J.P. Morgan Comments On VMC Q1 Results

J.P. Morgan is providing its initial take on Vulcan Materials Company's VMC Q1 results. “Q1 EPS was -$0.50, in line with consensus, and below our -$0.38, due to a ~$15mm shortfall on the top line (vs. our estimate), as well as slightly lower EBIT margin (-670bps) than we forecast, reflecting an increase in energy and liquid asphalt prices,” J.P. Morgan writes. “Q1 EPS included a pre-announced $0.12/share gain from a favorable arbitration ruling that was factored into our forecast (a $0.08 gain was also included in discontinued ops). Free cash flow topped our forecast by $35mm, due in part to a favorable working capital swing.” Vulcan Materials Company closed Wednesday at $44.20.