Vulcan-VULCAN REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Core Viewpoint - Vulcan Materials Company reported strong financial results for the fourth quarter and full year of 2024, highlighting significant growth in adjusted EBITDA and cash gross profit per ton, with expectations for continued double-digit earnings growth in 2025 [1][13]. Financial Highlights - Total revenues for Q4 2024 were $1,854 million, slightly up from$ 1,834 million in Q4 2023, while full-year revenues decreased to $7,418 million from$ 7,782 million in 2023 [2]. - Gross profit for Q4 2024 increased to $537 million from$ 472 million in Q4 2023, with full-year gross profit rising to $2,000 million from$ 1,949 million [2]. - Adjusted EBITDA for Q4 2024 was $550 million, a 16% increase from$ 476 million in Q4 2023, with an adjusted EBITDA margin of 29.7% compared to 26.0% in the prior year [2][34]. - Net earnings attributable to Vulcan for Q4 2024 were $294 million, up from$ 227 million in Q4 2023, while full-year net earnings were $912 million, down from$ 933 million [2][34]. Segment Performance - The aggregates segment saw a gross profit increase of 15% to $486 million in Q4 2024, with cash gross profit per ton improving to$ 11.50, a 16% increase year-over-year [3][5]. - Asphalt segment gross profit was $46 million, with cash gross profit improving by 29% compared to the previous year, while concrete segment gross profit was$ 5 million [6]. - Aggregates shipments decreased by 3% in Q4 2024, reflecting underlying demand trends [4]. Pricing and Cost Trends - Freight-adjusted sales prices for aggregates increased by 11% year-over-year to $21.41 per ton, while freight-adjusted unit cash costs rose by 5% to$ 10.47 per ton [5][32]. - The company reported a consistent double-digit year-over-year improvement in aggregates cash gross profit per ton for eleven consecutive quarters [3]. Capital Allocation and Financial Position - Cash provided by operating activities for the full year was $1.4 billion, with capital expenditures totaling$ 638 million [9]. - The company returned $313 million to shareholders through dividends and stock repurchases, maintaining a strong liquidity position with over$ 600 million in cash on hand [11][12]. Outlook for 2025 - The company expects continued strength in public construction activity and volume growth, projecting a 19% increase in adjusted EBITDA for 2025 [13]. - Management anticipates a favorable pricing environment and moderate inflationary pressures, supporting further expansion in cash gross profit per ton [13].