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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) 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.
On May 13, 2022, Vulcan Materials Company (NYSE: VMC) announced a quarterly cash dividend of $0.40 per share, payable on June 10, 2022. Shareholders who are on record by the close of business on May 27, 2022 will receive this dividend. Vulcan is recognized as the largest producer of construction aggregates in the U.S., focusing on materials like crushed stone, sand, and gravel, and it is also major in aggregates-based construction materials such as asphalt and ready-mixed concrete.
On May 5, 2022, Vulcan Materials Company (NYSE: VMC) reported an unexpected shutdown of its underwater quarrying operations in Quintana Roo, Mexico, by government officials. The Company believes these orders are illegal and plans to pursue legal action to resume operations. Vulcan has held the necessary permits for over 30 years and currently has the ability to export available inventories. The Company is also involved in ongoing NAFTA arbitration regarding prior operational shutdowns, with a decision anticipated in late 2022.
Vulcan Materials Company (NYSE: VMC) reported a strong Q1 2022 with total revenues reaching $1.541 billion, a 44% increase from the previous year, driven by the acquisition of U.S. Concrete and increased pricing. Average selling prices rose by 6% across aggregates, while gross profit surged by 9% to $243 million. Despite higher diesel costs impacting margins, adjusted EBITDA grew 20% to $294 million. The company affirms its full-year EBITDA range of $1.72 to $1.82 billion, citing confidence in operational excellence and pricing opportunities amidst ongoing economic challenges.
Vulcan Materials Company (NYSE: VMC) has updated its stakeholders on progress with its operations in Mexico. Following a delay, the company has received a crucial three-year customs permit for its Punta Venado deep-water port. Vulcan is negotiating with the Mexican government to supply construction materials for projects such as the Mayan Train and to develop ecotourism plans on owned land. The company has been involved in NAFTA arbitration over access to its aggregates reserves since 2018, with a decision expected in late 2022.
Vulcan Materials Company (NYSE: VMC) will hold its first quarter earnings conference call on May 4, 2022, at 10:00 a.m. CT. Financial results will be available before the NYSE market opens. Interested parties can access the live webcast at www.vulcanmaterials.com or call 866-342-8591 (international: 203-518-9713) to participate by phone. The conference ID is 2021457. A replay of the webcast will be accessible afterward. Vulcan is the largest supplier of construction aggregates in the U.S., primarily producing crushed stone, sand, and gravel.
On February 16, 2022, Vulcan Materials Company (NYSE: VMC) announced the retirement of Suzanne Wood as CFO, effective September 1, 2022, after which she will consult until year-end. Mary Andrews Carlisle, currently VP of Finance, will succeed her. Additionally, Darren Hicks will transition to Senior VP and Chief Human Resources Officer on March 1, 2022. CEO Tom Hill praised Wood's contributions amidst challenges and expressed confidence in Carlisle and Hicks to lead the company forward. Vulcan emphasizes the importance of strong succession planning in leadership roles.
Vulcan Materials Company (NYSE: VMC) reported a strong financial performance for Q4 2021, with total revenues increasing 37% to $1.606 billion, bolstered by the USCR acquisition and growth in legacy aggregates. Gross profit rose 18% to $326 million, while adjusted EBITDA increased 23% to $383 million. Full-year revenues reached $5.6 billion, a 14% annual growth. Despite inflationary pressures, the company anticipates continued growth in 2022, projecting net earnings between $800 and $890 million. Challenges include potential impacts from labor shortages and supply chain disruptions.
Vulcan Materials Company (NYSE: VMC) has declared a quarterly cash dividend of $0.40 per share, marking a 7.5% increase from the previous $0.37. The dividend will be payable on March 14, 2022 to shareholders of record by March 1, 2022. CEO Tom Hill emphasized that this increase reflects the company's strong cash generation and financial strength, showcasing confidence in future performance and shareholder value.
Vulcan Materials Company (NYSE: VMC) has scheduled its fourth quarter earnings conference call for February 16 at 10:00 a.m. CT. Financial results will be disclosed prior to the NYSE market opening. Interested parties can join the live webcast through the company's website or participate via phone by calling 800-891-3968. International participants can dial 785-424-1250 using conference ID 9125567. Vulcan, headquartered in Birmingham, Alabama, is the leading supplier of construction aggregates and a significant producer of construction materials.
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