{"id":813979,"date":"2025-02-18T07:35:12","date_gmt":"2025-02-18T12:35:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/vulcan-reports-fourth-quarter-and-full-year-2024-results\/"},"modified":"2025-02-18T07:35:12","modified_gmt":"2025-02-18T12:35:12","slug":"vulcan-reports-fourth-quarter-and-full-year-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vulcan-reports-fourth-quarter-and-full-year-2024-results\/","title":{"rendered":"VULCAN REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n Solid Execution Drives Margin Expansion and Aggregates Unit Profitability Growth<\/i>
\n <\/b>\n <\/p>\n

\n
\n Outlook Includes Double-Digit Earnings Growth in 2025<\/i>
\n <\/b>\n <\/p>\n

\n
\n BIRMINGHAM, Ala.<\/span>
\n <\/span>, Feb. 18, 2025<\/span><\/span> \/PRNewswire\/ — Vulcan Materials Company (NYSE:\u00a0VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter ended December 31<\/span>, 2024.\u00a0<\/p>\n

\n Financial Highlights Include:<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Fourth Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Full Year<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amounts in millions, except per unit data<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 1,854<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 1,834<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 7,418<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 7,782<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross profit<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 537<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 472<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 2,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 1,949<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Selling, Administrative and General (SAG)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 142<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 531<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 543<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n As % of Total revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net earnings attributable to Vulcan<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 294<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 227<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 912<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 933<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 550<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 476<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 2,057<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 2,011<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA Margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 29.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 26.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.8\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings attributable to Vulcan from
\u00a0\u00a0\u00a0\u00a0 continuing operations per diluted share<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.23<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.72<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.91<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.06<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted earnings attributable to Vulcan from
\u00a0\u00a0\u00a0\u00a0 continuing operations per diluted share<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.17<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.46<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.53<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.00<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Aggregates segment<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Shipments (tons)<\/span>\n <\/p>\n<\/td>\n

\n

\n 53.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 55.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 219.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 234.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Freight-adjusted sales price per ton<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 21.41<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 19.34<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 21.08<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 19.02<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross profit per ton<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.02<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.67<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.26<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.40<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash gross profit per ton<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 11.50<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 10.61<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.46<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Tom Hill<\/span>, Vulcan Materials’ Chairman and Chief Executive Officer, said, “Our aggregates-led business delivered a strong finish to the year.\u00a0 Adjusted EBITDA in the fourth quarter improved 16 percent, and Adjusted EBITDA margin expanded 370 basis points.\u00a0 The favorable pricing environment coupled with strong operational execution led to consistent double-digit year-over-year improvement in aggregates cash gross profit per ton each quarter \u2013 exiting 2024 with aggregates cash gross profit per ton at $11.50<\/span>.\u00a0 As we look to 2025, the pricing environment remains favorable, and we are focused on our operating disciplines to manage costs and improve efficiencies. \u00a0By controlling what we can control, we expect to deliver 19 percent growth in Adjusted EBITDA.”<\/p>\n

\n
\n Fourth Quarter Segment Results<\/u>
\n <\/b>\n <\/p>\n

\n Aggregates
<\/b>Fourth quarter segment gross profit increased 15 percent to $486 million<\/span> ($9.02<\/span> per ton), and gross profit margin expanded 300 basis points.\u00a0 Cash gross profit per ton improved 16 percent ($1.58<\/span> per ton) to $11.50<\/span> per ton resulting from continued pricing growth and moderating cost trends. \u00a0Improvements in unit profitability were widespread across the Company’s footprint and marked the eleventh consecutive quarter of year-over-year growth.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

Aggregates shipments in the fourth quarter decreased 3 percent, reflecting underlying demand as well as the benefit of favorable weather in most markets throughout the quarter.\u00a0 \u00a0\u00a0\u00a0\u00a0<\/p>\n

The pricing environment remained positive. \u00a0Freight-adjusted selling prices increased 11 percent ($2.07<\/span> per ton) versus the prior year’s fourth quarter, with all markets realizing year-over-year improvement.\u00a0 Freight-adjusted unit cash cost of sales increased 5 percent ($0.49<\/span> per ton) as a result of operational cost discipline and moderating inflationary pressures.\u00a0 \u00a0\u00a0<\/p>\n

\n Asphalt and Concrete
<\/b>Asphalt segment gross profit was $46 million<\/span>, and cash gross profit was $58 million<\/span>, a 29 percent improvement over the prior year.\u00a0 Shipments increased slightly compared to the prior year, and price improved 7 percent.\u00a0 Concrete segment gross profit was $5 million<\/span>. \u00a0Cash gross profit was $15 million<\/span>, and unit cash gross profit improved 5 percent despite lower volumes.\u00a0 The prior year included results from the previously divested concrete assets in Texas<\/span>.<\/p>\n

\n
\n Selling, Administrative and General (SAG) and Other Items
<\/u>
\n <\/b>SAG expense in the quarter was $138 million<\/span>, 3 percent lower than the prior year and 30 basis points lower as a percentage of revenue.\u00a0 Full year SAG expense was $531 million<\/span>, 2 percent lower than the prior year and 7.2 percent of total revenues.\u00a0<\/p>\n

Other operating expense was $46 million<\/span> compared to $13 million<\/span> in the prior year’s fourth quarter.\u00a0 The year-over-year increase was driven by a $17 million<\/span> charge associated with previously divested operations and $8 million<\/span> of acquisition related expenses.<\/p>\n

\n
\n Financial Position, Liquidity and Capital Allocation
<\/u>
\n <\/b>For the full year, cash provided by operating activities was $1.4 billion<\/span>. \u00a0Capital expenditures for maintenance and growth projects were $236 million<\/span> in the fourth quarter and $638 million<\/span> for the full year.\u00a0<\/p>\n

In 2024, the Company completed the acquisitions of Wake Stone Corporation, a leading pure-play aggregates supplier in the Carolinas, and Superior Ready Mix Concrete, an integrated aggregates, asphalt and concrete producer in Southern California.\u00a0 These acquisitions add quality aggregates reserves to the Company’s existing franchise in three attractive states.\u00a0 The Company also completed bolt-on acquisitions in both Alabama<\/span> and Texas.\u00a0 These acquisitions are consistent with our disciplined capital allocation priorities and aggregates-led strategy of continuing to expand our reach through value-enhancing acquisitions in attractive regions in the United States<\/span>.<\/p>\n

During the year, the Company returned $313 million<\/span> to shareholders through $244 million<\/span> of dividends and $69 million<\/span> of common stock repurchases.\u00a0 At December 31, 2024<\/span>, the ratio of total debt to Adjusted EBITDA was 2.6 times, or 2.3 times on a net debt basis, reflecting over $600 million<\/span> of cash on hand.\u00a0 The Company’s weighted-average debt maturity was 13 years, and the effective weighted average interest rate was 5 percent.\u00a0 On a trailing-twelve months basis, return on average invested capital was 16.2 percent.<\/p>\n

The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile.\u00a0<\/p>\n

\n
\n Outlook<\/u>
\n <\/b>\n <\/p>\n

Regarding the Company’s outlook, Mr. Hill said, “We carry solid momentum into 2025 and are well positioned to deliver another year of strong earnings growth and cash generation.\u00a0 Continued strength in public construction activity and our recent acquisitions support our expectations for volume growth in 2025. \u00a0The pricing environment remains positive, and inflationary pressures continue to moderate.\u00a0 This backdrop, coupled with our Vulcan Way of Selling and Vulcan Way of Operating disciplines will lead to further expansion in our industry-leading aggregates cash gross profit per ton and value creation for our shareholders.”<\/p>\n

Management expectations for 2025 include:<\/p>\n