Core Viewpoint - Vulcan Materials Company (VMC) is expected to report second-quarter 2025 results on July 31, with anticipated year-over-year growth in both revenues and earnings per share (EPS) driven by strong pricing, acquisitions, and stable public demand [1][9]. Financial Performance - In the last reported quarter, VMC's adjusted earnings exceeded the Zacks Consensus Estimate by 26.6% and increased by 25% year over year, while revenues fell short of the consensus by 2.5% but grew by 5.8% year over year [1]. - The Zacks Consensus Estimate for VMC's second-quarter EPS has decreased to $2.59 from $2.66 over the past 30 days, indicating a 10.2% rise from the same quarter last year. Revenue estimates are pegged at $2.2 billion, reflecting a 9.2% year-over-year increase [3]. Revenue Drivers - VMC's revenue and earnings growth in Q2 are expected to be supported by strong pricing gains across product lines, accretive acquisitions, and stable demand in the legacy business. Increased infrastructure spending and public construction activity are anticipated to offset declines in private construction [4]. - The Aggregates business, which includes crushed stone, sand, and gravel, is projected to contribute significantly to revenue growth, with net sales expected to rise by 10% to $1.78 billion. Volumes and prices in this segment are expected to increase by 4.2% and 5.6%, respectively [6]. - The Asphalt Mix segment is expected to see net sales of $368.6 million, a 5% increase year over year, with volumes and prices projected to grow by 1.8% and 3.1%, respectively. The Concrete segment is anticipated to grow by 24.8% to $208.8 million, with volumes and prices expected to rise by 22.6% and 1.8% [7]. Challenges - VMC's top line may be impacted by adverse weather conditions, a decline in private non-residential construction, and some slowdown in housing. Additionally, price and cost challenges in the Cement segment, along with higher natural gas prices, are expected to pose headwinds [8]. - Higher cost inflation, a shortage of skilled labor, and rising wage expenses are likely to affect VMC's second-quarter margins, with gross profit margin anticipated to decline by 120 basis points year over year to 28.2% [9][10]. Earnings Prediction - The current model does not predict a definitive earnings beat for VMC, as it has an Earnings ESP of -1.69% and a Zacks Rank of 4 (Sell) [11][12].

Core Viewpoint - Vulcan Materials Company will host its second quarter 2025 earnings conference call on July 31, 2025, at 10:00 a.m. CT, with financial results released before the NYSE market opens [1]. Company Information - Vulcan Materials Company is the largest supplier of construction aggregates in the United States, primarily providing crushed stone, sand, and gravel [3]. - The company is also a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete [3]. - Vulcan is a member of the S&P 500 index and is headquartered in Birmingham, Alabama [3].

Investment Returns - The total return on the Fund's net asset value for the first half of 2025 was 2.3%, with dividends and capital gains reinvested [1] - The S&P Energy Sector and the S&P 500 Materials Sector had returns of 0.8% and 6.0%, respectively, while the benchmark (S&P 500 Energy Sector 80% and S&P 500 Materials Sector 20%) returned 1.8% [1] - The total return on the Fund's market price for the same period was 3.1% [1] Annualized Comparative Returns - For the 1-year period, the Fund's net asset value (NAV) decreased by 2.2%, while the market price increased by 1.7% [4] - Over 3 years, the NAV returned 10.7% and the market price returned 12.3% [4] - The 5-year returns were 21.2% for NAV and 22.1% for market price, while the 10-year returns were 6.1% for NAV and 6.8% for market price [4] Net Asset Value - As of June 30, 2025, the Fund's net assets were $634.74 million, down from $689.99 million a year earlier [6] - The number of shares outstanding increased to 26,888,697 from 25,453,641 [6] - The net asset value per share decreased to $23.61 from $27.11 [6] Largest Equity Portfolio Holdings - The top ten equity holdings accounted for 62.9% of net assets, with Exxon Mobil Corporation at 22.7% and Chevron Corporation at 11.5% [7] - Other significant holdings included ConocoPhilips (5.3%), Linde plc (4.7%), and EOG Resources, Inc. (3.8%) [7] Industry Weightings - The Fund's net assets were allocated primarily to the energy sector, with Integrated Oil & Gas at 35.1% and Exploration & Production at 19.8% [9] - Other allocations included Storage & Transportation (11.6%), Chemicals (13.6%), and Metals & Mining (3.6%) [10]

Core Insights - Argo Graphene Solutions Corp. has opened a Gulf Coast Distribution and Mixing Center in Kenner, Louisiana, as part of its North American growth strategy [1][4] - The facility is strategically located near the Port of New Orleans, providing access to significant transportation networks [2][4] Company Operations - The Kenner facility will oversee the storage, mixing, and distribution of Argo's graphene-infused concrete and cement, serving as a launch point for product fine-tuning [3][4] - A lease agreement has been established for a 2,000 square foot facility at a monthly rate of USD$5,000, along with a management services contract with Landry Construction for USD$8,000 per month [5] Strategic Importance - The location enhances Argo's ability to scale eco-friendly infrastructure technologies and offers faster access to customers in the Southern U.S. and Mexico [4] - The facility will function as both a distribution hub and a mixing and integration center, optimizing delivery time and cost while tailoring products to specific project needs [8]

Funding & Investment - Terra CO2 完成 1.24 亿美元 B 轮融资 [1] - 该轮融资旨在减少混凝土的碳足迹 [1] Industry Focus - 公司致力于解决混凝土行业的碳排放问题 [1]

Financial Performance - 2016 earnings from continuing operations were $232.4 million, compared to $175.7 million in 2015[10] - 2016 EPS from continuing operations was $1.19, compared to $0.90 in 2015[11] - Consolidated earnings for 2016 were $63.7 million, a significant improvement from a loss of $623.1 million in 2015[14] - Consolidated EPS for 2016 was $0.33, compared to a loss of $3.20 in 2015[16] Segment Performance - Construction materials and services earnings reached $136.6 million, a 21% increase[20] - Regulated energy delivery earnings were $92.7 million, a 27% increase[20] - Construction Materials GAAP Earnings increased from $89.1 million in 2015 to $102.7 million in 2016[24] - Construction Services GAAP Earnings increased from $23.8 million in 2015 to $33.9 million in 2016, a 43% increase[27] - Utility Electric & Natural Gas GAAP Earnings increased from $59.5 million in 2015 to $69.3 million in 2016[32] - Pipeline & Midstream GAAP Earnings increased from $13.3 million in 2015 to $23.4 million in 2016[38] Outlook and Guidance - 2017 earnings guidance is projected to be $1.10 to $1.25 per common share[20, 45] - The company has a $1.9 billion five-year capital program[44] - The company expects customer base to continue growing by 1-2 percent annually[36]

Financial Performance - 2017 - Earnings from continuing operations increased from $232.4 million in 2016 to $284.2 million in 2017[10], which includes a $39.5 million benefit from tax reform[11] - Consolidated earnings increased from $63.7 million in 2016 to $280.4 million in 2017[13], including a $39.5 million benefit from tax reform[14] - Construction Services reported earnings of $53.3 million in 2017[22], including a $4.3 million income tax benefit[23], and record revenues of $1.37 billion[23] - Construction Materials reported earnings of $123.4 million in 2017[25], including a $41.9 million income tax benefit[26] Segment Performance - 2017 - Electric & Natural Gas Utility reported earnings of $81.6 million[17], including a $6.4 million charge from tax reform[17], with increased retail sales volumes for both electric (2%)[17] and natural gas (13%)[17] - Pipeline & Midstream reported earnings of $20.5 million[20], including a $200,000 charge from tax reform[20], reflecting the sale of Pronghorn assets in January 2017[20] Outlook and Guidance - 2018 EPS guidance is projected to be in the range of $1.25 to $1.45[43] - Construction Services anticipates 2018 revenues between $1.45 billion and $1.60 billion[39] - Construction Materials anticipates 2018 revenues between $1.8 billion and $1.9 billion[42] Capital Program and Dividends - The company's total capital forecast for 2018-2022 is $2.323 billion[46], allocated to Utility ($1.508 billion), Construction ($466 million), and Pipeline & Midstream ($349 million)[46] - The company has increased its dividend for 27 consecutive years[50] and has made dividend payments for 80 consecutive years[49, 50]

Financial Performance - 2018 - Earnings from continuing operations reached $284.2 million, with EPS at $1.45, including a $39.5 million or $0.20 per share benefit from tax reform[16] - Consolidated operations earnings were $280.4 million, with EPS at $1.43, including a $39.5 million benefit from tax reform[19] - The Electric & Natural Gas Utility reported earnings of $84.7 million, which includes a $6.4 million decrease resulting from tax reform[22, 23] - Pipeline & Midstream reported earnings of $28.5 million, including a $4.2 million tax benefit[25, 26] - Construction Services reported record earnings of $64.3 million and record revenues of $1.37 billion[28, 29] - Construction Materials reported earnings of $92.6 million and record revenues of $1.93 billion[31, 33] Outlook and Guidance - 2019 - The company anticipates EPS in the range of $1.35 to $1.55 for the consolidated business[51] - Construction Services expects revenue between $1.35 billion and $1.50 billion in 2019[47] - Construction Materials projects revenue between $2.0 billion and $2.15 billion in 2019[50] Capital Program and Dividends - The company has a total capital forecast of $2.642 billion for 2019-2023[53] - The 2018 annualized dividend was $0.81 per share[57]

2019 Earnings Overview - The company reported 2019 earnings of $272.3 million, compared to $335.5 million in 2018[17] - 2019 EPS was $1.39, compared to $1.69 in 2018[17] - The Electric & Natural Gas Utility reported record earnings of $94.3 million in 2019, a 11.3% increase from $84.7 million in 2018[20, 21] - The Construction Services group reported record earnings of $93.0 million in 2019, a 44.6% increase from $64.3 million in 2018, with record revenue of $1.85 billion compared to $1.37 billion in 2018[27, 28] - The Construction Materials group reported earnings of $120.4 million in 2019, a 29.9% increase from $92.6 million in 2018, with record revenue of $2.19 billion compared to $1.93 billion in 2018[30, 31] - The Pipeline & Midstream group reported earnings of $29.6 million in 2019, a 3.9% increase from $28.5 million in 2018[23, 25] 2020 Guidance and Outlook - The company initiated 2020 EPS guidance of $1.65 - $1.85[48] - The Construction Services group expects 2020 revenue in the range of $1.85 billion to $2.05 billion[44] - The Construction Materials group expects 2020 revenue in the range of $2.2 billion to $2.4 billion[47] - The Electric & Natural Gas Utility expects to grow rate base by 5% compounded annually over the next five years and customer base to continue growing by 1-2% annually[37]

Company Overview - Vulcan is the leading aggregates supplier in the U S [6] - The company shipped 220 million tons of aggregates[7] - Vulcan generated $7 4 billion in revenues[7] - Adjusted EBITDA reached $2 1 billion[8] - Net debt/adjusted EBITDA ratio is 2 3x[8] Market and Strategy - The estimated U S market size for aggregates is approximately 2 5 billion tons or $38 billion[15] - Vulcan states serve 67% of Infrastructure Investment and Jobs Act formula dollars[27] - Vulcan states serve 35 of the top 50 highest-growth metropolitan statistical areas (MSAs)[27, 52] Financial Performance and Capital Allocation - Aggregates cash gross profit per ton increased to $10 61 in 2024[43, 93] - The company has completed almost 40 acquisitions across its top 10 revenue states in the last 10 years[48] - Vulcan's return on invested capital (ROIC) was 16 2% in 2024[95]