Second Quarter Summary (compared with prior years second quarter)
Total revenues increased $169 million, or 16 percent, to $1.2 billion
Gross profit was $323 million versus $290 million in the prior year
Aggregates segment sales increased $139 million to $956 million and freight-adjusted revenues increased $99 million, or 16 percent, to $731 million
Shipments increased 7 million tons, or 15 percent, to 55 million tons
Freight-adjusted sales price increased 1 percent to $13.29 per ton
Segment gross profit increased $32 million, or 13 percent, to $283 million
Asphalt, Concrete and Calcium segment gross profit was $40 million, collectively
SAG was $89 million, or 7.4 as a percentage of total revenues
Net earnings were $160 million versus $120 million in the prior year
Adjusted EBIT was $239 million versus $211 million in the prior year
Adjusted EBITDA was $325 million, an increase of $37 million, or 13 percent
Earnings from continuing operations were $1.20 per diluted share versus $0.83 per diluted share
Adjusted earnings from continuing operations were $1.23 per diluted share versus $0.90 per diluted share (see Appendix 2 for reconciliation)
Tom Hill, Chairman and Chief Executive Officer, said, "We remain on track with our full year expectations. Vulcan-served markets are experiencing stronger growth in demand than other markets, and higher public funding for transportation infrastructure is now converting to higher shipments of aggregates. Apart from geographic mix impacts, our pricing momentum continues to strengthen, including in our backlogged work. Our operating disciplines remain strong, and margins should continue to improve as we turn the corner on costs related to last year's storms.
"We expect the strong aggregates shipment growth seen in the second quarter to continue for the balance of the year. We now project full year same-store shipment growth of between 7 and 9 percent, albeit at a lower-priced geographic mix. We reiterate our full-year expectations for 2018 earnings from continuing operations of between $4.00 and $4.65 per diluted share and Adjusted EBITDA of between $1.15 and $1.25 billion."
Vulcan Materials - Vulcan Announces Second Quarter 2018 Results
