Vulcan(US:VMC)2025-02-18 12:35Revenue 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% increase from $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%, up from 26.0% in Q4 2023[3]. - Gross profit for Q4 2024 was $537.2 million, compared to $472.2 million in Q4 2023, resulting in a gross margin increase from 25.8% to 29.0%[22]. - Operating earnings for Q4 2024 rose to $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%[22]. - Basic earnings per share attributable to Vulcan for continuing operations increased to $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%[26]. - The total equity at the end of 2024 was $8,142.5 million, compared to $7,507.9 million at the end of 2023, an increase of 8.5%[26]. Segment Performance - Aggregates segment gross profit rose 15% to $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%[28]. - The average freight-adjusted sales price for Aggregates rose to $21.41 in Q4 2024 from $19.34 in Q4 2023, an increase of 10.7%[28]. - Unit shipments for the aggregates segment decreased to 53.9 million tons in Q4 2024 from 55.3 million tons in Q4 2023[33]. Impairments and Tax Efficiency - The company reported a loss on impairments of $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].