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February 16, 2012
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: David Donaldson (205) 298-3220
VULCAN ANNOUNCES SIGNIFICANT EARNINGS IMPROVEMENT IN THE FOURTH QUARTER OF 2011 AND 2012 VALUE ENHANCEMENT INITIATIVES
Announces $100 Million of Profit Enhancements
and Planned Asset Sales for Net Proceeds of $500 Million: Initiatives to Enable Accelerated Earnings, Dividend Growth, and Deleveraging
Birmingham, Alabama – February 16, 2012 – Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, today announced significantly improved results for the fourth quarter ended December 31, 2011, and provided details on initiatives to generate higher levels of earnings and cash flow that will strengthen its credit profile and provide Vulcan’s Board of Directors with flexibility to restore a competitive dividend.
|·||Fourth quarter EBITDA, excluding restructuring charges and expenses related to the unsolicited Martin Marietta exchange offer, increased 50 percent from the prior year due primarily to higher aggregates earnings and a 10 percent reduction in overhead costs.|
|·||Earnings from continuing operations were a loss of $0.20 per share in the fourth quarter of 2011 as compared to a loss of $0.36 per share in the fourth quarter of 2010. Fourth quarter 2011 results include $0.05 per share related to organizational restructuring costs and $0.01 per share related to the unsolicited exchange offer by Martin Marietta Materials. Excluding these charges, fourth quarter 2011 results were a loss of $0.14 per share as compared to a loss of $0.36 per share in the prior year.|
|·||Full year earnings from continuing operations were a loss of $0.58 per share as compared to a loss of $0.80 per share in 2010. Full year 2011 results include charges of $0.06 per share and $0.01 per share, respectively, relating to restructuring and the unsolicited exchange offer.|
|·||The Company substantially completed its restructuring and cost savings actions announced in 2011, reducing annual run-rate overhead expenses by $55 million.|
|·||Vulcan is today announcing a two-part initiative to accelerate earnings growth and improve the Company’s credit profile:|
|o||A Profit Enhancement Plan that includes cost reductions and other earnings enhancements of $100 million. The run-rate earnings effect is expected to be achieved within the next 18 months as the Company fully leverages its streamlined management structure and substantially completed ERP and Shared Services platforms. These profit enhancements are in addition to the actions announced in 2011, which produced $55 million in run-rate overhead savings as cited above.|
The following information was filed by Vulcan Materials Co (VMC) on Thursday, February 16, 2012 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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