Vulcan Materials Clocks 37% Revenue Growth in Q4, Tops Steet View

Vulcan Materials Co VMC reported a fourth-quarter revenue increase of 36.7% year-over-year to $1.61 billion, beating the consensus of $1.55 billion.
Overall gross margin contracted by 386 bps to 21.9%. The operating earnings increased by 7.6% Y/Y to $211.3 million, and the margin contracted by 356 bps to 13.2%.
Adjusted EBITDA was $383.4 million (+23.2% Y/Y), and margin contracted by 260 bps to 23.9%.
Adjusted EPS improved to $1.25 from $1.07 in 4Q20, beating the consensus of $1.16.
Sales by segments: Aggregates $1.15 billion (+20.5% Y/Y), Asphalt $197.4 million (+1.4% Y/Y), Concrete $370 million (+333% Y/Y) and Calcium $1.4 million (-41.7% Y/Y).
Aggregates gross profit increased 18% Y/Y to $326 million, or $5.64 per ton, Same-store volumes increased 7%, Cash gross profit per ton improved 6% Y/Y to $7.41, and total aggregates shipments increased 13%.
Vulcan Materials generated cash from operating activities of $1.01 billion in FY21, compared to $1.07 billion a year ago.
FY22 Outlook: Vulcan Materials expects net earnings of $800 million - $890 million, Adjusted EBITDA of $1.72 billion - $1.82 billion.
It expects high single-digit growth in Aggregates cash gross profit per ton, total shipment growth of 5% to 7% (222.9 million tons in 2021), and a Freight-adjusted price increase of 6% to 8% ($14.87 per ton in 2021).
Cash gross profit of $300 million - $325 million in Asphalt, Concrete, and Calcium collectively.
Vulcan Materials also announced the retirement of its SVP and CFO, Suzanne Wood, effective Sept. 1, 2022, and named Mary Andrews Carlisle as the successor.
Price Action: VMC shares traded 0.57% lower at $188.03 on the last check Wednesday.

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