UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): November 3, 2015
VULCAN MATERIALS COMPANY
(Exact name of registrant as specified in
its charter)
| New Jersey |
|
001-33841 |
|
20-8579133 |
|
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
1200 Urban Center Drive
Birmingham, Alabama 35242
(Address of principal executive offices) (zip
code)
(205) 298-3000
(Registrant's telephone number, including
area code)
Not Applicable
(Former name or former address if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| ¨ | Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition. |
On November 3, 2015,
the Company announced its financial results for the third quarter ending September 30, 2015. The press release announcing the results
is furnished as Exhibit 99.1.
| Item 9.01 | Financial Statements
and Exhibits. |
| |
Exhibit No. |
|
Description |
| |
99.1 |
|
Press Release dated November 3, 2015. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| |
VULCAN MATERIALS COMPANY |
| |
(Registrant) |
| |
|
| Date: November 3, 2015 |
By: |
/s/ Michael R. Mills |
| |
|
Michael R. Mills |
| |
|
Senior Vice President and General Counsel |
Exhibit 99.1
November 3, 2015
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: David Donaldson (205)
298-3220
VULCAN ANNOUNCES THIRD QUARTER 2015 RESULTS
Gross Profit Increases 39 Percent to
$291 Million
Aggregates Pricing Up 8 Percent
Birmingham, Alabama – November 3, 2015 –
Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, today announced results for
the third quarter ending September 30, 2015.
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 |
| o | 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 |
| o | Segment gross profit increased $63 million, or 33 percent, to $251
million |
| o | Incremental gross profit as a percent of freight-adjusted revenues
was 65 percent; on a same-store basis, this metric was 72 percent |
| o | 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: |
| o | $0.02 per diluted share in the current year’s quarter for charges
associated with acquisitions, divestitures and restructuring |
| o | $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 |
Page 2
November
3, 2015
FOR IMMEDIATE RELEASE
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.
Page 3
November
3, 2015
FOR IMMEDIATE RELEASE
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.
Page 4
November
3, 2015
FOR IMMEDIATE RELEASE
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.
Page 5
November
3, 2015
FOR IMMEDIATE RELEASE
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.
Page 6
November
3, 2015
FOR IMMEDIATE RELEASE
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 | % |
1 Includes 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 | % | |
| | |
1 At 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.
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