Pricing Momentum and Solid Operational
Execution Drove Strong Results
Demand Environment
Remains Supportive of Earnings Growth
BIRMINGHAM, Ala., Nov. 2, 2022
/PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's
largest producer of construction aggregates, today announced
results for the quarter ended September
30, 2022.
Third Quarter Financial and Operating Highlights (compared
with prior year):
- Total revenues increased 38 percent, driven by double-digit
growth in the Company's legacy operations as well as the addition
of acquired operations
- Average selling prices increased sharply in each product
line
-
- Aggregates pricing increased 12 percent on a reported and
mix-adjusted basis
- Average price for asphalt and concrete increased 26 percent and
13 percent, respectively
- Shipments increased year-over-year in each product line, driven
by acquisitions and healthy underlying demand in our markets
-
- Aggregates volumes increased 9 percent or 3 percent on a
same-store basis
- Gross profit increased $99
million, or 25 percent, to $493
million
-
- Aggregates gross profit increased $64
million, or 17 percent
- Non-aggregates gross profit increased $35 million, including a $22 million year-over-year improvement in the
Asphalt segment
- Includes $67 million of higher
energy-related costs compared to the prior year's quarter
- Earnings attributable to Vulcan from continuing operations were
$178 million, or $1.33 per diluted share.
-
- Included in these results was a net after-tax loss of
$59 million of non-routine items,
comprised principally of charges related to assets classified as
held for sale during the quarter ($63
million or $0.48 per diluted
share) and a gain on the sale of excess real estate ($18 million or $0.13 per diluted share)
- Excluding the non-routine items, earnings attributable to
Vulcan from continuing operations were $1.78 per diluted share
- Adjusted EBITDA increased 21 percent to $507 million
Tom Hill, Vulcan Materials'
Chairman and Chief Executive Officer, stated, "Consistent with our
expectations for the second half of the year, strong pricing
momentum and solid operational execution led to earnings growth in
each of our operating segments. Aggregates cash gross profit
per ton improved by 9 percent, a considerable acceleration from the
first half of the year. This momentum, along with the ongoing
favorable pricing environment and current visibility into private
nonresidential and infrastructure demand, reinforces our confidence
in our ability to deliver strong earnings growth in
2022."
Highlights as of September 30,
2022 include:
|
Third
Quarter
|
|
Year to
Date
|
|
Trailing-Twelve
Months
|
Amounts in millions,
except per unit data
|
2022
|
2021
|
|
2022
|
2021
|
|
2022
|
2021
|
Total
revenues
|
$
2,088.3
|
$
1,516.5
|
|
$
5,583.3
|
$
3,945.9
|
|
$
7,189.6
|
$
5,121.0
|
Gross profit
|
$ 492.9
|
$ 394.1
|
|
$
1,207.8
|
$
1,021.7
|
|
$
1,559.5
|
$
1,324.4
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
Segment
sales
|
$
1,490.5
|
$
1,172.4
|
|
$
4,013.5
|
$
3,192.7
|
|
$
5,165.8
|
$
4,149.2
|
Freight-adjusted
revenues
|
$
1,097.2
|
$ 898.0
|
|
$
2,956.5
|
$
2,453.1
|
|
$
3,817.4
|
$
3,190.4
|
Gross profit
|
$ 436.1
|
$ 372.4
|
|
$
1,081.3
|
$ 969.8
|
|
$
1,407.2
|
$
1,245.8
|
Shipments
(tons)
|
65.4
|
60.2
|
|
182.2
|
165.1
|
|
239.9
|
216.3
|
Freight-adjusted sales
price per ton
|
$ 16.79
|
$ 14.93
|
|
$ 16.23
|
$ 14.86
|
|
$ 15.91
|
$ 14.75
|
Gross profit per
ton
|
$
6.67
|
$
6.19
|
|
$ 5.94
|
$ 5.87
|
|
$ 5.87
|
$ 5.76
|
Asphalt, Concrete &
Calcium segment gross profit
|
$
56.8
|
$
21.7
|
|
$ 126.5
|
$ 51.9
|
|
$ 152.3
|
$ 78.6
|
Selling, Administrative
and General (SAG)
|
$ 135.3
|
$ 103.8
|
|
$ 388.7
|
$ 293.1
|
|
$ 513.2
|
$ 391.7
|
SAG as % of Total
revenues
|
6.5 %
|
6.8 %
|
|
7.0 %
|
7.4 %
|
|
7.1 %
|
7.6 %
|
Earnings from
continuing operations before income taxes
|
$ 260.6
|
$ 228.7
|
|
$ 637.4
|
$ 705.1
|
|
$ 806.1
|
$ 846.3
|
Net earnings
attributable to Vulcan
|
$ 177.1
|
$ 176.9
|
|
$ 456.2
|
$ 532.9
|
|
$ 594.2
|
$ 647.4
|
Adjusted
EBITDA
|
$ 507.0
|
$ 417.7
|
|
$
1,251.0
|
$
1,068.0
|
|
$
1,634.3
|
$
1,379.2
|
Earnings attributable
to Vulcan from
continuing operations per diluted share
|
$
1.33
|
$
1.33
|
|
$ 3.54
|
$ 4.01
|
|
$ 4.58
|
$ 4.88
|
Adjusted earnings
attributable to Vulcan from
continuing operations per diluted share
|
$
1.78
|
$
1.54
|
|
$ 4.03
|
$ 3.80
|
|
$ 5.28
|
$ 4.86
|
Segment Results
Aggregates
Segment gross
profit was $436 million, an increase
of 17 percent from the prior year. Cash gross profit per ton
increased 9 percent to $8.41 per
ton. Double-digit price growth and solid operational
execution helped offset cost headwinds, including significantly
higher diesel fuel costs ($27
million) and continued inflationary pressures for many other
parts and supplies.
Price growth in the third quarter was consistently strong across
the Company's markets. Freight-adjusted pricing was
$16.79 per ton, an increase of
$1.86 per ton, or 12 percent, over
the prior year. Adjusting for mix impacts, average selling
price also increased 12 percent.
Total aggregates shipments increased 9 percent, reflecting
shipment contribution from acquisitions and healthy construction
activity levels. On a same-store basis, shipments increased 3
percent. Shipment growth was geographically widespread and
particularly strong in many southeastern markets and
California.
Freight-adjusted unit cash cost of sales increased 17 percent,
or $1.19 per ton, as compared to the
prior year's third quarter. Excluding the impact of higher
diesel fuel costs, freight-adjusted cash cost of sales increased 11
percent, or $0.77 per ton.
Asphalt, Concrete and Calcium
Asphalt segment gross
profit was $30 million, an increase
of $22 million over the prior year's
third quarter. The year-over-year increase was driven by
widespread volume improvement and continued pricing momentum.
Asphalt volumes increased 13 percent, driven by growth in
Arizona and California, the Company's two largest asphalt
markets. Asphalt pricing increased 26 percent, or
$15.37 per ton, more than offsetting
a 42 percent ($33 million) increase
in the average price paid for liquid asphalt as well as a
$3 million year-over-year increase in
the cost of natural gas.
Third quarter Concrete segment gross profit was $26 million, an increase of $12 million over the prior year. Concrete
results benefited from the contribution of acquired operations as
well as strong volume and price growth in the Company's legacy
operations. Unit material margins improved as higher selling
prices helped offset higher raw materials costs, including
aggregates supplied by the Company.
Calcium segment gross profit was $0.8
million compared to $0.3
million in the prior year quarter.
Selling, Administrative and General (SAG) and Other
Items
SAG expense was $135
million in the quarter, or 6.5 percent of total
revenues. Higher expenses versus the prior year were driven
by elevated legal and professional fees, related mostly to
Mexico and business development
activities, and increased incentives driven by favorable
current-year performance. Trailing-twelve-months SAG expense
was 7.1 percent of total revenues, 50 basis points less than the
prior year. The Company remains focused on further leveraging
its overhead cost structure.
This year's third quarter included the sale of real estate in
California. This transaction
resulted in a pretax gain of $24
million ($18 million
after-tax). The Company continues to maximize the value of
its portfolio of quarry operations as they move through the life
cycle of land management.
We are currently finalizing an agreement for the disposition of
our concrete assets in New York,
New Jersey and Pennsylvania and expect to close the
transaction in the fourth quarter, subject to obtaining regulatory
approvals and the satisfaction of other customary closing
conditions. As a result, these assets were classified as held
for sale during the quarter and were written down to their fair
value, resulting in a pretax loss of $68
million ($63 million
after-tax), including the write-off of the associated goodwill.
Financial Position, Liquidity and Capital
Allocation
Capital expenditures in the third quarter were
$138 million, including both
maintenance and growth projects. Through the first nine
months of 2022, capital expenditures were $378 million. For the full year, the
Company expects to spend $600 to
$650 million. Full-year capital
expenditures include spending for U.S. Concrete operations acquired
in August 2021 as well as spending
for projects put on hold in 2020 due to the pandemic. The
Company will continue to review its plans and will adjust as
needed, while being thoughtful about preserving
liquidity.
During the quarter, we acquired strategic aggregates and
downstream assets to complement our position in Northern
California. Additionally, we acquired a quarry in
Honduras from which we have been
distributing materials to certain Gulf Coast markets since
2019.
On September 30, 2022, the ratio
of total debt to trailing-twelve-months Adjusted EBITDA was 2.6
times (2.5 times on a net debt basis). The Company remains
committed to its stated long-term target leverage range of 2.0 to
2.5 times total debt to trailing-twelve-months Adjusted
EBITDA.
On a trailing-twelve-months basis, return on invested capital
was 13.6 percent. The Company is focused on driving further
improvement through solid operating earnings growth coupled with
disciplined capital management.
Outlook
Regarding the Company's current outlook for
2022, Mr. Hill said, "We have continued to execute well and now
expect full-year Adjusted EBITDA of $1.640 to $1.680
billion. Through the first nine months, aggregates
shipments have exceeded the upper end of our expectations, driven
by acquisitions and healthy underlying demand in our markets."
Mr. Hill continued, "As we look ahead to 2023, leading
indicators suggest that growing public construction activity,
particularly highways, and the recovery in private nonresidential
contract awards should help to offset contracting single-family
residential demand. The pricing environment remains positive,
and we carry strong momentum into 2023."
Mr. Hill concluded, "Our industry-leading aggregates focus
positions us well for continued growth and value creation. We
have a durable business model with strong fundamentals and less
execution risk through economic cycles. This durability is
evidenced by the consistent growth in our aggregates unit
profitability, despite ongoing volatility in the macro
environment. We are positioned in geographic markets that
will continue to outperform other parts of the country from a
demand perspective, both in the near term and longer term, and we
expect both the favorable pricing dynamics and our strong execution
to lead to continued earnings growth."
Conference Call
Vulcan will host a conference call at
9:00 a.m. CDT on November 2, 2022. A webcast will be
available via the Company's website at
www.vulcanmaterials.com. Investors and other interested
parties may access the teleconference live by calling 800-343-4136,
or 203-518-9843 if outside the U.S. The conference ID is
5944810. The conference call will be recorded and available
for replay at the Company's website approximately two hours after
the call.
About Vulcan Materials Company
Vulcan Materials
Company, a member of the S&P 500 Index with headquarters in
Birmingham, Alabama, is the
nation's largest supplier of construction aggregates – primarily
crushed stone, sand and gravel – and a major producer of
aggregates-based construction materials, including asphalt and
ready-mixed concrete. For additional information about
Vulcan, go to www.vulcanmaterials.com.
Non-GAAP Financial Measures
Because GAAP financial
measures on a forward-looking basis are not accessible, and
reconciling information is not available without unreasonable
effort, we have not provided reconciliations for forward-looking
non-GAAP measures, other than the reconciliation of Projected
EBITDA as included in Appendix 3 hereto. For the same reasons, we
are unable to address the probable significance of the unavailable
information, which could be material to future results.
FORWARD-LOOKING STATEMENT DISCLAIMER
This document
contains forward-looking statements. Statements that are not
historical fact, including statements about Vulcan's beliefs and
expectations, are forward-looking statements. Generally,
these statements relate to future financial performance, results of
operations, business plans or strategies, projected or anticipated
revenues, expenses, earnings (including EBITDA and other measures),
dividend policy, shipment volumes, pricing, levels of capital
expenditures, intended cost reductions and cost savings,
anticipated profit improvements and/or planned divestitures and
asset sales. These forward-looking statements are sometimes
identified by the use of terms and phrases such as "believe,"
"should," "would," "expect," "project," "estimate," "anticipate,"
"intend," "plan," "will," "can," "may" or similar expressions
elsewhere in this document. These statements are subject to
numerous risks, uncertainties, and assumptions, including but not
limited to general business conditions, competitive factors,
pricing, energy costs, and other risks and uncertainties discussed
in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future
performance and actual results, developments, and business
decisions may vary significantly from those expressed in or implied
by the forward-looking statements. The following risks
related to Vulcan's business, among others, could cause actual
results to differ materially from those described in the
forward-looking statements: general economic and business
conditions; a pandemic, epidemic or other public health emergency,
such as the COVID-19 outbreak; Vulcan's dependence on the
construction industry, which is subject to economic cycles; the
timing and amount of federal, state and local funding for
infrastructure; changes in the level of spending for private
residential and private nonresidential construction; changes in
Vulcan's effective tax rate; the increasing reliance on information
technology infrastructure, including the risks that the
infrastructure does not work as intended, experiences technical
difficulties or is subjected to cyber-attacks; the impact of the
state of the global economy on Vulcan's businesses and financial
condition and access to capital markets; international business
operations and relationships, including recent actions taken by the
Mexican government with respect to Vulcan's property and operations
in that country; the highly competitive nature of the construction
industry; the impact of future regulatory or legislative actions,
including those relating to climate change, biodiversity, land use,
wetlands, greenhouse gas emissions, the definition of minerals, tax
policy and domestic and international trade; the outcome of pending
legal proceedings; pricing of Vulcan's products; weather and other
natural phenomena, including the impact of climate change and
availability of water; availability and cost of trucks, railcars,
barges and ships as well as their licensed operators for transport
of Vulcan's materials; energy costs; costs of hydrocarbon-based raw
materials; healthcare costs; labor relations, shortages and
constraints; the amount of long-term debt and interest expense
incurred by Vulcan; changes in interest rates; volatility in
pension plan asset values and liabilities, which may require cash
contributions to the pension plans; the impact of environmental
cleanup costs and other liabilities relating to existing and/or
divested businesses; Vulcan's ability to secure and permit
aggregates reserves in strategically located areas; Vulcan's
ability to manage and successfully integrate acquisitions; the
effect of changes in tax laws, guidance and interpretations;
significant downturn in the construction industry may result in the
impairment of goodwill or long-lived assets; changes in
technologies, which could disrupt the way Vulcan does business and
how Vulcan's products are distributed; and other assumptions, risks
and uncertainties detailed from time to time in the reports filed
by Vulcan with the SEC. All forward-looking statements in
this communication are qualified in their entirety by this
cautionary statement. Vulcan disclaims and does not undertake
any obligation to update or revise any forward-looking statement in
this document except as required by law.
Investor Contact: Mark Warren (205) 298-3220
Media Contact: Janet Kavinoky (205) 298-3220
|
|
|
|
|
|
|
|
|
|
Table A
|
Vulcan Materials
Company
|
|
|
|
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
|
|
|
(in millions,
except per share data)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
Consolidated
Statements of Earnings
|
|
September
30
|
|
September
30
|
(Condensed and
unaudited)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
$2,088.3
|
|
$1,516.5
|
|
$5,583.3
|
|
$3,945.9
|
Cost of
revenues
|
|
1,595.4
|
|
1,122.4
|
|
4,375.5
|
|
2,924.2
|
Gross profit
|
|
492.9
|
|
394.1
|
|
1,207.8
|
|
1,021.7
|
Selling, administrative
and general expenses
|
|
135.3
|
|
103.8
|
|
388.7
|
|
293.1
|
Gain on sale of
property, plant & equipment
|
|
|
|
|
|
|
|
|
and
businesses
|
|
23.8
|
|
2.9
|
|
28.4
|
|
120.3
|
Loss on
impairments
|
|
(67.8)
|
|
0.0
|
|
(67.8)
|
|
(4.6)
|
Other operating
expense, net
|
|
(8.2)
|
|
(30.8)
|
|
(19.8)
|
|
(44.9)
|
Operating
earnings
|
|
305.4
|
|
262.4
|
|
759.9
|
|
799.4
|
Other nonoperating
income (expense), net
|
|
1.3
|
|
3.1
|
|
(1.7)
|
|
17.3
|
Interest expense,
net
|
|
46.1
|
|
36.8
|
|
120.8
|
|
111.6
|
Earnings from
continuing operations
|
|
|
|
|
|
|
|
|
before income
taxes
|
|
260.6
|
|
228.7
|
|
637.4
|
|
705.1
|
Income tax
expense
|
|
82.3
|
|
51.7
|
|
164.6
|
|
169.7
|
Earnings from
continuing operations
|
|
178.3
|
|
177.0
|
|
472.8
|
|
535.4
|
Loss on discontinued
operations, net of tax
|
|
(1.2)
|
|
(0.2)
|
|
(16.1)
|
|
(2.7)
|
Net earnings
|
|
|
|
177.1
|
|
176.8
|
|
456.7
|
|
532.7
|
(Earnings) loss
attributable to noncontrolling interest
|
0.0
|
|
0.1
|
|
(0.5)
|
|
0.2
|
Net earnings
attributable to Vulcan
|
|
$177.1
|
|
$176.9
|
|
$456.2
|
|
$532.9
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share attributable to Vulcan
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$1.34
|
|
$1.33
|
|
$3.55
|
|
$4.03
|
Discontinued
operations
|
|
($0.01)
|
|
$0.00
|
|
($0.12)
|
|
($0.02)
|
Net earnings
|
|
$1.33
|
|
$1.33
|
|
$3.43
|
|
$4.01
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share attributable to Vulcan
|
|
|
|
|
|
|
Continuing
operations
|
|
$1.33
|
|
$1.33
|
|
$3.54
|
|
$4.01
|
Discontinued
operations
|
|
$0.00
|
|
($0.01)
|
|
($0.12)
|
|
($0.02)
|
Net earnings
|
|
$1.33
|
|
$1.32
|
|
$3.42
|
|
$3.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
133.0
|
|
132.8
|
|
133.0
|
|
132.8
|
Assuming
dilution
|
|
133.6
|
|
133.5
|
|
133.6
|
|
133.5
|
Effective tax rate from
continuing operations
|
|
31.6 %
|
|
22.6 %
|
|
25.8 %
|
|
24.1 %
|
|
|
|
|
|
|
|
|
Table B
|
Vulcan Materials
Company
|
|
|
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Consolidated Balance
Sheets
|
|
September
30
|
|
December
31
|
|
September
30
|
(Condensed and
unaudited)
|
|
2022
|
|
2021
|
|
2021
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$122.4
|
|
$235.0
|
|
$135.7
|
Restricted
cash
|
|
24.5
|
|
6.5
|
|
0.7
|
Accounts and notes
receivable
|
|
|
|
|
|
|
Accounts and notes
receivable, gross
|
|
1,223.6
|
|
849.0
|
|
948.3
|
Allowance for credit
losses
|
|
(11.0)
|
|
(10.3)
|
|
(10.1)
|
Accounts and notes
receivable, net
|
|
1,212.6
|
|
838.7
|
|
938.2
|
Inventories
|
|
|
|
|
|
|
Finished
products
|
|
403.3
|
|
418.0
|
|
411.9
|
Raw
materials
|
|
64.9
|
|
59.9
|
|
58.2
|
Products in
process
|
|
5.6
|
|
4.2
|
|
3.8
|
Operating supplies and
other
|
|
68.2
|
|
39.2
|
|
38.3
|
Inventories
|
|
542.0
|
|
521.3
|
|
512.2
|
Other current
assets
|
|
140.8
|
|
95.1
|
|
131.6
|
Assets held for
sale
|
|
291.1
|
|
0.0
|
|
0.0
|
Total current
assets
|
|
2,333.4
|
|
1,696.6
|
|
1,718.4
|
Investments and
long-term receivables
|
|
33.1
|
|
34.1
|
|
34.1
|
Property, plant &
equipment
|
|
|
|
|
|
|
Property, plant &
equipment, cost
|
|
11,133.6
|
|
10,444.4
|
|
10,362.8
|
Allowances for
depreciation, depletion & amortization
|
|
(5,148.3)
|
|
(4,897.6)
|
|
(4,815.9)
|
Property, plant &
equipment, net
|
|
5,985.3
|
|
5,546.8
|
|
5,546.9
|
Operating lease
right-of-use assets, net
|
|
574.2
|
|
691.4
|
|
656.9
|
Goodwill
|
|
3,704.5
|
|
3,696.7
|
|
3,674.8
|
Other intangible
assets, net
|
|
1,708.3
|
|
1,749.0
|
|
1,819.8
|
Other noncurrent
assets
|
|
277.0
|
|
268.0
|
|
237.1
|
Total assets
|
|
$14,615.8
|
|
$13,682.6
|
|
$13,688.0
|
Liabilities
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
0.5
|
|
5.2
|
|
12.2
|
Short-term
debt
|
|
312.0
|
|
0.0
|
|
0.0
|
Trade payables and
accruals
|
|
484.2
|
|
365.5
|
|
410.3
|
Other current
liabilities
|
|
454.7
|
|
398.6
|
|
454.2
|
Liabilities of assets
held for sale
|
|
111.1
|
|
0.0
|
|
0.0
|
Total current
liabilities
|
|
1,362.5
|
|
769.3
|
|
876.7
|
Long-term
debt
|
|
3,874.2
|
|
3,874.8
|
|
3,874.1
|
Deferred income taxes,
net
|
|
1,073.0
|
|
1,005.9
|
|
1,053.4
|
Deferred
revenue
|
|
161.7
|
|
167.1
|
|
168.1
|
Noncurrent operating
lease liabilities
|
|
549.8
|
|
642.5
|
|
622.3
|
Other noncurrent
liabilities
|
|
715.7
|
|
655.3
|
|
644.3
|
Total
liabilities
|
|
$7,736.9
|
|
$7,114.9
|
|
$7,238.9
|
Equity
|
|
|
|
|
|
|
Common stock, $1 par
value
|
|
132.9
|
|
132.7
|
|
132.7
|
Capital in excess of
par value
|
|
2,826.9
|
|
2,816.5
|
|
2,810.3
|
Retained
earnings
|
|
4,045.3
|
|
3,748.5
|
|
3,659.6
|
Accumulated other
comprehensive loss
|
|
(149.4)
|
|
(152.7)
|
|
(176.5)
|
Total shareholder's
equity
|
|
6,855.7
|
|
6,545.0
|
|
6,426.1
|
Noncontrolling
interest
|
|
23.2
|
|
22.7
|
|
23.0
|
Total equity
|
|
$6,878.9
|
|
$6,567.7
|
|
$6,449.1
|
Total liabilities and
equity
|
|
$14,615.8
|
|
$13,682.6
|
|
$13,688.0
|
|
|
|
|
|
|
|
Table C
|
Vulcan Materials
Company
|
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
Nine Months
Ended
|
Consolidated
Statements of Cash Flows
|
|
September
30
|
(Condensed and
unaudited)
|
|
2022
|
|
2021
|
Operating
Activities
|
|
|
|
|
Net earnings
|
|
|
|
$456.7
|
|
$532.7
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities
|
|
|
Depreciation,
depletion, accretion and amortization
|
|
435.0
|
|
321.0
|
Noncash operating lease
expense
|
|
46.6
|
|
32.7
|
Net gain on sale of
property, plant & equipment and businesses
|
|
(28.4)
|
|
(120.3)
|
Loss on
impairments
|
|
67.8
|
|
4.6
|
Contributions to
pension plans
|
|
(5.8)
|
|
(6.0)
|
Share-based
compensation expense
|
|
27.9
|
|
25.2
|
Deferred tax
expense
|
|
35.4
|
|
71.4
|
Changes in assets and
liabilities before initial
|
|
|
|
|
effects of business
acquisitions and dispositions
|
|
(295.5)
|
|
(144.6)
|
Other, net
|
|
|
|
|
8.6
|
|
8.1
|
Net cash provided by
operating activities
|
|
$748.3
|
|
$724.8
|
Investing
Activities
|
|
|
|
|
Purchases of property,
plant & equipment
|
|
(450.4)
|
|
(318.6)
|
Proceeds from sale of
property, plant & equipment
|
|
37.8
|
|
192.4
|
Payment for businesses
acquired, net of acquired cash
|
|
(528.0)
|
|
(1,634.5)
|
Other, net
|
|
|
|
|
(0.1)
|
|
0.1
|
Net cash used for
investing activities
|
|
($940.7)
|
|
($1,760.6)
|
Financing
Activities
|
|
|
|
|
Proceeds from
short-term debt
|
|
1,288.2
|
|
(0.0)
|
Payment of short-term
debt
|
|
(976.2)
|
|
0.0
|
Payment of current
maturities and long-term debt
|
|
(557.6)
|
|
(1,444.0)
|
Proceeds from issuance
of long-term debt
|
|
550.0
|
|
1,600.0
|
Debt issuance and
exchange costs
|
|
(2.9)
|
|
(13.3)
|
Payment of finance
leases
|
|
(27.0)
|
|
(4.8)
|
Dividends
paid
|
|
|
|
(159.5)
|
|
(147.3)
|
Share-based
compensation, shares withheld for taxes
|
|
(17.4)
|
|
(15.8)
|
Other, net
|
|
|
|
|
0.2
|
|
(0.6)
|
Net cash provided by
(used for) financing activities
|
|
$97.8
|
|
($25.8)
|
Net decrease in cash
and cash equivalents and restricted cash
|
|
(94.6)
|
|
(1,061.6)
|
Cash and cash
equivalents and restricted cash at beginning of year
|
|
241.5
|
|
1,198.0
|
Cash and cash
equivalents and restricted cash at end of period
|
|
$146.9
|
|
$136.4
|
|
|
|
|
|
|
|
|
|
|
|
Table D
|
Segment Financial
Data and Unit Shipments
|
|
|
|
|
|
|
|
|
|
(in millions,
except unit and per unit data)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Total
Revenues
|
|
|
|
|
|
|
|
|
Aggregates
1
|
|
$1,490.5
|
|
$1,172.4
|
|
$4,013.5
|
|
$3,192.7
|
Asphalt
2
|
|
310.2
|
|
220.7
|
|
752.1
|
|
580.4
|
Concrete
|
|
450.5
|
|
219.2
|
|
1,233.4
|
|
396.8
|
Calcium
|
|
2.1
|
|
1.5
|
|
5.4
|
|
5.5
|
Segment
sales
|
|
$2,253.3
|
|
$1,613.8
|
|
$6,004.4
|
|
$4,175.4
|
Aggregates intersegment
sales
|
|
(165.0)
|
|
(97.3)
|
|
(421.1)
|
|
(229.5)
|
Total
revenues
|
|
$2,088.3
|
|
$1,516.5
|
|
$5,583.3
|
|
$3,945.9
|
Gross
Profit
|
|
|
|
|
|
|
|
|
Aggregates
|
|
$436.1
|
|
$372.4
|
|
$1,081.3
|
|
$969.8
|
Asphalt
|
|
|
29.5
|
|
7.1
|
|
40.2
|
|
17.6
|
Concrete
|
|
26.5
|
|
14.3
|
|
84.7
|
|
32.4
|
Calcium
|
|
|
|
|
0.8
|
|
0.3
|
|
1.6
|
|
1.9
|
Total
|
|
|
|
$492.9
|
|
$394.1
|
|
$1,207.8
|
|
$1,021.7
|
Depreciation,
Depletion, Accretion and Amortization
|
|
|
|
|
Aggregates
|
|
$113.5
|
|
$93.3
|
|
$324.4
|
|
$258.5
|
Asphalt
|
|
|
8.9
|
|
9.0
|
|
26.0
|
|
27.1
|
Concrete
|
|
21.7
|
|
8.7
|
|
63.5
|
|
16.6
|
Calcium
|
|
0.0
|
|
0.0
|
|
0.1
|
|
0.1
|
Other
|
|
|
|
6.9
|
|
6.5
|
|
21.0
|
|
18.7
|
Total
|
|
|
|
$151.0
|
|
$117.5
|
|
$435.0
|
|
$321.0
|
Average Unit Sales
Price and Unit Shipments
|
|
|
|
|
|
|
Aggregates
|
|
|
|
|
|
|
|
|
Freight-adjusted
revenues 3
|
|
$1,097.2
|
|
$898.0
|
|
$2,956.5
|
|
$2,453.1
|
Aggregates - tons
(thousands)
|
|
65,351
|
|
60,163
|
|
182,180
|
|
165,128
|
Freight-adjusted sales
price 4
|
|
$16.79
|
|
$14.93
|
|
$16.23
|
|
$14.86
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Products
|
|
|
|
|
|
|
|
|
Asphalt Mix - tons
(thousands)
|
|
3,631
|
|
3,202
|
|
9,374
|
|
8,553
|
Asphalt Mix - sales
price
|
|
$74.80
|
|
$59.43
|
|
$70.17
|
|
$58.27
|
|
|
|
|
|
|
|
|
|
|
|
|
Ready-mixed concrete -
cubic yards (thousands)
|
2,924
|
|
1,596
|
|
8,255
|
|
2,940
|
Ready-mixed concrete -
sales price
|
|
$153.54
|
|
$136.29
|
|
$148.95
|
|
$133.88
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcium - tons
(thousands)
|
|
58
|
|
52
|
|
161
|
|
197
|
Calcium - sales
price
|
|
$36.27
|
|
$28.29
|
|
$33.45
|
|
$27.81
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Includes product sales (crushed stone,
sand and gravel, sand, and other aggregates), as well as freight
& delivery
|
costs that we pass along to our
customers, and service revenues related to aggregates.
|
|
|
|
|
2 Includes
product sales, as well as service revenues from our asphalt
construction paving business.
|
|
|
3
Freight-adjusted revenues are Aggregates
segment sales excluding freight & delivery revenues
and
|
|
|
other revenues related to services,
such as landfill tipping fees, that are derived from our aggregates
business.
|
4
Freight-adjusted sales price is
calculated as freight-adjusted revenues divided by aggregates unit
shipments.
|
|
|
Appendix 1
|
1.
Reconciliation of Non-GAAP Measures
|
|
Aggregates segment
freight-adjusted revenues is not a Generally Accepted Accounting
Principle (GAAP) measure and should not be considered as an
alternative to metrics defined by GAAP. We present this metric as
it is consistent with the basis by which we review our operating
results. We believe that
this presentation is consistent with our competitors and meaningful
to our investors as it excludes revenues associated with freight
& delivery, which are
pass-through activities. It also excludes other revenues related to
services, such as landfill tipping fees, that are derived from our
aggregates business.
Additionally, we use this metric as the basis for calculating the
average sales price of our aggregates products. Reconciliation of
this metric to its nearest
GAAP measure is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment
Freight-Adjusted Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
per ton data)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Trailing-Twelve
Months
|
|
|
|
|
September
30
|
|
September
30
|
|
September
30
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
sales
|
|
$1,490.5
|
|
$1,172.4
|
|
$4,013.5
|
|
$3,192.7
|
|
$5,165.8
|
|
$4,149.2
|
Less:
|
|
Freight & delivery
revenues 1
|
|
364.6
|
|
253.1
|
|
972.9
|
|
685.2
|
|
1,239.7
|
|
890.2
|
|
|
Other
revenues
|
|
28.7
|
|
21.3
|
|
84.1
|
|
54.4
|
|
108.7
|
|
68.6
|
Freight-adjusted
revenues
|
|
$1,097.2
|
|
$898.0
|
|
$2,956.5
|
|
$2,453.1
|
|
$3,817.4
|
|
$3,190.4
|
Unit shipments -
tons
|
|
65.4
|
|
60.2
|
|
182.2
|
|
165.1
|
|
239.9
|
|
216.3
|
Freight-adjusted sales
price
|
|
$16.79
|
|
$14.93
|
|
$16.23
|
|
$14.86
|
|
$15.91
|
|
$14.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 At the
segment level, freight & delivery revenues include intersegment
freight & delivery (which are eliminated at the consolidated
level) and freight to remote
|
|
|
distribution
sites.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates segment
incremental gross profit flow-through rate is not a GAAP measure
and represents the year-over-year change in gross profit divided
by
the year-over-year change in segment sales excluding freight &
delivery (revenues and costs). This metric should not be considered
as an alternative to
metrics defined by GAAP. We present this metric as it is consistent
with the basis by which we review our operating results. We believe
that this
presentation is consistent with our competitors and meaningful to
our investors as it excludes revenues associated with freight &
delivery, which are pass-
through activities. Reconciliation of this metric to its nearest
GAAP measure is presented below:
|
|
Aggregates Segment
Incremental Gross Profit Margin in Accordance with
GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Trailing-Twelve
Months
|
|
|
|
|
September
30
|
|
September
30
|
|
September
30
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$436.1
|
|
$372.4
|
|
$1,081.3
|
|
$969.8
|
|
$1,407.2
|
|
$1,245.8
|
Segment
sales
|
|
$1,490.5
|
|
$1,172.4
|
|
$4,013.5
|
|
$3,192.7
|
|
$5,165.8
|
|
$4,149.2
|
Gross profit
margin
|
|
29.3 %
|
|
31.8 %
|
|
26.9 %
|
|
30.4 %
|
|
27.2 %
|
|
30.0 %
|
Incremental gross
profit margin
|
|
20.1 %
|
|
|
|
13.6 %
|
|
|
|
15.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment
Incremental Gross Profit Flow-through Rate
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Trailing-Twelve
Months
|
|
|
|
|
September
30
|
|
September
30
|
|
September
30
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$436.1
|
|
$372.4
|
|
$1,081.3
|
|
$969.8
|
|
$1,407.2
|
|
$1,245.8
|
Segment
sales
|
|
$1,490.5
|
|
$1,172.4
|
|
$4,013.5
|
|
$3,192.7
|
|
$5,165.8
|
|
$4,149.2
|
Less:
|
|
Freight & delivery
revenues 1
|
|
364.6
|
|
253.1
|
|
972.9
|
|
685.2
|
|
1,239.7
|
|
890.2
|
Segment sales excluding
freight & delivery
|
|
$1,125.9
|
|
$919.3
|
|
$3,040.6
|
|
$2,507.5
|
|
$3,926.1
|
|
$3,259.0
|
Gross profit margin
excluding freight & delivery
|
|
38.7 %
|
|
40.5 %
|
|
35.6 %
|
|
38.7 %
|
|
35.8 %
|
|
38.2 %
|
Incremental gross
profit flow-through rate
|
|
30.9 %
|
|
|
|
20.9 %
|
|
|
|
24.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 At the
segment level, freight & delivery revenues include intersegment
freight & delivery (which are eliminated at the consolidated
level) and freight to remote distribution sites.
|
Appendix 2
|
Reconciliation of
Non-GAAP Measures (Continued)
|
|
GAAP does not define
"Aggregates segment cash gross profit" and it should not be
considered as an alternative to earnings measures defined by
GAAP. We and the investment community use this metric to assess the
operating performance of our business. Additionally, we present
this metric
as we believe that it closely correlates to long-term shareholder
value. We do not use this metric as a measure to allocate
resources. Aggregates
segment cash gross profit per ton is computed by dividing
Aggregates segment cash gross profit by tons shipped.
Reconciliation of this metric to
its nearest GAAP measure is presented below:
|
|
Aggregates Segment
Cash Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
per ton data)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Trailing-Twelve
Months
|
|
|
|
|
|
September
30
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$436.1
|
|
$372.4
|
|
$1,081.3
|
|
$969.8
|
|
$1,407.2
|
|
$1,245.8
|
Depreciation,
depletion, accretion and amortization
|
|
113.5
|
|
93.3
|
|
324.4
|
|
258.5
|
|
426.3
|
|
339.2
|
|
Aggregates segment cash
gross profit
|
|
$549.6
|
|
$465.7
|
|
$1,405.7
|
|
$1,228.3
|
|
$1,833.5
|
|
$1,585.0
|
Unit shipments -
tons
|
|
65.4
|
|
60.2
|
|
182.2
|
|
165.1
|
|
239.9
|
|
216.3
|
Aggregates segment cash
gross profit per ton
|
|
$8.41
|
|
$7.74
|
|
$7.72
|
|
$7.44
|
|
$7.64
|
|
$7.33
|
|
GAAP does not define
"Earnings Before Interest, Taxes, Depreciation and Amortization"
(EBITDA), and it should not be considered as an alternative
to earnings measures defined by GAAP. We use this metric to assess
the operating performance of our business and as a basis for
strategic
planning and forecasting as we believe that it closely correlates
to long-term shareholder value. We do not use this metric as a
measure to allocate
resources. We adjust EBITDA for certain items to provide a more
consistent comparison of earnings performance from period to
period.
Reconciliation of this metric to its nearest GAAP measure is
presented below (numbers may not foot due to rounding):
|
|
EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Trailing-Twelve
Months
|
|
|
|
|
|
September
30
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net earnings
attributable to Vulcan
|
|
$177.1
|
|
$176.9
|
|
$456.2
|
|
$532.9
|
|
$594.2
|
|
$647.4
|
Income tax
expense
|
|
82.3
|
|
51.7
|
|
164.6
|
|
169.7
|
|
195.0
|
|
195.0
|
Interest expense,
net
|
|
46.1
|
|
36.8
|
|
120.8
|
|
111.6
|
|
156.9
|
|
145.5
|
Loss on discontinued
operations, net of tax
|
|
1.2
|
|
0.2
|
|
16.1
|
|
2.7
|
|
16.7
|
|
4.1
|
Depreciation,
depletion, accretion and amortization
|
|
151.0
|
|
117.5
|
|
435.0
|
|
321.0
|
|
577.0
|
|
421.9
|
EBITDA
|
|
|
$457.7
|
|
$383.2
|
|
$1,192.7
|
|
$1,137.8
|
|
$1,539.7
|
|
$1,413.8
|
|
Gain on sale of real
estate and businesses, net
|
|
($23.5)
|
|
$0.0
|
|
($23.5)
|
|
($114.7)
|
|
($23.5)
|
|
($114.7)
|
|
Charges associated with
divested operations
|
|
0.4
|
|
0.4
|
|
1.0
|
|
1.1
|
|
1.5
|
|
1.4
|
|
Business development
1
|
|
2.5
|
|
24.7
|
|
8.1
|
|
30.6
|
|
16.5
|
|
40.0
|
|
COVID-19 direct
incremental costs
|
|
0.0
|
|
5.9
|
|
0.0
|
|
9.7
|
|
3.7
|
|
12.5
|
|
Pension settlement
charge
|
|
0.0
|
|
0.0
|
|
0.0
|
|
0.0
|
|
12.1
|
|
22.7
|
|
Loss on
impairments
|
|
67.8
|
|
0.0
|
|
67.8
|
|
0.0
|
|
67.8
|
|
0.0
|
|
Restructuring
charges
|
|
2.1
|
|
3.5
|
|
4.9
|
|
3.5
|
|
16.3
|
|
3.5
|
Adjusted
EBITDA
|
|
$507.0
|
|
$417.7
|
|
$1,251.0
|
|
$1,068.0
|
|
$1,634.3
|
|
$1,379.2
|
1
Represents non-routine charges or gains
associated with acquisitions and dispositions including the cost
impact of purchase accounting inventory
valuations.
|
|
|
Similar to our
presentation of Adjusted EBITDA, we present Adjusted diluted
earnings per share (EPS) attributable to Vulcan from continuing
operations to provide a more consistent comparison of earnings
performance from period to period. This metric is not defined by
GAAP and should
not be considered as an alternative to earnings measures defined by
GAAP. Reconciliation of this metric to its nearest GAAP measure is
presented
below:
|
|
Adjusted Diluted EPS
attributable to Vulcan from Continuing Operations (Adjusted Diluted
EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Trailing-Twelve
Months
|
|
|
|
|
|
September
30
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net earnings
attributable to Vulcan
|
|
$1.33
|
|
$1.32
|
|
$3.42
|
|
$3.99
|
|
$4.45
|
|
$4.85
|
Less:
|
Discontinued
operations
|
|
0.00
|
|
(0.01)
|
|
(0.12)
|
|
(0.02)
|
|
(0.13)
|
|
($0.03)
|
Diluted EPS
attributable to Vulcan from continuing operations
|
$1.33
|
|
$1.33
|
|
$3.54
|
|
$4.01
|
|
$4.58
|
|
$4.88
|
Items included in
Adjusted EBITDA above, net of tax
|
|
0.38
|
|
0.21
|
|
0.42
|
|
(0.36)
|
|
0.63
|
|
(0.17)
|
NOL carryforward
valuation allowance
|
|
0.07
|
|
0.00
|
|
0.07
|
|
0.10
|
|
0.07
|
|
0.10
|
Acquisition financing
interest costs
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.05
|
|
0.00
|
|
0.05
|
Adjusted diluted EPS
attributable to Vulcan from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continuing
operations
|
|
$1.78
|
|
$1.54
|
|
$4.03
|
|
$3.80
|
|
$5.28
|
|
$4.86
|
Appendix 3
|
Reconciliation of Non-GAAP Measures
(Continued)
|
|
Net debt to Adjusted
EBITDA is not a GAAP measure and should not be considered as an
alternative to metrics
defined by GAAP. We, the investment community and credit rating
agencies use this metric to assess our
leverage. Net debt subtracts cash and cash equivalents and
restricted cash from total debt. Reconciliation of this
metric to its nearest GAAP measure is presented below:
|
|
Net Debt to Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
Debt
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
|
|
|
|
$0.5
|
|
$12.2
|
Short-term
debt
|
|
|
|
|
|
312.0
|
|
0.0
|
Long-term
debt
|
|
|
|
|
|
3,874.2
|
|
3,874.1
|
Total debt
|
|
|
|
|
|
$4,186.7
|
|
$3,886.3
|
Less: Cash and cash
equivalents and restricted cash
|
|
|
|
|
|
146.9
|
|
136.4
|
Net debt
|
|
|
|
|
|
$4,039.8
|
|
$3,749.9
|
Trailing-Twelve Months
(TTM) Adjusted EBITDA
|
|
|
|
|
|
$1,634.3
|
|
$1,379.2
|
Total debt to TTM
Adjusted EBITDA
|
|
|
|
|
|
2.6x
|
|
2.8x
|
Net debt to TTM
Adjusted EBITDA
|
|
|
|
|
|
2.5x
|
|
2.7x
|
|
We define "Return on
Invested Capital" (ROIC) as Adjusted EBITDA for the trailing-twelve
months divided by
average invested capital (as illustrated below) during the trailing
5-quarters. Our calculation of ROIC is considered
a non-GAAP financial measure because we calculate ROIC using the
non-GAAP metric EBITDA. We believe that
our ROIC metric is meaningful because it helps investors assess how
effectively we are deploying our assets.
Although ROIC is a standard financial metric, numerous methods
exist for calculating a company's ROIC. As a
result, the method we use to calculate our ROIC may differ from the
methods used by other companies. This
metric is not defined by GAAP and should not be considered as an
alternative to earnings measures defined by
GAAP. Reconciliation of this metric to its nearest GAAP measure is
presented below (numbers may not foot due
to rounding):
|
|
Return on Invested
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
Trailing-Twelve
Months
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
Adjusted
EBITDA
|
|
|
|
|
|
$1,634.3
|
|
$1,379.2
|
Average invested
capital
|
|
|
|
|
|
|
|
|
|
Property, plant &
equipment, net
|
|
|
|
|
|
$5,716.4
|
|
$4,609.1
|
|
Goodwill
|
|
|
|
|
|
3,705.5
|
|
3,272.6
|
|
Other intangible
assets
|
|
|
|
|
|
1,761.0
|
|
1,253.6
|
|
Fixed and intangible
assets
|
|
|
|
|
|
$11,182.9
|
|
$9,135.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
$1,855.3
|
|
$2,090.9
|
|
Less: Cash and cash
equivalents
|
|
|
|
|
|
156.3
|
|
855.7
|
|
Less: Current
tax
|
|
|
|
|
|
49.3
|
|
29.6
|
|
Adjusted current
assets
|
|
|
|
|
|
1,649.7
|
|
1,205.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
945.7
|
|
831.9
|
|
Less: Current
maturities of long-term debt
|
|
|
|
|
|
4.5
|
|
213.6
|
|
Less: Short-term
debt
|
|
|
|
|
|
117.6
|
|
0.0
|
|
Adjusted current
liabilities
|
|
|
|
|
|
823.6
|
|
618.3
|
|
Adjusted net working
capital
|
|
|
|
|
|
$826.1
|
|
$587.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Average invested
capital
|
|
|
|
|
|
$12,009.0
|
|
$9,722.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on invested
capital
|
|
|
|
|
|
13.6 %
|
|
14.2 %
|
Appendix 4
|
Reconciliation of Non-GAAP Measures
(Continued)
|
|
The following
reconciliation to the mid-point of the range of 2022 Projected
EBITDA excludes adjustments (as
noted in Adjusted EBITDA above) as they are difficult to forecast
(timing or amount). Due to the difficulty in
forecasting such adjustments, we are unable to estimate their
significance. This metric is not defined by GAAP
and should not be considered as an alternative to earnings measures
defined by GAAP. Reconciliation of this
metric to its nearest GAAP measure is presented below:
|
|
2022 Projected
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Mid-point
|
Net earnings
attributable to Vulcan
|
|
|
|
|
|
|
|
$690
|
Income tax
expense
|
|
|
|
|
|
|
|
230
|
Interest expense, net
of interest income
|
|
|
|
|
|
|
|
165
|
Discontinued
operations, net of tax
|
|
|
|
|
|
|
|
0
|
Depreciation,
depletion, accretion and amortization
|
|
|
|
|
|
|
|
575
|
Projected
EBITDA
|
|
|
|
|
|
|
|
$1,660
|
|
Because GAAP financial
measures on a forward-looking basis are not accessible, and
reconciling information is
not available without unreasonable effort, we have not provided
reconciliations for forward-looking non-GAAP
measures, other than the reconciliation of Projected EBITDA as
noted above. For the same reasons, we are
unable to address the probable significance of the unavailable
information, which could be material to future
results.
|
![Vulcan Materials Company, Birmingham, AL. (PRNewsFoto/Vulcan Materials Company) (PRNewsFoto/) (PRNewsFoto/) Vulcan Materials Company, Birmingham, AL. (PRNewsFoto/Vulcan Materials Company) (PRNewsFoto/) (PRNewsFoto/)](https://mma.prnewswire.com/media/324245/vulcan_materials_company_logo.jpg)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/vulcan-reports-third-quarter-2022-results-301665560.html
SOURCE Vulcan Materials Company