Vulcan Materials Falls 6% After Hours (VMC)

Shares of Vulcan Materials Company VMC were down 6% at $34.01 per share, after the company released financial results on Monday after the market closed that missed Wall Street earnings estimates. Vulcan Materials Company announced that its 3rd quarter net earnings fell to $13.2 million, or 10 cents per share, down from $54.2 million, or 43 cents per share, a year earlier. The company reported earnings from continuing operations of 8 cents per share. Revenues fell to $743.2 million, down from $778.19 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 18 cents per share, on revenue of $775.36 million. Chairman and chief executive officer Don James said, "Despite the modest decline in third quarter aggregates shipments, we are encouraged by underlying shipping trends. Trailing twelve month aggregates shipments have been increasing since February in spite of significantly lower volumes in the third quarter in Illinois due to a labor strike affecting our customers. In asphalt, trailing twelve month shipments have been relatively stable for the last 4 months." Vulcan Materials Company (VMC) finished the trading day at $36.20 per share. The consensus price target of analysts covering the company's stock is $43.78 per share. Read more from Benzinga's Company news.