Vulcan(VMC) - 2024 Q4 - Annual Results

Revenue Performance - Total revenues for Q4 2024 were $1,854 million, a slight increase from$1,834 million in Q4 2023, while full-year revenues decreased to $7,418 million from$7,782 million[3]. - Total revenues for Q4 2024 were $1,853.6 million, a slight increase from$1,834.3 million in Q4 2023, while total revenues for the twelve months ended December 31, 2024, decreased to $7,417.7 million from$7,781.9 million in 2023[22]. - Total revenues for the Aggregates segment increased to $1,472.3 million in Q4 2024 from$1,413.0 million in Q4 2023, representing a growth of 4.2%[28]. - Aggregates segment freight-adjusted revenues for Q4 2024 reached $1,154.2 million, a 7.8$1,070.6 million in Q4 2023[33]. Profitability Metrics - Adjusted EBITDA for Q4 2024 increased by 16% to $550 million, with an adjusted EBITDA margin of 29.7$537.2 million, compared to $472.2 million in Q4 2023, resulting in a gross margin increase from 25.8$401.0 million, up from $370.1 million in Q4 2023, while operating earnings for the twelve months ended December 31, 2024, decreased to$1,364.5 million from $1,427.4 million in 2023[22]. - Net earnings attributable to Vulcan for Q4 2024 were$293.8 million, compared to $227.5 million in Q4 2023, reflecting a year-over-year increase of 29.1$2.24 in Q4 2024 from $1.73 in Q4 2023, while diluted earnings per share for the same period rose to$2.23 from $1.72[22]. Cost and Expenses - Selling, Administrative and General expenses are projected to be between$550 million and $560 million in 2025, compared to$531 million in 2024[16]. - Selling, administrative, and general expenses for Q4 2024 were $138.1 million, slightly down from$142.4 million in Q4 2023, indicating cost control efforts[22]. - Interest expense for Q4 2024 increased to $52.6 million from$37.4 million in Q4 2023, reflecting higher borrowing costs[22]. Future Projections - The company expects a 19% growth in Adjusted EBITDA for 2025, with net earnings projected between $1.01 billion and$1.17 billion[14]. - Capital expenditures for maintenance and growth projects are anticipated to be between $750 million and$800 million in 2025[16]. - The effective tax rate for 2025 is expected to be between 22% and 23%[16]. - Projected EBITDA for 2025 is estimated at $2,450 million, with net earnings attributable to Vulcan projected at$1,090 million[40]. Cash Flow and Liquidity - The company returned $313 million to shareholders in 2024 through dividends and stock repurchases, maintaining a strong liquidity position with over$600 million in cash[12]. - Cash and cash equivalents totaled $559.7 million, a decrease from$931.1 million[24]. - Total cash used for investing activities was $2,814.9 million in 2024, significantly higher than$163.5 million in 2023[26]. - Total cash and cash equivalents at the end of 2024 were $600.8 million, down from$949.2 million at the beginning of the year, a decrease of 36.7%[26]. - Net cash provided by operating activities decreased to $1,409.6 million in 2024 from$1,536.8 million in 2023, a decline of 8.3%[26]. Asset and Liability Overview - Total current assets were $2,265.7 million, a decrease from$2,524.9 million[24]. - Total current liabilities stood at $1,239.1 million, a decrease from$1,297.6 million[24]. - Long-term debt was reported at $400.5 million, reflecting a stable position[24]. - Total assets amounted to$17,104.8 million, compared to $14,545.7 million previously[24]. - Total liabilities at the end of 2024 were$8,962.3 million, compared to $7,037.8 million at the end of 2023, an increase of 27.4$8,142.5 million, compared to $7,507.9 million at the end of 2023, an increase of 8.5$486 million in Q4 2024, with cash gross profit per ton improving 16% to $11.50[4]. - The gross profit for the Aggregates segment increased to$486.5 million in Q4 2024 from $424.5 million in Q4 2023, an increase of 14.6$21.41 in Q4 2024 from $19.34 in Q4 2023, an increase of 10.7$86.6 million for the twelve months ended December 31, 2024, compared to a loss of $28.3 million in 2023[22]. - The effective tax rate from continuing operations decreased to 12.7% in Q4 2024 from 31.3% in Q4 2023, indicating improved tax efficiency[22].