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Vulcan Materials Company (NYSE: VMC) is the United States' largest producer of construction aggregates, including crushed stone, sand, and gravel. Founded in 1909 and headquartered in Birmingham, Alabama, Vulcan Materials is a key player in the construction industry, supplying essential materials for varied construction projects across the nation. The company also produces other vital construction materials such as asphalt and ready-mixed concrete. Vulcan operates aggregate facilities in 18 states, the District of Columbia, Mexico, and the Bahamas, and employs over 7,200 dedicated professionals.
In 2023, Vulcan achieved significant milestones, including the sale of 234.3 million tons of aggregates, 13.4 million tons of asphalt mix, and 7.5 million cubic yards of ready-mix concrete. The company holds substantial reserves, with nearly 16 billion tons of aggregates as of December 31, 2022. Vulcan's primary markets include high-growth states like Texas, California, Virginia, Tennessee, Georgia, Florida, North Carolina, and Alabama.
Financially, Vulcan Materials has demonstrated robust performance. In the first half of 2023, the company reported an adjusted EBITDA of $1.9 to $2.0 billion, exceeding initial projections. Key financial highlights include a 23% improvement in cash gross profit per ton to $8.98 and a 230 basis points expansion in aggregates gross profit margin. The company also generated $508 million in operating cash flow, a 56% increase from the previous period.
Recent achievements include the expansion of gross profit margins across all segments, with aggregates, asphalt, concrete, and calcium showing substantial growth. Vulcan's strategic initiatives have led to a 30 basis points improvement in selling, administrative, and general (SAG) expenses, optimizing operational efficiencies. The company continues to invest in growth projects, with capital expenditures reaching $270 million in the first half of 2023, and plans to spend up to $650 million for the year.
Vulcan Materials is committed to sustainable and responsible operations. The company was recently named one of America's Most Responsible Companies 2024 by Newsweek and included in the American Opportunity Index. These accolades highlight Vulcan's dedication to corporate social responsibility, environmental stewardship, and employee development.
Looking ahead, Vulcan Materials remains optimistic about its future prospects. The company expects strong demand for its products driven by industrial projects and steady residential construction activity. With a focus on strategic execution, pricing momentum, and operational efficiency, Vulcan aims to deliver significant earnings growth and value to shareholders in 2024 and beyond.
Vulcan Materials Company (NYSE: VMC) reported strong financial results for Q3 2022, with total revenues rising 38% to $2.09 billion, driven by solid demand and pricing in its aggregates segment. Average selling prices increased significantly, with aggregates pricing up 12%. Gross profit also grew by 25% to $493 million. Earnings from continuing operations were $178 million, or $1.33 per diluted share, reflecting a loss from non-routine items. The company anticipates continued growth in 2023, supported by positive pricing dynamics and strong operational performance.
The Board of Directors of Vulcan Materials Company (NYSE: VMC) has declared a quarterly cash dividend of $0.40 per share on its common stock. This dividend is scheduled for payment on December 5, 2022, to shareholders on record as of November 15, 2022. Vulcan Materials is the largest producer of construction aggregates in the United States, focusing on crushed stone, sand, and gravel, as well as materials like asphalt mix and ready-mixed concrete. For further details, visit www.vulcanmaterials.com.
Vulcan Materials Company (NYSE: VMC) will host its third quarter earnings conference call on November 2 at 9:00 a.m. CT. Financial results will be disclosed prior to the opening of the NYSE. Interested parties can listen to the live webcast via the company's website. For phone participation, dial 800-343-4136 or 203-518-9843 for international calls, with a conference ID of 5944810. Vulcan, headquartered in Birmingham, Alabama, is the largest supplier of construction aggregates in the U.S., focusing on crushed stone, sand, gravel, asphalt, and ready-mixed concrete.
On Sept. 28, 2022, Vulcan Materials Company held its 2022 Investor Day in New York City, outlining its strategy for future growth and profitability. CEO Tom Hill emphasized the company's robust business model, operational excellence, and market leadership. Key themes included a durable business model supporting sustained growth, competitive advantages in attractive markets, and a disciplined capital allocation strategy to enhance cash flow and shareholder value. The event was streamed live and is available for replay on Vulcan's website.
Vulcan Materials Company (NYSE: VMC), the largest U.S. producer of construction aggregates, will host a webcast of its Investor Day on September 29, 2022, at 8:00 a.m. ET. The event, featuring presentations from CEO Tom Hill and other management team members, will discuss the company's strategy, performance, and financial outlook. Interested parties can access the webcast via www.vulcanmaterials.com. A recorded version will be available two hours post-event. Pre-registration is also available online.
Vulcan Materials Company (NYSE: VMC) reported strong second quarter results for 2022, achieving total revenues of $1.95 billion, up 44% year-over-year. Gross profit increased by 12%, reaching $446 million, boosted by growth in aggregates and the inclusion of U.S. Concrete operations. Average selling prices rose across all product lines, with aggregates pricing up 9%. However, the company faced $74 million in higher energy costs and significant impacts from the shut down of its Mexico operations, estimated at $80-$100 million. The company remains optimistic about achieving double-digit earnings growth for the full year.
Vulcan Materials Company (NYSE: VMC) will host its second quarter earnings conference call on August 4 at 9:00 a.m. CT. Financial results will be announced prior to the NYSE market opening. Interested parties can listen to the live webcast on their official website, with a phone option available for participants. As a leading supplier of construction aggregates in the U.S., Vulcan is a key player in the industry, focusing on crushed stone, sand, gravel, asphalt, and ready-mixed concrete. A replay of the call will be accessible on their website afterward.
Vulcan Materials Company (NYSE: VMC) has appointed Lydia H. Kennard to its Board of Directors, effective immediately. Kennard, who is the President and CEO of KDG Construction Consulting and a founder of KDG Aviation, brings valuable experience in construction management and engineering. She will serve on the Audit and Safety, Health, and Environmental Affairs Committees. With this new election, 11 out of 12 board members are independent directors. Vulcan is a leading supplier of construction aggregates in the U.S., focusing on crushed stone, sand, gravel, asphalt, and ready-mixed concrete.
The Board of Directors of Vulcan Materials Company (NYSE: VMC) announced a quarterly cash dividend of $0.40 per share. This dividend will be payable on September 2, 2022, to shareholders of record by the close of business on August 17, 2022. As the largest producer of construction aggregates in the U.S., Vulcan continues to demonstrate its commitment to returning value to shareholders while maintaining its leadership in the aggregates industry.
Vulcan Materials Company (NYSE: VMC) announced the suspension of a critical customs permit by the Mexican government, jeopardizing operations in Quintana Roo. This suspension, which may lead to complete revocation, halts exports, impacting anticipated EBITDA by $80 million to $100 million, approximately 5% of its adjusted EBITDA guidance for 2022. Vulcan has initiated legal proceedings in Mexico to restore operations, asserting compliance with local laws. The company has faced ongoing challenges with the Mexican government regarding its operations since 2018, with a NAFTA arbitration hearing expected results in late 2022.
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