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): February 4, 2016
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 February 4, 2016,
the Company announced its financial results for the fourth quarter ending December 31, 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 February 4, 2016. |
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: |
February 4, 2016 |
By: |
/s/ Michael R. Mills |
| |
|
|
Michael R. Mills |
| |
|
|
Senior Vice President and General Counsel |
Exhibit 99.1
February 4, 2016
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: David Donaldson (205)
298-3220
VULCAN ANNOUNCES FOURTH QUARTER 2015
RESULTS
EPS from Continuing Operations Increases
Sharply to $0.69 per Share
Aggregates Volume Up 8% and Price Up
11%
Birmingham, Alabama – February 4, 2016 –
Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, today announced results for
the fourth quarter ending December 31, 2015.
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.”
Page 2
February
4, 2016
FOR IMMEDIATE RELEASE
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 |
| o | Total shipments increased 8 percent, or 3.4 million tons, to 44.7
million tons; same-store shipments also increased 8 percent |
| o | Freight-adjusted sales price increased 11 percent in total and on
a same-store basis |
| o | 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 |
| o | 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 |
| o | 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 |
| o | Total shipments increased 10 percent, or 15.9 million tons, to 178.3
million tons; same-store shipments increased 7 percent |
| o | Freight-adjusted sales price increased 7 percent in total and on a
same-store basis |
| o | 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 |
| o | These results include gains on sale of assets, debt refinancing, expenses
related to business development activities, restructuring charges and income tax items |
| o | 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.
Page 3
February
4, 2016
FOR IMMEDIATE RELEASE
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.
Page 4
February
4, 2016
FOR IMMEDIATE RELEASE
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. |
Page 5
February
4, 2016
FOR IMMEDIATE RELEASE
| · | 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.
Page 6
February
4, 2016
FOR IMMEDIATE RELEASE
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.
Page 7
February
4, 2016
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 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.
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