- Vulcan Materials Co (NYSE:VMC) reported a fourth-quarter revenue increase of 36.7% year-over-year to $1.61 billion, beating the consensus of $1.55 billion.
- Overall gross margin contracted by 386 bps to 21.9%. The operating earnings increased by 7.6% Y/Y to $211.3 million, and the margin contracted by 356 bps to 13.2%.
- Adjusted EBITDA was $383.4 million (+23.2% Y/Y), and margin contracted by 260 bps to 23.9%.
- Adjusted EPS improved to $1.25 from $1.07 in 4Q20, beating the consensus of $1.16.
- Sales by segments: Aggregates $1.15 billion (+20.5% Y/Y), Asphalt $197.4 million (+1.4% Y/Y), Concrete $370 million (+333% Y/Y) and Calcium $1.4 million (-41.7% Y/Y).
- Aggregates gross profit increased 18% Y/Y to $326 million, or $5.64 per ton, Same-store volumes increased 7%, Cash gross profit per ton improved 6% Y/Y to $7.41, and total aggregates shipments increased 13%.
- Vulcan Materials generated cash from operating activities of $1.01 billion in FY21, compared to $1.07 billion a year ago.
- FY22 Outlook: Vulcan Materials expects net earnings of $800 million - $890 million, Adjusted EBITDA of $1.72 billion - $1.82 billion.
- It expects high single-digit growth in Aggregates cash gross profit per ton, total shipment growth of 5% to 7% (222.9 million tons in 2021), and a Freight-adjusted price increase of 6% to 8% ($14.87 per ton in 2021).
- Cash gross profit of $300 million - $325 million in Asphalt, Concrete, and Calcium collectively.
- Vulcan Materials also announced the retirement of its SVP and CFO, Suzanne Wood, effective Sept. 1, 2022, and named Mary Andrews Carlisle as the successor.
- Price Action: VMC shares traded 0.57% lower at $188.03 on the last check Wednesday.
