Vulcan Materials Earnings Nearly Triple
Birmingham, Ala.-based Vulcan Materials shares were jumping in Monday trading following a fiscal Q3 2013 earnings report that showed the company beating earnings estimates soundly, and eking out a beat on revenue as well.
Q3 2013 revenues of $775.2 million squeaked past analysts' expected $774.1 million, and were up nearly 13% in comparison to last year's Q3. Earnings per share came in at $0.31 including a $0.01 charge for discontinued operations. That was nearly three times the $0.11 per share that Vulcan earned a year ago, and well ahead of Wall Street's anticipated $0.27-per-share profit.
Citing "continued improvement in private construction," Vulcan noted that all of its major product lines saw growth in unit shipments during the quarter, with asphalt mix deliveries up 4%, aggregates shipments up 9%, and ready-mixed concrete and cement up an even more impressive 17%. Strong demand also lent itself to stronger prices, according to the CEO.
Looking forward, Vulcan says investors can expect to see "continued improvement in private construction" in certain key states offsetting the delay of several large highway and industrial projects that have been pushed back into the first half of 2014. Overall, the company remains optimistic that profits will continue to grow as the year draws to a close.
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