BIRMINGHAM, Ala., May 2, 2024 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended March 31, 2024.
Financial Highlights Include:
Tom Hill, Vulcan Materials' Chairman and Chief Executive Officer, expressed satisfaction with the company's performance, stating, "Our teams' solid execution helped us overcome challenging weather conditions throughout much of the first quarter." He highlighted that despite lower aggregates shipments, margins expanded, demonstrating the durability of their aggregates business. Hill also noted, "Aggregates cash gross profit per ton increased 10 percent in the first quarter, with improvements widespread across our footprint."
The first quarter saw positive results for Vulcan Materials, with the company reporting a gross profit of $303 million ($6.30 per ton) in the Aggregates segment. Hill attributed this success to continued pricing momentum and solid operational execution, stating, "Price increases effective at the beginning of the year resulted in another quarter of attractive growth."
The Asphalt and Concrete segments also showed improvements, with asphalt segment gross profit at $5 million and concrete segment cash gross profit at $9 million. Hill acknowledged the challenges faced, mentioning, "Strong shipments in Arizona and California, the Company's largest asphalt markets, were partially offset by lower shipments in Texas due to weather impacts."
Regarding the company's outlook, Hill remained optimistic, saying, "Our operating performance in the first quarter was solid and in line with our expectations." He reaffirmed Vulcan's commitment to delivering $2.15 to $2.30 billion of Adjusted EBITDA for the year, marking the fourth consecutive year of double-digit growth.
The financial position, liquidity, and capital allocation of Vulcan Materials remained strong, with capital expenditures of $103 million in the first quarter and expectations to spend $625 to $675 million for maintenance and growth projects for the full year. The company returned $81 million to shareholders through stock repurchases and dividends during the quarter.
Vulcan Materials Company will host a conference call on May 2, 2024, at 10:00 a.m. CT, with a webcast available on the company's website for investors and interested parties to access.
For additional information about Vulcan Materials Company, visit their website at www.vulcanmaterials.com.