Q3 2024 Vulcan Materials Co Earnings Call Transcript
Key Points
- Vulcan Materials Co (VMC) reported an expansion in both gross margin and adjusted EBITDA margin despite weather disruptions.
- The company achieved a double-digit increase in aggregates cash gross profit per ton for the eighth consecutive quarter.
- Freight-adjusted average selling prices improved by 10% year-over-year, indicating a positive pricing environment.
- Vulcan Materials Co (VMC) announced the acquisition of Wake Stone Corporation, enhancing its presence in the Carolinas.
- The company generated nearly $1 billion in operating cash flow, with a 36% increase in free cash flow year-to-date.
- Vulcan Materials Co (VMC) experienced a 10% decline in aggregate shipments due to extreme weather conditions, including four hurricanes.
- Adjusted EBITDA for the quarter was $581 million, a modest decline compared to the previous year.
- The company's West Coast concrete business faced margin compression due to lower volumes related to weak private demand in North Carolina.
- The private nonresidential construction demand remains varied, with warehouse equity being a headwind.
- The company anticipates continued challenges from volume declines and weather impacts in the fourth quarter.
Good morning. Welcome, everyone, to the Vulcan Materials Company third-quarter 2024 earnings call. My name is Angela, and I will be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay later today at the company's website. (Operator Instructions)
Now I will turn the call over to your host, Mr. Mark Warren, Vice President of Investor Relations for Vulcan Materials. Mr. Warren, you may begin.
Thank you, operator, and good morning, everyone. With me today are Tom Hill, Chairman and CEO; and Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer. Today's call is accompanied by a press release and a supplemental presentation posted to our website, vulcanmaterials.com.
Please be reminded that today's discussion may include forward-looking statements, which are subject to risks and uncertainties. These risks, along with other legal disclaimers, are deals in the company's earnings release and in other
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