Several public producers published their fourth-quarter and year-end financial results as P&Q went to press this month. Here’s a rundown on their performances, as well as commentaries from company leaders.
Vulcan Materials
Vulcan Materials Co. reported its fourth-quarter and year-end 2024 results Tuesday, noting that several quarterly gains were made in its aggregate segment despite a 3 percent decrease in shipments.
According to Vulcan, its fourth-quarter aggregate segment gross profit increased 15 percent to $486 million. The company’s cash gross profit per ton in aggregates improved 16 percent to $11.50 per ton, resulting from continued pricing growth and moderating cost trends.
“Our aggregates-led business delivered a strong finish to the year,” says Tom Hill, chairman and CEO of Vulcan.
Although aggregate shipments were down in the fourth quarter, Vulcan says underlying demand and the weather proved favorable. The pricing environment was also positive, the company says, with freight-adjusted aggregate selling prices increasing 11 percent versus the prior year’s fourth quarter, with all Vulcan markets realizing year-over-year improvement.
Martin Marietta
Martin Marietta made several gains in the fourth quarter, elevating its revenues and gross profit from the prior-year period.
The company reports that its revenues and gross profits were both down across the entirety of 2024, though, with chair and CEO Ward Nye citing a few factors as impacting the business.
“In 2024, we faced several challenging dynamics beyond our control, including inclement weather, softening construction demand in both nonresidential and residential sectors, and tighter-than-expected monetary policy,” Nye says. “Despite these headwinds, we remained steadfast in executing our strategic priorities and concluded the year with a return to earnings growth and margin expansion, resulting in record fourth-quarter profits.”
Fourth-quarter aggregate shipments at Martin Marietta increased 2.7 percent to 47.9 million tons, reflecting acquisition contributions that were partially offset by softer residential, warehouse and manufacturing demand. Additionally, Martin Marietta says its average selling price increased 8.6 percent in the quarter to $21.95 per ton, or 7.6 percent on an organic mix-adjusted basis.
CRH
CRH published its fourth-quarter and full-year 2024 financial results, noting that total revenues in its Americas Materials Solutions business were 1 percent behind 2023’s fourth quarter.
According to CRH, price increases and acquisition-related contributions were offset in the quarter by lower activity levels due to weather disruption in certain regions. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) in the CRH Americas Materials Solutions business, however, was 20 percent ahead of the prior-year period, as strong pricing, operational efficiencies and cost management drove growth.
Heidelberg Materials
Heidelberg Materials published its financial results for 2024, noting that the past year was “very good” as group revenues reached the previous year’s level ($26.8 billion) despite declining volumes.
“We have persistently continued our growth trajectory and can look back on another very good performance in the previous year,” says Dominik von Achten, chairman of Heidelberg Materials. “We have further expanded our presence in the core market of North America and several other important growth markets. Thanks to our broad geographic footprint, as well as our focus on cost and price management, we managed to more than compensate for declining demand in certain regions.”
Along with growth in North America, Heidelberg Materials says it strengthened its presence in Asia-Pacific with acquisitions focused on growth and sustainability.
Cemex
Cemex operations in the U.S., meanwhile, reported a 3 percent sales decline in the fourth quarter and a flat EBITDA.
Additionally, the company’s U.S. operations reported a 3 percent decline in sales across all of 2024, with sales totaling $5.19 billion.
Globally, Cemex says it reached an annual EBITDA of $3.07 billion in 2024 and a net income of $939 million.
Holcim
Holcim delivered 9.5 percent growth in recurring EBIT in North America last year, the company announced.
The company’s recurring EBIT in North America last year grew to a record $1.82 billion. The company says it has secured more than 200 infrastructure projects in the region for the coming years.
Holcim expects infrastructure modernization and the reshoring of manufacturing to drive growth this year.
Knife River
Total revenue was up 1.5 percent in the fourth quarter at Knife River Corp., which also achieved a record full-year revenue in 2024.
Fourth-quarter revenue in Knife River’s construction materials business was up slightly. Fourth-quarter revenue was down slightly in the company’s contracting services business.
“For the second consecutive year, we delivered record financial results –
a testament to our 6,000 team members and their commitment to our Competitive EDGE strategy,” says Brian Gray, president and CEO of Knife River.
“We achieved record full-year revenue, net income and adjusted EBITDA. We also improved our adjusted EBITDA margin for the year to a record 16 percent,
continuing our progress toward our long-term goal of exceeding 20 percent.”
Arcosa
Fourth-quarter revenues increased significantly in Arcosa’s construction products business following recent acquisitions that include Stavola. The construction products business’s organic revenues, however, decreased 4 percent.
Arcosa attributes the decline primarily to lower freight revenue and the divestiture of several small, underperforming operations.
Organic product sales revenue in the Arcosa construction products business increased in the fourth quarter, though, as higher pricing offset lower overall volumes in aggregates and specialty materials.
Granite
At Granite Construction, revenue in the company’s materials segment grew in the fourth quarter, as well as across all of 2024.
Granite’s materials segment revenue was up 11.6 percent in the fourth quarter, and its gross profit was up 1.6 percent. Across 2024, revenue in Granite’s materials segment was up 14.5 percent to $516.8 million. Gross profit in the segment also increased across the full year by 14.5 percent to $81.6 million.
According to Granite, acquired businesses and higher asphalt and aggregate prices drove revenue gains in the materials segment.
Eagle Materials
Revenue in Eagle Materials’ heavy materials sector, which includes aggregates, cement and ready-mixed concrete, was down in the company’s fiscal third quarter ending Dec. 31.
According to Eagle, quarterly revenue in the sector, combined with joint-venture and intersegment cement revenue, was down 4 percent to $351.8 million. Heavy materials operating earnings dropped 20 percent to $85.4 million, the company adds, with both declines resulting from lower sales volumes that higher sales prices partially offset.
Aggregate and concrete revenue decreased 2 percent in the quarter to $56.4 million, reflecting lower sales volumes in both that were partially offset by higher aggregate and concrete pricing, as well as $3.1 million of revenue contribution from an acquired aggregate business in Kentucky.
Q3 reports: Third-quarter rundown: Severe weather a factor for producers
