

    Vulcan Materials Company's Form 10-Q for the quarter ended June 30, 2010 shows a second-quarter net loss of $24.0 million, or $0.19 per diluted share, compared with net earnings of $22.2 million, or $0.20 per diluted share, in the second quarter of 2009. Net sales rose 2% to $692.8 million, with aggregates shipments up 6%. The result was driven by a $40.0 million charge (about $41.5 million including legal fees) to settle the Illinois Department of Transportation Joliet Road lawsuit, higher liquid asphalt and diesel fuel unit costs, and lower aggregates pricing. For the first half, the net loss was $62.7 million, or $0.49 per diluted share, and net sales fell 7% to $1,157.3 million. The first half also included a $39.5 million pretax gain on the sale of three aggregates facilities in Virginia. Liquidity tightened over the period. Working capital was negative $206.8 million at June 30, 2010, versus $178.5 million a year earlier, mainly because current maturities of long-term debt rose to $425.3 million and short-term borrowings reached $320.0 million. Total debt as a percentage of total capital was 40.4%. Free cash flow was negative $23.5 million for the six months, and net cash from operating activities fell to $18.7 million from $169.4 million. Management noted that the company had $1.5 billion of unused bank lines, although $320.0 million supported commercial paper and $63.4 million backed letters of credit. The company also closed a $450.0 million five-year term loan on July 7, 2010, to help retire near-term debt. The filing also restates the June 30, 2009 balance sheet to correct deferred income tax liabilities, which increased retained earnings by $31.0 million for that date. Standard & Poor's lowered Vulcan's short-term rating to A-3 and its long-term outlook to negative in April 2010. Management described second-quarter volume growth as encouraging but said higher input costs and weaker pricing offset it.

    Aug 4, 2010