Exhibit 99.1

 

 

October 30, 2018

FOR IMMEDIATE RELEASE

Investor Contact: Mark Warren (205) 298-3220

Media Contact: David Donaldson (205) 298-3220

 

VULCAN ANNOUNCES THIRD QUARTER 2018 RESULTS

 

Aggregates Earnings Increase and Unit Profitability Expands

Aggregates Pricing Continues to Move Higher

Vulcan-Served Markets to Grow Faster than Other Markets in 2019

 

Birmingham, Alabama – October 30, 2018 – Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, today announced results for the third quarter ended September 30, 2018.

 

Third quarter earnings from continuing operations were $180 million, or $1.34 per diluted share. Net earnings increased 65 percent to $179 million and Adjusted EBITDA increased 13 percent from the prior year’s third quarter to $353 million.

 

Tom Hill, Chairman and Chief Executive Officer, said, “Our operating disciplines and execution were very good under difficult conditions that included weather challenges and higher diesel costs. Severe weather impacted our ability to serve customers in a number of key markets, but it didn’t stop us from improving our unit profitability and realizing double-digit earnings growth in our core aggregates business. Aggregates pricing continued to march higher in the third quarter and unit costs declined, resulting in same-store earnings flow-through of more than 60 percent.”

 

On a same-store basis, gross profit for the Company’s core Aggregates segment increased 15 percent to $295 million. This same-store gain was driven by a 6 percent increase in shipments and an 8 percent increase in gross profit per ton, to $5.45. The improvement in unit profitability was supported by both higher selling prices and lower operating costs. The gross profit flow-through rate on same-store incremental segment sales excluding freight and delivery was 65 percent in the third quarter. The Company estimates that weather conditions impacted third quarter earnings by approximately $27 million, as compared to $30 million in the prior year’s third quarter.

 

Mr. Hill went on to say, “We remain focused on executing at a high level and capitalizing on the above-average demand growth in our markets. The aggregates shipment growth rate seen in the third quarter should continue for the balance of the year. Aggregates pricing continues to show upward momentum and the rate of price growth will continue to improve during the fourth quarter given additional pricing actions implemented earlier this year in certain markets.

 


The following information was filed by Vulcan Materials Co (VMC) on Tuesday, October 30, 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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