BIRMINGHAM, Ala.,
Feb. 4, 2016 /PRNewswire/ -- Vulcan
Materials Company (NYSE: VMC), the nation's largest producer of
construction aggregates, today announced results for the fourth
quarter ending December 31, 2015.
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The Company's fourth quarter results demonstrate ongoing strong
revenue growth and margin expansion as the gradual recovery in
construction activity continues across most of our markets.
Gross profit and gross profit margins improved in each of the
Aggregates, Asphalt and Concrete segments. In its core Aggregates
segment, the Company delivered its tenth consecutive quarter of
year-over-year improvements in both shipments and per-ton
margins. Same-store aggregates shipments rose 8 percent and
same-store freight-adjusted aggregates pricing increased 11 percent
from the prior year. Same-store incremental aggregates gross
profits equaled 89 percent of incremental freight-adjusted revenues
for the quarter – and 77 percent for the year.
Tom Hill, President and Chief
Executive Officer, said, "Our teams across the Company did a great
job serving our customers and running our operations safely and
efficiently. Full year 2015 aggregates volume increased 7
percent on a same-store basis in 2015, and we expect a similar
level of volume growth in 2016. The pricing environment
remains strong as customers see improved backlogs and construction
materials suppliers increasingly focus on earning adequate returns
on capital deployed. Aggregates pricing increased 7 percent
in 2015, and we expect similar growth in 2016. Material
margins in our Asphalt and Concrete segments also improved in 2015,
and full year gross profit from our non-aggregates segments
increased $58 million over the prior
year. Adjusted EBITDA was $836
million in 2015, as strong fourth quarter performance led to
full year results exceeding expectations. Looking forward, we
currently expect 2016 Adjusted EBITDA of between $1.0 and $1.1 billion."
Fourth Quarter Summary (compared with prior year's fourth
quarter)
- Total revenues increased $102
million, or 14 percent, to $857
million
- Gross profit increased $84
million in total, or 50 percent, to $254 million
- Aggregates freight-adjusted revenues increased $90 million, or 20 percent, to $545 million
- Total shipments increased 8 percent, or 3.4 million tons, to
44.7 million tons; same-store shipments also increased 8
percent
- Freight-adjusted sales price increased 11 percent in total and
on a same-store basis
- Segment gross profit increased $74
million, or 47 percent, to $230
million
- Asphalt, Concrete and Calcium segment gross profit improved
$10.4 million, collectively
- SAG increased $7 million and
declined as a percentage of total revenues by 30 basis points
- Adjusted EBIT was $174 million,
an increase of $71 million, or 70
percent
- Adjusted EBITDA was $244 million,
an increase of $71 million, or 41
percent
- Earnings from continuing operations were $0.69 per diluted share versus $0.29 per diluted share in the fourth quarter of
2014
- The current quarter's earnings per diluted share include a
$0.05 per share charge referable to a
revised estimate of recoverable foreign tax credits. The prior year
included $0.02 per share expense
referable to business development activities
- Excluding these items, earnings from continuing operations were
$0.74 per diluted share versus
$0.31 per share in the prior year's
fourth quarter
Full Year Summary (compared with prior year)
- Total revenues increased $428
million, or 14 percent, to $3.422
billion
- Gross profit increased $270
million in total, or 46 percent, to $858 million
- Aggregates freight-adjusted revenues increased $318 million, or 18 percent, to $2.112 billion
- Total shipments increased 10 percent, or 15.9 million tons, to
178.3 million tons; same-store shipments increased 7 percent
- Freight-adjusted sales price increased 7 percent in total and
on a same-store basis
- Segment gross profit increased $212
million, or 39 percent, to $756
million
- Asphalt, Concrete and Calcium segment gross profit improved
$58 million, collectively
- SAG increased $14.6 million and
declined as a percentage of total revenues by 70 basis points
- Adjusted EBIT was $561 million,
an increase of $236 million, or 73
percent
- Adjusted EBITDA was $836 million,
an increase of $232 million, or 38
percent
- Earnings from continuing operations were $1.72 per diluted share versus $1.56 per share in 2014
- These results include gains on sale of assets, debt
refinancing, expenses related to business development activities,
restructuring charges and income tax items
- Excluding these items, earnings from continuing operations were
$2.16 per diluted share versus
$0.91 per diluted share in 2014
Segment Results
Aggregates
For the fourth quarter, aggregates shipments increased by 8
percent on a same-store basis versus the prior year. Fourth
quarter weather was unusually wet, and unusually warm, across most
Vulcan-served markets. Quarterly shipment increases and
decreases varied widely by market – a pattern not uncommon for the
fourth quarter. For example, same-store shipments in
California and Florida increased more than 15 percent and
shipments in Georgia increased 22
percent. In Texas, where significant rainfall was recorded in
October and November, same-store shipments increased low
single-digits. Underlying shipping trends and order patterns
remained consistent with a continuing, gradual recovery in both
private and public construction activity across most of the
Company's markets.
Freight-adjusted sales price for aggregates increased 11 percent
on a same-store basis, or $1.18 per
ton, versus the prior year's fourth quarter, with most markets
realizing solid price improvement. In the quarter, favorable
product and geographic mix added approximately $0.15 per ton to the reported average selling
price. For the full year, average selling prices on a
same-store basis increased 7 percent. The Company expects
positive pricing momentum to continue into 2016.
Overall Aggregates segment unit costs of sales, excluding
freight and delivery, declined approximately 3 percent, or
$0.20 per ton, from the prior year's
fourth quarter. This year-over-year improvement resulted from
lower diesel expenditures, and improving control of repairs and
maintenance, overtime labor and other costs. The Company
remains focused, with a multi-quarter view, on balancing the
factors impacting production quality, service quality and
cost. In 2015, Aggregates segment unit cost of sales,
excluding freight and delivery, declined 1 percent versus the prior
year as lower diesel and energy costs offset higher fringe and
overtime labor expenses and repair & maintenance costs.
During the fourth quarter, Aggregates segment unit margins
continued to expand. Gross profit per ton increased
$1.36, or 36 percent, from the prior
year. On a trailing twelve month basis, unit gross profit has
increased 27 percent, while unit cash gross profit has increased 16
percent to $5.52 per ton.
Trailing twelve month unit gross profit has increased for each of
the past 12 quarters.
For the quarter, same-store aggregates freight-adjusted revenues
increased $86 million, while
same-store gross profit for the segment increased $76 million, a flow-through rate of 89
percent. Because quarterly results can be volatile due to
seasonality and other factors, the Company encourages investors
also to consider longer-term trends. On a
trailing-twelve-month basis, this flow-through rate was 77 percent
and has consistently exceeded the Company's stated long-term goal
of 60 percent since volumes began to recover in the second half of
2013.
Asphalt, Concrete and Calcium
In total, the full year gross profit contribution of these three
segments exceeded plan due to margin improvements resulting from
both core operating disciplines and strategic repositioning of our
asset portfolio.
In the fourth quarter, Asphalt segment gross profit was
$18 million versus $10 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 4 percent.
Concrete segment gross profit was $5
million versus $3 million in
the prior year's fourth quarter. Last year's fourth 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 up 2 percent 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
$1 million, a slight decrease from
the prior year's fourth quarter.
Selling, Administrative and General (SAG), Other Operating
Expense, and Tax Items
Overall, SAG expenses in the fourth quarter and full year
declined by 30 and 70 basis points, respectively, as a percentage
of total revenues from the prior year. During the year, the
Company experienced elevated SAG costs primarily due to higher
pension and other employee benefit costs, as well as continued
investment in sales force effectiveness and other strategic
initiatives. Other employee benefit 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 relatively flat with the prior year. The
Company intends to further leverage SAG expenses to revenues as
volumes recover. In 2016, SAG expenses are expected to
increase approximately 3 percent while revenues should increase
double-digits.
Other operating expense, generally consisting of various cost
items not included in cost of revenues, was $3.5 million versus $2.4
million in the fourth quarter of 2014. Over the past
three years, other operating expenses, exclusive of significant
items disclosed individually, have averaged approximately
$12 million annually, or $3 million per quarter, and represent a recurring
cost of operating our business.
In the fourth quarter, the Company reduced its estimate of
recoverable foreign tax credits by $6.5
million. This non-cash charge reduced earnings per
share $0.05 in the fourth
quarter.
Credit Position and Capital Allocation
At the end of the fourth quarter, total debt outstanding was
approximately $2 billion, including
$235 million of floating-rate
borrowings. The Company's ratio of total debt to trailing
twelve month Adjusted EBITDA was 2.4 times at the end of the fourth
quarter. The quarter end cash balance was $285 million.
The Company's capital deployment priorities remain unchanged
from prior communications. We intend 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 notes below highlight
certain activities consistent with these priorities.
- Cash capital expenditures for 2015 were $289 million, including $12 million towards the purchase of replacements
for two ships that transport aggregates from the Company's
high-volume quarry in Mexico. In
2016, core capital expenditures are expected to be approximately
$275 million, excluding capital
spending for acquisitions, new site development, and the
aforementioned shipping capacity replacement.
- During 2015, the Company maintained debt of approximately
$2 billion, eliminated nearer-term
maturities, increased the weighted-average life of its debt
obligations, and lowered its weighted-average interest rate by
approximately 100 basis points. The Company also established a new
revolving credit facility and maintained strong liquidity.
- The potential for future bolt-on acquisitions remains promising
and the Company will continue to evaluate such opportunities as
they arise. In January of 2015, the Company completed an asset
exchange transaction in which it exited the ready-mixed concrete
business in California and added
thirteen asphalt plant locations, primarily in Arizona. The Company also completed strategic
bolt-on acquisitions in 2015 in Arizona, New
Mexico and Tennessee. The
total consideration for assets acquired via purchases or swaps was
approximately $47 million.
- In 2015, the Company returned $53
million in cash to shareholders through its dividend and
$21 million through share
repurchases. The Company expects to increase the return of capital
through dividends, or other mechanisms, as earnings grow.
Demand Outlook
The Company expects overall demand growth in Vulcan-served
markets to be approximately 7 percent in 2016, driven by continued
growth in both private and public construction. Private
construction activity should continue to grow in both residential
and nonresidential segments, led by double-digit growth in
residential. Public construction in Vulcan's markets should
continue to benefit from state-led highway spending in key states
and record levels of local tax receipts. Additionally, with
the passage of a new, fully funded, long-term federal highway bill
in December 2015, the states now have
greater funding stability and certainty to undertake much needed
transportation projects. As a result, the Company believes
mid-single digit growth for this aggregates-intensive end market is
possible in 2016.
With the exception of certain markets in Texas, construction activity in Vulcan-served
markets remains well below long-term levels of per capita
consumption. Key states such as California, Florida, and Georgia continue to enjoy solid growth rates
as they gradually recover toward more normal levels of construction
activity and materials consumption, and we expect that trend to
continue in 2016. As a result, demand growth for our products
continues, and we are encouraged by the pricing fundamentals
throughout our markets.
At this point in the recovery, the timing and pace of shipments
throughout the year can be marginally more uncertain due to
weather-related challenges and the start dates and shipping pace
for certain large projects. For example, El Nino-related
rainfall has negatively impacted early 2016 shipment rates in our
California, Arizona and New
Mexico operations. These factors, coupled with public
transportation agencies needing time to adjust their project
procurement schedules to incorporate passage of the new federal
highway bill, could result in full year aggregates shipments being
weighted towards the second half of the year.
Earnings Outlook
Regarding the Company's earnings outlook for 2016, Mr. Hill
stated, "Our expectation for full year Adjusted EBITDA of
$1.0 to $1.1 billion is driven by the
continuing recovery in demand from the trough seen in 2012, strong
growth in aggregates gross profit per ton, earnings improvement in
our non-aggregates businesses and continuing leverage of our SAG
expenses."
The following assumptions, which represent the mid-point of
current management expectations, support the Company's outlook for
strong year-over-year growth in EBITDA in 2016.
- Aggregates shipments of approximately 191 million tons, up 7
percent from 2015
- Increase in average freight-adjusted aggregates pricing of 7
percent, with unit margins continuing to grow faster than
pricing
- Aggregates gross profit growth of 25 percent
- Total non-aggregates gross profit improvement of 20
percent
- SAG expenses of approximately $295
million, excluding business development-related
expenses
Other expectations include:
- Core capital spending of approximately $275 million to support the increased level of
shipments and further improve production costs and operating
efficiencies
- Interest expense of approximately $140
million
- Depreciation, depletion, accretion and amortization expense of
approximately $285 million
- Effective tax rate of 31 percent
Mr. Hill concluded, "Our 2015 results and 2016 outlook are
consistent with our long range expectations. Since the
beginning of this recovery in the second half of 2013, our teams'
efforts have resulted in trailing twelve month aggregates segment
gross profit increasing nearly $400
million on a 38 million ton increase in annualized
shipments. We are encouraged by the ongoing recovery in
demand continuing across our markets and by the positive pricing
environment. I'm very pleased with the way our people are
leading the industry in converting incremental revenue into
incremental gross profit. We remain focused on continuous
improvement and on turning in another strong year."
Conference Call
Vulcan will host a conference call at 10:00 a.m. CST on February
4, 2016. 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 30296267. The
conference call will be recorded and available for replay at the
Company's website approximately two hours after the call.
Additionally, the Company has posted supplemental information
related to its quarterly performance and outlook on its
website.
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 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
|
|
Twelve Months
Ended
|
Consolidated
Statements of Earnings
|
December
31
|
|
December
31
|
(Condensed and
unaudited)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$857,285
|
|
$755,026
|
|
$3,422,181
|
|
$2,994,169
|
Cost of
revenues
|
603,355
|
|
585,367
|
|
2,564,648
|
|
2,406,587
|
Gross
profit
|
253,930
|
|
169,659
|
|
857,533
|
|
587,582
|
Selling,
administrative and general expenses
|
79,494
|
|
72,481
|
|
286,844
|
|
272,288
|
Gain on sale of
property, plant & equipment
|
|
|
|
|
|
|
|
and
businesses
|
2,504
|
|
5,695
|
|
9,927
|
|
244,222
|
Restructuring
charges
|
(442)
|
|
(558)
|
|
(4,988)
|
|
(1,308)
|
Other operating
expense, net
|
(3,461)
|
|
(2,425)
|
|
(25,850)
|
|
(20,070)
|
Operating
earnings
|
173,037
|
|
99,890
|
|
549,778
|
|
538,138
|
Other nonoperating
income (expense), net
|
599
|
|
(922)
|
|
(1,678)
|
|
3,107
|
Interest expense,
net
|
36,311
|
|
40,875
|
|
220,243
|
|
242,407
|
Earnings from
continuing operations
|
|
|
|
|
|
|
|
before income
taxes
|
137,325
|
|
58,093
|
|
327,857
|
|
298,838
|
Provision for income
taxes
|
43,766
|
|
19,745
|
|
94,943
|
|
91,692
|
Earnings from
continuing operations
|
93,559
|
|
38,348
|
|
232,914
|
|
207,146
|
Loss on discontinued
operations, net of tax
|
(4,672)
|
|
(327)
|
|
(11,737)
|
|
(2,223)
|
Net
earnings
|
$88,887
|
|
$38,021
|
|
$221,177
|
|
$204,923
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
|
|
|
|
|
|
Continuing
operations
|
$0.70
|
|
$0.29
|
|
$1.75
|
|
$1.58
|
Discontinued
operations
|
($0.03)
|
|
$0.00
|
|
($0.09)
|
|
($0.02)
|
Net
earnings
|
$0.67
|
|
$0.29
|
|
$1.66
|
|
$1.56
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share
|
|
|
|
|
|
|
|
Continuing
operations
|
$0.69
|
|
$0.29
|
|
$1.72
|
|
$1.56
|
Discontinued
operations
|
($0.04)
|
|
($0.01)
|
|
($0.08)
|
|
($0.02)
|
Net
earnings
|
$0.65
|
|
$0.28
|
|
$1.64
|
|
$1.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
133,592
|
|
132,069
|
|
133,210
|
|
131,461
|
Assuming
dilution
|
135,711
|
|
133,619
|
|
135,093
|
|
132,991
|
Cash dividends per
share of common stock
|
$0.10
|
|
$0.06
|
|
$0.40
|
|
$0.22
|
Depreciation,
depletion, accretion and amortization
|
$70,054
|
|
$70,638
|
|
$274,823
|
|
$279,497
|
Effective tax rate
from continuing operations
|
31.9%
|
|
34.0%
|
|
29.0%
|
|
30.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table B
|
Vulcan Materials
Company
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
(in thousands, except
per share data)
|
Consolidated
Balance Sheets
|
December
31
|
|
December
31
|
(Condensed and
unaudited)
|
2015
|
|
2014
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$284,060
|
|
$141,273
|
Restricted
cash
|
1,150
|
|
0
|
Accounts and notes
receivable
|
|
|
|
Accounts and notes
receivable, gross
|
423,600
|
|
378,947
|
Less: Allowance for
doubtful accounts
|
(5,576)
|
|
(5,105)
|
Accounts and notes
receivable, net
|
418,024
|
|
373,842
|
Inventories
|
|
|
|
Finished
products
|
297,925
|
|
275,172
|
Raw
materials
|
21,765
|
|
19,741
|
Products in
process
|
1,008
|
|
1,250
|
Operating supplies
and other
|
26,375
|
|
25,641
|
Inventories
|
347,073
|
|
321,804
|
Current deferred
income taxes
|
0
|
|
39,726
|
Prepaid
expenses
|
34,284
|
|
28,640
|
Assets held for
sale
|
0
|
|
15,184
|
Total current
assets
|
1,084,591
|
|
920,469
|
Investments and
long-term receivables
|
40,558
|
|
41,650
|
Property, plant &
equipment
|
|
|
|
Property, plant &
equipment, cost
|
6,891,287
|
|
6,608,842
|
Reserve for
depreciation, depletion & amortization
|
(3,734,997)
|
|
(3,537,212)
|
Property, plant &
equipment, net
|
3,156,290
|
|
3,071,630
|
Goodwill
|
3,094,824
|
|
3,094,824
|
Other intangible
assets, net
|
766,579
|
|
758,243
|
Other noncurrent
assets
|
158,790
|
|
154,281
|
Total
assets
|
$8,301,632
|
|
$8,041,097
|
Liabilities
|
|
|
|
Current maturities of
long-term debt
|
130
|
|
150,137
|
Trade payables and
accruals
|
175,729
|
|
145,148
|
Other current
liabilities
|
177,620
|
|
156,073
|
Liabilities of assets
held for sale
|
0
|
|
520
|
Total current
liabilities
|
353,479
|
|
451,878
|
Long-term
debt
|
1,980,334
|
|
1,834,642
|
Noncurrent deferred
income taxes
|
681,096
|
|
691,137
|
Deferred
revenue
|
207,660
|
|
213,968
|
Other noncurrent
liabilities
|
624,875
|
|
672,773
|
Total
liabilities
|
$3,847,444
|
|
$3,864,398
|
Equity
|
|
|
|
Common stock, $1 par
value
|
133,172
|
|
131,907
|
Capital in excess of
par value
|
2,822,578
|
|
2,734,661
|
Retained
earnings
|
1,618,507
|
|
1,471,845
|
Accumulated other
comprehensive loss
|
(120,069)
|
|
(161,714)
|
Total
equity
|
$4,454,188
|
|
$4,176,699
|
Total liabilities and
equity
|
$8,301,632
|
|
$8,041,097
|
|
|
|
|
|
|
Table C
|
Vulcan Materials
Company
|
|
|
|
and Subsidiary
Companies
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
Twelve Months
Ended
|
Consolidated
Statements of Cash Flows
|
December
31
|
(Condensed and
unaudited)
|
2015
|
|
2014
|
Operating
Activities
|
|
|
|
Net
earnings
|
$221,177
|
|
$204,923
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities
|
|
|
|
Depreciation,
depletion, accretion and amortization
|
274,823
|
|
279,497
|
Net gain on sale of
property, plant & equipment and businesses
|
(9,927)
|
|
(244,222)
|
Contributions to
pension plans
|
(14,047)
|
|
(5,488)
|
Share-based
compensation
|
18,248
|
|
23,884
|
Excess tax benefits
from share-based compensation
|
(18,376)
|
|
(3,464)
|
Deferred tax
provision (benefit)
|
3,069
|
|
18,378
|
Cost of debt
purchase
|
67,075
|
|
72,949
|
Changes in assets and
liabilities before initial
|
|
|
|
effects of business
acquisitions and dispositions
|
(23,120)
|
|
(93,320)
|
Other, net
|
(15,544)
|
|
7,199
|
Net cash provided by
operating activities
|
$503,378
|
|
$260,336
|
Investing
Activities
|
|
|
|
Purchases of
property, plant & equipment
|
(289,262)
|
|
(224,852)
|
Proceeds from sale of
property, plant & equipment
|
8,218
|
|
26,028
|
Proceeds from sale of
businesses, net of transaction costs
|
0
|
|
721,359
|
Payment for
businesses acquired, net of acquired cash
|
(27,198)
|
|
(284,237)
|
Increase in
restricted cash
|
(1,150)
|
|
0
|
Other, net
|
(350)
|
|
33
|
Net cash provided by
(used for) investing activities
|
($309,742)
|
|
$238,331
|
Financing
Activities
|
|
|
|
Proceeds from line of
credit
|
441,000
|
|
93,000
|
Payments of line of
credit
|
(206,000)
|
|
(93,000)
|
Payments of current
maturities and long-term debt
|
(695,060)
|
|
(579,829)
|
Proceeds from
issuance of long-term debt
|
400,000
|
|
0
|
Debt and line of
credit issuance costs
|
(7,382)
|
|
0
|
Purchases of common
stock
|
(21,475)
|
|
0
|
Proceeds from
issuance of common stock
|
0
|
|
30,620
|
Dividends
paid
|
(53,214)
|
|
(28,884)
|
Proceeds from
exercise of stock options
|
72,971
|
|
23,502
|
Excess tax benefits
from share-based compensation
|
18,376
|
|
3,464
|
Other, net
|
(65)
|
|
(5)
|
Net cash used for
financing activities
|
($50,849)
|
|
($551,132)
|
Net increase
(decrease) in cash and cash equivalents
|
142,787
|
|
(52,465)
|
Cash and cash
equivalents at beginning of year
|
141,273
|
|
193,738
|
Cash and cash
equivalents at end of year
|
$284,060
|
|
$141,273
|
|
|
|
|
|
|
|
Table D
|
Segment Financial
Data and Unit Shipments
|
|
|
|
|
|
(in thousands, except
per unit data)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31
|
|
December
31
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
|
|
|
|
|
|
Aggregates
1
|
$710,087
|
|
$593,828
|
|
$2,777,758
|
|
$2,346,411
|
Asphalt Mix
2
|
119,758
|
|
115,534
|
|
530,692
|
|
445,538
|
Concrete
2,3
|
72,852
|
|
87,014
|
|
299,252
|
|
375,806
|
Calcium
4
|
2,143
|
|
2,451
|
|
8,596
|
|
25,032
|
Segment
sales
|
$904,840
|
|
$798,827
|
|
$3,616,298
|
|
$3,192,787
|
Aggregates
intersegment sales
|
(47,555)
|
|
(43,801)
|
|
(194,117)
|
|
(189,393)
|
Calcium intersegment
sales 4
|
0
|
|
0
|
|
0
|
|
(9,225)
|
Total
revenues
|
$857,285
|
|
$755,026
|
|
$3,422,181
|
|
$2,994,169
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
Aggregates
|
$229,851
|
|
$155,987
|
|
$755,666
|
|
$544,070
|
Asphalt Mix
2
|
18,252
|
|
9,788
|
|
78,225
|
|
38,080
|
Concrete
2,3
|
4,872
|
|
2,753
|
|
20,152
|
|
2,233
|
Calcium
4
|
955
|
|
1,131
|
|
3,490
|
|
3,199
|
Total
|
$253,930
|
|
$169,659
|
|
$857,533
|
|
$587,582
|
|
|
|
|
|
|
|
|
Depreciation,
Depletion, Accretion and Amortization
|
|
|
|
|
|
|
Aggregates
|
$58,215
|
|
$57,862
|
|
$228,466
|
|
$227,042
|
Asphalt Mix
2
|
4,247
|
|
3,261
|
|
16,378
|
|
10,719
|
Concrete
2,3
|
2,917
|
|
4,214
|
|
11,374
|
|
19,892
|
Calcium
4
|
183
|
|
148
|
|
679
|
|
1,554
|
Other
|
4,492
|
|
5,153
|
|
17,926
|
|
20,290
|
Total
|
$70,054
|
|
$70,638
|
|
$274,823
|
|
$279,497
|
|
|
|
|
|
|
|
|
Average Unit Sales
Price and Unit Shipments
|
|
|
|
|
|
|
Aggregates
|
|
|
|
|
|
|
|
Freight-adjusted
revenues 5
|
$545,115
|
|
$455,090
|
|
$2,112,460
|
|
$1,794,046
|
Aggregates -
tons
|
44,708
|
|
41,274
|
|
178,272
|
|
162,376
|
Freight-adjusted
sales price 6
|
$12.19
|
|
$11.03
|
|
$11.85
|
|
$11.05
|
|
|
|
|
|
|
|
|
Other
Products
|
|
|
|
|
|
|
|
Asphalt Mix -
tons
|
2,159
|
|
1,903
|
|
9,658
|
|
7,411
|
Asphalt Mix - sales
price
|
$54.59
|
|
$54.96
|
|
$54.27
|
|
$54.39
|
|
|
|
|
|
|
|
|
Ready-mixed concrete
- cubic yards
|
681
|
|
847
|
|
2,810
|
|
3,732
|
Ready-mixed concrete
- sales price
|
$106.96
|
|
$102.74
|
|
$106.44
|
|
$99.46
|
|
|
|
|
|
|
|
|
Calcium -
tons
|
83
|
|
92
|
|
321
|
|
335
|
Calcium - sales
price
|
$25.90
|
|
$26.58
|
|
$26.70
|
|
$26.50
|
|
|
|
|
|
|
|
|
1 Includes
product sales, 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
and 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
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)
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Cash
Payments
|
|
|
|
|
|
|
|
Interest (exclusive
of amount capitalized)
|
|
|
|
|
$208,288
|
|
$241,841
|
Income
taxes
|
|
|
|
|
53,623
|
|
79,862
|
|
|
|
|
|
|
|
|
Noncash Investing
and Financing Activities
|
|
|
|
|
|
|
|
Accrued liabilities
for purchases of property, plant & equipment
|
|
|
|
|
31,883
|
|
17,120
|
Amounts referable to
business acquisitions
|
|
|
|
|
|
|
|
|
Liabilities
assumed
|
|
|
|
|
2,645
|
|
26,622
|
|
Fair value of noncash
assets and liabilities exchanged
|
|
|
|
|
20,000
|
|
2,414
|
|
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
|
|
Twelve Months
Ended
|
|
December
31
|
|
December
31
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Gross
profit
|
$253,930
|
|
$169,659
|
|
$857,533
|
|
$587,582
|
Total
revenues
|
$857,285
|
|
$755,026
|
|
$3,422,181
|
|
$2,994,169
|
|
Gross profit
margin
|
29.6%
|
|
22.5%
|
|
25.1%
|
|
19.6%
|
|
|
|
|
|
|
|
|
Gross Profit
Margin Excluding Freight and Delivery Revenues
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31
|
|
December
31
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Gross
profit
|
$253,930
|
|
$169,659
|
|
$857,533
|
|
$587,582
|
Total
revenues
|
$857,285
|
|
$755,026
|
|
$3,422,181
|
|
$2,994,169
|
Freight and delivery
revenues 1
|
134,633
|
|
121,996
|
|
538,127
|
|
473,079
|
|
Total revenues
excluding freight and delivery revenues
|
$722,652
|
|
$633,030
|
|
$2,884,054
|
|
$2,521,090
|
Gross profit margin
excluding freight and delivery revenues
|
35.1%
|
|
26.8%
|
|
29.7%
|
|
23.3%
|
|
|
|
|
|
|
|
|
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. Reconciliations 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
|
|
Twelve Months
Ended
|
|
|
December
31
|
|
December
31
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
Gross
profit
|
$229,851
|
|
$155,987
|
|
$755,666
|
|
$544,070
|
Segment
sales
|
$710,087
|
|
$593,828
|
|
$2,777,758
|
|
$2,346,411
|
Gross profit
margin
|
32.4%
|
|
26.3%
|
|
27.2%
|
|
23.2%
|
Incremental gross
profit margin
|
63.5%
|
|
|
|
49.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment
Gross Profit as a Percentage of Freight-Adjusted
Revenues
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31
|
|
December
31
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
Gross
profit
|
$229,851
|
|
$155,987
|
|
$755,666
|
|
$544,070
|
Segment
sales
|
$710,087
|
|
$593,828
|
|
$2,777,758
|
|
$2,346,411
|
Less
|
|
|
|
|
|
|
|
|
Freight, delivery and
transportation revenues 1
|
$160,314
|
|
$133,714
|
|
$644,671
|
|
$532,134
|
|
Other
revenues
|
4,658
|
|
5,024
|
|
20,627
|
|
20,231
|
|
Freight-adjusted
revenues
|
$545,115
|
|
$455,090
|
|
$2,112,460
|
|
$1,794,046
|
|
|
|
|
|
|
|
|
|
Gross profit as a
percentage of freight-adjusted revenues
|
42.2%
|
|
34.3%
|
|
35.8%
|
|
30.3%
|
Incremental gross
profit as a percentage
of freight-adjusted revenues
|
82.0%
|
|
|
|
66.5%
|
|
|
|
|
|
|
|
|
|
|
|
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 to assess liquidity and
Aggregates segment cash gross profit and EBITDA to assess 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)
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
|
$503,378
|
|
$260,336
|
Purchases of
property, plant & equipment
|
|
|
|
(289,262)
|
|
(224,852)
|
|
Free cash
flow
|
|
|
|
|
$214,116
|
|
$35,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Twelve Months
Ended
|
|
|
December
31
|
|
December
31
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aggregates
segment
|
|
|
|
|
|
|
|
Gross
profit
|
$229,851
|
|
$155,987
|
|
$755,666
|
|
$544,070
|
DDA&A
|
58,215
|
|
57,862
|
|
228,466
|
|
227,042
|
|
Aggregates segment
cash gross profit
|
$288,066
|
|
$213,849
|
|
$984,132
|
|
$771,112
|
|
|
|
|
|
|
|
|
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
|
|
Twelve Months
Ended
|
|
|
December
31
|
|
December
31
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Earnings to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
$88,887
|
|
$38,021
|
|
$221,177
|
|
$204,923
|
Provision for income
taxes
|
43,766
|
|
19,745
|
|
94,943
|
|
91,692
|
Interest expense,
net
|
36,311
|
|
40,875
|
|
220,243
|
|
242,407
|
Loss on discontinued
operations, net of tax
|
4,672
|
|
327
|
|
11,737
|
|
2,223
|
EBIT
|
$173,636
|
|
$98,968
|
|
$548,100
|
|
$541,245
|
Depreciation,
depletion, accretion and amortization
|
70,054
|
|
70,638
|
|
274,823
|
|
279,497
|
EBITDA
|
$243,690
|
|
$169,606
|
|
$822,923
|
|
$820,742
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
and Adjusted EBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
$243,690
|
|
$169,606
|
|
$822,923
|
|
$820,742
|
|
Gain on sale of real
estate and businesses
|
(443)
|
|
(2,606)
|
|
(6,329)
|
|
(238,528)
|
|
Charges associated
with acquisitions and divestitures
|
305
|
|
5,562
|
|
9,499
|
|
21,135
|
|
Asset
impairment
|
0
|
|
0
|
|
5,190
|
|
0
|
|
Restructuring
charges
|
442
|
|
558
|
|
4,988
|
|
1,308
|
Adjusted
EBITDA
|
$243,994
|
|
$173,120
|
|
$836,271
|
|
$604,657
|
|
Depreciation,
depletion, accretion and amortization
|
(70,054)
|
|
(70,638)
|
|
(274,823)
|
|
(279,497)
|
Adjusted
EBIT
|
$173,940
|
|
$102,482
|
|
$561,448
|
|
$325,160
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$299,252
|
|
$59,789
|
|
$96,009
|
|
$93,834
|
|
$98,949
|
|
$87,014
|
|
Adjusted
|
294,138
|
|
54,675
|
|
48,186
|
|
74,360
|
|
79,697
|
|
70,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$299,252
|
|
$59,789
|
|
$96,009
|
|
$93,834
|
|
$98,949
|
|
$87,014
|
|
Adjusted
|
294,138
|
|
54,675
|
|
48,186
|
|
74,360
|
|
79,697
|
|
70,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$20,152
|
|
$810
|
|
($9,226)
|
|
$3,221
|
|
$5,486
|
|
$2,753
|
|
Adjusted
|
20,944
|
|
1,602
|
|
(4,370)
|
|
4,921
|
|
7,161
|
|
4,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion,
accretion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$11,374
|
|
$2,728
|
|
$6,037
|
|
$4,686
|
|
$4,955
|
|
$4,214
|
|
Adjusted
|
11,274
|
|
2,628
|
|
3,930
|
|
3,905
|
|
4,239
|
|
3,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments - cubic
yards
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
2,810
|
|
573
|
|
958
|
|
949
|
|
978
|
|
847
|
|
Adjusted
|
2,754
|
|
517
|
|
483
|
|
733
|
|
765
|
|
668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcium
Segment
|
|
|
|
|
|
|
|
|
|
|
|
Segment
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$8,596
|
|
$1,855
|
|
$18,133
|
|
$2,174
|
|
$2,273
|
|
$2,451
|
|
Adjusted
|
8,596
|
|
1,855
|
|
2,137
|
|
2,174
|
|
2,273
|
|
2,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$8,596
|
|
$1,855
|
|
$8,908
|
|
$2,174
|
|
$2,273
|
|
$2,451
|
|
Adjusted
|
8,596
|
|
1,855
|
|
2,165
|
|
2,174
|
|
2,273
|
|
2,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$3,490
|
|
$572
|
|
$130
|
|
$949
|
|
$989
|
|
$1,131
|
|
Adjusted
|
3,490
|
|
572
|
|
424
|
|
949
|
|
989
|
|
1,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion,
accretion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$679
|
|
$162
|
|
$1,058
|
|
$191
|
|
$157
|
|
$148
|
|
Adjusted
|
679
|
|
162
|
|
97
|
|
191
|
|
157
|
|
148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year-to-date 2015 amounts include adjustments for first quarter of
2015 transactions. There were no adjustments for second, third or
fourth quarters of 2015.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vulcan-announces-fourth-quarter-2015-results-300214920.html
SOURCE Vulcan Materials Company