February 8, 2010
FOR IMMEDIATE RELEASE
Investor Contact:  Mark Warren (205) 298-3220
Media Contact:  David Donaldson (205) 298-3220
 
VULCAN ANNOUNCES FOURTH QUARTER RESULTS

Birmingham, Alabama – February 8, 2010 – Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, announced results today for the fourth quarter and full year ended December 31, 2009.

Fourth Quarter Summary and Comparisons with the Prior Year
 
·
Net earnings from continuing operations were a loss of $13 million, or $0.10 per diluted share.
 
·
Cash earnings from continuing operations were $67 million.
 
·
Aggregates shipments declined 23 percent, reducing earnings $0.57 per diluted share.
 
·
Aggregates pricing increased 5 percent.
 
·
Aggregates cash fixed costs decreased 8 percent.
 
·
Selling, administrative and general expenses decreased 7 percent.
 
·
Total contract awards for highways increased 13 percent in Vulcan-served states.

Commenting for the Company, Don James, Vulcan’s Chairman and Chief Executive Officer, stated, “Our employees continue to run the business in a cost-efficient manner, maximizing our cash generation during the economic downturn.  Their efforts in the fourth quarter contributed to further reductions in cash fixed costs in our operations as well as reductions in overhead expenses.  Continued weakness in private construction activity, uncertainty surrounding the timing and amount of either a formal extension or reauthorization of the multi-year federal highway program, and extremely wet weather suppressed momentum gained from stimulus-related construction.  Nonetheless, we finished the year with strong cash generation.  For the full year 2009, free cash flow was $343 million, an increase of $261 million from the prior year, and cash earnings per ton of aggregates remained in-line with the prior year.

“We continue to believe that 2010 will be the biggest year for stimulus-related highway construction.  Economic stimulus funds of $27.5 billion designated for highway projects under the American Recovery and Reinvestment Act of 2009 buoyed contract awards for highways in the second half of 2009.  Despite the failure of Congress to pass a fully-funded extension of SAFETEA-LU, the previous highway authorization that expired on September 30, 2009, contract awards for highways in the fourth quarter increased 9 percent from the prior year.  Vulcan-served states, which were apportioned 55 percent more funds than other states, generally have lagged the rest of the country in awarding contracts and starting stimulus-related construction.  In the fourth quarter, however, contract awards for highway projects in our states increased 13 percent from the prior year versus a 2 percent increase in other states.  We are encouraged by the increased award activity and are optimistic that stimulus-related highway projects in Vulcan-served states, after a slow start, are now moving forward and will benefit demand for our products in 2010.”
 

The following information was filed by Vulcan Materials Co (VMC) on Tuesday, February 9, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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