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Vulcan Materials produces, distributes, and sells construction materials. The company, which operates over 400 facilities, is the nation’s largest producer of aggregates—primarily crushed stone, sand, and gravel—and is a major producer of aggregates-based construction materials, such as asphalt and ready-mixed concrete.

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Vulcan Materials (VMC): Company Profile, Stock Price, News, Rankings

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Vulcan Materials

vulcan materials

Good morning. Welcome everyone to the Vulcan Materials Company First Quarter twenty twenty five Earnings Call. My name is David, and I'll be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay later on the company's website. All lines have been placed in a listen only mode.

After the company's prepared remarks, there will be a question and answer session. Now, I will turn your call over to your host, Mr. Mark Warren, Vice President of Investor Relations for Vulcan Materials. Mr. Warren, you may begin.

Thank you, operator, and good morning, everyone. With me today are Tom Hill, Chairman and CEO and Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer. Today's call is accompanied by a press release and a supplemental presentation posted to our website, vulcanmaterials.com. Please be reminded that today's discussion may include forward looking statements, which are subject to risks and uncertainties. These risks, along with other legal disclaimers, are described in detail in the company's earnings release and in other filings with the Securities and Exchange Commission.

Reconciliations of non GAAP financial measures are defined and reconciled in our earnings release, supplemental presentation and other SEC filings. During the Q and A, we ask that you limit your participation to one question. This will allow us to accommodate as many as possible during our time we have available. And with that, I'll turn the call over to Tom.

Thank you, Mark, and thank all of you for joining the Vulcan Materials earnings call this morning. Our first quarter results showcased the powerful combination of our two pronged growth strategy to improve earnings through compounding profitability in our organic business and adding strategic assets to our portfolio. Consistently expanding our cash gross profit per ton is key to successfully growing earnings through varied macroeconomic backdrops. In the first quarter, our teams delivered an impressive 20% year over year improvement. Complemented by the contribution from prior year acquisitions, the strong performance in our legacy business led to a 27% improvement in adjusted EBITDA and four twenty basis points of expansion in adjusted EBITDA margin.

I'm pleased with how our teams are executing on our Vulcan Way of selling and Vulcan Way of operating disciplines regardless of the demand backdrop. Aggregates shipments in the first quarter were 1% lower than the prior year. Shipments from acquired aggregates facilities partially offset the impacts of extremely cold weather across many of our markets and one less shipping day in the quarter. Our commercial execution and commitment to January price increases yielded two ninety basis points of sequential price growth from the fourth quarter. And Aggregates' freight adjusted price improved 7% on a year over year basis.

On a mix adjusted basis, Aggregates' freight adjusted price improved 8.5% over the prior year. Our operational execution and discipline in the quarter were noteworthy. Aggregates freight adjusted unit cash cost of sales declined 3% compared to the prior year. Moderating inflationary pressures, a relentless focus on plant efficiencies and some timing benefits of delayed expenditures due to weather conditions all contributed to the cost performance. Trailing twelve months, aggregates cash gross profit grew to $10.99 per ton within a penny of our 11 to $12 goal and a ninth consecutive quarter of double digit growth.

Our Aggregates business is performing well. Our downstream businesses are also performing well. Cash unit profitability in both asphalt and concrete expanded considerably by nineteen percent and seventy seven percent respectively. Total cash gross profit improved by over 50% through same store unit profitability improvement and the benefit of the prior year acquisitions. We delivered a strong start to the year and we're focused on carrying that momentum forward as we navigate increasing macroeconomic volatility driven by the uncertainty in trade policy and unclear trajectory of interest rates.

We believe that private demand will continue to face challenges this year, while public demand remains a healthy offset. Affordability issues and elevated interest rates persist as headwinds in residential construction activity. Single family starts and permits have been declining recently, and multifamily activity remains weak as anticipated. However, overall, single family inventory levels, particularly in Vulcan states, are below average historic levels, and mortgage performance measures do not point to distress in housing markets. Demographics in Vulcan markets support a consistent need for additional housing, So we continue to believe that the timing of additional interest rate reductions and overall improvement in affordability will dictate when residential construction activity returns to growth.

While the trends in private nonresidential demand vary across categories, the interest rate environment and macroeconomic uncertainty seem to be delaying the timing of a recovery in starts. Importantly, warehouse activity, the largest category in private nonresidential construction appears to be stabilizing after multiple years of declines and data center activity in our markets continues to accelerate. On the public side, IIJ related spending remains a catalyst with two thirds of the highway dollars yet to be spent. Public construction is poised for continued steady demand growth. Trading twelve month contract awards in Vulcan states continue to outpace other markets.

Capital plans in nine of our top 10 states are up and voters passed $45,000,000,000 transportation spending ballot initiatives in the November election cycle in 12 of our key states. And as I said, public demand is healthy and remains an important offset to private demand challenges in 2025. Our teams are closely monitoring the local market conditions and are well positioned to respond to an ever evolving environment by controlling what we can control, that is how we perform on the commercial and operational sides of our business. By staying focused on our disciplines, I am confident in our ability to execute. We continue to expect to deliver between $2,350,000,000 and $2,550,000,000 of adjusted EBITDA in 2025.

Now I'll turn the call over to Mary Andrews for some additional commentary on our first quarter. Mary Andrews?

Thanks, Tom, and good morning. Our consistent success and compounding results in our aggregates led business is translating to attractive free cash flow. Over the last twelve months, we have generated $869,000,000 of free cash flow, a 93% conversion of net earnings. We have allocated this capital to grow our business and return cash to shareholders. We have deployed $2,200,000,000 for strategic acquisitions and returned $336,000,000 to shareholders, while generating a return on invested capital of 16.2% and maintaining debt to adjusted EBITDA leverage within our target range of two to 2.5 times.

of the first quarter and following the March redemption of our twenty twenty five senior notes for $400,000,000 our net debt to adjusted EBITDA leverage was 2.2 times with over $190,000,000 of cash on hand. A disciplined approach to capital allocation and a well positioned balance sheet are fundamental to our long term success. Our liquidity position and financial flexibility, our competitive strength as we navigate an uncertain macro economy, evaluate strategic growth opportunities and continue to create value for our shareholders. Our first quarter results provided an outstanding start to 2025. Our organic business delivered strong results in all three segments, and the operations acquired in 2024 are performing well.

We continue to evaluate the potential direct and indirect impacts of tariffs to our business. While we may experience some tariff related inflationary pressures in our operating costs, we do not currently anticipate these impacts to have a material effect on earnings. Importantly, we have a proven business model that has successfully navigated a variety of external disruptions in recent history. We remain focused on what we can control and expanding our aggregates cash gross profit per ton regardless of the macro backdrop. Capital expenditures in the quarter were $105,000,000 and we continue to expect to spend between $750,000,000 and $800,000,000 for the full year.

SAG expenses in the quarter were in line with our expectations, and we continue to expect full year SAG expense of between $550,000,000 and $560,000,000 I'll now turn the call back over to Tom to provide a few closing remarks.

Thank you, Mary Andrews. I want to thank the men and women of Vulcan Materials for their hard work in the first quarter that translated to an outstanding safety and financial performance. Most importantly, they stayed focused on keeping each other safe. And their commitment to executing each day is showing up in our bottom line. Our focus is on what is ahead, maintaining our solid momentum and continuing to leverage our Vulcan Way of selling and Vulcan Way of operating disciplines to compound profitability in our legacy business, capture synergies from acquisitions and deliver value for our shareholders.

And now, Mary Andrews and I will be happy to take your questions.

We'll take our first question from Jerry Revich with Goldman Sachs. Please go ahead. Your line is open.

Hi. Good morning, Hi, Tom. Mary Andrews, Mark. Really impressive price cost spread you folks put up in the quarter.

Tom, I'm wondering if you could just talk how you're thinking about mid year price increases and cost cadence given the strong performance and the spread?

Yes. I guess as it goes to price, I would tell you as expected, we carried really good momentum into the year with prices up 7%, mix adjusted up 8.5%. I think it was a combination of two things. January 1 price increases pretty much went as expected. And then we had really good pricing in our backlog and we continue to have good pricing in our backlog.

So I thought the first quarter started the year off really good, keep our guidance at five to 7%, remembering that we have to turn that price into profit. And you saw the Vulcan was selling, a couple of Vulcan operating do that in Q1 with unit margins up some 20%. So, really good start to the year. And I think what that is, is simply the bulk way of selling a bulk way of operating at work. As it goes to mid years, we started those discussions now.

We'll have those talks about mid year in all of our markets. I would expect a range of outcomes by market and by product line much like the last couple of years. In those discussions, as we always say, the mid years will impact 26 more than they will 25. So a really good start to the year and pleased with the performance and pleased with the execution of the Vocal Wave selling and Vocal Wave operating.

We'll take our next question from Tyler Brown with Raymond James. Please go ahead. Your

Hey, good morning. Hey, look, Tom, there's a lot of hand wringing Hey, about the outlook for volumes, maybe more so on the private side. You guys kind of mentioned that front, but obviously the ten years in the housing market has been a little bit stubborn. But just in broad strokes, can you kind of give us an update on how you would kind of characterize the organic rock volumes in 'twenty five if you kind of parse them between resi, nonresi and public? Just kind of how do you get to that flattish organic volume?

Yes. So I think what we're saying is our guidance of three to five with the acquisitions, keep that guidance. We think as we said, you said, we got challenges on the private side, but we see continued really healthy growth on the public side, both in highway and in non highway infrastructure. The non highway infrastructure is really going well. Q1 shipments were down 1%, but that's it wasn't linear.

January and February were 7%, really driven by the extremely cold weather that we saw in the winter. And then we got to March, shipments grew by 9%. It's aided that was aided by acquisitions and a little bit easier weather comps. So at this point, I think we stick to our guide of 3% to 5%, challenged private, stronger public. Now remember, that's probably going to be back half loaded.

And if you remember last year, we had a really weather challenged back half of the year, so a lot easier comps going into it. I think if you kind of look at what's going on in the market right now, project people ask all the time, are you getting projects canceled or held? Projects that have started or go, they're not held or not canceled. Now we're bidding a lot of big projects that people seem to be on the pause button. You couple that with importantly, I think if you look at our bookings, they're up substantially on the public side.

They're up slightly on private work. If you look at total backlogs, they're up year over year. So we're starting to see some water build behind the dam. The challenges, I think, will be on probably the fixed concrete plant side driven by challenges in private demand. A mixed bag, a decent start to the year, but again, I'd point you to back half loaded for volumes.

Yes. Great color. Mixed bag. Got it. Thank you.

We'll take our next question from Anthony Pettinari with Citigroup. Please go ahead. Your line is open.

Hi, Hi. This is actually Ashra Sondant on for Anthony. Thanks for taking my question. I wanted to ask for maybe update around kind of your thoughts on administrative policy. Like have you seen any kind of pressure on the pace of IJA rollout, project starts or maybe IRA related projects from any of the policy attitudes or kind of executive orders we've seen?

I think last quarter, there really wasn't much of an impact. So just wanted an update.

No. Really no impact to us. I think when it comes to the highway work or public demand, there's no uncertainty of highway funding at the federal level. IIJ funds are flowing, I'd say, as expected. Actually, the states right now are working on their new budgets.

It appears that we'll see in our states growth over the next fiscal year, which starts kind of mid summer. You got to remember, obviously, there was also four local road excuse me, 40 local road and bridge measures in last year's election, which was an additional $45,000,000,000 So short story is no impact from as far as funding for infrastructure. We actually see growth in federal, state and local funding probably for the next couple of years in our markets, including 2025. As I said in my opening comments, you still got two thirds of the IJ funding yet to be spent. So we feel really good about the public side.

Got it. Thanks. That's good to hear. I'll turn it over.

We will take our next question from Keith Hughes with Truvist. Please go ahead. Your line is Hey,

are you doing? Thanks for the question and great quarter here. I guess question is on cost. Costs were down. Could you just talk about specifically what happened in the quarter and what your outlook on the cost side is for the rest of the year?

Yes. I would tell you I would take you back to our original guide on costs. While the quarter was it was a great quarter. Look, we're down 3%, excellent performance for our operating teams. We got costs down 3% with slightly lower volumes in very, very cold conditions in January, February.

I'm proud of our operators. But I attribute the performance to three things. One, as I said, improving operating efficiencies. The Vulcan way of operating is starting to kick in. We should see that get better as we progress through the year and really get that technology to work in those quarries.

Second, I thought we I thought our folks did a really good job controlling spending matched to diminished ability to operate in the cold weather. And the third is we simply had some cost pushback. I mean, we had some projects because of the bad weather stripping and other things that we just couldn't do in the quarter. So cost, as we always say, it's going to it's lumpy quarter to quarter by nature. Take the full year, we take you back to our guide, which is kind of that low to mid single digit.

Now we'll do our best to beat that, and we got the Vulcan way of operating, executing. And so I think we got a shot at beating it. But at this point, too early to call. I'd take you back to guidance.

We'll take our next question from Kathryn Thompson with Thompson Research Group. Please go ahead. Your line Kathryn.

Good morning, and thank you for taking my question today. Wanted to circle back just on two different things that tie into your Vulcan Way of operating selling and the outlook. So contacts that we speak to in the heavy material space and we're finding that there just have and have not seen the construction industrial value chain. But what strikes us is on the heavy material side, things are maybe not quite as bad as some of the headlines show. Could you, Mary, also first, are you seeing any type of significant project either cancellations or delays?

And how does your Vulcan way of operating selling help differentiate yourself as you deal with a more uncertain environment? Thank you.

Yes. So on project delays or cancellations, what we started seems to be going. Nothing is canceling. Once it started, nothing is put on hold. As I said a minute ago, we are seeing we're bidding a lot of work, Catherine, and it's just not going right away.

I think that is good news a little bit frustrating, but good news because people are assessing projects. I think they just are not willing to pull a trigger until we get rid of some of the macro volatility. And as I said, if I look at our bookings, both on public and private, they're doing very well. Backlogs are healthy. So I think there is some pent up demand out there that will go later on once the world gets a little clearer.

As it comes to the Vulcan Way of selling and Vulcan Way of operating, I attribute the consistency and improvement in unit margins over the last two plus years. That's what I attribute that to because it just gives us a lot of clarity and forward looking information to our sales group and our operators of how we run our business. We're a little bit further ahead of what we're selling, and you're seeing that in price and you're seeing that in execution of how we run our markets and ability to see forward in those markets. Both way of operating, good quarter, but one quarter does not a trend make. So we got we have proved that out.

I am pleased with the technology that is now being put to work in our 01/2025, '1 hundred and '20 largest operations, very early stages of that. So I think we'll again, we'll have to a lot of hard work for our operators throughout 2025 and beginning of twenty twenty six, but it is paying off and we are seeing improved efficiencies. You put all that together and it just gives us a model that is able to take advantage of tailwinds and offset headwinds of how we consistently execute.

We'll take our next question from Trey Grooms with Stephens. Please go ahead.

Hey, good morning, Tom. Good morning, Mary Andrews, Mark.

I get the profitability has been touched on several times here, but 20% cash gross profit improvement, that's per unit, that's about as strong as we've seen. And I know there has been some puts and takes. And it sounded like the moderating inflation, of course, the productivity improvements. But I guess the one piece that I want to try to get my head around on as far as kind of thinking about the cadence as we move through the year would be on the things you pointed out, Tom, around some maybe delayed expenditures with stripping and things like that, that I understand are hard to call when that's going to happen, especially when weather is not your friend in a given quarter. But is there anything that you could give us on how to think about maybe the cadence of that?

Is it going to be lumpy in a quarter here or there? We should think about just the profitability as we kind of go through the quarters here?

Sure. I'll take that kind of in pieces. First of all, volume, as we said, it will be back half loaded, both from a timing and a comp perspective. I think that's how I'd look at volume. On pricing, I think we'll be pretty consistent.

I would guide you to percent that 5% to 7% quarter to quarter. I think we'll be pretty consistent as we operate through the year with price. Cost, it's a harder call. As I always say, that cost is going to be lumpy. But as an investor, you want it that way because we need to spend the money when we need to spend the money and proactively not try to time it or you'll have unpredicted maintenance and higher maintenance costs.

So again, back half loaded, price pretty consistent 5% to seven cost a little bit lumpy. Look, we had a great start to the year on cost. I would love to tell you we're going to beat the guide of low to mid, but we just need to see a few more quarters before we go there. Obviously, operators, that is their goal. That's what they want to do.

Yes. Understood. And I guess just with that, if you could maybe touch to the downstream segments, because you're expecting, I think, some improvement there as well, which we saw some in the quarter. Is that kind of still the thought around downstream?

Yes, Trey. Our downstream businesses are performing really well. We still expect them to contribute cash gross profit of about $360,000,000 for the year, two thirds asphalt, probably one third ready mix. And importantly, like you said, that's really a combination of strong unit profitability growth in legacy operations coupled with the contribution from the acquisition. So both asphalt and ready mix got off to a good start and we still expect that level of profitability for the year.

Yes. Got it. Thank you. I'll pass it on. Good luck.

We'll take our next question from Garik Shmois with Loop Capital. Please go ahead. Good morning.

Hi, thanks. Hey, good morning and congrats on the quarter. I was hoping you could speak to pricing in a little bit more detail. First, if you could maybe help us understand where you are on integrating Wake Stone and getting pricing there up to the average? And then secondly, just on

it's early days and you mentioned traction should be similar to prior years. But just curious if you're getting any pushback or what kind of feedback you're getting considering the private construction slowdown from your ready mix customers? Or are you seeing perhaps some more understanding given the expectations for inflation moving forward?

Yes. So I think that I would call like I said, I would call pricing as expected. Our January ones went well. Mid years, we're just starting those conversations, so to be seen. Pricing is always easier with growing demand and we're seeing that where we got some challenges on the private side.

We're seeing good growth on the public side, which is always helpful. That's also a lot more predictable. So I would I guess, would call it as expected from a pricing perspective and to be seen kind of with mid years.

Yes. And then just overall, Gerrick, I think as it relates to the acquisitions, same as expected. Performance was good in the first quarter. We continue to expect approximately $150,000,000 of contribution for the full year and working hard to capitalize on our Vulcan Wave selling and Vulcan Wave operating disciplines to capture synergies with the acquisition as well as improving the legacy business.

We'll take our next question from Steven Fisher with UBS. Please go ahead. Your line is open.

Good morning. Thanks much. Congrats on the profit performance. Just wanted to follow-up a question on the bidding, which you've addressed a couple of times, where you said some things are paused, which sounds like it's really on the private side. But within those pauses, how broad would you say those are?

Is that mainly kind of very interest rate sensitive commercial type projects? Or is it also on things that are more perhaps structural in nature, things like the data centers or semiconductors or pharma, bio or overseeing these bigger projects that seem to have good momentum? I'm just curious how broad you're seeing that hesitancy on the decision making that move right ahead?

I'd tell you, it's not real broad. You're seeing some big commercial projects that people are taking bids on that pull the trigger. As far as public work, it's a go and nothing's being paused there. I don't think it's that wide out there. As far as data centers, that is a bright spot for us.

We're doing a lot of data center work right now. 6% of the data centers that are under construction are in our footprint. If you look at what's coming up in data centers, 80% of the proposed data centers are within 30 miles of Vulcan Quarry. So that will be a really bright spot for us and one that is a go. I think it would be interesting to watch the data center over the next few years because that's going to lead to substantial power generation construction, which will be very aggregate intensive for us over the next three to five years.

And so that will too will be a bright spot coming on nonresidential. So it's the pause is big commercial work. I don't think it's that widespread. It's just interesting that you see some of those big projects will bid it and doesn't the timing is just pushed back. I think for me, it's good news because sooner or later it's going to go.

We'll take our next question from Timna Tanners with Wolfe Research. Please go ahead.

Hey, good morning. Wanted to about not the direct impact of tariffs. I recognize you said those were limited, but the impact of the tariff related uncertainty perhaps on your customers and acquisition candidates. Just wondering if there's anything incremental you can touch on there, please.

Vulcan Materials (VMC) Q1 2025 Earnings Call Transcript

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