BIRMINGHAM, Ala., Nov. 3, 2015 /PRNewswire/ -- Vulcan
Materials Company (NYSE: VMC), the nation's largest producer of
construction aggregates, today announced results for the third
quarter ending September 30,
2015.
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The Company's third quarter results reflect continued strong
revenue growth and margin expansion amidst the gradual recovery in
construction activity across most of the Company's markets.
Third quarter revenues increased 19 percent and gross profit
increased 39 percent from the prior year to $291 million, with gross profit and gross profit
margins improving in each of the Aggregates, Asphalt and Concrete
segments. In its core Aggregates segment, the Company delivered its
ninth consecutive quarter of year-over-year improvements in both
shipments and per-ton margins. Same-store aggregates
shipments rose 7 percent and same-store freight-adjusted aggregates
pricing increased 8 percent from the prior year. Same-store
incremental aggregates gross profits equaled 72 percent of
incremental freight-adjusted revenues for the quarter – and 73
percent for the trailing twelve months. Although full-year
shipments may fall below plan primarily due to weather impacts in
the first half of the year, continued 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 third quarter results and outlook
for the remainder of the year.
Third Quarter Summary (compared with prior year's third
quarter)
- Total revenues increased $165
million, or 19 percent, to $1.038
billion
- Gross profit increased $82
million in total, or 39 percent, to $291 million
- Aggregates freight-adjusted revenues increased $97 million, or 18 percent, to $629 million
- Total shipments increased 10 percent, or 4.8 million tons, to
52.6 million tons; same-store shipments increased 7 percent, or 3.5
million tons
- Segment gross profit increased $63
million, or 33 percent, to $251
million
- Incremental gross profit as a percent of freight-adjusted
revenues was 65 percent; on a same-store basis, this metric was 72
percent
- Average freight-adjusted sales price increased 8 percent
- Asphalt, Concrete and Calcium segment gross profit improved
$19 million, collectively
- SAG remained in line with expectations, declining as a
percentage of total revenues
- Adjusted EBIT was $214 million,
an increase of $68 million, or 47
percent
- Adjusted EBITDA was $282 million,
an increase of $66 million, or 31
percent
- Earnings from continuing operations were $0.93 per diluted share versus $0.51 per share in the third quarter of
2014. Included in these results are:
- $0.02 per diluted share in the
current year's quarter for charges associated with acquisitions,
divestitures and restructuring
- $0.03 per diluted share in the
prior year's quarter for charges associated with acquisitions,
divestitures and restructuring
- Adjusted for these items, earnings from continuing operations
were $0.95 per diluted share in the
third quarter versus $0.54 per
diluted share in the prior year
Tom Hill, President and Chief
Executive Officer, said, "The ongoing, gradual recovery in
construction activity and demand for our products continued in the
third quarter. In fact, many of our customers now face
bottlenecks in completing jobs as scheduled, particularly where
significant work was delayed by weather in the first half of the
year. The pricing environment also remains strong, as
customers see improved backlogs and as construction materials
suppliers increasingly focus on earning adequate returns on capital
deployed. Against this backdrop, our teams continue to
execute well and to meet rising customer demands efficiently and
effectively. Despite cost pressures in certain areas, unit
margins continued to rise across most geographic regions."
Segment Results
Aggregates
Aggregates shipments increased by 10 percent in total and 7
percent on a same-store basis versus the prior year. The
third quarter marked the ninth consecutive quarter of growth in
trailing twelve month shipments; however, consumption levels remain
well below long-term, mid-cycle levels. The Company continues
to see a gradual strengthening in both private and public
construction in most of the markets it serves, although supply
bottlenecks (e.g., availability of skilled trade labor) appear to
impact the rate of growth in several areas. Arizona, California, Florida, Georgia, South
Carolina and Texas each saw
shipment growth in the quarter of 10 percent or higher. In
contrast, Illinois saw shipments
decline nearly 10 percent as large project work declined relative
to the prior year's quarter.
Freight-adjusted average sales price for aggregates increased 8
percent on a same-store basis, or $0.86 per ton, versus the prior year's third
quarter, with most markets realizing solid price improvement.
On a trailing twelve months basis, average selling prices increased
5 percent. The increase in the rate of pricing growth over
recent trend was expected given market conditions and pricing
actions taken earlier in the year. The Company expects
positive pricing momentum to continue into the fourth quarter and
2016.
Overall aggregates unit costs remained roughly in line with the
prior year quarter as lower diesel expenditures largely offset
higher costs in other areas. Relative to the prior year, unit
costs were impacted by unfavorable geographic mix due to relatively
higher volumes in both remote-served markets and other markets with
higher inherent operating costs. Unit costs also were
affected by increased expenditures for repair and maintenance
activities, employee benefits and overtime labor. Compared to
last year's third quarter, cost of revenues for aggregates
benefitted by approximately $12
million from lower diesel fuel expenditures. The
Company remains focused, with a multi-quarter view, on balancing
the 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 remained essentially flat.
During the third quarter, aggregates same-store unit margins
continued to expand. Gross profit per ton increased
$0.90, or 23 percent, from the prior
year. On a trailing-twelve-month basis, same-store unit gross
profit has increased 25 percent, while unit cash gross profit has
increased 14 percent to $5.27 per
ton.
For the quarter, aggregates same-store freight-adjusted revenues
increased $83 million, while
same-store gross profit for the segment increased $60 million, a flow-through rate of 72
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
In the third quarter, Asphalt segment gross profit was
$30 million versus $15 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 20 percent.
Concrete segment gross profit was $10
million versus $5 million in
the prior year's third quarter. Last year's third 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 were flat versus the prior year, while pricing and
unit profitability improved and gross profit increased sharply
versus the prior year.
The Company's Calcium segment reported gross profit of
$0.8 million, a decrease versus the
$1.0 million reported in the prior
year.
In total, the year-to-date gross profit contribution of these
three segments has exceeded plan due to margin improvements
resulting from both core operating disciplines and strategic
repositioning of our asset portfolio.
Selling, Administrative and General (SAG), Other Operating
Expense, and Effective Tax Rate
Overall SAG expenses remain in line with plan, declining by 70
basis points as a percentage of total revenues from the prior year.
In the third quarter, the Company experienced elevated SAG
costs of $5 million primarily due to
higher pension and other employee benefit costs as well as
continued investment in sales force effectiveness and other
strategic initiatives. The Company expects that full-year
pension and post-retirement related costs, a portion of which flow
through SAG, will be approximately $11
million higher than the prior year. Other employee
benefits costs, such as those associated with enhancements to the
employee profit sharing plan, also have risen. In contrast, direct
SAG expenses for salaries and wages remained flat with the prior
year. The Company intends to further leverage SAG expenses to
revenues as volumes recover.
Other operating expense, generally consisting of various cost
items not included in cost of revenues, was $8 million versus $3
million in the third quarter of 2014. The
year-over-year increase resulted mostly from environmental charges
associated with former sites. Over the past three years,
other operating expenses, exclusive of significant items disclosed
individually, have averaged approximately $3
million each quarter.
As a result of steps taken in the second quarter to streamline
the Company's corporate legal entity structure, it now expects to
use in the future a portion of a $60
million deferred tax asset related to a state-level NOL
which has until now been considered unusable. The resulting
tax benefit in the third quarter was $4.7
million. The Company currently estimates its effective
tax rate for the full year to be 28 percent.
Credit Position and Capital Allocation
At the end of the third quarter, total debt outstanding was
approximately $2 billion. This
amount includes $85 million of
long-term, floating-rate bank borrowings under the Company's
$750 million revolving credit
facility. As previously communicated, the Company intends to
use additional long-term, floating-rate bank borrowings to
refinance the $150 million note
maturing in December. In the absence of other actions, end of
year total long-term debt will remain at approximately $2 billion, with $235
million of that amount in the form of floating-rate
borrowings. The Company's ratio of total debt to trailing
twelve month Adjusted EBITDA was 2.6 at the end of the third
quarter. The quarter end cash balance was approximately
$170 million.
The Company's capital deployment priorities remain unchanged
from prior communications. Capital expenditures for the 2015
calendar year remain on track with plan, although the Company may
opt to pull-forward some 2016 spending in order to take advantage
of certain procurement savings opportunities. No material
acquisitions or divestitures were closed in the third
quarter. However, the Company will continue to evaluate such
opportunities as they arise. Over time, and subject to the
continued recovery of construction activity to more normalized
levels, the Company expects to take a balanced approach to capital
deployment, one incorporating strategic reinvestment, sustained
financial strength and flexibility, and the return of capital to
shareholders.
The performance of the operations the Company has acquired since
the beginning of 2014's third quarter continues to improve.
In total, these operations contributed approximately $13 million of EBITDA in the third quarter and
$28 million year-to-date. The
full-year EBITDA contribution from these operations may fall short
of the Company's original forecast due in part to the timing of
capacity expansion investments at certain of the acquired
aggregates operations. The Company remains pleased with the
financial return profile and strategic fit of these
investments.
Outlook
Regarding the Company's outlook for the remainder of 2015, Mr.
Hill stated, "Demand for our products continues to strengthen, and
we are encouraged by the strong growth in aggregates pricing
throughout our markets. We are reaffirming our expectation
for full year Adjusted EBITDA of $775 to
$825 million, assuming normal weather patterns in the fourth
quarter. Consistent with our expectations throughout the
year, these results are driven by strong growth in aggregates gross
profit per ton, earnings improvement in our non-aggregates
businesses and continuing leverage of our SAG
expenses.
"We expect the trends evident thus far in 2015 to extend into
2016. The gradual recovery in demand continues across most of
our markets. The pricing environment remains positive. Our
teams continue to convert incremental revenue into incremental
gross profit at an impressive rate. Our focus will remain on
continuous, compounding improvement – both operational and
financial."
Conference Call
Vulcan will host a conference call at 11:00 a.m. CST on November
3, 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 65809933. 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
|
|
|
|
Nine Months
Ended
|
Consolidated
Statements of Earnings
|
|
|
|
September
30
|
|
|
|
September
30
|
(Condensed and
unaudited)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
$1,038,460
|
|
$873,579
|
|
$2,564,896
|
|
$2,239,142
|
Cost of
revenues
|
|
747,170
|
|
664,537
|
|
1,961,292
|
|
1,821,220
|
Gross
profit
|
|
291,290
|
|
209,042
|
|
603,604
|
|
417,922
|
Selling,
administrative and general expenses
|
|
71,390
|
|
66,074
|
|
207,350
|
|
199,808
|
Gain on sale of
property, plant & equipment
|
|
|
|
|
|
|
|
|
and
businesses
|
|
799
|
|
1,002
|
|
7,423
|
|
238,527
|
Restructuring
charges
|
|
(448)
|
|
(750)
|
|
(4,546)
|
|
(750)
|
Other operating
expense, net
|
|
(8,045)
|
|
(2,889)
|
|
(22,391)
|
|
(17,645)
|
Operating
earnings
|
|
212,206
|
|
140,331
|
|
376,740
|
|
438,246
|
Other nonoperating
income (expense), net
|
|
(2,818)
|
|
(593)
|
|
(2,277)
|
|
4,030
|
Interest expense,
net
|
|
37,800
|
|
40,891
|
|
183,931
|
|
201,531
|
Earnings from
continuing operations
|
|
|
|
|
|
|
|
|
before income
taxes
|
|
171,588
|
|
98,847
|
|
190,532
|
|
240,745
|
Provision for income
taxes
|
|
45,386
|
|
31,066
|
|
51,177
|
|
71,947
|
Earnings from
continuing operations
|
|
126,202
|
|
67,781
|
|
139,355
|
|
168,798
|
Loss on discontinued
operations, net of tax
|
|
(2,397)
|
|
(842)
|
|
(7,066)
|
|
(1,896)
|
Net
earnings
|
|
$123,805
|
|
$66,939
|
|
$132,289
|
|
$166,902
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$0.95
|
|
$0.51
|
|
$1.05
|
|
$1.29
|
Discontinued
operations
|
|
($0.02)
|
|
$0.00
|
|
($0.06)
|
|
($0.02)
|
Net
earnings
|
|
$0.93
|
|
$0.51
|
|
$0.99
|
|
$1.27
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$0.93
|
|
$0.51
|
|
$1.03
|
|
$1.27
|
Discontinued
operations
|
|
($0.02)
|
|
($0.01)
|
|
($0.05)
|
|
($0.01)
|
Net
earnings
|
|
$0.91
|
|
$0.50
|
|
$0.98
|
|
$1.26
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
133,474
|
|
131,797
|
|
133,082
|
|
131,256
|
Assuming
dilution
|
|
135,558
|
|
133,369
|
|
134,942
|
|
132,759
|
Cash dividends per
share of common stock
|
|
$0.10
|
|
$0.06
|
|
$0.30
|
|
$0.16
|
Depreciation,
depletion, accretion and amortization
|
|
$69,662
|
|
$71,157
|
|
$204,770
|
|
$208,858
|
Effective tax rate
from continuing operations
|
|
26.5%
|
|
31.4%
|
|
26.9%
|
|
29.9%
|
|
|
|
|
|
|
|
|
Table B
|
Vulcan Materials
Company
|
|
|
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except
per share data)
|
Consolidated
Balance Sheets
|
|
September
30
|
|
December
31
|
|
September
30
|
(Condensed and
unaudited)
|
|
2015
|
|
2014
|
|
2014
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$168,681
|
|
$141,273
|
|
$91,868
|
Accounts and notes
receivable
|
|
|
|
|
|
|
Accounts and notes
receivable, gross
|
|
558,755
|
|
378,947
|
|
485,176
|
Less: Allowance for
doubtful accounts
|
|
(5,770)
|
|
(5,105)
|
|
(5,428)
|
Accounts and notes
receivable, net
|
|
552,985
|
|
373,842
|
|
479,748
|
Inventories
|
|
|
|
|
|
|
Finished
products
|
|
275,717
|
|
275,172
|
|
254,931
|
Raw
materials
|
|
21,680
|
|
19,741
|
|
22,987
|
Products in
process
|
|
1,161
|
|
1,250
|
|
1,331
|
Operating supplies
and other
|
|
28,148
|
|
25,641
|
|
27,335
|
Inventories
|
|
326,706
|
|
321,804
|
|
306,584
|
Current deferred
income taxes
|
|
39,301
|
|
39,726
|
|
41,745
|
Prepaid
expenses
|
|
56,017
|
|
28,640
|
|
34,673
|
Assets held for
sale
|
|
0
|
|
15,184
|
|
0
|
Total current
assets
|
|
1,143,690
|
|
920,469
|
|
954,618
|
Investments and
long-term receivables
|
|
40,516
|
|
41,650
|
|
42,117
|
Property, plant &
equipment
|
|
|
|
|
|
|
Property, plant &
equipment, cost
|
|
6,803,588
|
|
6,608,842
|
|
6,608,342
|
Reserve for
depreciation, depletion & amortization
|
|
(3,683,961)
|
|
(3,537,212)
|
|
(3,539,772)
|
Property, plant &
equipment, net
|
|
3,119,627
|
|
3,071,630
|
|
3,068,570
|
Goodwill
|
|
3,094,824
|
|
3,094,824
|
|
3,095,317
|
Other intangible
assets, net
|
|
766,695
|
|
758,243
|
|
758,863
|
Other noncurrent
assets
|
|
151,514
|
|
154,281
|
|
150,160
|
Total
assets
|
|
$8,316,866
|
|
$8,041,097
|
|
$8,069,645
|
Liabilities
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
130
|
|
150,137
|
|
145
|
Trade payables and
accruals
|
|
195,536
|
|
145,148
|
|
167,837
|
Other current
liabilities
|
|
216,411
|
|
156,073
|
|
196,830
|
Liabilities of assets
held for sale
|
|
0
|
|
520
|
|
0
|
Total current
liabilities
|
|
412,077
|
|
451,878
|
|
364,812
|
Long-term
debt
|
|
1,979,493
|
|
1,834,642
|
|
1,984,075
|
Noncurrent deferred
income taxes
|
|
692,643
|
|
691,137
|
|
733,613
|
Deferred
revenue
|
|
209,651
|
|
213,968
|
|
216,205
|
Other noncurrent
liabilities
|
|
659,725
|
|
672,773
|
|
569,841
|
Total
liabilities
|
|
$3,953,589
|
|
$3,864,398
|
|
$3,868,546
|
Equity
|
|
|
|
|
|
|
Common stock, $1 par
value
|
|
133,315
|
|
131,907
|
|
131,703
|
Capital in excess of
par value
|
|
2,812,593
|
|
2,734,661
|
|
2,719,169
|
Retained
earnings
|
|
1,564,215
|
|
1,471,845
|
|
1,441,742
|
Accumulated other
comprehensive loss
|
|
(146,846)
|
|
(161,714)
|
|
(91,515)
|
Total
equity
|
|
$4,363,277
|
|
$4,176,699
|
|
$4,201,099
|
Total liabilities and
equity
|
|
$8,316,866
|
|
$8,041,097
|
|
$8,069,645
|
|
|
|
|
|
|
|
Table C
|
Vulcan Materials
Company
|
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Nine Months
Ended
|
Consolidated
Statements of Cash Flows
|
|
September
30
|
(Condensed and
unaudited)
|
|
2015
|
|
2014
|
Operating
Activities
|
|
|
|
|
Net
earnings
|
|
|
|
$132,289
|
|
$166,902
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities
|
|
|
Depreciation,
depletion, accretion and amortization
|
|
204,770
|
|
208,858
|
Net gain on sale of
property, plant & equipment and businesses
|
|
(7,423)
|
|
(238,527)
|
Contributions to
pension plans
|
|
(11,337)
|
|
(4,115)
|
Share-based
compensation
|
|
14,020
|
|
18,425
|
Excess tax benefits
from share-based compensation
|
|
(16,950)
|
|
(3,375)
|
Deferred tax
provision (benefit)
|
|
(7,640)
|
|
13,158
|
Cost of debt
purchase
|
|
67,075
|
|
72,949
|
Changes in assets and
liabilities before initial
|
|
|
|
|
effects of business
acquisitions and dispositions
|
|
(79,000)
|
|
(89,888)
|
Other, net
|
|
|
|
|
(14,467)
|
|
5,339
|
Net cash provided by
operating activities
|
|
$281,337
|
|
$149,726
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
Purchases of
property, plant & equipment
|
|
(214,815)
|
|
(169,220)
|
Proceeds from sale of
property, plant & equipment
|
|
4,464
|
|
21,320
|
Proceeds from sale of
businesses, net of transaction costs
|
|
0
|
|
719,089
|
Payment for
businesses acquired, net of acquired cash
|
|
(20,801)
|
|
(268,604)
|
Other, net
|
|
|
|
|
(301)
|
|
0
|
Net cash provided by
(used for) investing activities
|
|
($231,453)
|
|
$302,585
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
Proceeds from line of
credit
|
|
291,000
|
|
70,000
|
Payment of current
maturities, long-term debt and line of credit
|
|
(751,056)
|
|
(649,711)
|
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
|
|
30,620
|
Dividends
paid
|
|
|
|
(39,878)
|
|
(20,973)
|
Proceeds from
exercise of stock options
|
|
67,888
|
|
12,513
|
Excess tax benefits
from share-based compensation
|
|
16,950
|
|
3,375
|
Other, net
|
|
|
|
|
2
|
|
(5)
|
Net cash used for
financing activities
|
|
($22,476)
|
|
($554,181)
|
Net increase
(decrease) in cash and cash equivalents
|
|
27,408
|
|
(101,870)
|
Cash and cash
equivalents at beginning of year
|
|
141,273
|
|
193,738
|
Cash and cash
equivalents at end of period
|
|
$168,681
|
|
$91,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table D
|
Segment Financial
Data and Unit Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except
per unit data)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
|
|
|
|
|
|
|
|
|
Aggregates
1
|
|
|
|
$830,783
|
|
$688,922
|
|
$2,067,671
|
|
$1,752,583
|
Asphalt Mix
2
|
|
|
|
178,865
|
|
136,441
|
|
410,934
|
|
330,004
|
Concrete
2,3
|
|
|
|
88,013
|
|
98,949
|
|
226,400
|
|
288,792
|
Calcium
4
|
|
|
|
2,202
|
|
2,273
|
|
6,453
|
|
22,580
|
Segment
sales
|
|
|
|
$1,099,863
|
|
$926,585
|
|
$2,711,458
|
|
$2,393,959
|
Aggregates
intersegment sales
|
|
|
|
(61,403)
|
|
(53,006)
|
|
(146,562)
|
|
(145,592)
|
Calcium intersegment
sales
|
|
|
|
0
|
|
0
|
|
0
|
|
(9,225)
|
Total
revenues
|
|
|
|
$1,038,460
|
|
$873,579
|
|
$2,564,896
|
|
$2,239,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
Aggregates
|
|
|
|
$250,866
|
|
$188,000
|
|
$525,816
|
|
$388,081
|
Asphalt Mix
2
|
|
|
|
30,020
|
|
14,567
|
|
59,973
|
|
28,292
|
Concrete
2,3
|
|
|
|
9,578
|
|
5,486
|
|
15,280
|
|
(519)
|
Calcium
4
|
|
|
|
|
|
|
826
|
|
989
|
|
2,535
|
|
2,068
|
Total
|
|
|
|
|
|
$291,290
|
|
$209,042
|
|
$603,604
|
|
$417,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
Depletion, Accretion and Amortization
|
|
|
|
|
|
|
Aggregates
|
|
|
|
$57,732
|
|
$58,488
|
|
$170,251
|
|
$169,180
|
Asphalt Mix
2
|
|
|
|
4,124
|
|
2,638
|
|
12,131
|
|
7,458
|
Concrete
2,3
|
|
|
|
2,955
|
|
4,955
|
|
8,457
|
|
15,678
|
Calcium
4
|
|
|
|
170
|
|
157
|
|
496
|
|
1,406
|
Other
|
|
|
|
|
|
4,681
|
|
4,919
|
|
13,435
|
|
15,136
|
Total
|
|
|
|
|
|
$69,662
|
|
$71,157
|
|
$204,770
|
|
$208,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Unit Sales
Price and Unit Shipments
|
|
|
|
|
|
|
Aggregates
|
|
|
|
|
|
|
|
|
|
|
Freight-adjusted
revenues 5
|
|
|
|
$629,083
|
|
$531,613
|
|
$1,567,345
|
|
$1,339,181
|
Aggregates - tons
6
|
|
|
|
52,609
|
|
47,825
|
|
133,564
|
|
121,101
|
Freight-adjusted
sales price 7
|
|
|
|
$11.96
|
|
$11.12
|
|
$11.73
|
|
$11.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Products
|
|
|
|
|
|
|
|
|
|
|
Asphalt Mix -
tons
|
|
|
|
3,251
|
|
2,240
|
|
7,499
|
|
5,508
|
Asphalt Mix - sales
price
|
|
|
|
$54.73
|
|
$55.08
|
|
$54.18
|
|
$54.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ready-mixed concrete
- cubic yards
|
|
|
|
813
|
|
978
|
|
2,129
|
|
2,885
|
Ready-mixed concrete
- sales price
|
|
|
|
$108.13
|
|
$101.20
|
|
$106.27
|
|
$98.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcium -
tons
|
|
|
|
81
|
|
87
|
|
239
|
|
243
|
Calcium - sales
price
|
|
|
|
$27.16
|
|
$25.58
|
|
$26.97
|
|
$26.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Payments
|
|
|
|
|
|
|
|
|
Interest (exclusive
of amount capitalized)
|
|
|
|
|
|
$136,123
|
|
$163,593
|
Income
taxes
|
|
|
|
|
|
46,271
|
|
64,539
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash Investing
and Financing Activities
|
|
|
|
|
|
|
|
|
Accrued liabilities
for purchases of property, plant & equipment
|
|
|
|
11,941
|
|
5,777
|
Amounts referable to
business acquisitions
|
|
|
|
|
|
|
|
|
|
Liabilities
assumed
|
|
|
|
|
|
2,645
|
|
24,881
|
|
Fair value of noncash
assets and liabilities exchanged
|
|
|
|
|
20,000
|
|
4,914
|
|
Fair value of equity
consideration
|
|
|
|
|
|
0
|
|
45,185
|
|
|
|
|
|
|
|
|
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
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
$291,290
|
|
$209,042
|
|
$603,604
|
|
$417,922
|
Total
revenues
|
|
$1,038,460
|
|
$873,579
|
|
$2,564,896
|
|
$2,239,142
|
|
Gross profit
margin
|
|
28.1%
|
|
23.9%
|
|
23.5%
|
|
18.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Margin Excluding Freight and Delivery Revenues
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September
30
|
|
|
|
September
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
$291,290
|
|
$209,042
|
|
$603,604
|
|
$417,922
|
Total
revenues
|
|
$1,038,460
|
|
$873,579
|
|
$2,564,896
|
|
$2,239,142
|
Freight and delivery
revenues 1
|
|
160,594
|
|
135,336
|
|
403,494
|
|
351,083
|
|
Total revenues
excluding freight and delivery revenues
|
$877,866
|
|
$738,243
|
|
$2,161,402
|
|
$1,888,059
|
Gross profit margin
excluding freight and delivery revenues
|
33.2%
|
|
28.3%
|
|
27.9%
|
|
22.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
$250,866
|
|
$188,000
|
|
$525,816
|
|
$388,081
|
Segment
sales
|
|
$830,783
|
|
$688,922
|
|
$2,067,671
|
|
$1,752,583
|
Gross profit
margin
|
|
30.2%
|
|
27.3%
|
|
25.4%
|
|
22.1%
|
Incremental gross
profit margin
|
|
44.3%
|
|
|
|
43.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment
Gross Profit as a Percentage of Freight-Adjusted
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
$250,866
|
|
$188,000
|
|
$525,816
|
|
$388,081
|
Segment
sales
|
|
$830,783
|
|
$688,922
|
|
$2,067,671
|
|
$1,752,583
|
Less
|
|
|
|
|
|
|
|
|
|
|
|
Freight, delivery and
transportation revenues 1
|
|
$196,442
|
|
$152,442
|
|
$484,356
|
|
$398,195
|
|
Other
revenues
|
|
5,258
|
|
4,867
|
|
15,970
|
|
15,207
|
|
Freight-adjusted
revenues
|
|
$629,083
|
|
$531,613
|
|
$1,567,345
|
|
$1,339,181
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a
percentage of freight-adjusted revenues
|
39.9%
|
|
35.4%
|
|
33.5%
|
|
29.0%
|
Incremental gross
profit as a percentage of freight-adjusted revenues
|
|
64.5%
|
|
|
|
60.4%
|
|
|
|
|
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 is
calculated by deducting purchases of property, plant &
equipment from net cash provided by operating
activities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
|
|
|
$281,337
|
|
$149,726
|
Purchases of
property, plant & equipment
|
|
|
|
|
|
(214,815)
|
|
(169,220)
|
|
Free cash
flow
|
|
|
|
|
|
$66,522
|
|
($19,494)
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
$250,866
|
|
$188,000
|
|
$525,816
|
|
$388,081
|
DDA&A
|
|
|
57,732
|
|
58,488
|
|
170,251
|
|
169,180
|
|
Aggregates segment
cash gross profit
|
|
$308,598
|
|
$246,488
|
|
$696,067
|
|
$557,261
|
|
|
|
|
|
|
|
|
|
|
|
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 of
performance from period to period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Earnings to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$123,805
|
|
$66,939
|
|
$132,289
|
|
$166,902
|
Provision for income
taxes
|
|
45,386
|
|
31,066
|
|
51,177
|
|
71,947
|
Interest expense,
net
|
|
37,800
|
|
40,891
|
|
183,931
|
|
201,531
|
Loss on discontinued
operations, net of tax
|
|
2,397
|
|
842
|
|
7,066
|
|
1,896
|
EBIT
|
|
|
|
$209,388
|
|
$139,738
|
|
$374,463
|
|
$442,276
|
Depreciation,
depletion, accretion and amortization
|
|
69,662
|
|
71,157
|
|
204,770
|
|
208,858
|
EBITDA
|
|
|
$279,050
|
|
$210,895
|
|
$579,233
|
|
$651,134
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
and Adjusted EBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$279,050
|
|
$210,895
|
|
$579,233
|
|
$651,134
|
|
(Gain) loss on sale
of real estate and businesses
|
|
0
|
|
1,185
|
|
(5,886)
|
|
(235,922)
|
|
Charges associated
with acquisitions and divestitures
|
4,158
|
|
3,959
|
|
9,195
|
|
15,573
|
|
Asset
impairment
|
|
0
|
|
0
|
|
5,190
|
|
0
|
|
Amortization of
deferred revenue
|
|
(1,779)
|
|
(1,384)
|
|
(4,317)
|
|
(3,725)
|
|
Restructuring
charges
|
|
448
|
|
750
|
|
4,546
|
|
750
|
Adjusted
EBITDA
|
|
$281,877
|
|
$215,405
|
|
$587,961
|
|
$427,810
|
|
Depreciation,
depletion, accretion and amortization
|
|
(69,662)
|
|
(71,157)
|
|
(204,770)
|
|
(208,858)
|
|
Amortization of
deferred revenue
|
|
1,779
|
|
1,384
|
|
4,317
|
|
3,725
|
Adjusted
EBIT
|
|
$213,994
|
|
$145,632
|
|
$387,508
|
|
$222,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$226,400
|
|
$59,789
|
|
$96,009
|
|
$93,834
|
|
$98,949
|
|
$87,014
|
|
Adjusted
|
|
221,286
|
|
54,675
|
|
48,186
|
|
74,360
|
|
79,697
|
|
70,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$226,400
|
|
$59,789
|
|
$96,009
|
|
$93,834
|
|
$98,949
|
|
$87,014
|
|
Adjusted
|
|
221,286
|
|
54,675
|
|
48,186
|
|
74,360
|
|
79,697
|
|
70,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$15,280
|
|
$810
|
|
($9,226)
|
|
$3,221
|
|
$5,486
|
|
$2,753
|
|
Adjusted
|
|
16,072
|
|
1,602
|
|
(4,370)
|
|
4,921
|
|
7,161
|
|
4,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion,
accretion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$8,457
|
|
$2,728
|
|
$6,037
|
|
$4,686
|
|
$4,955
|
|
$4,214
|
|
Adjusted
|
|
8,357
|
|
2,628
|
|
3,930
|
|
3,905
|
|
4,239
|
|
3,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments - cubic
yards
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
2,129
|
|
573
|
|
958
|
|
949
|
|
978
|
|
847
|
|
Adjusted
|
|
2,073
|
|
517
|
|
483
|
|
733
|
|
765
|
|
668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcium
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$6,453
|
|
$1,855
|
|
$18,133
|
|
$2,174
|
|
$2,273
|
|
$2,451
|
|
Adjusted
|
|
6,453
|
|
1,855
|
|
2,137
|
|
2,174
|
|
2,273
|
|
2,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$6,453
|
|
$1,855
|
|
$8,908
|
|
$2,174
|
|
$2,273
|
|
$2,451
|
|
Adjusted
|
|
6,453
|
|
1,855
|
|
2,165
|
|
2,174
|
|
2,273
|
|
2,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$2,535
|
|
$572
|
|
$130
|
|
$949
|
|
$989
|
|
$1,131
|
|
Adjusted
|
|
2,535
|
|
572
|
|
424
|
|
949
|
|
989
|
|
1,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion,
accretion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
$496
|
|
$162
|
|
$1,058
|
|
$191
|
|
$157
|
|
$148
|
|
Adjusted
|
|
496
|
|
162
|
|
97
|
|
191
|
|
157
|
|
148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year-to-date 2015 amounts include adjustments for Q1 2015
transactions. There were no adjustments for Q2 or Q3
2015.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vulcan-announces-third-quarter-2015-results-300170814.html
SOURCE Vulcan Materials Company