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Vulcan Materials announces first-quarter 2017 results

By |  May 10, 2017

Vulcan Materials Co., the nation’s largest producer of construction aggregate, announced results for its first quarter.

Net earnings were $45 million and adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $149 million. The company says its first-quarter results reflect solid price growth in aggregate, a continuing recovery in construction materials demand, and strong profitability in its concrete and asphalt segments.

Vulcan’s first-quarter results were in line with the company’s full-year plans, and management reaffirms its expectation for full-year adjusted EBITDA of between $1.125 billion and $1.225 billion.

“These results mark a good start to the year,” says Tom Hill, chairman and CEO of Vulcan. “Aggregates shipments declined 2 percent, but effectively matched last year’s very strong first-quarter pace when excluding the impact of weather disruptions on our shipments in California. Aggregates pricing increased 5 percent, consistent with full-year expectations, and a good indication of the market’s visibility to further demand recovery.”

Here’s a first-quarter summary compared with first-quarter 2016):
• Total revenues increased $33 million, or 4 percent, to $787 million.
• Gross profit decreased $5 million, or 3 percent, to $160 million.
• Aggregate segment sales increased $15 million, or 2 percent, to $650 million.

“Excluding California markets adversely affected by record rainfall, overall shipments approximated the prior year’s exceptionally strong first quarter,” Hill says. “California’s wet weather and flooding halted construction activity and impaired shipments in January and February.

“Demand continues to recover across our Mid-Atlantic and Southeastern markets, with most operations experiencing solid shipment growth even against last year’s strong comparison,” he adds.

“Trailing-12-month construction start activity, both public and private, has steadily improved since July,” Hill says. “The backlog of construction projects in development continues to grow across our key states. In addition, state and local governments continue to pass measures to increase public infrastructure investment significantly, and a number of projects supported by FAST Act funding have moved further toward the active construction stage.”

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About the Author:

Darren Constantino is an editor of Pit & Quarry magazine. He can be reached at dconstantino@northcoastmedia.net.

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