VULCAN REPORTS SECOND QUARTER 2022 RESULTS.
BIRMINGHAM, Ala: Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended June 30, 2022.
Financial and Operating Highlights:
Total revenues increased sharply from the prior year driven by double-digit growth in the Company's legacy business as well as the addition of U.S. Concrete (USCR) operations
Gross profit increased $48 million, or 12 percent, to $446 million
Aggregates gross profit increased $29 million, or 8 percent, to $402 million
Non-aggregates gross profit increased $19 million, or 78 percent, to $44 million
Includes $74 million of higher energy-related costs compared to the prior year's quarter
Earnings attributable to Vulcan from continuing operations were $1.50 per diluted share
Adjusted EBITDA increased 11 percent to $450 million
Includes an approximate $20 million negative impact related to the Company's aggregates operations in Mexico that were unexpectedly and arbitrarily shut down in May
Average selling prices increased in each product line, helping to offset inflationary pressures
Aggregates pricing increased 9 percent (10 percent mix-adjusted)
Average price for asphalt and concrete increased 19 percent and 14 percent, respectively
Shipments increased year-over-year in each major product line, reflecting construction activity consistent with the Company's expectations as well as the contribution from acquisitions
Tom Hill, Vulcan Materials' Chairman and Chief Executive Officer, stated, "Our teams continued to execute well and delivered another quarter of solid earnings growth amidst a challenging backdrop. We are well on our way to delivering another year of double-digit earnings growth.
"We increased our aggregates gross profit by 11 percent during the trailing-twelve months despite ongoing inflation and other external headwinds. Robust growth in aggregates pricing and a relentless focus on operating disciplines will help us carry this momentum forward," continued Hill. "Our asphalt pricing actions, which began late last year, are increasingly offsetting sharply higher liquid asphalt costs, and we remain focused on growing our gross profit in our Asphalt segment. In concrete, leading indicators for private nonresidential construction activity and a favorable pricing environment will support earnings growth in 2022."
Highlights as of June 30, 2022 include:
Second Quarter
Year to Date
Trailing-Twelve Months
Amounts in millions, except per unit data
2022
2021
2022
2021
2022
2021
Total revenues
$ 1,954.3
$ 1,361.0
$ 3,495.0
$ 2,429.4
$ 6,617.8
$ 4,914.4
Gross profit
$ 446.2
$ 398.4
$ 714.9
$ 627.6
$ 1,460.7
$ 1,310.9
Aggregates segment
Segment sales
$ 1,401.8
$ 1,125.4
$ 2,523.0
$ 2,020.3
$ 4,847.7
$ 4,025.7
Freight-adjusted revenue
$ 1,036.6
$ 874.0
$ 1,859.3
$ 1,555.1
$ 3,618.2
$ 3,100.0
Gross profit
$ 402.4
$ 373.8
$ 645.2
$ 597.5
$ 1,343.4
$ 1,211.4
Shipments (tons)
63.8
58.5
116.8
105.0
234.7
212.0
Freight-adjusted sales price...
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