VULCAN REPORTS SECOND QUARTER 2025 RESULTS
Vulcan Materials (NYSE:VMC), the nation's largest construction aggregates producer, reported strong Q2 2025 results with notable margin expansion. The company achieved net earnings of $321 million ($2.43 per diluted share), up from $308 million year-over-year.
Key financial metrics include total revenues of $2.1 billion (up 4.4% YoY), Adjusted EBITDA of $660 million (up 9.5% YoY), and an improved EBITDA margin of 31.4%. Despite a 1% decrease in aggregates shipments due to weather challenges, pricing discipline drove an 8% mix-adjusted price increase and a 9% improvement in cash gross profit per ton to $11.88.
The company maintained its full-year 2025 Adjusted EBITDA guidance of $2.35-2.55 billion, supported by strong execution and accelerating highway construction activity.
Vulcan Materials (NYSE:VMC), il più grande produttore nazionale di aggregati per l'edilizia, ha riportato risultati solidi nel secondo trimestre del 2025 con un'espansione significativa dei margini. L'azienda ha registrato un utile netto di 321 milioni di dollari (2,43 dollari per azione diluita), in crescita rispetto ai 308 milioni dell'anno precedente.
I principali indicatori finanziari includono ricavi totali di 2,1 miliardi di dollari (in aumento del 4,4% su base annua), un EBITDA rettificato di 660 milioni di dollari (in crescita del 9,5% su base annua) e un margine EBITDA migliorato al 31,4%. Nonostante una diminuzione dell'1% nelle spedizioni di aggregati dovuta a condizioni meteorologiche sfavorevoli, la disciplina sui prezzi ha portato a un aumento del prezzo aggiustato per mix dell'8% e a un miglioramento del 9% del profitto lordo in contanti per tonnellata, pari a 11,88 dollari.
L'azienda ha confermato la guidance per l'intero anno 2025 sull'EBITDA rettificato tra 2,35 e 2,55 miliardi di dollari, supportata da una forte esecuzione e dall'accelerazione delle attività di costruzione autostradale.
Vulcan Materials (NYSE:VMC), el mayor productor nacional de agregados para la construcción, reportó sólidos resultados en el segundo trimestre de 2025 con una notable expansión de márgenes. La compañía alcanzó ganancias netas de 321 millones de dólares (2,43 dólares por acción diluida), frente a los 308 millones del año anterior.
Los principales indicadores financieros incluyen ingresos totales de 2.100 millones de dólares (un aumento del 4,4% interanual), EBITDA ajustado de 660 millones de dólares (un incremento del 9,5% interanual) y un margen EBITDA mejorado del 31,4%. A pesar de una disminución del 1% en los envíos de agregados debido a condiciones climáticas adversas, la disciplina en precios impulsó un aumento del precio ajustado por mezcla del 8% y una mejora del 9% en la ganancia bruta en efectivo por tonelada, alcanzando 11,88 dólares.
La compañía mantuvo su guía para todo el año 2025 de EBITDA ajustado entre 2.350 y 2.550 millones de dólares, respaldada por una ejecución sólida y una aceleración en la actividad de construcción de autopistas.
Vulcan Materials (NYSE:VMC)는 미국 최대 건설 골재 생산업체로서 2025년 2분기에 강력한 실적과 주목할 만한 마진 확대를 보고했습니다. 회사는 순이익 3억 2,100만 달러 (희석 주당 2.43달러)을 기록하며 전년 동기 3억 800만 달러에서 증가했습니다.
주요 재무 지표로는 총 매출 21억 달러 (전년 대비 4.4% 증가), 조정 EBITDA 6억 6,000만 달러 (전년 대비 9.5% 증가), 개선된 31.4%의 EBITDA 마진이 포함됩니다. 기상 악화로 골재 출하량이 1% 감소했음에도 불구하고, 가격 관리 덕분에 믹스 조정 가격 8% 상승과 톤당 현금 총이익이 11.88달러로 9% 개선되었습니다.
회사는 강력한 실행력과 고속도로 건설 활동 가속화를 바탕으로 2025년 연간 조정 EBITDA 가이던스를 23억 5천만~25억 5천만 달러로 유지했습니다.
Vulcan Materials (NYSE:VMC), le plus grand producteur national d'agrégats pour la construction, a publié de solides résultats pour le deuxième trimestre 2025 avec une expansion notable des marges. La société a réalisé un bénéfice net de 321 millions de dollars (2,43 dollars par action diluée), en hausse par rapport à 308 millions l'année précédente.
Les principaux indicateurs financiers incluent des revenus totaux de 2,1 milliards de dollars (en hausse de 4,4 % sur un an), un EBITDA ajusté de 660 millions de dollars (en hausse de 9,5 % sur un an) et une marge EBITDA améliorée de 31,4 %. Malgré une baisse de 1 % des expéditions d'agrégats due à des conditions météorologiques défavorables, la discipline tarifaire a entraîné une augmentation du prix ajusté en fonction du mix de 8 % et une amélioration de 9 % du bénéfice brut en espèces par tonne, atteignant 11,88 dollars.
La société a maintenu ses prévisions d'EBITDA ajusté pour l'ensemble de l'année 2025 entre 2,35 et 2,55 milliards de dollars, soutenue par une exécution solide et une accélération des activités de construction autoroutière.
Vulcan Materials (NYSE:VMC), der größte nationale Produzent von Baustoffen, berichtete starke Ergebnisse für das zweite Quartal 2025 mit einer bemerkenswerten Margenausweitung. Das Unternehmen erzielte einen Nettoertrag von 321 Millionen US-Dollar (2,43 US-Dollar pro verwässerter Aktie), gegenüber 308 Millionen US-Dollar im Vorjahreszeitraum.
Wichtige finanzielle Kennzahlen umfassen Gesamtumsätze von 2,1 Milliarden US-Dollar (ein Anstieg von 4,4 % im Jahresvergleich), ein bereinigtes EBITDA von 660 Millionen US-Dollar (plus 9,5 % im Jahresvergleich) und eine verbesserte EBITDA-Marge von 31,4 %. Trotz eines 1 % Rückgangs der Baustofflieferungen aufgrund von Wetterproblemen führte disziplinierte Preisgestaltung zu einem mixbereinigten Preisanstieg von 8 % sowie einer 9 % Steigerung des Cash-Bruttogewinns pro Tonne auf 11,88 US-Dollar.
Das Unternehmen bestätigte seine Prognose für das bereinigte EBITDA im Gesamtjahr 2025 von 2,35 bis 2,55 Milliarden US-Dollar, gestützt durch starke Umsetzung und beschleunigte Autobahnbaumaßnahmen.
- Net earnings increased to $321 million, up 4.2% year-over-year
- Adjusted EBITDA margin expanded 150 basis points to 31.4%
- Aggregates cash gross profit per ton increased 9% to $11.88
- Strong pricing discipline with 8% mix-adjusted price growth
- Tenth consecutive quarter of double-digit unit profitability improvement
- Maintained solid balance sheet with net debt-to-EBITDA ratio of 2.1x
- Aggregates shipments decreased 1% due to weather challenges
- SAG expenses increased to $144 million (6.9% of revenues) from $134 million year-over-year
- Interest expense increased significantly to $59.2 million from $40.2 million year-over-year
Insights
Vulcan delivered strong Q2 2025 results with expanded margins despite weather challenges, driven by pricing discipline and cost control.
Vulcan Materials posted impressive Q2 2025 results with
The Aggregates segment, Vulcan's core business, demonstrated remarkable unit profitability improvement with cash gross profit per ton increasing
From a balance sheet perspective, Vulcan maintains a solid financial position with a debt-to-EBITDA ratio of 2.2x (2.1x on a net basis), comfortably within their target range of 2.0-2.5x. The company's
While volumes declined slightly, Vulcan's strategy of prioritizing price over volume has paid off with Adjusted EBITDA increasing
Price Discipline and Cost Performance Drive Continued Earnings Growth and Margin Expansion
Strong Execution in Aggregates Business Underpins Reaffirmed Full Year Earnings Outlook
Financial Highlights Include:
Second Quarter | Year-to-Date | Trailing-Twelve Months | ||||||
Amounts in millions, except per unit data | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
Total revenues | $ 2,102 | $ 2,014 | $ 3,737 | $ 3,560 | $ 7,595 | $ 7,580 | ||
Gross profit | $ 625 | $ 592 | $ 991 | $ 897 | $ 2,093 | $ 1,960 | ||
Selling, Administrative and General (SAG) | $ 144 | $ 134 | $ 283 | $ 264 | $ 550 | $ 550 | ||
As % of Total revenues | 6.9 % | 6.7 % | 7.6 % | 7.4 % | 7.2 % | 7.3 % | ||
Net earnings attributable to Vulcan | $ 321 | $ 308 | $ 450 | $ 411 | $ 951 | $ 915 | ||
Adjusted EBITDA | $ 660 | $ 603 | $ 1,070 | $ 927 | $ 2,201 | $ 2,005 | ||
Adjusted EBITDA Margin | 31.4 % | 29.9 % | 28.6 % | 26.0 % | 29.0 % | 26.5 % | ||
Earnings attributable to Vulcan from | $ 2.43 | $ 2.33 | $ 3.41 | $ 3.11 | $ 7.21 | $ 6.92 | ||
Adjusted earnings attributable to Vulcan from | $ 2.45 | $ 2.35 | $ 3.45 | $ 3.14 | $ 7.84 | $ 6.90 | ||
Aggregates segment | ||||||||
Shipments (tons) | 59.3 | 60.1 | 107.0 | 108.3 | 218.7 | 227.6 | ||
Freight-adjusted sales price per ton | $ 22.11 | $ 21.00 | $ 22.07 | $ 20.82 | $ 21.70 | $ 20.04 | ||
Gross profit per ton | $ 9.44 | $ 8.79 | $ 8.57 | $ 7.68 | $ 8.70 | $ 7.76 | ||
Cash gross profit per ton | $ 11.88 | $ 10.92 | $ 11.32 | $ 10.01 | $ 11.25 | $ 9.96 | ||
33.9 % | 32.8 % | 30.7 % | 28.6 % | 31.5 % | 29.7 % | |||
Tom Hill, Vulcan Materials' Chairman and Chief Executive Officer, said, "Our second quarter results reflected another quarter of outstanding execution, and we carry good momentum into the remainder of the year. Despite weather challenges, our pricing discipline and excellent cost performance have led to a 13 percent increase in aggregates cash gross profit per ton, a 16 percent improvement in Adjusted EBITDA and Adjusted EBITDA margin expansion of 260 basis points through the first half of the year."
Second Quarter Segment Results
Aggregates
Continued pricing discipline and operational execution drove earnings growth and margin expansion despite lower shipments and challenging weather conditions throughout the quarter. Segment gross profit increased to
Second quarter aggregates shipments decreased 1 percent as compared to the prior year due in part to significant rainfall in many key Southeastern markets throughout much of the quarter. Price growth was widespread, and freight-adjusted selling prices increased 5 percent (8 percent on a mix-adjusted basis) as compared to the prior year. In addition to the anticipated impact of recent acquisitions, second quarter reported price was also impacted by unfavorable legacy geographic mix due to the inclement weather in the Southeast. Freight-adjusted unit cash cost of sales increased a modest 1 percent (
Asphalt and Concrete
Asphalt segment gross profit was
Selling, Administrative and General (SAG)
SAG expense in the second quarter was
Financial Position, Liquidity and Capital Allocation
The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile. Capital expenditures for maintenance and growth projects were
As of June 30th, 2025, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 2.2 times (2.1 times on a net debt basis) and within the Company's target range of 2.0 to 2.5 times. On a trailing-twelve months basis, return on average invested capital was 15.9 percent.
Outlook
Regarding the Company's outlook, Mr. Hill said, "Our execution in the first half of the year along with an acceleration in new highway construction activity in our markets supports our full-year outlook to deliver
Conference Call
Vulcan will host a conference call at 10:00 a.m. CT on July 31, 2025. 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 800-343-4136, or 203-518-9843 if outside the U.S. The conference ID is 9512587. 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
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 identify, close 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) | 2025 | 2024 | 2025 | 2024 | ||
Total revenues | ||||||
Cost of revenues | (1,477.2) | (1,422.2) | (2,746.5) | (2,662.9) | ||
Gross profit | 625.2 | 592.2 | 990.5 | 897.2 | ||
Selling, administrative and general expenses | (144.5) | (134.1) | (282.7) | (263.8) | ||
Gain on sale of property, plant & equipment | ||||||
and businesses | 1.2 | 3.8 | 8.6 | 4.4 | ||
Other operating expense, net | (10.9) | (8.3) | (19.0) | (11.3) | ||
Operating earnings | 471.0 | 453.6 | 697.4 | 626.5 | ||
Other nonoperating income (expense), net | 2.4 | (8.7) | (0.2) | (8.9) | ||
Interest expense, net | (59.2) | (40.2) | (118.9) | (79.3) | ||
Earnings from continuing operations | ||||||
before income taxes | 414.2 | 404.7 | 578.3 | 538.3 | ||
Income tax expense | (91.3) | (94.4) | (125.0) | (123.4) | ||
Earnings from continuing operations | 322.9 | 310.3 | 453.3 | 414.9 | ||
Loss on discontinued operations, net of tax | (2.1) | (2.0) | (3.1) | (3.7) | ||
Net earnings | 320.8 | 308.3 | 450.2 | 411.2 | ||
(Earnings) loss attributable to noncontrolling interest | 0.1 | (0.3) | (0.4) | (0.6) | ||
Net earnings attributable to Vulcan | ||||||
Basic earnings (loss) per share attributable to Vulcan | ||||||
Continuing operations | ||||||
Discontinued operations | ( | ( | ( | ( | ||
Net earnings | ||||||
Diluted earnings (loss) per share attributable to Vulcan | ||||||
Continuing operations | ||||||
Discontinued operations | ( | ( | ( | ( | ||
Net earnings | ||||||
Weighted-average common shares outstanding | ||||||
Basic | 132.2 | 132.4 | 132.3 | 132.4 | ||
Assuming dilution | 132.9 | 133.1 | 132.9 | 133.1 | ||
Effective tax rate from continuing operations | 22.0 % | 23.3 % | 21.6 % | 22.9 % | ||
Table B | |||||
Vulcan Materials Company | |||||
and Subsidiary Companies | |||||
(in millions) | |||||
Consolidated Balance Sheets | June 30 | December 31 | June 30 | ||
(Condensed and unaudited) | 2025 | 2024 | 2024 | ||
Assets | |||||
Cash and cash equivalents | |||||
Restricted cash | 3.6 | 41.1 | 0.6 | ||
Accounts and notes receivable | |||||
Accounts and notes receivable, gross | 1,092.2 | 905.5 | 1,075.5 | ||
Allowance for credit losses | (13.3) | (13.2) | (14.3) | ||
Accounts and notes receivable, net | 1,078.9 | 892.3 | 1,061.2 | ||
Inventories | |||||
Finished products | 574.4 | 534.6 | 514.2 | ||
Raw materials | 57.8 | 69.7 | 58.8 | ||
Products in process | 10.9 | 9.0 | 8.8 | ||
Operating supplies and other | 82.4 | 68.5 | 68.5 | ||
Inventories | 725.5 | 681.8 | 650.3 | ||
Other current assets | 88.1 | 90.8 | 153.4 | ||
Total current assets | 2,243.5 | 2,265.7 | 1,976.5 | ||
Investments and long-term receivables | 32.9 | 31.3 | 31.4 | ||
Property, plant & equipment | |||||
Property, plant & equipment, cost | 14,558.8 | 14,516.8 | 12,240.8 | ||
Allowances for depreciation, depletion & amortization | (6,222.0) | (6,055.3) | (5,825.0) | ||
Property, plant & equipment, net | 8,336.8 | 8,461.5 | 6,415.8 | ||
Operating lease right-of-use assets, net | 546.1 | 526.4 | 511.8 | ||
Goodwill | 3,831.8 | 3,788.1 | 3,536.6 | ||
Other intangible assets, net | 1,831.6 | 1,883.0 | 1,623.3 | ||
Other noncurrent assets | 152.0 | 148.8 | 121.0 | ||
Total assets | |||||
Liabilities | |||||
Current maturities of long-term debt | 0.5 | 400.5 | 0.5 | ||
Short-term debt | 550.0 | 0.0 | 95.0 | ||
Trade payables and accruals | 383.5 | 407.0 | 326.6 | ||
Other current liabilities | 407.9 | 431.6 | 374.7 | ||
Total current liabilities | 1,341.9 | 1,239.1 | 796.8 | ||
Long-term debt | 4,359.2 | 4,906.9 | 3,331.7 | ||
Deferred income taxes, net | 1,323.6 | 1,336.5 | 1,011.5 | ||
Deferred revenue | 134.3 | 137.8 | 141.4 | ||
Noncurrent operating lease liabilities | 536.1 | 521.4 | 507.5 | ||
Other noncurrent liabilities | 849.9 | 820.6 | 697.1 | ||
Total liabilities | |||||
Equity | |||||
Common stock, | 132.0 | 132.1 | 132.1 | ||
Capital in excess of par value | 2,904.5 | 2,900.1 | 2,879.9 | ||
Retained earnings | 5,494.9 | 5,213.8 | 4,833.9 | ||
Accumulated other comprehensive loss | (124.5) | (127.4) | (140.6) | ||
Total shareholder's equity | 8,406.9 | 8,118.6 | 7,705.3 | ||
Noncontrolling interest | 22.8 | 23.9 | 25.1 | ||
Total equity | |||||
Total liabilities and equity | |||||
Table C | |||
Vulcan Materials Company | |||
and Subsidiary Companies | |||
(in millions) | |||
Six Months Ended | |||
Consolidated Statements of Cash Flows | June 30 | ||
(Condensed and unaudited) | 2025 | 2024 | |
Operating Activities | |||
Net earnings | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation, depletion, accretion and amortization | 371.8 | 307.7 | |
Noncash operating lease expense | 26.7 | 25.7 | |
Net gain on sale of property, plant & equipment and businesses | (8.6) | (4.4) | |
Contributions to pension plans | (3.4) | (3.4) | |
Share-based compensation expense | 33.0 | 24.5 | |
Deferred income taxes, net | (11.3) | (18.5) | |
Changes in assets and liabilities before initial | |||
effects of business acquisitions and dispositions | (273.0) | (375.8) | |
Other, net | 7.8 | 7.5 | |
Net cash provided by operating activities | |||
Investing Activities | |||
Purchases of property, plant & equipment | (270.9) | (344.2) | |
Proceeds from sale of property, plant & equipment | 19.2 | 3.6 | |
Proceeds from sale of businesses | 19.0 | 0.2 | |
Payment for businesses acquired, net of acquired cash and adjustments | (5.2) | (193.4) | |
Other, net | 1.0 | 0.0 | |
Net cash used for investing activities | ( | ( | |
Financing Activities | |||
Proceeds from short-term debt | 0.0 | 103.0 | |
Payment of short-term debt | 0.0 | (8.0) | |
Payment of current maturities and long-term debt | (400.4) | (550.4) | |
Payment of finance leases | (5.8) | (7.0) | |
Purchases of common stock | (38.1) | (68.8) | |
Dividends paid | (130.7) | (122.8) | |
Share-based compensation, shares withheld for taxes | (29.3) | (24.3) | |
Distribution to noncontrolling interest | (1.5) | 0.0 | |
Other, net | (0.3) | 0.0 | |
Net cash used for financing activities | ( | ( | |
Net decrease in cash and cash equivalents and restricted cash | (249.8) | (837.6) | |
Cash and cash equivalents and restricted cash at beginning of year | 600.8 | 949.2 | |
Cash and cash equivalents and restricted cash at end of period | |||
Table D | |||||
Segment Financial Data and Unit Shipments | |||||
(in millions, except per unit data) | |||||
Three Months Ended | Six Months Ended | ||||
June 30 | June 30 | ||||
2025 | 2024 | 2025 | 2024 | ||
Total Revenues | |||||
Aggregates 1 | |||||
Asphalt 2 | 368.9 | 351.2 | 577.6 | 537.4 | |
Concrete | 220.6 | 167.3 | 397.7 | 315.5 | |
Segment sales | |||||
Aggregates intersegment sales | (136.7) | (117.6) | (223.7) | (197.7) | |
Total | |||||
Gross Profit | |||||
Aggregates | |||||
Asphalt | 57.2 | 59.0 | 62.0 | 63.7 | |
Concrete | 8.5 | 4.7 | 11.6 | 1.7 | |
Total | |||||
Depreciation, Depletion, Accretion and Amortization | |||||
Aggregates | |||||
Asphalt | 14.0 | 11.0 | 26.0 | 19.8 | |
Concrete | 19.0 | 11.9 | 34.5 | 24.1 | |
Other | 8.2 | 5.9 | 16.6 | 12.3 | |
Total | |||||
Average Unit Sales Price and Unit Shipments | |||||
Aggregates | |||||
Freight-adjusted revenues 3 | |||||
Aggregates - tons | 59.3 | 60.1 | 107.0 | 108.3 | |
Freight-adjusted sales price 4 | |||||
Other Products | |||||
Asphalt Mix - tons | 3.9 | 4.0 | 6.1 | 6.1 | |
Asphalt Mix - sales price 5 | |||||
Ready-mixed concrete - cubic yards | 1.2 | 0.9 | 2.1 | 1.7 | |
Ready-mixed concrete - sales price 5 | |||||
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 unit data) | |||||||||
Three Months Ended | Six Months Ended | Trailing-Twelve Months Ended | |||||||
June 30 | June 30 | June 30 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
Aggregates segment | |||||||||
Segment sales | |||||||||
Freight & delivery revenues 1 | (310.9) | (324.5) | (575.2) | (602.0) | (1,193.3) | (1,277.7) | |||
Other revenues | (28.8) | (26.4) | (48.1) | (48.9) | (92.6) | (108.3) | |||
Freight-adjusted revenues | |||||||||
Unit shipments - tons | 59.3 | 60.1 | 107.0 | 108.3 | 218.7 | 227.6 | |||
Freight-adjusted sales price | |||||||||
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 unit data) | |||||||||
Three Months Ended | Six Months Ended | Trailing-Twelve Months Ended | |||||||
June 30 | June 30 | June 30 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
Aggregates segment | |||||||||
Gross profit | |||||||||
Depreciation, depletion, accretion and amortization | 144.3 | 128.0 | 294.7 | 251.5 | 558.9 | 501.9 | |||
Cash gross profit | |||||||||
Unit shipments - tons | 59.3 | 60.1 | 107.0 | 108.3 | 218.7 | 227.6 | |||
Gross profit per ton | |||||||||
Freight-adjusted sales price | |||||||||
Cash gross profit per ton | 11.88 | 10.92 | 11.32 | 10.01 | 11.25 | 9.96 | |||
Freight-adjusted cash cost of sales per ton | |||||||||
Asphalt segment | |||||||||
Gross profit | |||||||||
Depreciation, depletion, accretion and amortization | 14.0 | 11.0 | 26.0 | 19.8 | 50.4 | 37.5 | |||
Cash gross profit | |||||||||
Concrete segment | |||||||||
Gross profit | |||||||||
Depreciation, depletion, accretion and amortization | 19.0 | 11.9 | 34.5 | 24.1 | 55.7 | 57.1 | |||
Cash gross profit | |||||||||
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 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
Net earnings attributable to Vulcan | |||||||||
Income tax expense, including discontinued operations | 90.6 | 93.7 | 124.0 | 122.1 | 250.7 | 311.1 | |||
Interest expense, net | 59.2 | 40.2 | 118.9 | 79.3 | 209.9 | 163.3 | |||
Depreciation, depletion, accretion and amortization | 185.5 | 156.8 | 371.8 | 307.7 | 696.3 | 621.3 | |||
EBITDA | |||||||||
Loss on discontinued operations | |||||||||
Gain on sale of real estate and businesses, net | 0.0 | 0.0 | 0.0 | 0.0 | (36.7) | (51.9) | |||
Loss on impairments | 0.0 | 0.0 | 0.0 | 0.0 | 86.6 | 28.3 | |||
Charges associated with divested operations | 0.0 | 1.0 | 0.0 | 1.0 | 16.7 | 4.2 | |||
Acquisition related charges 1 | 0.6 | 0.8 | 1.8 | 0.9 | 17.1 | 2.3 | |||
Adjusted EBITDA | |||||||||
Total revenues | |||||||||
Adjusted EBITDA margin | 31.4 % | 29.9 % | 28.6 % | 26.0 % | 29.0 % | 26.5 % | |||
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 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
Net earnings attributable to Vulcan | |||||||||
Items included in Adjusted EBITDA above, net of tax | 0.02 | 0.03 | 0.04 | 0.04 | 0.67 | (0.03) | |||
NOL carryforward valuation allowance | 0.01 | 0.01 | 0.03 | 0.02 | 0.02 | 0.07 | |||
Adjusted diluted EPS attributable to Vulcan from | |||||||||
continuing operations | |||||||||
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: | |||||||||
2025 Projected Adjusted EBITDA | |||||||||
(in millions) | |||||||||
Mid-point | |||||||||
Net earnings attributable to Vulcan | |||||||||
Income tax expense, including discontinued operations | 330 | ||||||||
Interest expense, net of interest income | 230 | ||||||||
Depreciation, depletion, accretion and amortization | 750 | ||||||||
Projected EBITDA | |||||||||
Items included in Adjusted EBITDA | |||||||||
Projected Adjusted EBITDA | |||||||||
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 | ||
2025 | 2024 | |
Debt | ||
Current maturities of long-term debt | ||
Short-term debt | 550.0 | 95.0 |
Long-term debt | 4,359.2 | 3,331.7 |
Total debt | ||
Cash and cash equivalents and restricted cash | (351.0) | (111.6) |
Net debt | ||
Trailing-Twelve Months (TTM) Adjusted EBITDA | ||
Total debt to TTM Adjusted EBITDA | 2.2x | 1.7x |
Net debt to TTM Adjusted EBITDA | 2.1x | 1.7x |
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 | ||
2025 | 2024 | |
Adjusted EBITDA | ||
Average invested capital | ||
Property, plant & equipment, net | ||
Goodwill | 3,684.3 | 3,564.3 |
Other intangible assets | 1,591.5 | 1,498.8 |
Fixed and intangible assets | ||
Current assets | ||
Cash and cash equivalents | (338.1) | (374.8) |
Current tax | (41.7) | (38.2) |
Adjusted current assets | 1,745.1 | 1,817.8 |
Current liabilities | (989.8) | (789.6) |
Current maturities of long-term debt | 80.5 | 0.5 |
Short-term debt | 129.0 | 19.0 |
Adjusted current liabilities | (780.3) | (770.1) |
Adjusted net working capital | ||
Average invested capital | ||
Return on invested capital | 15.9 % | 16.3 % |
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SOURCE Vulcan Materials Company
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