Vulcan Materials Co. released its 2015 first quarter results, reporting a first-quarter loss of $39 million after reporting a profit in the same period one year earlier. Vulcan’s first quarter ended March 31.
Despite the loss, Vulcan reports its first-quarter adjusted EBITDA was $77 million. That’s a 97 percent increase from the prior year, with gross profit improving in all segments. Compared to 2014’s first quarter, total revenues increased $57 million to $631 million. In addition, total gross profit increased $44 million to $78 million. Aggregate freight-adjusted revenues increased $56 million to $380 million compared to the first quarter of 2014.
Vulcan reports gaining momentum in aggregates shipments, as well. The company reports that strong construction activity across all end-use markets drove the momentum. The states of Arizona, Florida, Illinois, North Carolina, Texas and Virginia saw shipment growth greater than 10 percent on a same-store basis. Also, the freight-adjusted sales price for aggregates increased about 4 percent on a same-store basis, or 44 cents per ton, compared to the first quarter of 2014.
“Our local leadership teams continue to excel at balancing our core profit drivers: price for service, sales and production mix, and operating efficiency and leverage,” says Tom Hill, president and CEO of Vulcan. “Although demand for our products remains well below normal levels, the gradual recovery in construction activity continues across most of our markets. As a result of improving market conditions and our continued focus on internal profit improvements, both pricing and margins continue to expand. Looking ahead, we remain well positioned to serve our customers and to achieve strong earnings growth in 2015 and beyond.”
