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Vulcan (VMC) Beats on Q4 Earnings, Aggregates Shipments Rise
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Vulcan Materials Company’s (VMC - Free Report) reported adjusted earnings of 74 cents per share in fourth-quarter 2017, surpassing the Zacks Consensus Estimate of 72 cents by 2.8%. Also, the bottom line increased about 7.2% on a year-over-year basis.
Total revenues of $ 977 million also outpaced the Zacks Consensus Estimate of $929 million by 5.2%. The top line increased 12% from the prior-year quarter.
In the past six months, the company’s shares have rallied 12.8%, outperforming the industry’s gain of 5.6%.
Segments in Detail
Aggregates
Revenues increased 7.8% year over year to $769.5 million. Freight-adjusted revenues also rose 8% year over year to $596 million.
Aggregates shipments (volumes) were up 7% year over year. In the quarter under review, shipments improved significantly in California and across the Southeast, with most markets growing double-digits. Shipment rates, however, continued to lag in Houston while other storm-impacted the Gulf Coast markets.
Non-Aggregates
Revenues at the Asphalt Mix segment were $160.6 million, up 29.7%. Asphalt segment gross profit was $23 million, down by $1.3 million year over year. Shipments increased 16% from the prior-year quarter.
Total revenues at the Concrete segment were $108.3 million, up 24.1% year over year. Gross profit was $11.8 million, down by $3.6 million from the prior-year quarter. Shipments increased 13% from the prior-year quarter.
Total revenues at the Calcium segment were $1.9 million, reflecting a decline of 9.9% from the prior-year quarter. The segment reported gross profit of $0.5 million, down by $0.4 million from the prior-year quarter.
Adjusted gross margin of 28.7% fell 350 basis points (bps) in the fourth quarter. Also, adjusted EBITDA was down 2.1% year over year to $155.2 million.
Selling, Administrative and General expenses were $85.7 million, down by $6.1 million year over year.
Financials
As of Sep 30, 2017, cash and cash equivalents were $141.6 million down from $259 million at the end of 2016.
2018 Guidance
The company expects earnings from continuing operations between $4.00 and $4.65 per diluted share. Adjusted EBITDA is envisioned in the range of $1.15 billion to $1.25 billion. Aggregates shipments from Aggregates USA operations are expected to be roughly 7 million tons.
Masco Corp.’s (MAS - Free Report) fourth-quarter 2017 adjusted earnings per share of 44 cents surpassed the Zacks Consensus Estimate of 43 cents by 2.3%. Adjusted earnings also increased 33% year over year.
Rayonier Inc. (RYN - Free Report) reported fourth-quarter 2017 pro forma net income per share of 20 cents, comfortably beating the Zacks Consensus Estimate of 9 cents. Further, the bottom line came in significantly above the prior-year quarter figure of 5 cents.
PulteGroup’s (PHM - Free Report) fourth-quarter 2017 adjusted earnings per share of 85 cents outpaced the Zacks Consensus Estimate of 84 cents by 1.2%. Also, the bottom line reflects a 27% jump from 67 cents in the year-ago quarter.
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Vulcan (VMC) Beats on Q4 Earnings, Aggregates Shipments Rise
Vulcan Materials Company’s (VMC - Free Report) reported adjusted earnings of 74 cents per share in fourth-quarter 2017, surpassing the Zacks Consensus Estimate of 72 cents by 2.8%. Also, the bottom line increased about 7.2% on a year-over-year basis.
Total revenues of $ 977 million also outpaced the Zacks Consensus Estimate of $929 million by 5.2%. The top line increased 12% from the prior-year quarter.
In the past six months, the company’s shares have rallied 12.8%, outperforming the industry’s gain of 5.6%.
Segments in Detail
Aggregates
Revenues increased 7.8% year over year to $769.5 million. Freight-adjusted revenues also rose 8% year over year to $596 million.
Aggregates shipments (volumes) were up 7% year over year. In the quarter under review, shipments improved significantly in California and across the Southeast, with most markets growing double-digits. Shipment rates, however, continued to lag in Houston while other storm-impacted the Gulf Coast markets.
Non-Aggregates
Revenues at the Asphalt Mix segment were $160.6 million, up 29.7%. Asphalt segment gross profit was $23 million, down by $1.3 million year over year. Shipments increased 16% from the prior-year quarter.
Total revenues at the Concrete segment were $108.3 million, up 24.1% year over year. Gross profit was $11.8 million, down by $3.6 million from the prior-year quarter. Shipments increased 13% from the prior-year quarter.
Total revenues at the Calcium segment were $1.9 million, reflecting a decline of 9.9% from the prior-year quarter. The segment reported gross profit of $0.5 million, down by $0.4 million from the prior-year quarter.
Vulcan Materials Company Revenue (TTM)
Vulcan Materials Company Revenue (TTM) | Vulcan Materials Company Quote
Operating Highlights
Adjusted gross margin of 28.7% fell 350 basis points (bps) in the fourth quarter. Also, adjusted EBITDA was down 2.1% year over year to $155.2 million.
Selling, Administrative and General expenses were $85.7 million, down by $6.1 million year over year.
Financials
As of Sep 30, 2017, cash and cash equivalents were $141.6 million down from $259 million at the end of 2016.
2018 Guidance
The company expects earnings from continuing operations between $4.00 and $4.65 per diluted share. Adjusted EBITDA is envisioned in the range of $1.15 billion to $1.25 billion. Aggregates shipments from Aggregates USA operations are expected to be roughly 7 million tons.
Zacks Rank & Peer Releases
Vulcan carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Masco Corp.’s (MAS - Free Report) fourth-quarter 2017 adjusted earnings per share of 44 cents surpassed the Zacks Consensus Estimate of 43 cents by 2.3%. Adjusted earnings also increased 33% year over year.
Rayonier Inc. (RYN - Free Report) reported fourth-quarter 2017 pro forma net income per share of 20 cents, comfortably beating the Zacks Consensus Estimate of 9 cents. Further, the bottom line came in significantly above the prior-year quarter figure of 5 cents.
PulteGroup’s (PHM - Free Report) fourth-quarter 2017 adjusted earnings per share of 85 cents outpaced the Zacks Consensus Estimate of 84 cents by 1.2%. Also, the bottom line reflects a 27% jump from 67 cents in the year-ago quarter.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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