Second Quarter Earnings Growth and Margin
Expansion Underpinned by Execution in
Aggregates
Uniquely Positioned Aggregates Business
Supports Full Year Earnings Growth
BIRMINGHAM, Ala., Aug. 6, 2024
/PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's
largest producer of construction aggregates, today announced
results for the quarter ended June
30, 2024.
Financial Highlights Include:
|
Second Quarter
|
|
Year-to-Date
|
|
Trailing-Twelve Months
|
|
Amounts in millions,
except per unit data
|
2024
|
2023
|
|
2024
|
2023
|
|
2024
|
2023
|
|
Total
revenues
|
$ 2,014
|
$ 2,113
|
|
$ 3,560
|
$ 3,762
|
|
$
7,580
|
$
7,582
|
|
Gross profit
|
$
592
|
$
583
|
|
$
897
|
$
885
|
|
$
1,960
|
$
1,728
|
|
Selling, Administrative
and General (SAG)
|
$
134
|
$
139
|
|
$
264
|
$
256
|
|
$
550
|
$
518
|
|
As % of Total
revenues
|
6.7 %
|
6.6 %
|
|
7.4 %
|
6.8 %
|
|
7.3 %
|
6.8 %
|
|
Net earnings
attributable to Vulcan
|
$
308
|
$
309
|
|
$
411
|
$
429
|
|
$
915
|
$
726
|
|
Adjusted
EBITDA
|
$
603
|
$
595
|
|
$
927
|
$
933
|
|
$
2,005
|
$
1,814
|
|
Adjusted EBITDA
Margin
|
29.9 %
|
28.2 %
|
|
26.0 %
|
24.8 %
|
|
26.5 %
|
23.9 %
|
|
Earnings attributable
to Vulcan from
continuing operations per diluted
share
|
$ 2.33
|
$ 2.33
|
|
$ 3.11
|
$ 3.25
|
|
$
6.92
|
$
5.49
|
|
Adjusted earnings
attributable to Vulcan from
continuing operations per diluted
share
|
$ 2.35
|
$ 2.29
|
|
$ 3.14
|
$ 3.25
|
|
$
6.90
|
$
6.11
|
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
|
Shipments
(tons)
|
60.1
|
63.4
|
|
108.3
|
115.2
|
|
227.6
|
234.9
|
|
Freight-adjusted sales
price per ton
|
$ 21.00
|
$ 18.71
|
|
$ 20.82
|
$ 18.70
|
|
$
20.04
|
$
17.78
|
|
Gross profit per
ton
|
$ 8.79
|
$ 7.88
|
|
$ 7.68
|
$ 6.97
|
|
$
7.76
|
$
6.68
|
|
Cash gross profit per
ton
|
$ 10.92
|
$ 9.76
|
|
$ 10.01
|
$ 8.98
|
|
$
9.96
|
$
8.65
|
|
|
|
|
|
|
|
|
|
Tom Hill, Vulcan Materials'
Chairman and Chief Executive Officer, said, "Our aggregates-led
business delivered another quarter of earnings growth and margin
expansion. Even with significant rainfall disrupting
construction activity and operating efficiencies, our aggregates
cash gross profit per ton increased 12 percent. Gross profit
margin expanded 120 basis points. These results demonstrate
our consistent execution and the durable characteristics of our
business. The construction environment remains supportive of
continued aggregates price growth, and our focus remains on
compounding aggregates unit profitability to drive earnings growth
and strong cash generation."
Second Quarter Segment Results
Aggregates
Second quarter segment gross profit
increased 6 percent to $529 million
($8.79 per ton), and gross profit
margin expanded 120 basis points. Cash gross profit per ton
improved 12 percent to $10.92 per
ton. Continued pricing and operational execution drove margin
expansion despite lower shipments and challenging weather
conditions throughout the quarter.
Aggregates shipments decreased 5 percent as compared to the
prior year's second quarter as a result of significant rainfall in
many key markets, particularly in Texas and across the Southeast.
Price growth in the second quarter was strong with all markets
realizing year-over-year improvement. Freight-adjusted
selling prices increased 12 percent (mix-adjusted 11 percent) as
compared to the prior year.
Challenging weather conditions also impacted operating
efficiencies and contributed to the year-over-year increase in
freight-adjusted unit cash cost of sales in the quarter. On a
trailing-twelve months basis, unit cash cost has increased 10
percent.
Asphalt and Concrete
Asphalt segment gross profit was
$59 million, and cash gross profit
was $70 million, a 7 percent
improvement over the prior year. Shipments were in line with
the prior year's second quarter, and price improved 4
percent. Strong shipments in California were offset by lower shipments in
Texas due to wet weather.
Concrete segment gross profit was $5
million, and cash gross profit was $17 million. The prior year's second
quarter included results from the previously divested concrete
assets in Texas, which accounted
for more than 60 percent of the year-over-year decline in cash
gross profit.
Selling, Administrative and General (SAG) and Other
Items
SAG expense was $134
million compared to $139
million in the prior year's second quarter. As a
percent of total revenues, SAG expense was 6.7 percent in the
second quarter.
Other nonoperating expense was $9
million higher than the prior year's second quarter.
The year-over-year increase was mostly driven by a foreign currency
translation loss resulting from the rapid devaluation of the
Mexican peso in June following the election.
Financial Position, Liquidity and Capital
Allocation
The Company remains well positioned for continued
growth with a strong liquidity position and balance sheet
profile. Disciplined capital allocation has resulted in a 160
basis points improvement in return on average capital over the last
twelve months. As of June 30,
2024, the ratio of total debt to trailing-twelve months
Adjusted EBITDA was 1.7 times and below the Company's target range
of 2.0 to 2.5 times.
Capital expenditures were $195
million in the second quarter and $298 million on a year-to-date basis. For
the full year, the Company still expects to spend between
$625 and $675
million for maintenance and growth projects. During
the quarter, the Company completed bolt-on acquisitions in both
Alabama and Texas, two of the Company's top ten
states. The Company also returned $111
million to shareholders through $50
million of common stock repurchases and $61 million of dividends in the second
quarter.
Outlook
Regarding the Company's outlook, Mr. Hill
said, "Significant weather disruptions throughout the first half of
the year impacted both construction activity and operating
efficiencies, resulting in adjustments to our aggregates volume and
cost outlook for the full year. Despite the challenging
environment, aggregates cash gross profit per ton has increased
double-digits this year, and we expect this trend to continue for
the remainder of the year. The pricing environment remains
positive, and overall demand fundamentals continue to underpin
long-term growth."
Management expectations for 2024 include the following:
- Continued improvement in Aggregates segment cash gross profit
per ton ($9.46 in 2023)
- Total shipments down 4 to 7 percent (234.3 million tons in
2023)
- Freight-adjusted price improvement of 10 to 12 percent
($19.00 in 2023)
- High-single digit increase in freight-adjusted cash cost
(freight-adjusted price less segment cash gross profit per ton;
$9.54 in 2023)
- Total Asphalt and Concrete segment cash gross profit of
approximately $275 million
($320 million in 2023; which included
approximately 4 million cubic yards from concrete operations
divested in late 2023)
- Selling, Administrative and General expenses of $550 to $560
million ($543 million in
2023)
- Interest expense of approximately $155
million
- Depreciation, depletion, accretion and amortization expense of
approximately $610 million
- An effective tax rate of 22 to 23 percent
- Net earnings attributable to Vulcan of $0.95 to $1.07
billion
- Adjusted EBITDA between $2.00 and
$2.15 billion
Conference Call
Vulcan will host a conference call at
10:00 a.m. CT on August 6, 2024. 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 800-343-5172, or 203-518-9856 if
outside the U.S. The conference ID is 4644206. 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
Adjusted EBITDA as included in Appendix 2 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; domestic and global political, economic or diplomatic
developments; a pandemic, epidemic or other public health
emergency; 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; the risks of open pit and
underground mining; expectations relating to environmental, social
and governance considerations; claims that our products do not meet
regulatory requirements or contractual specifications; 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: Jack Bonnikson (205) 298-3220
|
|
|
|
|
|
|
|
|
|
Table A
|
|
Vulcan Materials Company
|
|
|
|
|
|
|
|
|
|
and Subsidiary Companies
|
|
|
|
|
|
|
|
|
|
(in millions, except
per share data)
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Consolidated Statements of
Earnings
|
|
|
|
June 30
|
|
|
|
June 30
|
|
(Condensed and
unaudited)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
$2,014.4
|
|
$2,112.9
|
|
$3,560.1
|
|
$3,761.8
|
|
Cost of
revenues
|
|
(1,422.2)
|
|
(1,529.6)
|
|
(2,662.9)
|
|
(2,876.5)
|
|
Gross
profit
|
|
592.2
|
|
583.3
|
|
897.2
|
|
885.3
|
|
Selling, administrative
and general expenses
|
|
(134.1)
|
|
(139.1)
|
|
(263.8)
|
|
(256.5)
|
|
Gain on sale of
property, plant & equipment
|
|
|
|
|
|
|
|
|
|
and
businesses
|
|
3.8
|
|
16.7
|
|
4.4
|
|
18.5
|
|
Other operating
expense, net
|
|
(8.3)
|
|
(9.8)
|
|
(11.3)
|
|
(9.0)
|
|
Operating
earnings
|
|
453.6
|
|
451.1
|
|
626.5
|
|
638.3
|
|
Other nonoperating
income (expense), net
|
|
(8.7)
|
|
(0.1)
|
|
(8.9)
|
|
1.3
|
|
Interest expense,
net
|
|
(40.2)
|
|
(46.7)
|
|
(79.3)
|
|
(95.7)
|
|
Earnings from
continuing operations
|
|
|
|
|
|
|
|
|
|
before income
taxes
|
|
404.7
|
|
404.3
|
|
538.3
|
|
543.9
|
|
Income tax
expense
|
|
(94.4)
|
|
(92.0)
|
|
(123.4)
|
|
(108.6)
|
|
Earnings from
continuing operations
|
|
310.3
|
|
312.3
|
|
414.9
|
|
435.3
|
|
Loss on discontinued
operations, net of tax
|
|
(2.0)
|
|
(3.7)
|
|
(3.7)
|
|
(5.8)
|
|
Net earnings
|
|
|
|
308.3
|
|
308.6
|
|
411.2
|
|
429.5
|
|
Earnings attributable
to noncontrolling interest
|
|
(0.3)
|
|
0.0
|
|
(0.6)
|
|
(0.2)
|
|
Net earnings
attributable to Vulcan
|
|
$308.0
|
|
$308.6
|
|
$410.6
|
|
$429.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share attributable to Vulcan
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$2.34
|
|
$2.34
|
|
$3.13
|
|
$3.27
|
|
Discontinued
operations
|
|
($0.01)
|
|
($0.02)
|
|
($0.03)
|
|
($0.05)
|
|
Net
earnings
|
|
$2.33
|
|
$2.32
|
|
$3.10
|
|
$3.22
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share attributable to Vulcan
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$2.33
|
|
$2.33
|
|
$3.11
|
|
$3.25
|
|
Discontinued
operations
|
|
($0.02)
|
|
($0.02)
|
|
($0.03)
|
|
($0.04)
|
|
Net
earnings
|
|
$2.31
|
|
$2.31
|
|
$3.08
|
|
$3.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
132.4
|
|
133.2
|
|
132.4
|
|
133.2
|
|
Assuming
dilution
|
|
133.1
|
|
133.8
|
|
133.1
|
|
133.7
|
|
Effective tax rate from
continuing operations
|
|
23.3 %
|
|
22.8 %
|
|
22.9 %
|
|
20.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table B
|
|
Vulcan Materials Company
|
|
|
|
|
|
|
|
and Subsidiary Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
Consolidated Balance Sheets
|
|
June 30
|
|
December 31
|
|
June 30
|
|
(Condensed and
unaudited)
|
|
2024
|
|
2023
|
|
2023
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$111.0
|
|
$931.1
|
|
$166.0
|
|
Restricted
cash
|
|
0.6
|
|
18.1
|
|
2.2
|
|
Accounts and notes
receivable
|
|
|
|
|
|
|
|
Accounts and notes
receivable, gross
|
|
1,075.5
|
|
903.3
|
|
1,174.6
|
|
Allowance for credit
losses
|
|
(14.3)
|
|
(13.6)
|
|
(14.2)
|
|
Accounts and notes
receivable, net
|
|
1,061.2
|
|
889.7
|
|
1,160.4
|
|
Inventories
|
|
|
|
|
|
|
|
Finished
products
|
|
514.2
|
|
494.4
|
|
455.3
|
|
Raw
materials
|
|
58.8
|
|
51.2
|
|
69.1
|
|
Products in
process
|
|
8.8
|
|
6.5
|
|
7.2
|
|
Operating supplies and
other
|
|
68.5
|
|
63.5
|
|
63.0
|
|
Inventories
|
|
650.3
|
|
615.6
|
|
594.6
|
|
Other current
assets
|
|
153.4
|
|
70.4
|
|
120.5
|
|
Total current
assets
|
|
1,976.5
|
|
2,524.9
|
|
2,043.7
|
|
Investments and
long-term receivables
|
|
31.4
|
|
31.3
|
|
31.2
|
|
Property, plant &
equipment
|
|
|
|
|
|
|
|
Property, plant &
equipment, cost
|
|
12,240.8
|
|
11,835.5
|
|
11,561.5
|
|
Allowances for
depreciation, depletion & amortization
|
|
(5,825.0)
|
|
(5,617.8)
|
|
(5,455.7)
|
|
Property, plant &
equipment, net
|
|
6,415.8
|
|
6,217.7
|
|
6,105.8
|
|
Operating lease
right-of-use assets, net
|
|
511.8
|
|
511.7
|
|
558.4
|
|
Goodwill
|
|
|
3,536.6
|
|
3,531.7
|
|
3,689.5
|
|
Other intangible
assets, net
|
|
1,462.7
|
|
1,460.7
|
|
1,653.1
|
|
Other noncurrent
assets
|
|
281.6
|
|
267.7
|
|
251.9
|
|
Total assets
|
|
$14,216.4
|
|
$14,545.7
|
|
$14,333.6
|
|
Liabilities
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
0.5
|
|
0.5
|
|
0.5
|
|
Short-term
debt
|
|
95.0
|
|
0.0
|
|
0.0
|
|
Trade payables and
accruals
|
|
326.6
|
|
390.4
|
|
402.1
|
|
Other current
liabilities
|
|
374.7
|
|
406.7
|
|
390.7
|
|
Total current
liabilities
|
|
796.8
|
|
797.6
|
|
793.3
|
|
Long-term
debt
|
|
3,331.7
|
|
3,877.3
|
|
3,873.2
|
|
Deferred income taxes,
net
|
|
1,011.5
|
|
1,028.9
|
|
1,069.8
|
|
Deferred
revenue
|
|
141.4
|
|
145.3
|
|
149.9
|
|
Noncurrent operating
lease liabilities
|
|
507.5
|
|
507.4
|
|
537.5
|
|
Other noncurrent
liabilities
|
|
697.1
|
|
681.3
|
|
683.5
|
|
Total
liabilities
|
|
$6,486.0
|
|
$7,037.8
|
|
$7,107.2
|
|
Equity
|
|
|
|
|
|
|
|
|
Common stock, $1 par
value
|
|
132.1
|
|
132.1
|
|
132.9
|
|
Capital in excess of
par value
|
|
2,879.9
|
|
2,880.1
|
|
2,845.4
|
|
Retained
earnings
|
|
4,833.9
|
|
4,615.0
|
|
4,375.7
|
|
Accumulated other
comprehensive loss
|
|
(140.6)
|
|
(143.8)
|
|
(151.4)
|
|
Total shareholder's
equity
|
|
7,705.3
|
|
7,483.4
|
|
7,202.6
|
|
Noncontrolling
interest
|
|
25.1
|
|
24.5
|
|
23.8
|
|
Total equity
|
|
$7,730.4
|
|
$7,507.9
|
|
$7,226.4
|
|
Total liabilities and
equity
|
|
$14,216.4
|
|
$14,545.7
|
|
$14,333.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table C
|
|
Vulcan Materials Company
|
|
|
|
|
|
and Subsidiary Companies
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
Six Months Ended
|
|
Consolidated Statements of Cash
Flows
|
|
|
|
June 30
|
|
(Condensed and
unaudited)
|
|
|
2024
|
|
2023
|
|
Operating Activities
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
|
$411.2
|
|
$429.5
|
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities
|
|
|
|
|
|
Depreciation,
depletion, accretion and amortization
|
|
307.7
|
|
303.3
|
|
Noncash operating
lease expense
|
|
25.7
|
|
27.3
|
|
Net gain on sale of
property, plant & equipment and businesses
|
|
(4.4)
|
|
(18.5)
|
|
Contributions to
pension plans
|
|
(3.4)
|
|
(3.8)
|
|
Share-based
compensation expense
|
|
24.5
|
|
24.3
|
|
Deferred income taxes,
net
|
|
(18.5)
|
|
(4.7)
|
|
Changes in assets and
liabilities before initial
|
|
|
|
|
|
effects of business
acquisitions and dispositions
|
|
(375.8)
|
|
(256.9)
|
|
Other, net
|
|
|
|
|
7.5
|
|
7.0
|
|
Net cash provided by
operating activities
|
|
$374.5
|
|
$507.5
|
|
Investing Activities
|
|
|
|
|
|
|
|
Purchases of property,
plant & equipment
|
|
(344.2)
|
|
(354.6)
|
|
Proceeds from sale of
property, plant & equipment
|
|
3.6
|
|
20.5
|
|
Proceeds from sale of
businesses
|
|
0.2
|
|
130.0
|
|
Payment for businesses
acquired, net of acquired cash and adjustments
|
|
(193.4)
|
|
0.9
|
|
Net cash used for
investing activities
|
|
($533.8)
|
|
($203.2)
|
|
Financing Activities
|
|
|
|
|
|
|
|
Proceeds from
short-term debt
|
|
103.0
|
|
75.0
|
|
Payment of short-term
debt
|
|
|
(8.0)
|
|
(175.0)
|
|
Payment of current
maturities and long-term debt
|
|
(550.4)
|
|
(550.4)
|
|
Proceeds from issuance
of long-term debt
|
|
0.0
|
|
550.0
|
|
Debt issuance and
exchange costs
|
|
0.0
|
|
(3.4)
|
|
Payment of finance
leases
|
|
|
(7.0)
|
|
(11.6)
|
|
Purchases of common
stock
|
|
|
(68.8)
|
|
(49.9)
|
|
Dividends
paid
|
|
|
|
|
(122.8)
|
|
(114.4)
|
|
Share-based
compensation, shares withheld for taxes
|
|
(24.3)
|
|
(17.8)
|
|
Other, net
|
|
|
|
|
0.0
|
|
(0.1)
|
|
Net cash used for
financing activities
|
|
($678.3)
|
|
($297.6)
|
|
Net increase (decrease)
in cash and cash equivalents and restricted cash
|
|
(837.6)
|
|
6.7
|
|
Cash and cash
equivalents and restricted cash at beginning of year
|
|
949.2
|
|
161.5
|
|
Cash and cash
equivalents and restricted cash at end of period
|
|
$111.6
|
|
$168.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table D
|
|
Segment Financial Data and Unit
Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
per unit data)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
|
|
|
June 30
|
|
|
|
June 30
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Total Revenues
|
|
|
|
|
|
|
|
|
|
Aggregates
1
|
|
|
$1,613.5
|
|
$1,580.8
|
|
$2,904.9
|
|
$2,877.4
|
|
Asphalt
2
|
|
|
|
351.2
|
|
337.4
|
|
537.4
|
|
507.1
|
|
Concrete
|
|
|
167.3
|
|
343.5
|
|
315.5
|
|
628.7
|
|
Segment
sales
|
|
$2,132.0
|
|
$2,261.7
|
|
$3,757.8
|
|
$4,013.2
|
|
Aggregates intersegment
sales
|
|
(117.6)
|
|
(148.8)
|
|
(197.7)
|
|
(251.4)
|
|
Total
revenues
|
|
$2,014.4
|
|
$2,112.9
|
|
$3,560.1
|
|
$3,761.8
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
Aggregates
|
|
|
$528.5
|
|
$499.7
|
|
$831.8
|
|
$803.2
|
|
Asphalt
|
|
|
|
59.0
|
|
56.6
|
|
63.7
|
|
57.4
|
|
Concrete
|
|
|
4.7
|
|
27.0
|
|
1.7
|
|
24.7
|
|
Total
|
|
|
|
$592.2
|
|
$583.3
|
|
$897.2
|
|
$885.3
|
|
Depreciation, Depletion, Accretion and
Amortization
|
|
|
|
|
|
|
|
|
|
Aggregates
|
|
|
$128.0
|
|
$119.6
|
|
$251.5
|
|
$232.0
|
|
Asphalt
|
|
|
|
11.0
|
|
8.9
|
|
19.8
|
|
17.8
|
|
Concrete
|
|
|
11.9
|
|
19.5
|
|
24.1
|
|
39.9
|
|
Other
|
|
|
|
5.9
|
|
6.9
|
|
12.3
|
|
13.6
|
|
Total
|
|
|
|
$156.8
|
|
$154.9
|
|
$307.7
|
|
$303.3
|
|
Average Unit Sales Price and Unit
Shipments
|
|
|
|
|
|
|
|
|
|
Aggregates
|
|
|
|
|
|
|
|
|
|
|
Freight-adjusted
revenues 3
|
|
$1,262.6
|
|
$1,186.9
|
|
$2,254.0
|
|
$2,155.0
|
|
Aggregates -
tons
|
|
60.1
|
|
63.4
|
|
108.3
|
|
115.2
|
|
Freight-adjusted sales
price 4
|
|
$21.00
|
|
$18.71
|
|
$20.82
|
|
$18.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Products
|
|
|
|
|
|
|
|
|
|
Asphalt Mix -
tons
|
|
4.0
|
|
4.0
|
|
6.1
|
|
6.1
|
|
Asphalt Mix - sales
price 5
|
|
$78.80
|
|
$75.52
|
|
$78.46
|
|
$74.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ready-mixed concrete -
cubic yards
|
|
0.9
|
|
2.1
|
|
1.7
|
|
3.9
|
|
Ready-mixed concrete -
sales price 5
|
|
$180.24
|
|
$163.82
|
|
$181.40
|
|
$162.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
5 Sales
price is calculated by dividing revenues generated from the
shipment of product (excluding service revenues
|
|
   generated by the
segments) by total units of the product shipped.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 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
|
|
Six Months Ended
|
|
Trailing Twelve Months
Ended
|
|
|
|
|
|
June 30
|
|
June 30
|
|
June 30
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Aggregates segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
sales
|
|
$1,613.5
|
|
$1,580.8
|
|
$2,904.9
|
|
$2,877.4
|
|
$5,946.3
|
|
$5,631.7
|
|
Freight & delivery
revenues 1
|
|
(324.5)
|
|
(364.8)
|
|
(602.0)
|
|
(674.5)
|
|
(1,277.7)
|
|
(1,357.4)
|
|
Other
revenues
|
|
(26.4)
|
|
(29.1)
|
|
(48.9)
|
|
(47.9)
|
|
(108.3)
|
|
(98.9)
|
|
Freight-adjusted
revenues
|
|
$1,262.6
|
|
$1,186.9
|
|
$2,254.0
|
|
$2,155.0
|
|
$4,560.3
|
|
$4,175.4
|
|
Unit shipments -
tons
|
|
60.1
|
|
63.4
|
|
108.3
|
|
115.2
|
|
227.6
|
|
234.9
|
|
Freight-adjusted sales
price
|
|
$21.00
|
|
$18.71
|
|
$20.82
|
|
$18.70
|
|
$20.04
|
|
$17.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP does not define
"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. Cash gross
profit adds back noncash charges for depreciation, depletion,
accretion and amortization to gross profit. Segment cash gross
profit per unit is computed by dividing segment cash
gross profit by units shipped. Segment cash cost of sales per unit
is computed by subtracting segment cash gross profit per unit from
segment freight-adjusted sales price.
Reconciliation of these metrics to their nearest GAAP measures are
presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Gross Profit
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
per ton data)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Trailing Twelve Months
Ended
|
|
|
|
|
|
June 30
|
|
June 30
|
|
June 30
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Aggregates segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$528.5
|
|
$499.7
|
|
$831.8
|
|
$803.2
|
|
$1,765.4
|
|
$1,568.4
|
|
Depreciation,
depletion, accretion and amortization
|
|
128.0
|
|
119.6
|
|
251.5
|
|
232.0
|
|
501.9
|
|
462.3
|
|
   Cash gross
profit
|
|
$656.5
|
|
$619.3
|
|
$1,083.3
|
|
$1,035.2
|
|
$2,267.3
|
|
$2,030.7
|
|
Unit shipments -
tons
|
|
60.1
|
|
63.4
|
|
108.3
|
|
115.2
|
|
227.6
|
|
234.9
|
|
Gross profit per
ton
|
|
$8.79
|
|
$7.88
|
|
$7.68
|
|
$6.97
|
|
$7.76
|
|
$6.68
|
|
Freight-adjusted sales
price
|
|
$21.00
|
|
$18.71
|
|
$20.82
|
|
$18.70
|
|
$20.04
|
|
$17.78
|
|
Cash gross profit per
ton
|
|
10.92
|
|
9.76
|
|
10.01
|
|
8.98
|
|
9.96
|
|
8.65
|
|
Freight-adjusted cash
cost of sales per ton
|
|
$10.08
|
|
$8.95
|
|
$10.81
|
|
$9.72
|
|
$10.08
|
|
$9.13
|
|
Asphalt segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$59.0
|
|
$56.6
|
|
$63.7
|
|
$57.4
|
|
$156.0
|
|
$104.0
|
|
Depreciation,
depletion, accretion and amortization
|
|
11.0
|
|
8.9
|
|
19.8
|
|
17.8
|
|
37.5
|
|
35.9
|
|
   Cash gross
profit
|
|
$70.0
|
|
$65.5
|
|
$83.5
|
|
$75.2
|
|
$193.5
|
|
$139.9
|
|
Concrete segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
$4.7
|
|
$27.0
|
|
$1.7
|
|
$24.7
|
|
$39.0
|
|
$55.7
|
|
Depreciation,
depletion, accretion and amortization
|
|
11.9
|
|
19.5
|
|
24.1
|
|
39.9
|
|
57.1
|
|
81.2
|
|
   Cash gross
profit
|
|
$16.6
|
|
$46.5
|
|
$25.8
|
|
$64.6
|
|
$96.1
|
|
$136.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 2
|
|
|
Reconciliation of Non-GAAP Measures
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Six Months Ended
|
|
Trailing Twelve Months
Ended
|
|
|
|
|
|
|
June 30
|
|
June 30
|
|
June 30
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Net earnings
attributable to Vulcan
|
|
$308.0
|
|
$308.6
|
|
$410.6
|
|
$429.3
|
|
$914.6
|
|
$725.7
|
|
|
Income tax expense,
including discontinued operations
|
|
93.7
|
|
90.8
|
|
122.1
|
|
106.6
|
|
311.1
|
|
215.8
|
|
|
Interest expense,
net
|
|
40.2
|
|
46.7
|
|
79.3
|
|
95.7
|
|
163.3
|
|
189.3
|
|
|
Depreciation,
depletion, accretion and amortization
|
|
156.8
|
|
154.9
|
|
307.7
|
|
303.3
|
|
621.3
|
|
606.8
|
|
|
EBITDA
|
|
$598.7
|
|
$601.0
|
|
$919.7
|
|
$934.8
|
|
$2,010.2
|
|
$1,737.7
|
|
|
Loss on discontinued
operations
|
|
$2.7
|
|
$4.9
|
|
$5.0
|
|
$7.9
|
|
$11.8
|
|
$13.0
|
|
|
Gain on sale of real
estate and businesses, net
|
|
0.0
|
|
(15.2)
|
|
0.0
|
|
(15.2)
|
|
(51.9)
|
|
(21.3)
|
|
|
Charges associated with
divested operations
|
|
1.0
|
|
4.3
|
|
1.0
|
|
4.7
|
|
4.2
|
|
7.8
|
|
|
Acquisition related
charges 1
|
|
0.8
|
|
0.3
|
|
0.9
|
|
0.8
|
|
2.3
|
|
9.5
|
|
|
Loss on
impairments
|
|
0.0
|
|
0.0
|
|
0.0
|
|
0.0
|
|
28.3
|
|
67.8
|
|
|
Adjusted
EBITDA
|
|
$603.1
|
|
$595.3
|
|
$926.6
|
|
$932.9
|
|
$2,005.0
|
|
$1,814.5
|
|
|
1 Represents
charges associated with acquisitions requiring clearance under
federal antitrust laws.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Six Months Ended
|
|
Trailing Twelve Months
Ended
|
|
|
|
|
|
|
June 30
|
|
June 30
|
|
June 30
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Net earnings
attributable to Vulcan
|
|
$2.31
|
|
$2.31
|
|
$3.08
|
|
$3.21
|
|
$6.86
|
|
$5.43
|
|
|
Items included in
Adjusted EBITDA above, net of tax
|
|
0.03
|
|
(0.04)
|
|
0.04
|
|
(0.01)
|
|
(0.03)
|
|
0.52
|
|
|
NOL carryforward
valuation allowance
|
|
0.01
|
|
0.02
|
|
0.02
|
|
0.05
|
|
0.07
|
|
0.16
|
|
|
Adjusted diluted EPS
attributable to Vulcan from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
  continuing
operations
|
|
$2.35
|
|
$2.29
|
|
$3.14
|
|
$3.25
|
|
$6.90
|
|
$6.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected Adjusted
EBITDA 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Projected Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid-point
|
|
|
Net earnings
attributable to Vulcan
|
|
|
|
|
|
|
|
|
|
|
|
$1,010
|
|
|
Income tax expense,
including discontinued operations
|
|
|
|
|
|
|
|
|
293
|
|
|
Interest expense, net
of interest income
|
|
|
|
|
|
|
|
|
|
|
|
155
|
|
|
Depreciation,
depletion, accretion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
610
|
|
|
Projected
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
$2,068
|
|
|
Items included in
Adjusted EBITDA above
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
Projected Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
$2,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Adjusted 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
|
|
|
|
|
|
$0.5
|
|
$0.5
|
|
|
|
Short-term
debt
|
|
|
|
|
|
|
|
95.0
|
|
0.0
|
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
3,331.7
|
|
3,873.2
|
|
|
|
Total debt
|
|
|
|
|
|
|
|
$3,427.2
|
|
$3,873.7
|
|
|
|
Cash and cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
(111.6)
|
|
(168.2)
|
|
|
|
Net debt
|
|
|
|
|
|
|
|
$3,315.6
|
|
$3,705.5
|
|
|
|
Trailing-Twelve Months
(TTM) Adjusted EBITDA
|
|
|
|
|
|
|
|
$2,005.0
|
|
$1,814.5
|
|
|
|
Total debt to TTM
Adjusted EBITDA
|
|
|
|
|
|
|
|
1.7x
|
|
2.1x
|
|
|
|
Net debt to TTM
Adjusted EBITDA
|
|
|
|
|
|
|
|
1.7x
|
|
2.0x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
$2,005.0
|
|
$1,814.5
|
|
|
|
Average invested
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant &
equipment, net
|
|
|
|
|
|
|
|
$6,212.1
|
|
$5,986.1
|
|
|
|
Goodwill
|
|
|
|
|
|
|
|
3,564.3
|
|
3,703.1
|
|
|
|
Other intangible
assets
|
|
|
|
|
|
|
|
1,498.8
|
|
1,703.7
|
|
|
|
Fixed and intangible
assets
|
|
|
|
|
|
|
|
$11,275.2
|
|
$11,392.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
$2,230.8
|
|
$1,994.5
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
|
(374.8)
|
|
(148.1)
|
|
|
|
Current tax
|
|
|
|
|
|
|
|
(38.2)
|
|
(52.6)
|
|
|
|
Adjusted current
assets
|
|
|
|
|
|
|
|
1,817.8
|
|
1,793.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
(789.6)
|
|
(980.0)
|
|
|
|
Current maturities of
long-term debt
|
|
|
|
|
|
|
|
0.5
|
|
0.5
|
|
|
|
Short-term
debt
|
|
|
|
|
|
|
|
19.0
|
|
117.6
|
|
|
|
Adjusted current
liabilities
|
|
|
|
|
|
|
|
(770.1)
|
|
(861.9)
|
|
|
|
Adjusted net working
capital
|
|
|
|
|
|
|
|
$1,047.7
|
|
$931.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average invested
capital
|
|
|
|
|
|
|
|
$12,322.9
|
|
$12,324.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on invested
capital
|
|
|
|
|
|
|
|
16.3 %
|
|
14.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/vulcan-reports-second-quarter-2024-results-302214823.html
SOURCE Vulcan Materials Company