Aggregate pricing up, volumes largely down in seasonally slower first quarter

The industry’s public producers have published their first-quarter 2025 financial results. Here’s a rundown:

Vulcan Materials

Vulcan Materials Co. reported a series of financial gains in the first quarter despite a 1 percent decrease in aggregate shipments.

The gross profit in Vulcan’s aggregate segment increased 18 percent to $357 million, and gross profit margin expanded 320 basis points to 26.7 percent.

Also in aggregates, cash gross profit per ton increased 20 percent to $10.63 per ton. This resulted from geographically widespread pricing growth and improving operational efficiencies, according to Vulcan.

Although aggregate shipments dropped 1 percent in the quarter versus the prior-year period, Vulcan says shipments from acquisitions partially offset one less shipping day in the quarter and challenging weather – particularly in February.

Aggregate price increases that Vulcan implemented at the beginning of 2025 produced another quarter of attractive growth, the company adds.

Martin Marietta

First-quarter aggregate shipments increased 6.6 percent at Martin Marietta, climbing to 39 million tons. Acquisitions contributed to the gain, although the company says challenging weather early this year in the Southeast, Southwest and Midwest factored into the total.

As winter weather eased in March, Martin Marietta says organic aggregate shipments increased by double digits, reflecting underlying strength in key Sun Belt markets.

Pricing momentum continued, as well, with Martin Marietta’s average selling price in aggregates increasing 6.8 percent to $23.77 per ton.

CRH

CRH also made several gains in the first quarter, including some within its Americas Materials Solutions business.

According to CRH, total first-quarter revenues in Americas Materials Solutions were 2 percent ahead of the prior-year period. CRH says additional pricing progress contributed, as well as acquired businesses.

The company says these factors offset the effects of lower activity due to weather disruption.

Holcim

Holcim noted a good start to the year in North America. Unfavorable weather, however, was a factor for the company’s North American operations.

Despite that, Holcim reported improved trading in March and closed on an acquisition of an aggregate business in the first quarter.

Heidelberg Materials

Heidelberg Materials characterized its start to 2025 as positive, with revenue in the North American market up about 1.8 percent.

The company’s RCOBD (result from current operations before depreciation and amortization) was down 9.6 percent in the market, though. RCOBD margin also dipped 126 basis points to 9.9 percent.

Globally, Heidelberg Materials’ revenue was up 5.7 percent and RCOBD gained 2.6 percent while RCOBD margin slipped 28 basis points to 11.8 percent.

Cemex

Cemex’s U.S. sales slipped 4 percent in the first quarter to $1.19 billion, with its operating EBITDA (earnings before interest, tax, depreciation and amortization) in the region dropping 20 percent to $190 million.

Globally, Cemex’s sales were down 7 percent in the first quarter to $3.64 billion. Operating EBITDA also slipped globally – 18 percent – to $601 million during the quarter.

The company, however, says it achieved a record quarterly net income of $734 million.

Knife River

Knife River Corp. reported elevated first-quarter revenue along with a higher seasonal loss, but president and CEO Brian Gray remains encouraged by the outlook for the company.

Quarterly revenue was up 7 percent to $353.5 million at Knife River. The company’s net loss in the quarter was $68.7 million – a 44 percent increase versus the prior-year period.

Gray says the company’s seasonal loss in the first quarter was in line with expectations.

Granite

Also in the quarter, revenue, gross loss and cash gross profit improved in Granite Construction’s material segment year over year.

Granite says revenue from the newly acquired Dickerson & Bowen business primarily drove the gains. Higher aggregate and asphalt volumes and higher aggregate sales prices contributed, as well.

USLM

Growth in the lime and limestone business contributed significantly to United States Lime & Minerals’ (USLM) financial gains in the first quarter.

According to USLM, its first-quarter revenues jumped 27.3 percent to $91.3 million. An increase in lime and limestone sales volumes – largely to construction and environmental customers – and elevated selling prices drove the gain.

The company’s gross profit in the first quarter, meanwhile, was up 50.8 percent to $46.2 million.

Additionally, USLM says selling, general and administrative expenses were up 29.2 percent in the quarter to $6.3 million.