BIRMINGHAM, Ala., Aug. 3, 2015 /PRNewswire/ -- Vulcan Materials
Company (NYSE: VMC), the nation's largest producer of construction
aggregates, today announced results for the second quarter ending
June 30, 2015.
Logo -
http://photos.prnewswire.com/prnh/20090710/CL44887LOGO
The Company's second quarter results reflect the continuation of
strong margin expansion and improvement in its industry-leading
unit profitability in aggregates. Despite extremely wet
weather in many of our markets, second quarter revenues increased
13 percent and gross profit increased 34 percent from the prior
year, with gross profit and gross profit margins improving in all
segments. Same-store aggregates shipments rose 5 percent and
same-store freight-adjusted aggregates pricing increased 6 percent
from the prior year. Underlying demand recovery and pricing
momentum remain strong. Same-store incremental aggregates
gross profits equaled 74 percent of incremental freight-adjusted
revenues for the quarter – and 72 percent for the trailing twelve
months. Although weather impacts in the second quarter and
first half may result in full-year volumes below plan, pricing and
margin improvements lead the Company to reconfirm its full-year
EBITDA guidance. The remainder of this release provides
additional detail regarding the Company's second quarter results
and full year outlook.
Second Quarter Summary (compared with prior year's second
quarter)
- Total revenues increased $104
million, or 13 percent, to $895
million
- Gross profit increased $60
million in total, or 34 percent, to $234 million
- Aggregates freight-adjusted revenues increased $75 million, or 15 percent, to $558 million
- Shipments increased 9 percent, or 3.8 million tons, to 47.5
million tons
- Same-store shipments increased 5 percent, or 2.4 million
tons
- Segment gross profit increased $46
million, or 28 percent, to $207
million
- Incremental gross profit as a percent of freight-adjusted
revenues was 61 percent
- On a same-store basis, this metric was 74 percent
- Average freight-adjusted sales price increased 6 percent
- Asphalt Mix, Concrete and Calcium segment gross profit improved
$14 million, collectively
- SAG remained in line with expectations and declined as a
percentage of total revenues
- Adjusted EBITDA was $229 million,
an increase of $56 million, or 33
percent
- Earnings from continuing operations were $0.37 per diluted share versus $0.35 per share in the second quarter of 2014.
Included in these results are:
- $0.24 per diluted share in the
current year's quarter for net charges related to debt refinancing
in 2015
- $0.05 and $0.01 for net charges related to restructuring
and business development costs in 2015 and 2014 respectively
- Adjusted for these items, earnings from continuing operations
were $0.66 per diluted share in the
second quarter of 2015 versus $0.36
per diluted share in the prior year
Tom Hill, President and Chief
Executive Officer, said, "The continuing recovery in construction
activity across most of our markets was masked by extremely wet
weather, particularly in April and May. Despite deferred
shipments and operating cost challenges due to these weather
conditions, our local teams delivered another quarter of
significant margin improvements – a pattern of performance
sustained since the gradual recovery in shipments began eight
quarters ago. Customer confidence and the overall demand
outlook continue to improve, and, as expected, pricing momentum
continues to strengthen. Looking forward, we remain well
positioned to serve our customers and to achieve strong earnings
growth in 2015 and beyond."
Commentary on Quarterly Segment Results
Aggregates Segment
Severe wet weather disrupted shipments across many of the
Company's key markets. Same-store shipment growth of 5.4
percent in the quarter fell below both plan and recent
trends. A monthly break-down of shipping trends illustrates
the weather impacts in the quarter. On a same-store basis,
aggregates shipments in April and May (when record rainfall was
reported in several of our markets) increased 5 percent and 2
percent, respectively, versus the prior year. In contrast,
June same-store aggregates shipments increased 9 percent versus the
prior year. Despite weather limiting available construction
days in several markets, the second quarter marked the eighth
consecutive quarter of growth in trailing twelve month
shipments. For the quarter just ended, trailing twelve month
shipments grew 9 percent over the prior year period on a same-store
basis. Both public and private demand for aggregates continue
to recover across most of our markets; however, current consumption
levels remain well below historic trends.
Freight-adjusted average sales price for aggregates increased
6.4 percent on a same-store basis, or $0.71 per ton, versus the prior year's second
quarter, with most markets realizing accelerating price
improvement. Product mix muted the impact of reported price
increases in some key markets, including Virginia, where large shipments of
lower-priced fines product contributed to an approximately 1
percent decline in quarterly average selling price over the prior
year. In most markets, announced price increases have been
well accepted. Customer service levels remain high, and as
noted below, the Company continues to invest to meeting rising
customer requirements for product quantities and quality.
Given these and other indicators, we expect overall aggregates
pricing to continue to rise throughout the year, with a higher rate
of increase in the second half.
Overall, aggregates operating costs approximated the prior
year's second quarter. During the second quarter, several
markets experienced higher than expected costs pertaining to repair
and maintenance activities and overtime labor, with weather
conditions also negatively impacting production efficiencies.
Despite lower than planned shipments in the current quarter, the
company moved ahead with stripping and other expenditures geared
toward meeting rising customer demand. Diesel related cost-savings
mostly offset these higher costs in the quarter. Compared to
last year's second quarter, cost of revenues for the Aggregates
segment benefitted by approximately $9
million from lower fuel expenditures. The Company
remains focused, with a multi-quarter view, on balancing the
several factors impacting production quality, service quality and
cost. Over the trailing twelve months, and excluding the
impact of diesel price movements and newly acquired operations,
aggregates unit cost of sales have declined by approximately 1
percent.
During the second quarter, the Company's same-store unit margins
continued to expand faster than unit pricing. Gross profit
per ton increased $0.76, or 21
percent, from the prior year. On a trailing twelve month
basis, same-store unit gross profit has increased 23 percent, while
unit cash gross profit has increased 12 percent to $5.04 per ton – a new twelve-month high despite
cyclically low volumes. These results reflect the Company's
continued commitment to high customer service levels as well as
plant-level cost controls and operating disciplines.
For the quarter, aggregates same-store freight-adjusted revenues
increased $59 million, while
same-store gross profit for the segment increased $44 million, a flow-through rate of 74
percent. Because quarterly results can be volatile due to
seasonality and other factors, the Company encourages investors to
also consider longer-term trends. On a trailing-twelve-month
basis, this flow-through rate has consistently exceeded the
Company's stated goal of 60 percent since volumes began to recover
in the second half of 2013.
Asphalt, Concrete and Calcium Segments
In the second quarter, Asphalt segment gross profit was
$21 million versus $9 million in the prior year. This
year-over-year improvement resulted from higher volumes, effective
management of materials margins, and earnings from acquisitions
completed since the first half of last year. Same-store
asphalt volumes increased 8 percent.
Concrete segment gross profit was $5
million versus $3 million in
the prior year's second quarter. Last year's second quarter
results included the Company's California concrete business that was divested
via an asset swap in January 2015. On a same-store basis,
sales volumes decreased 5 percent versus the prior year due to
unusually wet weather in Virginia
and Texas. Pricing and unit profitability improved while
same-store gross profit was flat with the prior year due to the
negative volume impact of wet weather.
The Company's Calcium segment reported gross profit of
$1.1 million, an improvement over the
prior year.
In total, the year-to-date gross profit contribution of these
three segments has exceeded plan. Margin improvements
resulting from both core operating disciplines and changes to our
asset portfolio have offset lower than anticipated volumes in
certain markets.
Selling, Administrative and General (SAG) and Other Cost
Items
Overall SAG expenses remain in line with expectations and
largely flat with the prior year. In the second quarter,
legal and outside services expenses, primarily associated with
business development activities, were higher than the prior
year. Although the company continues to invest in
sales-related staff and support, overall headcount-related costs
were lower year-over-year. As a percentage of total revenues,
SAG was approximately 80 basis points lower than the prior
year. The Company intends to further leverage SAG expenses to
revenues as volumes recover.
The Company expects that full-year pension and post
retirement-related costs, a portion of which flow through SAG, will
be approximately $10 million higher
than the prior year due primarily to changes in the assumptions
used to value future obligations.
Other operating expense, generally consisting of various cost
items not included in cost of revenues, was $10 million versus $5
million in the second quarter of 2014. The
year-over-year increase resulted from a land parcel in California where the lease was not
renewed. As a result, the associated reclamation obligation
was expensed in the second quarter. Over the past three
years, other operating expenses, exclusive of significant items
disclosed individually, have averaged approximately $3 million each quarter.
Capital Allocation
During March and April, the Company completed major components
of the refinancing plan announced during its February 25, 2015 Investor Day. Refinancing
expenses, including the acceleration of previously deferred
financing costs, were $67 million in
total, of which $45 million, or
$0.24 per diluted share, was incurred
in the second quarter and was reported as part of interest
expense. The remainder ($22
million, or $0.12 per diluted
share) was reported as part of interest expense in the first
quarter.
In June, the Company closed on a new $750
million unsecured credit facility. As previously
noted, the Company intends to use this credit facility to refinance
the $150 million note due
December 2015.
In total, the operations acquired by the Company since the first
half of 2014 contributed $11 million
of EBITDA in the second quarter. These results were slightly
below management expectations, reflecting the impact of weather and
marginally higher costs associated with increasing production
capacity and efficiency at certain operations.
The Company continues to pursue attractive bolt-on
acquisitions. In the second quarter, the Company completed
the acquisition of three aggregates facilities and seven
ready-mixed concrete operations in Arizona and New
Mexico for approximately $21
million.
Outlook
Regarding the Company's outlook for 2015, Mr. Hill stated,
"Severe weather in the first half of the year, particularly in the
second quarter, masked improving fundamentals in construction
activity. Underlying demand remains strong and we are
encouraged by the accelerating momentum in aggregates pricing
throughout our markets. As a result, we are reaffirming our
expectation for Adjusted EBITDA of $775 to
$825 million, driven by strong growth in aggregates gross
profit per ton, earnings improvement in our non-aggregates
businesses and continuing leverage of our SAG expenses.
Through the first half of 2015, same-store aggregates volumes are
up 7 percent and total aggregates pricing is up 5 percent. We
expect a higher rate of pricing growth in the second half.
With respect to second half shipments, a key factor will be the
ability of our customers to recover weather-delayed volume from the
first half, which can be a challenge in a growing market where
scheduled work is compressed into a shorter time period.
"Our performance in the first half of this year directly
reflects the great efforts of our people at all levels of the
organization and the geographic diversification of our operational
footprint. Revenue growth is translating into expanding
margins and higher unit profitability – and we intend to keep
pushing for additional improvement. We believe executing our
sales and operating plans will achieve significant future earnings
growth while delivering quality products and services to our
customers safely and efficiently. We remain focused on the
execution of those plans."
Conference Call
Vulcan will host a conference call at 10:00 a.m. CDT on August
4, 2015. A webcast will be available via the Company's
website at www.vulcanmaterials.com. Investors and other
interested parties in the U.S. may also access the teleconference
live by calling 877-840-5321 approximately 10 minutes before the
scheduled start. International participants can dial
678-509-8772. The conference ID is 87603419. The
conference call will be recorded and available for replay at the
Company's website approximately two hours after the call.
Vulcan Materials Company, a member of the S&P 500 Index, is
the nation's largest producer of construction aggregates, and a
major producer of other construction materials.
FORWARD-LOOKING STATEMENT DISCLAIMER
This document
contains forward-looking statements. Statements that are not
historical fact, including statements about Vulcan's beliefs and
expectations, are forward-looking statements. Generally, these
statements relate to future financial performance, results of
operations, business plans or strategies, projected or anticipated
revenues, expenses, earnings (including EBITDA and other measures),
dividend policy, shipment volumes, pricing, levels of capital
expenditures, intended cost reductions and cost savings,
anticipated profit improvements and/or planned divestitures and
asset sales. These forward-looking statements are sometimes
identified by the use of terms and phrases such as "believe,"
"should," "would," "expect," "project," "estimate," "anticipate,"
"intend," "plan," "will," "can," "may" or similar expressions
elsewhere in this document. These statements are subject to
numerous risks, uncertainties, and assumptions, including but not
limited to general business conditions, competitive factors,
pricing, energy costs, and other risks and uncertainties discussed
in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future
performance and actual results, developments, and business
decisions may vary significantly from those expressed in or implied
by the forward-looking statements. The following risks
related to Vulcan's business, among others, could cause actual
results to differ materially from those described in the
forward-looking statements: those associated with general economic
and business conditions; the timing and amount of federal, state
and local funding for infrastructure; changes in Vulcan's effective
tax rate that can adversely impact results; the increasing reliance
on information technology infrastructure for Vulcan's ticketing,
procurement, financial statements and other processes could
adversely affect operations in the event such infrastructure does
not work as intended or experiences technical difficulties or is
subjected to cyber attacks; the impact of the state of the global
economy on Vulcan's businesses and financial condition and access
to capital markets; changes in the level of spending for private
residential and private nonresidential construction; the highly
competitive nature of the construction materials industry; the
impact of future regulatory or legislative actions; the outcome of
pending legal proceedings; pricing of Vulcan's products; weather
and other natural phenomena; energy costs; costs of
hydrocarbon-based raw materials; healthcare costs; the amount of
long-term debt and interest expense incurred by Vulcan; changes in
interest rates; the impact of Vulcan's below investment grade debt
rating on Vulcan's cost of capital; volatility in pension plan
asset values and liabilities which may require cash contributions
to the pension plans; the impact of environmental clean-up costs
and other liabilities relating to previously divested businesses;
Vulcan's ability to secure and permit aggregates reserves in
strategically located areas; Vulcan's ability to successfully
implement our new divisional structure and changes in our
management team; Vulcan's ability to manage and successfully
integrate acquisitions; the potential of goodwill or long-lived
asset impairment; the potential impact of future legislation or
regulations relating to climate change or greenhouse gas emissions
or the definition of minerals; and other assumptions, risks and
uncertainties detailed from time to time in the reports filed by
Vulcan with the SEC. All forward-looking statements in this
communication are qualified in their entirety by this cautionary
statement. Vulcan disclaims and does not undertake any
obligation to update or revise any forward-looking statement in
this document except as required by law.
|
|
|
|
|
|
|
|
|
|
Table A
|
Vulcan Materials
Company
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except
per share data)
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Consolidated
Statements of Earnings
|
|
June
30
|
|
June
30
|
(Condensed and
unaudited)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
$895,143
|
|
$791,143
|
|
$1,526,436
|
|
$1,365,563
|
Cost of
revenues
|
|
660,694
|
|
616,355
|
|
1,214,122
|
|
1,156,682
|
Gross
profit
|
|
234,449
|
|
174,788
|
|
312,314
|
|
208,881
|
Selling,
administrative and general expenses
|
|
69,197
|
|
67,615
|
|
135,960
|
|
133,733
|
Gain on sale of
property, plant & equipment
|
|
|
|
|
|
|
|
|
and businesses,
net
|
|
249
|
|
1,162
|
|
6,624
|
|
237,526
|
Restructuring
charges
|
|
(1,280)
|
|
0
|
|
(4,098)
|
|
0
|
Other operating
expense, net
|
|
(10,445)
|
|
(5,089)
|
|
(14,346)
|
|
(14,758)
|
Operating
earnings
|
|
153,776
|
|
103,246
|
|
164,534
|
|
297,916
|
Other nonoperating
income (expense), net
|
|
(439)
|
|
1,798
|
|
542
|
|
4,622
|
Interest expense,
net
|
|
83,651
|
|
40,551
|
|
146,132
|
|
160,639
|
Earnings from
continuing operations
|
|
|
|
|
|
|
|
|
before income
taxes
|
|
69,686
|
|
64,493
|
|
18,944
|
|
141,899
|
Provision for income
taxes
|
|
19,867
|
|
17,982
|
|
5,791
|
|
40,882
|
Earnings from
continuing operations
|
|
49,819
|
|
46,511
|
|
13,153
|
|
101,017
|
Loss on discontinued
operations, net of taxes
|
|
(1,657)
|
|
(544)
|
|
(4,669)
|
|
(1,054)
|
Net
earnings
|
|
$48,162
|
|
$45,967
|
|
$8,484
|
|
$99,963
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$0.37
|
|
$0.35
|
|
$0.10
|
|
$0.77
|
Discontinued
operations
|
|
($0.01)
|
|
$0.00
|
|
($0.04)
|
|
($0.01)
|
Net
earnings
|
|
$0.36
|
|
$0.35
|
|
$0.06
|
|
$0.76
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$0.37
|
|
$0.35
|
|
$0.10
|
|
$0.76
|
Discontinued
operations
|
|
($0.01)
|
|
$0.00
|
|
($0.04)
|
|
($0.01)
|
Net
earnings
|
|
$0.36
|
|
$0.35
|
|
$0.06
|
|
$0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
133,103
|
|
131,149
|
|
132,882
|
|
130,980
|
Assuming
dilution
|
|
135,234
|
|
132,876
|
|
134,689
|
|
132,468
|
Cash dividends per
share of common stock
|
|
$0.10
|
|
$0.05
|
|
$0.20
|
|
$0.10
|
Depreciation,
depletion, accretion and amortization
|
|
$68,384
|
|
$68,323
|
|
$135,108
|
|
$137,702
|
Effective tax rate
from continuing operations
|
|
28.5%
|
|
27.9%
|
|
30.6%
|
|
28.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table B
|
Vulcan Materials
Company
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
(in thousands, except
per share data)
|
Consolidated
Balance Sheets
|
June
30
|
|
December
31
|
|
June
30
|
(Condensed and
unaudited)
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$74,736
|
|
$141,273
|
|
$227,684
|
Restricted
cash
|
|
|
0
|
|
0
|
|
62,087
|
Accounts and notes
receivable
|
|
|
|
|
|
Accounts and notes
receivable, gross
|
495,781
|
|
378,947
|
|
439,938
|
Less: Allowance for
doubtful accounts
|
|
(5,370)
|
|
(5,105)
|
|
(5,606)
|
Accounts and notes
receivable, net
|
|
490,411
|
|
373,842
|
|
434,332
|
Inventories
|
|
|
|
|
|
|
|
Finished
products
|
|
292,932
|
|
275,172
|
|
260,111
|
Raw
materials
|
|
|
21,610
|
|
19,741
|
|
20,458
|
Products in
process
|
|
1,461
|
|
1,250
|
|
1,104
|
Operating supplies and
other
|
|
25,825
|
|
25,641
|
|
28,041
|
Inventories
|
|
|
341,828
|
|
321,804
|
|
309,714
|
Current deferred
income taxes
|
|
39,562
|
|
39,726
|
|
40,858
|
Prepaid
expenses
|
|
|
75,663
|
|
28,640
|
|
27,309
|
Assets held for
sale
|
|
0
|
|
15,184
|
|
0
|
Total current
assets
|
|
1,022,200
|
|
920,469
|
|
1,101,984
|
Investments and
long-term receivables
|
|
41,603
|
|
41,650
|
|
42,128
|
Property, plant &
equipment
|
|
|
|
|
|
|
Property, plant &
equipment, cost
|
|
6,752,916
|
|
6,608,842
|
|
6,396,658
|
Reserve for
depreciation, depletion & amortization
|
|
(3,637,392)
|
|
(3,537,212)
|
|
(3,494,896)
|
Property, plant &
equipment, net
|
|
3,115,524
|
|
3,071,630
|
|
2,901,762
|
Goodwill
|
|
|
|
3,094,824
|
|
3,094,824
|
|
3,081,521
|
Other intangible
assets, net
|
|
767,995
|
|
758,243
|
|
633,442
|
Other noncurrent
assets
|
|
153,737
|
|
154,281
|
|
150,001
|
Total
assets
|
|
|
$8,195,883
|
|
$8,041,097
|
|
$7,910,838
|
Liabilities
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
14,124
|
|
150,137
|
|
158
|
Short-term
debt
|
|
|
138,500
|
|
0
|
|
0
|
Trade payables and
accruals
|
|
190,904
|
|
145,148
|
|
178,239
|
Other current
liabilities
|
|
163,112
|
|
156,073
|
|
171,008
|
Liabilities of assets
held for sale
|
|
0
|
|
520
|
|
0
|
Total current
liabilities
|
|
506,640
|
|
451,878
|
|
349,405
|
Long-term
debt
|
|
|
1,893,737
|
|
1,834,642
|
|
1,983,319
|
Noncurrent deferred
income taxes
|
|
686,171
|
|
691,137
|
|
704,544
|
Deferred
revenue
|
|
|
211,429
|
|
213,968
|
|
217,589
|
Other noncurrent
liabilities
|
|
670,949
|
|
672,773
|
|
569,794
|
Total
liabilities
|
|
|
$3,968,926
|
|
$3,864,398
|
|
$3,824,651
|
Equity
|
|
|
|
|
|
|
|
|
Common stock, $1 par
value
|
|
132,984
|
|
131,907
|
|
130,910
|
Capital in excess of
par value
|
|
2,791,232
|
|
2,734,661
|
|
2,665,793
|
Retained
earnings
|
|
|
1,453,752
|
|
1,471,845
|
|
1,382,711
|
Accumulated other
comprehensive loss
|
|
(151,011)
|
|
(161,714)
|
|
(93,227)
|
Total
equity
|
|
|
$4,226,957
|
|
$4,176,699
|
|
$4,086,187
|
Total liabilities and
equity
|
|
$8,195,883
|
|
$8,041,097
|
|
$7,910,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table C
|
Vulcan Materials
Company
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Six Months
Ended
|
Consolidated
Statements of Cash Flows
|
June
30
|
(Condensed and
unaudited)
|
|
|
2015
|
|
2014
|
Operating
Activities
|
|
|
|
|
|
Net
earnings
|
|
|
|
$8,484
|
|
$99,963
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities
|
Depreciation,
depletion, accretion and amortization
|
|
135,108
|
|
137,702
|
Net gain on sale of
property, plant & equipment and businesses
|
|
(6,624)
|
|
(237,526)
|
Contributions to
pension plans
|
|
(2,822)
|
|
(2,791)
|
Share-based
compensation
|
|
9,679
|
|
11,928
|
Excess tax benefits
from share-based compensation
|
|
(11,457)
|
|
(3,242)
|
Deferred tax provision
(benefit)
|
|
(11,656)
|
|
24
|
Cost of debt
purchase
|
|
|
67,075
|
|
72,949
|
Changes in assets and
liabilities before initial
|
|
|
|
effects of business
acquisitions and dispositions
|
|
(109,790)
|
|
(59,893)
|
Other, net
|
|
|
|
(13,360)
|
|
3,786
|
Net cash provided by
operating activities
|
|
$64,637
|
|
$22,900
|
Investing
Activities
|
|
|
|
|
|
Purchases of
property, plant & equipment
|
|
(148,721)
|
|
(116,312)
|
Proceeds from sale of
property, plant & equipment
|
|
3,419
|
|
20,454
|
Proceeds from sale of
businesses, net of transaction costs
|
|
0
|
|
719,089
|
Payment for
businesses acquired, net of acquired cash
|
|
(21,387)
|
|
(207)
|
Increase in
restricted cash
|
|
|
0
|
|
(62,087)
|
Other, net
|
|
|
|
(334)
|
|
0
|
Net cash provided by
(used for) investing activities
|
|
($167,023)
|
|
$560,937
|
Financing
Activities
|
|
|
|
|
|
Proceeds from line of
credit
|
|
|
284,000
|
|
0
|
Payment of current
maturities, long-term debt and line of credit
|
(676,445)
|
|
(579,694)
|
Proceeds from
issuance of long-term debt
|
|
400,000
|
|
0
|
Debt and line of
credit issuance costs
|
|
(7,382)
|
|
0
|
Proceeds from
issuance of common stock
|
|
0
|
|
27,539
|
Dividends
paid
|
|
|
|
(26,549)
|
|
(13,074)
|
Proceeds from
exercise of stock options
|
|
50,769
|
|
12,095
|
Excess tax benefits
from share-based compensation
|
|
11,457
|
|
3,242
|
Other, net
|
|
|
|
(1)
|
|
1
|
Net cash provided by
(used for) financing activities
|
|
$35,849
|
|
($549,891)
|
Net increase
(decrease) in cash and cash equivalents
|
|
(66,537)
|
|
33,946
|
Cash and cash
equivalents at beginning of year
|
|
141,273
|
|
193,738
|
Cash and cash
equivalents at end of period
|
|
$74,736
|
|
$227,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table D
|
Segment Financial
Data and Unit Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except
per unit data)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
June
30
|
|
June
30
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Total
Revenues
|
|
|
|
|
|
|
|
|
Aggregates
1
|
|
$733,379
|
|
$628,870
|
|
$1,236,888
|
|
$1,057,591
|
Asphalt Mix
2
|
|
128,998
|
|
109,349
|
|
232,069
|
|
193,563
|
Concrete
2,3
|
|
78,598
|
|
93,834
|
|
138,387
|
|
189,843
|
Calcium
4
|
|
2,396
|
|
2,174
|
|
4,251
|
|
20,307
|
Segment
sales
|
|
$943,371
|
|
$834,227
|
|
$1,611,595
|
|
$1,461,304
|
Aggregates
intersegment sales
|
|
(48,228)
|
|
(43,084)
|
|
(85,159)
|
|
(86,516)
|
Cement intersegment
sales
|
|
0
|
|
0
|
|
0
|
|
(9,225)
|
Total
revenues
|
|
$895,143
|
|
$791,143
|
|
$1,526,436
|
|
$1,365,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
|
Aggregates
|
|
$207,285
|
|
$161,706
|
|
$274,950
|
|
$200,184
|
Asphalt Mix
2
|
|
21,135
|
|
9,027
|
|
29,953
|
|
13,738
|
Concrete
2,3
|
|
4,892
|
|
3,223
|
|
5,702
|
|
(6,003)
|
Calcium
4
|
|
|
1,137
|
|
832
|
|
1,709
|
|
962
|
Total
|
|
|
$234,449
|
|
$174,788
|
|
$312,314
|
|
$208,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
Depletion, Accretion and Amortization
|
|
|
|
|
|
|
|
Aggregates
|
|
$57,003
|
|
$56,347
|
|
$112,519
|
|
$110,970
|
Asphalt Mix
2
|
|
4,098
|
|
2,421
|
|
8,007
|
|
4,820
|
Concrete
2,3
|
|
2,774
|
|
4,759
|
|
5,502
|
|
10,796
|
Calcium
4
|
|
164
|
|
155
|
|
326
|
|
1,213
|
Other
|
|
4,345
|
|
4,641
|
|
8,754
|
|
9,903
|
Total
|
|
$68,384
|
|
$68,323
|
|
$135,108
|
|
$137,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Unit Sales
Price and Unit Shipments
|
|
|
|
|
|
|
|
Aggregates
|
|
|
|
|
|
|
|
|
Freight-adjusted
revenues 5
|
|
$558,382
|
|
$483,620
|
|
$938,262
|
|
$807,502
|
Aggregates - tons
6
|
|
47,452
|
|
43,648
|
|
80,955
|
|
73,276
|
Freight-adjusted
sales price 7
|
|
$11.77
|
|
$11.08
|
|
$11.59
|
|
$11.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Products
|
|
|
|
|
|
|
|
|
Asphalt Mix -
tons
|
|
2,480
|
|
1,857
|
|
4,248
|
|
3,299
|
Asphalt Mix - sales
price
|
|
$54.20
|
|
$53.52
|
|
$53.76
|
|
$53.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ready-mixed concrete
- cubic yards
|
|
743
|
|
949
|
|
1,316
|
|
1,907
|
Ready-mixed concrete
- sales price
|
|
$105.79
|
|
$98.82
|
|
$105.12
|
|
$97.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcium -
tons
|
|
90
|
|
84
|
|
158
|
|
154
|
Calcium - sales
price
|
|
$27.07
|
|
$25.55
|
|
$26.87
|
|
$26.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Includes crushed stone, sand and gravel, sand, other aggregates, as
well as freight, delivery and transportation revenues, and other
revenues related to
services.
|
2 In
January 2015, we exchanged our California ready-mixed concrete
operations for 13 asphalt mix plants, primarily in
Arizona.
|
3
Includes ready-mixed concrete. In March 2014, we sold our
concrete business in the Florida area which in addition to
ready-mixed concrete, included
concrete block, precast concrete, as well as building materials
purchased for resale. See Appendix 5 for adjusted segment
data.
|
4
Includes cement and calcium products. In March 2014, we sold
our cement business. See Appendix 5 for adjusted segment
data.
|
5
Freight-adjusted revenues are Aggregates segment sales excluding
freight, delivery and transportation revenues, and other revenues
related to services, such as
landfill tipping fees that are derived from our aggregates
business.
|
6
Includes tons marketed and sold on behalf of a third-party pursuant
to volumetric production payment (VPP) agreements and tons shipped
to our down-stream operations
(i.e., asphalt mix and ready-mixed concrete).
|
7
Freight-adjusted sales price is calculated as freight-adjusted
revenues divided by aggregates unit shipments.
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 1
|
1.
Supplemental Cash Flow Information
|
Supplemental
information referable to the Condensed Consolidated Statements of
Cash Flows is summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
June
30
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Payments
|
|
|
|
|
Interest (exclusive
of amount capitalized)
|
|
$134,215
|
|
$162,110
|
Income
taxes
|
|
31,755
|
|
13,867
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash Investing
and Financing Activities
|
|
|
|
|
Accrued liabilities
for purchases of property, plant & equipment
|
|
13,651
|
|
12,482
|
Amounts referable to
business acquisitions
|
|
|
|
|
Liabilities
assumed
|
|
2,426
|
|
755
|
Fair value of noncash
assets and liabilities exchanged
|
|
20,000
|
|
0
|
Fair value of equity
consideration
|
|
0
|
|
1,094
|
|
|
|
|
|
|
|
|
|
|
|
|
2.
Reconciliation of Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin
excluding freight and delivery revenues is not a Generally Accepted
Accounting Principle (GAAP) measure. We present this metric
as it is consistent with the basis by which we review our operating
results. Likewise, we believe that this presentation is
consistent with the basis by which investors analyze our operating
results considering that freight and delivery services represent
pass-through activities. Reconciliation of this metric to its
nearest GAAP measure is presented below:
|
|
|
|
|
|
|
|
|
Gross Profit
Margin in Accordance with GAAP
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30
|
|
June
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
$234,449
|
|
$174,788
|
|
$312,314
|
|
$208,881
|
Total
revenues
|
$895,143
|
|
$791,143
|
|
$1,526,436
|
|
$1,365,563
|
Gross profit
margin
|
26.2%
|
|
22.1%
|
|
20.5%
|
|
15.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Margin Excluding Freight and Delivery Revenues
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30
|
|
June
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
$234,449
|
|
$174,788
|
|
$312,314
|
|
$208,881
|
Total
revenues
|
$895,143
|
|
$791,143
|
|
$1,526,436
|
|
$1,365,563
|
Freight and delivery
revenues 1
|
136,527
|
|
126,807
|
|
242,899
|
|
215,747
|
Total revenues
excluding freight and delivery revenues
|
$758,616
|
|
$664,336
|
|
$1,283,537
|
|
$1,149,816
|
Gross profit margin
excluding freight and delivery revenues
|
30.9%
|
|
26.3%
|
|
24.3%
|
|
18.2%
|
|
|
|
|
|
|
|
|
1Includes
freight to remote distributions sites.
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 2
|
Reconciliation of
Non-GAAP Measures (Continued)
|
|
|
|
|
|
|
|
|
|
Aggregates segment
gross profit margin as a percentage of freight-adjusted revenues is
not a GAAP measure. We present this metric as it is consistent with
the basis by which we review our operating results. We believe that
this presentation is more meaningful to our investors as it
excludes freight, delivery and transportation revenues which are
pass-through activities. It also excludes immaterial other revenues
related to services, such as landfill tipping fees, that are
derived from our aggregates business. Incremental gross profit as a
percentage of freight-adjusted revenues represents the
year-over-year change in gross profit divided by the year-over-year
change in freight-adjusted revenues. Reconciliation of these
metrics to their nearest GAAP measures are presented
below:
|
|
Aggregates Segment
Gross Profit Margin in Accordance with GAAP
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30
|
|
June
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
Gross
profit
|
$207,285
|
|
$161,706
|
|
$274,950
|
|
$200,184
|
Segment
sales
|
$733,379
|
|
$628,870
|
|
$1,236,888
|
|
$1,057,591
|
Gross profit
margin
|
28.3%
|
|
25.7%
|
|
22.2%
|
|
18.9%
|
Incremental gross
profit margin
|
43.6%
|
|
|
|
41.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment
Gross Profit as a Percentage of Freight-Adjusted
Revenues
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30
|
|
June
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
Gross
profit
|
$207,285
|
|
$161,706
|
|
$274,950
|
|
$200,184
|
Segment
sales
|
$733,379
|
|
$628,870
|
|
$1,236,888
|
|
$1,057,591
|
Excluding:
|
|
|
|
|
|
|
|
Freight, delivery and
transportation revenues 1
|
$170,516
|
|
$139,206
|
|
$287,914
|
|
$239,749
|
Other
revenues
|
4,481
|
|
6,044
|
|
10,712
|
|
10,340
|
Freight-adjusted
revenues
|
$558,382
|
|
$483,620
|
|
$938,262
|
|
$807,502
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a
percentage of freight-adjusted revenues
|
37.1%
|
|
33.4%
|
|
29.3%
|
|
24.8%
|
Incremental gross
profit as a percentage of freight-adjusted revenues
|
61.0%
|
|
|
|
57.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1At the
segment level, freight, delivery and transportation revenues
include intersegment freight & delivery revenues, which
are eliminated at the
consolidated level.
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 3
|
Reconciliation of
Non-GAAP Measures (Continued)
|
|
|
|
|
|
GAAP does not define
"free cash flow," "Aggregates segment cash gross profit" and
"Earnings Before Interest, Taxes, Depreciation and Amortization"
(EBITDA). Thus, free cash flow should not be considered as an
alternative to net cash provided by operating activities or any
other liquidity measure defined by GAAP. Likewise, Aggregates
segment cash gross profit and EBITDA should not be considered as
alternatives to earnings measures defined by GAAP. We present these
metrics for the convenience of investment professionals who use
such metrics in their analyses and for shareholders who need to
understand the metrics we use to assess performance and to monitor
our cash and liquidity positions. The investment community often
uses these metrics as indicators of a company's ability to incur
and service debt and to assess the operating performance of a
company's businesses. We use free cash flow, Aggregates segment
cash gross profit, EBITDA and other such measures to assess
liquidity and the operating performance of our various business
units and the consolidated company. Additionally, we adjust EBITDA
for certain items to provide a more consistent comparison of
performance from period to period. We do not use these metrics as a
measure to allocate resources. Reconciliations of these metrics to
their nearest GAAP measures are presented below:
|
|
Free Cash
Flow
|
|
|
|
Free cash flow
deducts purchases of property, plant & equipment from net cash
provided by operating activities.
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
June
30
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
|
|
$64,637
|
|
$22,900
|
Purchases of
property, plant & equipment
|
|
|
|
|
(148,721)
|
|
(116,312)
|
Free cash
flow
|
|
|
|
|
($84,084)
|
|
($93,412)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment
Cash Gross Profit
|
|
Aggregates segment
cash gross profit adds back noncash charges for depreciation,
depletion, accretion and amortization (DDA&A) to Aggregates
segment gross profit.
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30
|
|
June
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
Gross
profit
|
$207,285
|
|
$161,706
|
|
$274,950
|
|
$200,184
|
DDA&A
|
57,003
|
|
56,347
|
|
112,519
|
|
110,970
|
Aggregates segment
cash gross profit
|
$264,288
|
|
$218,053
|
|
$387,469
|
|
$311,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 4
|
Reconciliation of
Non-GAAP Measures (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
EBITDA is an acronym
for Earnings Before Interest, Taxes, Depreciation and Amortization
and excludes discontinued operations. We adjust EBITDA for certain
items to provide a more consistent comparison from period to
period.
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30
|
|
June
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Earnings to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
$48,162
|
|
$45,967
|
|
$8,484
|
|
$99,963
|
Provision for income
taxes
|
19,867
|
|
17,982
|
|
5,791
|
|
40,882
|
Interest expense,
net
|
83,651
|
|
40,551
|
|
146,132
|
|
160,639
|
Loss on discontinued
operations, net of taxes
|
1,657
|
|
544
|
|
4,669
|
|
1,054
|
EBIT
|
$153,337
|
|
$105,044
|
|
$165,076
|
|
$302,538
|
Depreciation,
depletion, accretion and amortization
|
68,384
|
|
68,323
|
|
135,108
|
|
137,702
|
EBITDA
|
$221,721
|
|
$173,367
|
|
$300,184
|
|
$440,240
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
and Adjusted EBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
$221,721
|
|
$173,367
|
|
$300,184
|
|
$440,240
|
Gain on sale of real
estate and businesses
|
0
|
|
(1,087)
|
|
(5,886)
|
|
(237,107)
|
Charges associated
with acquisitions and divestitures
|
2,608
|
|
1,832
|
|
5,037
|
|
10,939
|
Asset
impairment
|
5,190
|
|
0
|
|
5,190
|
|
0
|
Amortization of
deferred revenue
|
(1,558)
|
|
(1,357)
|
|
(2,539)
|
|
(2,341)
|
Restructuring
charges
|
1,280
|
|
0
|
|
4,098
|
|
0
|
Adjusted
EBITDA
|
$229,241
|
|
$172,755
|
|
$306,084
|
|
$211,731
|
Depreciation,
depletion, accretion and amortization
|
(68,384)
|
|
(68,323)
|
|
(135,108)
|
|
(137,702)
|
Amortization of
deferred revenue
|
1,558
|
|
1,357
|
|
2,539
|
|
2,341
|
Adjusted
EBIT
|
$162,415
|
|
$105,789
|
|
$173,515
|
|
$76,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 5
|
Adjusted Concrete
and Calcium Segment Financial Data
|
|
|
|
|
|
|
|
|
|
|
Comparative financial
data after adjusting for both the January 2015 exchange of our
California concrete business and the March 2014 sale of our
concrete and cement businesses in the Florida area is presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
YTD
1
|
|
Q1
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
Concrete
Segment
|
|
|
|
|
|
|
|
|
|
|
|
Segment
sales
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$138,387
|
|
$59,789
|
|
$96,009
|
|
$93,834
|
|
$98,949
|
|
$87,014
|
Adjusted
|
133,273
|
|
54,675
|
|
48,186
|
|
74,360
|
|
79,697
|
|
70,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$138,387
|
|
$59,789
|
|
$96,009
|
|
$93,834
|
|
$98,949
|
|
$87,014
|
Adjusted
|
133,273
|
|
54,675
|
|
48,186
|
|
74,360
|
|
79,697
|
|
70,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$5,702
|
|
$810
|
|
($9,226)
|
|
$3,221
|
|
$5,486
|
|
$2,753
|
Adjusted
|
6,494
|
|
1,602
|
|
(4,370)
|
|
4,921
|
|
7,161
|
|
4,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion,
|
|
|
|
|
|
|
|
|
|
|
|
accretion and
amortization
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$5,502
|
|
$2,728
|
|
$6,037
|
|
$4,686
|
|
$4,955
|
|
$4,214
|
Adjusted
|
5,402
|
|
2,628
|
|
3,930
|
|
3,905
|
|
4,239
|
|
3,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments - cubic
yards
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
1,316
|
|
573
|
|
958
|
|
949
|
|
978
|
|
847
|
Adjusted
|
1,260
|
|
517
|
|
483
|
|
733
|
|
765
|
|
668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcium
Segment
|
|
|
|
|
|
|
|
|
|
|
|
Segment
sales
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$4,251
|
|
$1,855
|
|
$18,133
|
|
$2,174
|
|
$2,273
|
|
$2,451
|
Adjusted
|
4,251
|
|
1,855
|
|
2,137
|
|
2,174
|
|
2,273
|
|
2,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$4,251
|
|
$1,855
|
|
$8,908
|
|
$2,174
|
|
$2,273
|
|
$2,451
|
Adjusted
|
4,251
|
|
1,855
|
|
2,165
|
|
2,174
|
|
2,273
|
|
2,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$1,709
|
|
$572
|
|
$130
|
|
$949
|
|
$989
|
|
$1,131
|
Adjusted
|
1,709
|
|
572
|
|
424
|
|
949
|
|
989
|
|
1,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion,
|
|
|
|
|
|
|
|
|
|
|
|
accretion and
amortization
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$326
|
|
$162
|
|
$1,058
|
|
$191
|
|
$157
|
|
$148
|
Adjusted
|
326
|
|
162
|
|
97
|
|
191
|
|
157
|
|
148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year-to-date 2015 amounts include adjustments for Q1 2015
transactions. There were no adjustments for Q2
2015.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vulcan-announces-second-quarter-2015-results-300122891.html
SOURCE Vulcan Materials Company