For the quarter ended June 2024, Vulcan Materials (VMC) reported revenue of $2.01 billion, down 4.7% over the same period last year. EPS came in at $2.35, compared to $2.29 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $2.03 billion, representing a surprise of -0.97%. The company delivered an EPS surprise of -4.86%, with the consensus EPS estimate being $2.47. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and h ...

Company Performance - Vulcan Materials (VMC) reported quarterly earnings of $2.35 per share, missing the Zacks Consensus Estimate of $2.47 per share, but showing an increase from $2.29 per share a year ago, resulting in an earnings surprise of -4.86% [1] - The company posted revenues of $2.01 billion for the quarter ended June 2024, which was below the Zacks Consensus Estimate by 0.97% and a decrease from $2.11 billion year-over-year [2] - Over the last four quarters, Vulcan has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Vulcan shares have increased approximately 13.4% since the beginning of the year, outperforming the S&P 500's gain of 8.7% [3] - The current consensus EPS estimate for the upcoming quarter is $2.86 on revenues of $2.2 billion, and for the current fiscal year, it is $8.33 on revenues of $7.71 billion [7] Industry Outlook - The Building Products - Concrete and Aggregates industry, to which Vulcan belongs, is currently ranked in the bottom 20% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Vulcan's stock may be influenced by the overall outlook for the industry, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8] Earnings Estimate Revisions - The trend for earnings estimate revisions for Vulcan is mixed, leading to a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which investors can track [5]

The upcoming report from Vulcan Materials (VMC) is expected to reveal quarterly earnings of $2.49 per share, indicating an increase of 8.7% compared to the year-ago period. Analysts forecast revenues of $2.04 billion, representing a decrease of 3.6% year over year. The consensus EPS estimate for the quarter has undergone an upward revision of 0.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this ...

Financial Data and Key Metrics Changes - The company generated $323 million of adjusted EBITDA in Q1 2024, with an expanded adjusted EBITDA margin, indicating strong financial performance despite adverse weather conditions [8][9] - The trailing 12-month Aggregates cash gross profit per ton improved to $9.66, with a target of $11 to $12 per ton [9][10] - The net debt to adjusted EBITDA leverage was 1.5x at the end of Q1, with $300 million in cash on hand [22] Business Line Data and Key Metrics Changes - In the Aggregates segment, year-over-year shipments declined by 7%, but cash gross profit per ton improved by 10% [9][10] - The Asphalt segment saw an increase in cash unit profitability of nearly $6 per ton, while Concrete improved by nearly $5 per cubic yard [19] - The company invested $103 million in capital expenditures during the quarter and returned $81 million to shareholders through dividends and share repurchases [21] Market Data and Key Metrics Changes - The pricing environment for Aggregates remains positive, with a 10% increase in adjusted price per ton compared to the previous quarter [10] - Public infrastructure activity is growing faster in Vulcan states than the national average, supported by federal highway spending and IIJA funding [17][59] - The company anticipates mid-single-digit growth in public demand, driven by increased state funding in key markets [59][71] Company Strategy and Development Direction - The company is focused on a two-pronged growth strategy: expanding reach and enhancing core profitability through disciplined capital allocation [12][13] - M&A activities will be aggregates-focused, with a busy year expected for acquisitions [54] - The company aims to maintain a strong emphasis on safety and operational excellence through its Vulcan Way of Selling and Operating disciplines [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the volume outlook for the rest of the year, despite challenges in non-residential and multifamily construction [30][64] - The company expects to deliver adjusted EBITDA between $2.15 billion and $2.3 billion for the full year, indicating a double-digit year-over-year improvement [24] - Management noted that the fundamentals for pricing remain healthy, with ongoing discussions about mid-year price increases [32][69] Other Important Information - The company closed a bolt-on Aggregates and Asphalt acquisition in Alabama, enhancing its market position [12] - The company has seen a 260 basis points improvement in return on invested capital over the last 12 months [23] Q&A Session Summary Question: How does the rest of the year play out from a demand standpoint? - Management indicated that volumes in Q1 were as expected, with confidence in the volume outlook for the rest of the year, despite challenges in non-residential and multifamily construction [30] Question: What is the outlook on mid-year pricing? - Management stated that pricing fundamentals remain strong, with discussions ongoing about mid-year price increases, which are not yet included in guidance [32] Question: How have costs been trending among major cost categories? - Management is comfortable with cost guidance of mid-single digits for the full year, with cost increases decelerating over the past year [35] Question: What are the priorities for Vulcan's product mix moving forward? - Management emphasized that the focus remains on Aggregates, with strategic downstream operations considered as part of a portfolio approach [41] Question: How is the government infrastructure funding flowing through? - Management noted that IIJA funding is contributing to steady growth in public demand, with significant state funding increases in key markets [59][71]

PART I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Vulcan Materials Company as of and for the three months ended March 31, 2024, including Balance Sheets, Statements of Comprehensive Income, Statements of Cash Flows, and detailed Notes providing context on accounting policies, segment performance, debt, and contingencies [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were **$13,910.9 million**, a decrease from **$14,545.7 million** at year-end 2023, primarily due to a reduction in cash and cash equivalents; total liabilities decreased to **$6,394.3 million** from **$7,037.8 million**, largely driven by a reduction in long-term debt; total equity remained stable at **$7,516.6 million** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | March 31, 2023 | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $292.4 | $931.1 | $139.6 | | Total current assets | $1,907.6 | $2,524.9 | $1,792.5 | | Property, plant & equipment, net | $6,209.3 | $6,217.7 | $6,044.9 | | Goodwill | $3,531.7 | $3,531.7 | $3,689.6 | | **Total assets** | **$13,910.9** | **$14,545.7** | **$14,076.9** | | **Liabilities & Equity** | | | | | Total current liabilities | $696.2 | $797.6 | $756.9 | | Long-term debt | $3,330.7 | $3,877.3 | $3,876.9 | | **Total liabilities** | **$6,394.3** | **$7,037.8** | **$7,066.2** | | **Total equity** | **$7,516.6** | **$7,507.9** | **$7,010.7** | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the three months ended March 31, 2024, total revenues decreased to **$1,545.7 million** from **$1,649.0 million** year-over-year; net earnings attributable to Vulcan were **$102.7 million**, down from **$120.7 million** in Q1 2023; diluted earnings per share from continuing operations were **$0.78**, compared to **$0.92** in the prior-year period, impacted by lower revenues and a higher effective tax rate Q1 2024 vs Q1 2023 Performance (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $1,545.7 | $1,649.0 | | Gross profit | $304.9 | $302.0 | | Operating earnings | $172.9 | $187.2 | | Net earnings attributable to Vulcan | $102.7 | $120.7 | | Diluted EPS (Continuing Operations) | $0.78 | $0.92 | | Diluted EPS (Net Earnings) | $0.77 | $0.90 | | Effective tax rate (Continuing Operations) | 21.6% | 11.9% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2024, net cash from operating activities was **$173.4 million**, a decrease from **$221.3 million** in Q1 2023; net cash used for investing activities was **$163.8 million**; net cash used for financing activities increased significantly to **$658.7 million**, primarily due to a **$550.4 million** payment of long-term debt, resulting in a net decrease in cash of **$649.1 million** for the quarter Q1 2024 vs Q1 2023 Cash Flow (in millions) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $173.4 | $221.3 | | Net cash used for investing activities | $(163.8) | $(61.7) | | Net cash used for financing activities | $(658.7) | $(181.1) | | **Net decrease in cash** | **$(649.1)** | **$(21.5)** | - Financing activities in Q1 2024 included a **$550.4 million** payment of long-term debt, **$62.0 million** in dividends, and **$18.8 million** in common stock purchases[12](index=12&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial results, covering revenue disaggregation by segment and geography, debt structure and recent repayments, significant legal proceedings and contingencies (including the NAFTA arbitration with Mexico), segment reporting changes, and recent acquisition and divestiture activities - The company is the largest U.S. supplier of construction aggregates and a major producer of asphalt mix and ready-mixed concrete, operating primarily in 23 states and select international locations[14](index=14&type=chunk)[15](index=15&type=chunk) Total Revenues by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Aggregates | $1,211.2 | $1,194.1 | | Asphalt | $186.2 | $169.8 | | Concrete | $148.3 | $285.1 | | **Total Revenues** | **$1,545.7** | **$1,649.0** | - In March 2024, the company redeemed its **$550.0 million** 5.80% senior notes due 2026 using cash on hand[60](index=60&type=chunk) - The company is involved in a NAFTA arbitration claim against Mexico due to the government's shutdown of its Calica operations in May 2022, with a decision expected in 2024[82](index=82&type=chunk) - In Q1 2024, the company acquired aggregates operations in North Carolina for **$12.3 million**, and in April 2024, it acquired aggregates and asphalt operations in Alabama[105](index=105&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q1 2024 financial results, highlighting a **6% decrease** in total revenues to **$1,545.7 million** but a **1% increase** in gross profit to **$304.9 million**, driven by margin expansion; despite lower aggregates shipment volumes due to weather, unit profitability improved, and the company maintains a positive outlook, expecting to deliver double-digit earnings growth for the full year Q1 2024 Financial Highlights vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,545.7M | $1,649.0M | -6% | | Gross Profit | $304.9M | $302.0M | +1% | | Operating Earnings | $172.9M | $187.2M | -8% | | Net Earnings (attributable to Vulcan) | $102.7M | $120.7M | -15% | | Adjusted EBITDA | $323.5M | $337.7M | -4% | | Aggregates Shipments (tons) | 48.1M | 51.8M | -7% | | Aggregates Gross Profit per ton | $6.30 | $5.86 | +8% | - The company remains on track to deliver **$2,150 to $2,300 million** of Adjusted EBITDA for the full year 2024, marking the fourth consecutive year of projected double-digit growth[123](index=123&type=chunk) - In Q1 2024, the company returned **$80.8 million** to shareholders through **$62.0 million** in dividends and **$18.8 million** in share repurchases[119](index=119&type=chunk)[124](index=124&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2024 total revenues fell **6%** to **$1,545.7 million**, primarily due to a **7% decline** in aggregates shipments and a **54% drop** in concrete shipments, the latter affected by a divestiture; despite lower volumes, Aggregates segment gross profit was stable at **$303.3 million**, as freight-adjusted selling prices rose **10.2%** to **$20.59 per ton**, boosting unit profitability; the Asphalt segment saw gross profit rise to **$4.7 million** from **$0.8 million**, while the Concrete segment's loss widened slightly, and SAG expenses increased by **$12.4 million** Aggregates Segment Performance - Q1 2024 vs Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Unit Shipments (million tons) | 48.1 | 51.8 | -7% | | Freight-adjusted sales price per ton | $20.59 | $18.69 | +10.2% | | Gross Profit per ton | $6.30 | $5.86 | +8% | | Cash Gross Profit per ton | $8.86 | $8.03 | +10% | - Asphalt segment gross profit increased to **$4.7 million** from **$0.8 million** year-over-year, driven by a **3% increase** in shipments and a **6.0% increase** in pricing[133](index=133&type=chunk) - Concrete segment gross profit was a loss of **$3.1 million**, compared to a loss of **$2.4 million** in the prior year, impacted by the divestiture of Texas operations in November 2023[128](index=128&type=chunk)[134](index=134&type=chunk) [Liquidity and Financial Resources](index=36&type=section&id=Liquidity%20and%20Financial%20Resources) The company's primary liquidity sources are cash from operations, a **$1,600 million** line of credit, and a commercial paper program; in Q1 2024, cash from operations was **$173.4 million**, and the company used cash for financing activities totaling **$658.7 million**, including the redemption of **$550 million** in senior notes; as of March 31, 2024, total debt was **$3,331.2 million**, and the ratio of total debt to trailing-twelve months Adjusted EBITDA was **1.7x**, with **$1,510 million** available under its line of credit - Net cash from operating activities decreased by **$47.9 million** to **$173.4 million** in Q1 2024 compared to Q1 2023, mainly due to lower net earnings and changes in working capital[153](index=153&type=chunk) - Net cash used for financing activities increased by **$477.6 million** to **$658.7 million** in Q1 2024, driven by the redemption of **$550.0 million** senior notes due 2026[156](index=156&type=chunk) Debt Metrics as of March 31, 2024 | Metric | Value | | :--- | :--- | | Total Debt | $3,331.2 million | | Total Debt as a % of Total Capital | 30.7% | | Total debt to TTM Adjusted EBITDA | 1.7x | | Net debt to TTM Adjusted EBITDA | 1.5x | | Weighted-Average Debt Maturity | 10.9 years | [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks, primarily interest rate risk, which it manages by balancing fixed-rate and floating-rate debt and using derivative instruments; as of March 31, 2024, **83.8%** of its debt was fixed-rate, and the fair value of its long-term debt was **$3,205.6 million** against a face value of **$3,391.1 million**; the company is also exposed to economic risks related to its pension and postretirement benefit plans - The company actively manages its capital structure to balance the cost of capital and risk, including balancing fixed-rate (**83.8%**) and floating-rate (**16.2%**) debt as of March 31, 2024[184](index=184&type=chunk)[158](index=158&type=chunk) - The estimated fair value of long-term debt was **$3,205.6 million** compared to a face value of **$3,391.1 million** at the end of Q1 2024[185](index=185&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024; the company is in the process of replacing its quote-to-invoice system for aggregates and asphalt operations, with full implementation expected by Q4 2024, and no other material changes to internal controls over financial reporting occurred during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[188](index=188&type=chunk) - The company is implementing a new quote-to-invoice system for its aggregates and asphalt operations, expected to be completed by Q4 2024[189](index=189&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the financial statements for a detailed discussion of legal proceedings, including environmental cases related to the former Chemicals business (Lower Passaic River, Texas Brine), Superfund site liabilities (Hewitt Landfill), and the ongoing NAFTA arbitration against Mexico concerning the shutdown of the company's Calica operations - For a detailed discussion of legal proceedings, refer to Note 8 of the condensed consolidated financial statements[192](index=192&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to risk factors were reported for the quarter[193](index=193&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, the company repurchased **70,932 shares** of its common stock at an average price of **$265.44 per share**, for a total cost of **$18.8 million**; as of March 31, 2024, **7,016,328 shares** remained available for purchase under the current board authorization, and there were no unregistered sales of equity securities Q1 2024 Share Repurchases | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 1 - Jan 31 | 0 | $0.00 | | Feb 1 - Feb 29 | 0 | $0.00 | | Mar 1 - Mar 31 | 70,932 | $265.44 | | **Total** | **70,932** | **$265.44** | - As of March 31, 2024, **7,016,328 shares** may yet be purchased under the company's existing share repurchase authorization[196](index=196&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations and other regulatory matters as required by the Dodd-Frank Act is included in Exhibit 95 of this Form 10-Q report - Mine safety disclosures required by Section 1503(a) of the Dodd-Frank Act are provided in Exhibit 95[197](index=197&type=chunk) [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2024, Chairman and CEO Tom Hill adopted a Rule 10b5-1 trading arrangement on March 14, 2024, for the potential sale of **62,900 shares**, with the plan expiring on the earlier of when all shares are sold or February 11, 2025 - Chairman and CEO Tom Hill adopted a Rule 10b5-1 trading plan on March 14, 2024, to sell up to **62,900 shares** of common stock[199](index=199&type=chunk)

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Enhancing Our Core, Expanding Our Reach | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1Q 2024 SUPPLEMENTAL INFORMATION | | | | | | | | | | | | | | | ...

Exhibit 99.1 May 2, 2024 FOR IMMEDIATE RELEASE Investor Contact: Mark Warren (205) 298-3220 Media Contact: Jack Bonnikson (205) 298-3220 VULCAN REPORTS FIRST QUARTER 2024 RESULTS Strong Execution Drives Margin Expansion Reaf irms Full Year Outlook for Double-Digit Earnings Growth in 2024 Birmingham, Alabama – May 2, 2024 – Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended March 31, 2024. Financial Highlights Include: ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-33841 VULCAN MATERIALS COMPANY (Exact Name of Registrant as Specified in Its Charter) New Jersey (State or other jurisdiction of incorporation ...

Vulcan Materials Company (NYSE:VMC) Q4 2023 Earnings Conference Call February 16, 2024 11:00 AM ET Company Participants Mark Warren - VP, IR Tom Hill - Chairman and CEO Mary Andrews Carlisle - SVP and CFO Conference Call Participants Trey Grooms - Stephens Stanley Elliott - Stifel Kathryn Thompson - Thompson Research Group Anthony Pettinari - Citigroup Jerry Revich - Goldman Sachs Philip Ng - Jefferies Michael Feniger - Bank of America Mike Dahl - RBC Capital Markets Keith Hughes - Truist Garik Shmois - Loo ...

Financial Performance - Total Revenues reached $73 billion, a 32% increase[5] - Adjusted EBITDA was $1626 billion, up by 12%[5] - Aggregates Gross Profit increased by 9% to $1408 billion[5] - Aggregates Cash Gross Profit per Ton increased by 5% to $783[5] Aggregates Business - Aggregates volume decreased by 6% to 542 million tons in 4Q 2022[8] - Freight-Adjusted Price for aggregates increased by 14% to $1696 per ton in 4Q 2022[8] - Cash Gross Profit for aggregates increased by 11% to $819 per ton in 4Q 2022[8] - Total Cash Cost of Sales for aggregates increased by 17% to $877 per ton in 4Q 2022[8] Asphalt & Concrete Business - Asphalt Average Sales Price increased 24% to $7506 per ton, while Cash Gross Profit increased 114% to $942 per ton in 4Q 2022[10] - Concrete volume decreased 15% to 23 million cyds, but Average Sales Price increased 14% to $15758 per cyd in 4Q 2022[11] Outlook - The company anticipates 11% Growth in Adjusted EBITDA, driven by double-digit price growth offsetting cost inflation[14]