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|February 6, 2014|
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: David Donaldson (205) 298-3220
VULCAN ANNOUNCES FOURTH QUARTER 2013 RESULTS
Aggregates Shipments Increase 7% and Aggregates Gross Profit Margin Expands 390 Basis Points
Full Year EBITDA Exceeds $500 million
Birmingham, Alabama – February 6, 2014 – Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, today announced results for the fourth quarter ending December 31, 2013.
Fourth Quarter Results Summary
|●||Earnings from continuing operations were $0.08 per diluted share versus $0.03 per share last year.|
|●||Fourth quarter Adjusted EBITDA was $129 million versus $90 million in the prior year.|
|●||Net sales increased $78 million, or 14 percent, versus the prior year’s fourth quarter, as volumes continued to improve.|
|●||Gross profit improved $38 million, or 48 percent, primarily on the strength of the volume growth and operating leverage in aggregates.|
|●||Aggregates gross profit and profit margin increased $30 million and 390 basis points, respectively.|
|o||Shipments increased 7 percent|
|o||Pricing increased 3.5 percent|
|●||In total, non-aggregates gross profit and profit margin improved $8 million and 330 basis points from the prior year due mostly to double-digit growth in unit shipments in each segment.|
|●||Selling, Administrative and General (SAG) expenses were reduced $3 million from the prior year.|
Don James, Chairman and Chief Executive Officer, said, “Demand for our products continues to benefit from a recovery in private construction activity, particularly residential construction. As a result, each of our operating segments reported earnings improvement in the fourth quarter. In particular, our Aggregates segment performed very well – reflecting the strong earnings leverage to volume growth. Higher aggregates pricing and shipments coupled with lower unit cost of sales led to a 37 percent improvement in segment earnings and a 390 basis point improvement in aggregates gross profit margin.”
The following information was filed by Vulcan Materials Co (VMC) on Thursday, February 6, 2014 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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