10/30/2024 | Press release | Distributed by Public on 10/30/2024 05:36
Third Quarter
|
Year-to-Date
|
Trailing-Twelve Months
|
||||||||||||||||||||||
Amounts in millions, except per unit data
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
||||||||||||||||||
Total revenues
|
$
|
2,004
|
$
|
2,186
|
$
|
5,564
|
$
|
5,948
|
$
|
7,398
|
$
|
7,680
|
||||||||||||
Gross profit
|
$
|
565
|
$
|
591
|
$
|
1,462
|
$
|
1,476
|
$
|
1,935
|
$
|
1,826
|
||||||||||||
Selling, Administrative and General (SAG)
|
$
|
129
|
$
|
144
|
$
|
393
|
$
|
400
|
$
|
535
|
$
|
527
|
||||||||||||
As % of Total revenues
|
6.4
|
%
|
6.6
|
%
|
7.1
|
%
|
6.7
|
%
|
7.2
|
%
|
6.9
|
%
|
||||||||||||
Net earnings attributable to Vulcan
|
$
|
208
|
$
|
276
|
$
|
618
|
$
|
706
|
$
|
846
|
$
|
825
|
||||||||||||
Adjusted EBITDA
|
$
|
581
|
$
|
602
|
$
|
1,507
|
$
|
1,535
|
$
|
1,983
|
$
|
1,910
|
||||||||||||
Adjusted EBITDA Margin
|
29.0
|
%
|
27.6
|
%
|
27.1
|
%
|
25.8
|
%
|
26.8
|
%
|
24.9
|
%
|
||||||||||||
Earnings attributable to Vulcan from
continuing operations per diluted share |
$
|
1.57
|
$
|
2.09
|
$
|
4.68
|
$
|
5.34
|
$
|
6.40
|
$
|
6.25
|
||||||||||||
Adjusted earnings attributable to Vulcan from continuing operations per diluted share
|
$
|
2.22
|
$
|
2.29
|
$
|
5.37
|
$
|
5.54
|
$
|
6.83
|
$
|
6.62
|
||||||||||||
Aggregates segment
|
||||||||||||||||||||||||
Shipments (tons)
|
57.7
|
64.0
|
166.0
|
179.2
|
221.4
|
233.5
|
||||||||||||||||||
Freight-adjusted sales price per ton
|
$
|
21.27
|
$
|
19.31
|
$
|
20.98
|
$
|
18.92
|
$
|
20.57
|
$
|
18.47
|
||||||||||||
Gross profit per ton
|
$
|
8.63
|
$
|
7.95
|
$
|
8.01
|
$
|
7.32
|
$
|
7.93
|
$
|
7.03
|
||||||||||||
Cash gross profit per ton
|
$
|
10.89
|
$
|
9.92
|
$
|
10.31
|
$
|
9.32
|
$
|
10.22
|
$
|
9.06
|
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)
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
Total revenues
|
$
|
2,003.9
|
$
|
2,185.8
|
$
|
5,564.0
|
$
|
5,947.6
|
||||||||
Cost of revenues
|
(1,438.7
|
)
|
(1,594.8
|
)
|
(4,101.6
|
)
|
(4,471.3
|
)
|
||||||||
Gross profit
|
565.2
|
591.0
|
1,462.4
|
1,476.3
|
||||||||||||
Selling, administrative and general expenses
|
(129.1
|
)
|
(143.9
|
)
|
(393.0
|
)
|
(400.4
|
)
|
||||||||
Gain on sale of property, plant & equipment and businesses
|
0.2
|
4.3
|
4.6
|
22.8
|
||||||||||||
Loss on impairments
|
(86.6
|
)
|
(28.3
|
)
|
(86.6
|
)
|
(28.3
|
)
|
||||||||
Other operating expense, net
|
(12.6
|
)
|
(4.2
|
)
|
(23.9
|
)
|
(13.1
|
)
|
||||||||
Operating earnings
|
337.1
|
418.9
|
963.5
|
1,057.3
|
||||||||||||
Other nonoperating expense, net
|
(3.8
|
)
|
(6.4
|
)
|
(12.7
|
)
|
(5.3
|
)
|
||||||||
Interest expense, net
|
(38.4
|
)
|
(46.6
|
)
|
(117.7
|
)
|
(142.2
|
)
|
||||||||
Earnings from continuing operations before income taxes
|
294.9
|
365.9
|
833.1
|
909.8
|
||||||||||||
Income tax expense
|
(85.2
|
)
|
(85.8
|
)
|
(208.5
|
)
|
(194.4
|
)
|
||||||||
Earnings from continuing operations
|
209.7
|
280.1
|
624.6
|
715.4
|
||||||||||||
Loss on discontinued operations, net of tax
|
(1.3
|
)
|
(2.8
|
)
|
(5.0
|
)
|
(8.6
|
)
|
||||||||
Net earnings
|
208.4
|
277.3
|
619.6
|
706.8
|
||||||||||||
Earnings attributable to noncontrolling interest
|
(0.8
|
)
|
(0.8
|
)
|
(1.4
|
)
|
(1.0
|
)
|
||||||||
Net earnings attributable to Vulcan
|
$
|
207.6
|
$
|
276.5
|
$
|
618.2
|
$
|
705.8
|
||||||||
Basic earnings (loss) per share attributable to Vulcan
|
||||||||||||||||
Continuing operations
|
$
|
1.58
|
$
|
2.10
|
$
|
4.71
|
$
|
5.37
|
||||||||
Discontinued operations
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
||||
Net earnings
|
$
|
1.57
|
$
|
2.08
|
$
|
4.67
|
$
|
5.30
|
||||||||
Diluted earnings (loss) per share attributable to Vulcan
|
||||||||||||||||
Continuing operations
|
$
|
1.57
|
$
|
2.09
|
$
|
4.68
|
$
|
5.34
|
||||||||
Discontinued operations
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
$
|
(0.06
|
)
|
||||
Net earnings
|
$
|
1.56
|
$
|
2.07
|
$
|
4.65
|
$
|
5.28
|
||||||||
Weighted-average common shares outstanding
|
||||||||||||||||
Basic
|
132.2
|
133.0
|
132.3
|
133.1
|
||||||||||||
Assuming dilution
|
133.0
|
133.7
|
133.1
|
133.7
|
||||||||||||
Effective tax rate from continuing operations
|
28.9
|
%
|
23.4
|
%
|
25.0
|
%
|
21.4
|
%
|
Table B | ||||||||||||
Vulcan Materials Company and Subsidiary Companies | ||||||||||||
(in millions)
|
||||||||||||
Consolidated Balance Sheets
|
September 30
|
December 31
|
September 30
|
|||||||||
(Condensed and unaudited)
|
2024
|
2023
|
2023
|
|||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
$
|
433.2
|
$
|
931.1
|
$
|
340.0
|
||||||
Restricted cash
|
1.1
|
18.1
|
5.0
|
|||||||||
Accounts and notes receivable
|
||||||||||||
Accounts and notes receivable, gross
|
1,030.9
|
903.3
|
1,199.2
|
|||||||||
Allowance for credit losses
|
(13.5
|
)
|
(13.6
|
)
|
(14.7
|
)
|
||||||
Accounts and notes receivable, net
|
1,017.4
|
889.7
|
1,184.5
|
|||||||||
Inventories
|
||||||||||||
Finished products
|
505.9
|
494.4
|
448.1
|
|||||||||
Raw materials
|
62.2
|
51.2
|
50.5
|
|||||||||
Products in process
|
11.1
|
6.5
|
8.6
|
|||||||||
Operating supplies and other
|
68.5
|
63.5
|
63.4
|
|||||||||
Inventories
|
647.7
|
615.6
|
570.6
|
|||||||||
Other current assets
|
113.5
|
70.4
|
106.0
|
|||||||||
Assets held for sale
|
0.0
|
0.0
|
495.1
|
|||||||||
Total current assets
|
2,212.9
|
2,524.9
|
2,701.2
|
|||||||||
Investments and long-term receivables
|
31.4
|
31.3
|
31.2
|
|||||||||
Property, plant & equipment
|
||||||||||||
Property, plant & equipment, cost
|
12,350.5
|
11,835.5
|
11,610.4
|
|||||||||
Allowances for depreciation, depletion & amortization
|
(5,937.0
|
)
|
(5,617.8
|
)
|
(5,498.4
|
)
|
||||||
Property, plant & equipment, net
|
6,413.5
|
6,217.7
|
6,112.0
|
|||||||||
Operating lease right-of-use assets, net
|
508.3
|
511.7
|
521.5
|
|||||||||
Goodwill
|
3,450.0
|
3,531.7
|
3,531.7
|
|||||||||
Other intangible assets, net
|
1,448.3
|
1,460.7
|
1,471.8
|
|||||||||
Other noncurrent assets
|
287.5
|
267.7
|
251.1
|
|||||||||
Total assets
|
$
|
14,351.9
|
$
|
14,545.7
|
$
|
14,620.5
|
||||||
Liabilities
|
||||||||||||
Current maturities of long-term debt
|
0.5
|
0.5
|
0.5
|
|||||||||
Trade payables and accruals
|
352.6
|
390.4
|
412.8
|
|||||||||
Other current liabilities
|
421.0
|
406.7
|
440.8
|
|||||||||
Liabilities of assets held for sale
|
0.0
|
0.0
|
10.1
|
|||||||||
Total current liabilities
|
774.1
|
797.6
|
864.2
|
|||||||||
Long-term debt
|
3,329.2
|
3,877.3
|
3,874.3
|
|||||||||
Deferred income taxes, net
|
1,000.3
|
1,028.9
|
1,068.3
|
|||||||||
Deferred revenue
|
139.4
|
145.3
|
147.4
|
|||||||||
Noncurrent operating lease liabilities
|
503.5
|
507.4
|
516.0
|
|||||||||
Other noncurrent liabilities
|
712.3
|
681.3
|
685.1
|
|||||||||
Total liabilities
|
$
|
6,458.8
|
$
|
7,037.8
|
$
|
7,155.3
|
||||||
Equity
|
||||||||||||
Common stock, $1 par value
|
132.1
|
132.1
|
132.9
|
|||||||||
Capital in excess of par value
|
2,895.0
|
2,880.1
|
2,862.4
|
|||||||||
Retained earnings
|
4,980.7
|
4,615.0
|
4,595.0
|
|||||||||
Accumulated other comprehensive loss
|
(138.8
|
)
|
(143.8
|
)
|
(149.7
|
)
|
||||||
Total shareholder's equity
|
7,869.0
|
7,483.4
|
7,440.6
|
|||||||||
Noncontrolling interest
|
24.1
|
24.5
|
24.6
|
|||||||||
Total equity
|
$
|
7,893.1
|
$
|
7,507.9
|
$
|
7,465.2
|
||||||
Total liabilities and equity
|
$
|
14,351.9
|
$
|
14,545.7
|
$
|
14,620.5
|
Table C | ||||||||
Vulcan Materials Company and Subsidiary Companies
|
||||||||
(in millions)
|
||||||||
Nine Months Ended
|
||||||||
Consolidated Statements of Cash Flows
|
September 30
|
|||||||
(Condensed and unaudited)
|
2024
|
2023
|
||||||
Operating Activities
|
||||||||
Net earnings
|
$
|
619.6
|
$
|
706.8
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities
|
||||||||
Depreciation, depletion, accretion and amortization
|
468.4
|
464.4
|
||||||
Noncash operating lease expense
|
38.6
|
40.7
|
||||||
Net gain on sale of property, plant & equipment and businesses
|
(4.6
|
)
|
(22.8
|
)
|
||||
Loss on impairments
|
86.6
|
28.3
|
||||||
Contributions to pension plans
|
(7.1
|
)
|
(5.6
|
)
|
||||
Share-based compensation expense
|
39.9
|
43.5
|
||||||
Deferred income taxes, net
|
(30.3
|
)
|
(6.0
|
)
|
||||
Changes in assets and liabilities before initial effects of business acquisitions and dispositions
|
(246.5
|
)
|
(206.0
|
)
|
||||
Other, net
|
4.9
|
11.9
|
||||||
Net cash provided by operating activities
|
$
|
969.5
|
$
|
1,055.2
|
||||
Investing Activities
|
||||||||
Purchases of property, plant & equipment
|
(441.0
|
)
|
(666.3
|
)
|
||||
Proceeds from sale of property, plant & equipment
|
5.6
|
26.2
|
||||||
Proceeds from sale of businesses
|
0.2
|
130.0
|
||||||
Payment for businesses acquired, net of acquired cash and adjustments
|
(206.4
|
)
|
0.9
|
|||||
Other, net
|
(0.2
|
)
|
0.0
|
|||||
Net cash used for investing activities
|
$
|
(641.8
|
)
|
$
|
(509.2
|
)
|
||
Financing Activities
|
||||||||
Proceeds from short-term debt
|
8.1
|
166.1
|
||||||
Payment of short-term debt
|
(8.0
|
)
|
(266.1
|
)
|
||||
Payment of current maturities and long-term debt
|
(550.5
|
)
|
(550.5
|
)
|
||||
Proceeds from issuance of long-term debt
|
0.0
|
550.0
|
||||||
Debt issuance and exchange costs
|
(3.5
|
)
|
(3.4
|
)
|
||||
Payment of finance leases
|
(10.0
|
)
|
(17.2
|
)
|
||||
Purchases of common stock
|
(68.8
|
)
|
(49.9
|
)
|
||||
Dividends paid
|
(183.6
|
)
|
(171.6
|
)
|
||||
Share-based compensation, shares withheld for taxes
|
(24.5
|
)
|
(19.9
|
)
|
||||
Distribution to noncontrolling interest
|
(1.8
|
)
|
0.0
|
|||||
Net cash used for financing activities
|
$
|
(842.6
|
)
|
$
|
(362.5
|
)
|
||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
(514.9
|
)
|
183.5
|
|||||
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
|
$
|
434.3
|
$
|
345.0
|
Table D | ||||||||||||||||
Segment Financial Data and Unit Shipments | ||||||||||||||||
(in millions, except per unit data) | ||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30
|
September 30
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Total Revenues
|
||||||||||||||||
Aggregates 1
|
$
|
1,572.4
|
$
|
1,628.4
|
$
|
4,477.3
|
$
|
4,505.9
|
||||||||
Asphalt 2
|
381.1
|
347.2
|
918.5
|
854.3
|
||||||||||||
Concrete
|
174.4
|
364.6
|
489.9
|
993.3
|
||||||||||||
Segment sales
|
$
|
2,127.9
|
$
|
2,340.2
|
$
|
5,885.7
|
$
|
6,353.5
|
||||||||
Aggregates intersegment sales
|
(124.0
|
)
|
(154.4
|
)
|
(321.7
|
)
|
(405.9
|
)
|
||||||||
Total revenues
|
$
|
2,003.9
|
$
|
2,185.8
|
$
|
5,564.0
|
$
|
5,947.6
|
||||||||
Gross Profit
|
||||||||||||||||
Aggregates
|
$
|
498.5
|
$
|
509.1
|
$
|
1,330.3
|
$
|
1,312.3
|
||||||||
Asphalt
|
60.2
|
55.9
|
123.9
|
113.3
|
||||||||||||
Concrete
|
6.5
|
26.0
|
8.2
|
50.7
|
||||||||||||
Total
|
$
|
565.2
|
$
|
591.0
|
$
|
1,462.4
|
$
|
1,476.3
|
||||||||
Depreciation, Depletion, Accretion and Amortization
|
||||||||||||||||
Aggregates
|
$
|
130.3
|
$
|
125.6
|
$
|
381.8
|
$
|
357.6
|
||||||||
Asphalt
|
12.0
|
8.8
|
31.9
|
26.7
|
||||||||||||
Concrete
|
10.9
|
20.5
|
34.9
|
60.4
|
||||||||||||
Other
|
7.5
|
6.2
|
19.8
|
19.7
|
||||||||||||
Total
|
$
|
160.7
|
$
|
161.1
|
$
|
468.4
|
$
|
464.4
|
||||||||
Average Unit Sales Price and Unit Shipments
|
||||||||||||||||
Aggregates
|
||||||||||||||||
Freight-adjusted revenues 3
|
$
|
1,228.0
|
$
|
1,235.7
|
$
|
3,482.0
|
$
|
3,390.7
|
||||||||
Aggregates - tons
|
57.7
|
64.0
|
166.0
|
179.2
|
||||||||||||
Freight-adjusted sales price 4
|
$
|
21.27
|
$
|
19.31
|
$
|
20.98
|
$
|
18.92
|
||||||||
Other Products
|
||||||||||||||||
Asphalt Mix - tons
|
4.1
|
4.0
|
10.2
|
10.1
|
||||||||||||
Asphalt Mix - sales price 5
|
$
|
80.88
|
$
|
76.22
|
$
|
79.42
|
$
|
75.37
|
||||||||
Ready-mixed concrete - cubic yards
|
0.9
|
2.1
|
2.7
|
6.0
|
||||||||||||
Ready-mixed concrete - sales price 5
|
$
|
185.61
|
$
|
169.98
|
$
|
182.88
|
$
|
165.27
|
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.
|
(in millions, except per ton data)
|
||||||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
Trailing Twelve Months Ended
|
||||||||||||||||||||||
September 30
|
September 30
|
September 30
|
||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||
Aggregates segment
|
||||||||||||||||||||||||
Segment sales
|
$
|
1,572.4
|
$
|
1,628.4
|
$
|
4,477.3
|
$
|
4,505.9
|
$
|
5,890.3
|
$
|
5,767.6
|
||||||||||||
Freight & delivery revenues 1
|
(320.5
|
)
|
(366.3
|
)
|
(922.4
|
)
|
(1,040.8
|
)
|
(1,231.8
|
)
|
(1,359.0
|
)
|
||||||||||||
Other revenues
|
(23.9
|
)
|
(26.4
|
)
|
(72.9
|
)
|
(74.4
|
)
|
(105.9
|
)
|
(96.7
|
)
|
||||||||||||
Freight-adjusted revenues
|
$
|
1,228.0
|
$
|
1,235.7
|
$
|
3,482.0
|
$
|
3,390.7
|
$
|
4,552.6
|
$
|
4,311.9
|
||||||||||||
Unit shipments - tons
|
57.7
|
64.0
|
166.0
|
179.2
|
221.4
|
233.5
|
||||||||||||||||||
Freight-adjusted sales price
|
$
|
21.27
|
$
|
19.31
|
$
|
20.98
|
$
|
18.92
|
$
|
20.57
|
$
|
18.47
|
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.
|
(in millions, except per ton data)
|
||||||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
Trailing Twelve Months Ended
|
||||||||||||||||||||||
September 30
|
September 30
|
September 30
|
||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||
Aggregates segment
|
||||||||||||||||||||||||
Gross profit
|
$
|
498.5
|
$
|
509.1
|
$
|
1,330.3
|
$
|
1,312.3
|
$
|
1,754.8
|
$
|
1,640.5
|
||||||||||||
Depreciation, depletion, accretion and amortization
|
130.3
|
125.6
|
381.8
|
357.6
|
506.6
|
474.4
|
||||||||||||||||||
Cash gross profit
|
$
|
628.8
|
$
|
634.7
|
$
|
1,712.1
|
$
|
1,669.9
|
$
|
2,261.4
|
$
|
2,114.9
|
||||||||||||
Unit shipments - tons
|
57.7
|
64.0
|
166.0
|
179.2
|
221.4
|
233.5
|
||||||||||||||||||
Gross profit per ton
|
$
|
8.63
|
$
|
7.95
|
$
|
8.01
|
$
|
7.32
|
$
|
7.93
|
$
|
7.03
|
||||||||||||
Freight-adjusted sales price
|
$
|
21.27
|
$
|
19.31
|
$
|
20.98
|
$
|
18.92
|
$
|
20.57
|
$
|
18.47
|
||||||||||||
Cash gross profit per ton
|
10.89
|
9.92
|
10.31
|
9.32
|
10.22
|
9.06
|
||||||||||||||||||
Freight-adjusted cash cost of sales per ton
|
$
|
10.38
|
$
|
9.39
|
$
|
10.67
|
$
|
9.60
|
$
|
10.35
|
$
|
9.41
|
||||||||||||
Asphalt segment
|
||||||||||||||||||||||||
Gross profit
|
$
|
60.2
|
$
|
55.9
|
$
|
123.9
|
$
|
113.3
|
$
|
160.2
|
$
|
130.4
|
||||||||||||
Depreciation, depletion, accretion and amortization
|
12.0
|
8.8
|
31.9
|
26.7
|
40.8
|
35.8
|
||||||||||||||||||
Cash gross profit
|
$
|
72.2
|
$
|
64.7
|
$
|
155.8
|
$
|
140.0
|
$
|
201.0
|
$
|
166.2
|
||||||||||||
Concrete segment
|
||||||||||||||||||||||||
Gross profit
|
$
|
6.5
|
$
|
26.0
|
$
|
8.2
|
$
|
50.7
|
$
|
19.7
|
$
|
55.3
|
||||||||||||
Depreciation, depletion, accretion and amortization
|
10.9
|
20.5
|
34.9
|
60.4
|
47.2
|
80.0
|
||||||||||||||||||
Cash gross profit
|
$
|
17.4
|
$
|
46.5
|
$
|
43.1
|
$
|
111.1
|
$
|
66.9
|
$
|
135.3
|
(in millions)
|
||||||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
Trailing Twelve Months Ended
|
||||||||||||||||||||||
September 30
|
September 30
|
September 30
|
||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||
Net earnings attributable to Vulcan
|
$
|
207.6
|
$
|
276.5
|
$
|
618.2
|
$
|
705.8
|
$
|
845.6
|
$
|
825.1
|
||||||||||||
Income tax expense, including discontinued operations
|
84.7
|
84.8
|
206.7
|
191.3
|
311.0
|
218.8
|
||||||||||||||||||
Interest expense, net
|
38.4
|
46.6
|
117.7
|
142.2
|
155.1
|
189.8
|
||||||||||||||||||
Depreciation, depletion, accretion and amortization
|
160.7
|
161.1
|
468.4
|
464.4
|
620.9
|
616.9
|
||||||||||||||||||
EBITDA
|
$
|
491.3
|
$
|
569.0
|
$
|
1,411.0
|
$
|
1,503.8
|
$
|
1,932.6
|
$
|
1,850.7
|
||||||||||||
Loss on discontinued operations
|
$
|
1.8
|
$
|
3.8
|
$
|
6.8
|
$
|
11.7
|
$
|
9.8
|
$
|
15.1
|
||||||||||||
Gain (loss) on sale of real estate and businesses, net
|
0.0
|
0.0
|
0.0
|
(15.2
|
)
|
(51.9
|
)
|
2.2
|
||||||||||||||||
Charges associated with divested operations
|
0.0
|
0.0
|
1.0
|
4.7
|
4.2
|
7.4
|
||||||||||||||||||
Acquisition related charges 1
|
0.8
|
1.2
|
1.8
|
2.0
|
1.9
|
6.1
|
||||||||||||||||||
Loss on impairments
|
86.6
|
28.3
|
86.6
|
28.3
|
86.6
|
28.3
|
||||||||||||||||||
Adjusted EBITDA
|
$
|
580.6
|
$
|
602.2
|
$
|
1,507.1
|
$
|
1,535.1
|
$
|
1,983.3
|
$
|
1,909.8
|
1
|
Represents charges associated with acquisitions requiring clearance under federal antitrust laws.
|
Three Months Ended
|
Nine Months Ended
|
Trailing Twelve Months Ended
|
||||||||||||||||||||||
September 30
|
September 30
|
September 30
|
||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||
Net earnings attributable to Vulcan
|
$
|
1.56
|
$
|
2.07
|
$
|
4.65
|
$
|
5.28
|
$
|
6.35
|
$
|
6.17
|
||||||||||||
Items included in Adjusted EBITDA above, net of tax
|
0.65
|
0.18
|
0.69
|
0.17
|
0.43
|
0.33
|
||||||||||||||||||
NOL carryforward valuation allowance
|
0.01
|
0.04
|
0.03
|
0.09
|
0.05
|
0.12
|
||||||||||||||||||
Adjusted diluted EPS attributable to Vulcan from continuing operations
|
$
|
2.22
|
$
|
2.29
|
$
|
5.37
|
$
|
5.54
|
$
|
6.83
|
$
|
6.62
|
(in millions)
|
||||
Mid-point
|
||||
Net earnings attributable to Vulcan
|
$
|
845
|
||
Income tax expense, including discontinued operations
|
274
|
|||
Interest expense, net of interest income
|
155
|
|||
Depreciation, depletion, accretion and amortization
|
630
|
|||
Projected EBITDA
|
$
|
1,904
|
||
Items included in Adjusted EBITDA above
|
96
|
|||
Projected Adjusted EBITDA
|
$
|
2,000
|
(in millions)
|
||||||||
September 30
|
||||||||
2024
|
2023
|
|||||||
Debt
|
||||||||
Current maturities of long-term debt
|
$
|
0.5
|
$
|
0.5
|
||||
Long-term debt
|
3,329.2
|
3,874.3
|
||||||
Total debt
|
$
|
3,329.7
|
$
|
3,874.8
|
||||
Cash and cash equivalents and restricted cash
|
(434.3
|
) |
(345.0
|
)
|
||||
Net debt
|
$
|
2,895.4
|
$
|
3,529.8
|
||||
Trailing-Twelve Months (TTM) Adjusted EBITDA
|
$
|
1,983.3
|
$
|
1,909.8
|
||||
Total debt to TTM Adjusted EBITDA
|
1.7
|
x |
2.0
|
x | ||||
Net debt to TTM Adjusted EBITDA
|
1.5
|
x |
1.8
|
x |
(dollars in millions)
|
||||||||
Trailing Twelve Months Ended | ||||||||
September 30
|
September 30
|
|||||||
2024
|
2023
|
|||||||
Adjusted EBITDA
|
$
|
1,983.3
|
$
|
1,909.8
|
||||
Average invested capital
|
||||||||
Property, plant & equipment, net
|
$
|
6,273.7
|
$
|
6,059.8
|
||||
Goodwill
|
3,516.4
|
3,661.0
|
||||||
Other intangible assets
|
1,457.9
|
1,642.9
|
||||||
Fixed and intangible assets
|
$
|
11,248.0
|
$
|
11,363.7
|
||||
Current assets
|
$
|
2,264.6
|
$
|
2,154.6
|
||||
Cash and cash equivalents
|
(428.0
|
)
|
(192.3
|
)
|
||||
Current tax
|
(36.4
|
)
|
(41.7
|
)
|
||||
Adjusted current assets
|
1,800.2
|
1,920.6
|
||||||
Current liabilities
|
(785.8
|
)
|
(946.7
|
)
|
||||
Current maturities of long-term debt
|
0.5
|
0.5
|
||||||
Short-term debt
|
19.0
|
82.4
|
||||||
Adjusted current liabilities
|
(766.3
|
)
|
(863.8
|
)
|
||||
Adjusted net working capital
|
$
|
1,033.9
|
$
|
1,056.8
|
||||
Average invested capital
|
$
|
12,281.9
|
$
|
12,420.5
|
||||
Return on invested capital
|
16.1
|
%
|
15.4
|
%
|