01—Abstract
Summary
Summary of the 10-Q filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company (VMC) reported first-quarter 2025 total revenues of $1,634.6 milliona, 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 $0.98b 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 millionc 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 milliond 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.
02—Key points
Key Highlights
- Total revenues rose 6% to $1,634.6 million, and gross profit increased 20% to $365.3 million, with gross profit margin expanding to 22.3% from 19.7%.
- Net earnings attributable to Vulcan increased 26% to $128.9 million; diluted EPS was $0.97 ($0.98 from continuing operations) versus $0.77 a year earlier.
- Adjusted EBITDA increased 27% to $410.9 million, and the company reiterated 2025 Adjusted EBITDA guidance of $2,350 million to $2,550 million.
- Aggregates freight-adjusted sales price increased 7.0% to $22.03 per ton, while aggregates shipments declined 1% to 47.8 million tons; gross profit per ton rose 19% to $7.48.
- Vulcan repaid $400.0 million of 2025 senior notes with cash on hand; total debt was $4,908.4 million, with total debt to TTM Adjusted EBITDA of 2.3 times.
- Interest expense, net, increased to $59.7 million from $39.1 million, primarily due to the November 2024 notes issuances.
- Capital returned to shareholders totaled $104.1 million in the quarter, including $66.0 million of dividends ($0.49 per share) and $38.1 million of share repurchases.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2025, Vulcan Materials kept $0.08.
- Revenue$1.63B100.0%
- Cost of revenue−$1.27B77.7%
- Gross profit$365.3M22.3%
- Operating costs−$138.9M8.5%
- Operating income$226.4M13.9%
- Interest, other & tax−$97.5M6.0%
- Net income$128.9M7.9%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed April 30, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $1.63B$1.55B | +5.8% |
| Cost of Revenue | $1.27B$1.24B | +2.3% |
| Gross Profit | $365.30M$304.90M | +19.8% |
| SG&A Expenses | $138.30M$129.70M | +6.6% |
| Operating Income | $226.40M$172.90M | +30.9% |
| Net Income | $128.90M$102.70M | +25.5% |
| EPS (Basic) | $0.97$0.78 | +24.4% |
| EPS (Diluted) | $0.97$0.77 | +26.0% |
| Shares Outstanding (Basic) | 132.40M132.40M | 0.0% |
| Shares Outstanding (Diluted) | 133.00M133.10M | −0.1% |
05—Questions
Frequently Asked Questions
How did Vulcan's first-quarter 2025 earnings compare with the prior year?
Net earnings attributable to Vulcan were $128.9 million, or $0.97 per diluted share, compared with $102.7 million, or $0.77 per diluted share, in the first quarter of 2024. Adjusted diluted EPS from continuing operations was $1.00 versus $0.80. Operating earnings rose to $226.4 million from $172.9 million.
What drove the improvement in profitability?
The company attributed the gain primarily to the Aggregates segment, where gross profit increased $54.0 million, or 18%, to $357.3 million. Freight-adjusted selling prices increased 7.0%, and freight-adjusted unit cash cost of sales decreased 3%. Concrete segment gross profit also improved, rising $6.3 million to $3.2 million.
How is Vulcan's debt position after the quarter?
Total debt was $4,908.4 million at March 31, 2025, down from $5,307.4 million at December 31, 2024, after the $400.0 million redemption of notes due April 2025. The company had $1,576.1 million of available line of credit capacity, with none borrowed, and reported a weighted-average debt maturity of 13.4 years.
What are the main legal risks disclosed?
The most significant matter is the NAFTA arbitration over the Calica operations in Mexico, which were shut down in May 2022 and affected by a September 2024 decree. The company expects a tribunal decision during 2025 but cannot assure success or quantify any recovery. Legacy discontinued-operations matters, including Texas Brine, 1,1,1-trichloroethane litigation, and the Hewitt Landfill matter, also remain pending, with several liabilities not reasonably estimable.
06—Continue