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July 31, 2018
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: David Donaldson (205) 298-3220
VULCAN ANNOUNCES SECOND QUARTER 2018 RESULTS
Aggregates Shipments Up 15 Percent
EPS from Continuing Operations Increases 45 Percent
Year-to-Date Earnings Consistent with Full Year Expectations
Birmingham, Alabama – July 31, 2018 – Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, today announced results for the second quarter ended June 30, 2018.
Second quarter net earnings were $160 million. Earnings from continuing operations of $160 million compared favorably to $112 million in the prior year period. Adjusted earnings from continuing operations were $1.23 per diluted share versus $0.90 per share in the prior year’s second quarter. Adjusted EBITDA increased 13 percent to $325 million.
The Company reported 11 percent growth in gross profit led by a 13 percent increase in its core Aggregates segment. Aggregates shipments increased 15 percent (11 percent on a same-store basis) and aggregates average selling price, adjusted for mix, rose 3 percent over the prior year. A 30 percent increase in diesel cost per gallon lowered Aggregates segment gross profit by $7 million. Despite this headwind, second quarter Aggregates segment gross profit increased to $283 million and cash gross profit, on a same-store basis, was $6.55 per ton. Year-to-date, the flow-through rate on same-store incremental segment sales excluding freight and delivery was 43 percent, or 56 percent excluding the impact of higher diesel fuel costs.
Tom Hill, Chairman and Chief Executive Officer, said, “We remain on track with our full year expectations. Vulcan-served markets are experiencing stronger growth in demand than other markets, and higher public funding for transportation infrastructure is now converting to higher shipments of aggregates. Apart from geographic mix impacts, our pricing momentum continues to strengthen, including in our backlogged work. Our operating disciplines remain strong, and margins should continue to improve as we turn the corner on costs related to last year’s storms.
“We expect the strong aggregates shipment growth seen in the second quarter to continue for the balance of the year. We now project full year same-store shipment growth of between 7 and 9 percent, albeit at a lower-priced geographic mix. We reiterate our full-year expectations for 2018 earnings from continuing operations of between $4.00 and $4.65 per diluted share and Adjusted EBITDA of between $1.15 and $1.25 billion.”
The following information was filed by Vulcan Materials Co (VMC) on Tuesday, July 31, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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