Skip to content
AnalystLens

Vulcan Materials 8-K Report, Financial Results (Oct 30, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 30, 2024
Period End
October 30, 2024
Security
VMC
In the 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 · Feb ’18Feb ’18
  2. Material agreement8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed October 30, 2024. Cited figures are marked; the original filing is the authoritative source.

Vulcan Materials Company (NYSE: VMC) reported third-quarter 2024 results on October 30, 2024, in a press release furnished as Exhibit 99.1.

Total revenues were $2,003.9 milliona, down from $2,185.8 million a year earlier, and net earnings attributable to Vulcan were $207.6 million versus $276.5 million. Diluted earnings per share from continuing operations were $1.57 compared with $2.09, while adjusted diluted EPS from continuing operations was $2.22 compared with $2.29. Adjusted EBITDA was $580.6 million, versus $602.2 million in the prior-year quarter.

Management attributed the weaker results to lower aggregates shipments of 57.7 million tons (down from 64.0 million) and harsh weather, including rainfall in July and hurricanes and severe storms in August and September. An $87 millionb pretax goodwill write-off for concrete assets in Northern California also weighed on results. Pricing and unit profitability were stronger.

Freight-adjusted aggregates selling prices rose to $21.27c per ton from $19.31, and aggregates cash gross profit per ton improved to $10.89 from $9.92. Asphalt cash gross profit was $72.2 million, and the company's total debt to trailing-twelve-month Adjusted EBITDA ratio was 1.7 times, below its 2.0 to 2.5 times target range. Capital expenditures were $402 million year to date.

The company also announced an agreement to acquire Wake Stone Corporation, which it expects to close in the fourth quarter of 2024, subject to customary closing conditions. Management lowered its full-year 2024 Adjusted EBITDA expectation to approximately $2 billiond, citing the shipment decline and fourth-quarter weather. For 2025, it expects aggregates prices to rise by high-single digits, cash gross profit per ton to grow at double-digit levels, and volume growth to follow improving demand.

02—Key points

Key Highlights

  1. Third-quarter total revenues of $2,003.9 million declined from $2,185.8 million, and net earnings attributable to Vulcan fell to $207.6 million from $276.5 million.
  2. Aggregates shipments fell to 57.7 million tons from 64.0 million, reflecting significant weather disruptions in the Southeast.
  3. Freight-adjusted aggregates selling price rose to $21.27 per ton from $19.31, and cash gross profit per ton increased to $10.89 from $9.92.
  4. An $87 million pretax charge for the write-off of goodwill for concrete assets in Northern California was recorded in the quarter.
  5. Full-year 2024 Projected Adjusted EBITDA was lowered to approximately $2 billion, reflecting the decline in shipments and fourth-quarter weather events.
  6. The company agreed to acquire Wake Stone Corporation, expected to provide more than 60 years of hard rock reserves, with closing expected in the fourth quarter of 2024.
  7. Total debt to trailing-twelve-month Adjusted EBITDA was 1.7 times at September 30, 2024, below the company's target range of 2.0 to 2.5 times.

03—Questions

Frequently Asked Questions

  1. Why did Vulcan's third-quarter earnings decline?

    The filing attributes the decline mainly to weather. Aggregates shipments fell 10 percent amid significant July rainfall and hurricanes and severe storms in August and September. Results also included an $87 million pretax goodwill write-off for concrete assets in Northern California.

  2. Did pricing hold up despite lower volumes?

    Yes. Freight-adjusted selling prices increased 10 percent year over year, to $21.27 per ton. Cash gross profit per ton improved 10 percent to $10.89, and management cited expanding unit profitability across the footprint.

  3. What is the outlook for full-year 2024 and 2025?

    Management now expects full-year 2024 Adjusted EBITDA of approximately $2 billion, given the shipment decline and fourth-quarter weather. For 2025, it expects aggregates prices to improve high-single digits, cash gross profit per ton to grow at double-digit levels, and volume growth to follow an improving demand environment.

  4. What is the Wake Stone acquisition and when is it expected to close?

    Vulcan agreed to acquire Wake Stone Corporation, a pure-play aggregates producer, to expand its reach in high-growth Carolinas geographies. The company expects more than 60 years of quality hard rock reserves and anticipates closing in the fourth quarter of 2024, subject to customary closing conditions.

  5. How strong is Vulcan's balance sheet?

    The total debt to trailing-twelve-month Adjusted EBITDA ratio was 1.7 times at September 30, 2024, below the company's 2.0 to 2.5 times target range. Net debt to TTM Adjusted EBITDA was 1.5 times, and cash and cash equivalents and restricted cash were $434.3 million.

04—Continue

← View all 8-K filings