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SMALL BUSINESS
Vulcan Announces Second Quarter Results
BIRMINGHAM, Ala., Aug. 3, 2009 /PRNewswire-FirstCall/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, announced results today for the second quarter ended June 30, 2009.
Second Quarter Summary and Comparisons with the Prior Year
- Net earnings were $22 million, or $0.20 per diluted share, including $0.14 per diluted share from continuing operations.
- A change in the estimated annual effective tax rate reduced earnings $0.06 per diluted share.
- Aggregates shipments declined 31 percent, reducing earnings $0.64 per diluted share.
- Aggregates pricing increased 3 percent.
- Aggregates cash fixed costs decreased 17 percent.
- Asphalt unit margins continued to recover.
- EBITDA was $168 million versus $265 million in the prior year. Cash earnings were $118 million versus $199 million in the prior year. Both comparisons exclude the effects in 2008 referable to the gain on sale of required divestitures as part of the Florida Rock acquisition.
- Year-to-date cash provided by operating activities was $169 million compared with $134 million in the prior year.
- Net proceeds of approximately $520 million from the public equity offering of early June were used to reduce short-term borrowing.
Commenting for the Company, Don James, Vulcan's Chairman and Chief Executive Officer, stated, "While our current results reflect the volume effect of the prolonged recession, we are encouraged by the increased level of bid activity by state transportation departments as well as the significant increase in highway construction contract awards reported in May and June. The increased level of bid activity and contracts awarded demonstrate that funding provided by the federal economic stimulus plan, or American Recovery and Reinvestment Act (ARRA), is working its way into the economy. We expect construction activity referable to these contract awards to begin in the second half of 2009 and to provide a meaningful contribution to overall aggregates demand in 2010.
"We remain focused on managing costs and generating cash, which will enhance our ability to increase earnings as the economy recovers and construction activity improves. In early June, we further strengthened our balance sheet and enhanced our financial flexibility by completing a successful public equity offering. Net proceeds of $520 million from the offering were used to reduce short-term bank borrowings, thereby freeing up a like amount of liquidity under our lines of credit."
Second Quarter Operating Results Commentary
Second quarter earnings for aggregates declined as the impact of sharply lower shipments more than offset the earnings benefit from improved prices, lower unit costs for diesel fuel and cost control measures. Aggregates shipments declined 31 percent from the prior year due to weak demand and wet weather. The decrease in aggregates volumes reduced second quarter EBITDA by approximately $112 million versus the prior year. The increase in the average selling price for aggregates reflects wide variations across Vulcan-served markets. Many major markets realized price improvement from the prior year well above the 3 percent average, while certain markets in the far West and Florida reported year-over-year declines in average selling price.
By rationalizing production, reducing operating hours, streamlining the workforce and effectively managing spending, the Company offset some of the cost impact related to lower volumes. Aggregates cash fixed costs were reduced 17 percent from the prior year's second quarter. The unit cost for diesel fuel decreased 54 percent from the prior year's second quarter, increasing earnings $0.12 per diluted share.
Asphalt earnings in the second quarter were higher than last year's second quarter as material margins recovered to more normal levels, reflecting moderation in the cost of liquid asphalt, which more than offset the earnings effect of a 30 percent decline in asphalt volumes. Concrete earnings decreased from the prior year's second quarter due primarily to lower volumes.
Cement earnings showed a slight loss in the second quarter due to the effects of weaker sales volumes, slightly offset by lower energy costs.
Selling, administrative and general expenses in the second quarter decreased $5 million from the prior year. Cost-saving actions implemented across the Company to align spending levels with weak product demand more than offset $4 million in project costs related to the replacement of legacy IT systems. Additionally, the prior year's second quarter included expenses of $6 million for the fair market value of donated real estate.
During the second quarter, we revised our estimated annual effective tax rate to 6.4 percent, significantly lower than the 23.2 percent estimated in the first quarter. An adjustment to the current quarter's income tax provision was required so that the year-to-date provision reflects the expected annual tax rate. A substantial amount of the tax benefit recognized for the loss reported in the first quarter of 2009 was reversed during the second quarter to reflect the revised annual rate. This adjustment reduced earnings $0.06 per diluted share, during the second quarter of 2009, resulting in an effective tax rate of 38.2 percent, as compared with 31.0 percent in the second quarter of 2008.
All results are unaudited.
Outlook Highlights and Commentary
Commenting on the Company's outlook for 2009, Mr. James stated, "The current year remains challenging due to weak private construction activity. Despite these challenges, we believe the cost management actions we have taken, along with our disciplined approach to pricing, and the improved liquidity and financial flexibility we have achieved, will enable us to participate fully in the economic recovery.
"Plant operating costs and overhead are being tightly managed as we continue to adjust our cost structure to match the weak demand environment. Additionally, lower unit costs for diesel fuel and liquid asphalt should continue to benefit earnings in 2009.
"We expect higher selling prices for our products in 2009 to partially offset the earnings effects of lower volumes. For the full year 2009, we expect aggregates pricing to improve 3 to 4 percent. The average selling price for asphalt mix in 2009 should also increase from 2008.
"Our revised outlook for 2009 aggregates demand is due primarily to further weakness expected in private construction. U.S. contract awards in the most recent two months for private nonresidential and private infrastructure construction have weakened, lowering our expectation for aggregates demand from this end use in the second half of the year. Specifically, published contract awards for private nonresidential buildings reported during the second quarter declined more than 60 percent in Vulcan-served states when compared with the prior year's second quarter. Contract awards for private infrastructure-related projects declined more than 80 percent. As a result, we now expect 2009 full year aggregates shipments to decline 21 to 24 percent from 2008 levels.
"We expect the further weakness in private construction awards to be offset somewhat by incremental demand in the second half of 2009 from highway construction activity related primarily to economic stimulus projects. State departments of transportation and local governments continue to make good progress obligating stimulus dollars for transportation projects. In July, the Federal Highway Administration reported that 64 percent of the $26.8 billion of ARRA highway funds has been obligated by state departments of transportation, up from $13 billion at the end of May. Additionally, the number of transportation projects bid and the frequency of bid lettings have increased in recent months, contributing to a 61 percent increase in the value of transportation contract awards in June in Vulcan-served states. Overall, our outlook for stimulus-related demand remains unchanged for the second half of 2009 and beyond.
"As a result, we now expect second half earnings of $0.60 to $0.85 per diluted share, including $0.55 to $0.80 per diluted share from continuing operations. In the second half of 2008, earnings were $0.63 per share, excluding the noncash charge for impairment of the goodwill associated with the cement segment. Full year earnings are expected to be $0.51 to $0.76 per diluted share, including $0.40 to $0.65 per diluted share from continuing operations.
"Debt reduction and achieving target debt ratios remain a priority use of cash flows. With the proceeds of the recent equity offering and the previously announced reduction in the quarterly dividend, we expect to reduce total debt by approximately $700 million during 2009. For the full year 2009, we expect capital spending to be approximately $175 million, down sharply from the $354 million spent in 2008.
"Looking ahead to 2010, Vulcan should benefit from our aggregates-focused strategy that is complemented by our asphalt and concrete operations in certain markets. Our preliminary estimates for growth in demand for our products from stimulus-related construction activity, as well as some improvement in residential construction, point toward growth in earnings. Our available production capacity and improved cost structure position Vulcan to participate efficiently and effectively in the supply of material for economic stimulus projects. Key Vulcan-served states such as California, Florida and Texas will receive the largest percentage of highway funding under the stimulus plan and are likely targets for above-average funding for other stimulus spending for infrastructure because of their high growth and large population base."
Conference Call
Vulcan will host a conference call at 10:00 a.m. CDT on August 4, 2009. Investors and other interested parties in the U.S. may access the teleconference live by calling 888.680.0865 approximately 10 minutes before the scheduled start. International participants can dial 617.213.4853. The access code is 82537459. A live webcast will be available via the Internet through Vulcan's home page at www.vulcanmaterials.com. The conference call will be recorded and available for replay approximately two hours after the call through August 11, 2009.
Vulcan Materials Company, a member of the S&P 500 Index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.
Certain matters discussed in this release, including expectations regarding future performance, contain forward-looking statements that are subject to assumptions, risks and uncertainties that could cause actual results to differ materially from those projected. These assumptions, risks and uncertainties include, but are not limited to, those associated with general economic and business conditions; changes in interest rates; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for residential and private nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; increasing healthcare costs; the amount of long-term debt and interest expense; possible increase in the cash contributions to pension plans; the timing and amount of any future payments to be received under the 5CP earn-out contained in the agreement for the divestiture of the Company's Chemicals business; the Company's ability to secure and permit aggregates reserves in strategically located areas; the Company's ability to manage and successfully integrate acquisitions; the impact of the global financial crisis on our business and financial condition and access to the capital markets; and other assumptions, risks and uncertainties detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year. Forward-looking statements speak only as of the date hereof, and Vulcan assumes no obligation to publicly update such statements.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090710/CL44887LOGO)
Table A
Vulcan Materials Company
and Subsidiary Companies
(Amounts and shares in thousands,
except per share data)
Three Months Ended Six Months Ended
Consolidated Statements June 30 June 30
of Earnings ------- -------
(Condensed and unaudited) 2009 2008 2009 2008
------------------------- -------- -------- ---------- ----------
Net sales $681,380 $965,957 $1,249,275 $1,737,718
Delivery revenues 40,479 55,594 72,878 101,172
-------- -------- ---------- ----------
Total revenues 721,859 1,021,551 1,322,153 1,838,890
Cost of goods sold 535,546 720,731 1,025,834 1,338,042
Delivery costs 40,479 55,594 72,878 101,172
-------- -------- ---------- ----------
Cost of revenues 576,025 776,325 1,098,712 1,439,214
-------- -------- ---------- ----------
Gross profit 145,834 245,226 223,441 399,676
Selling, administrative
and general expenses 79,353 84,781 159,070 177,357
Gain on sale of property,
plant & equipment
and businesses, net 654 80,498 3,157 84,443
Other operating (income)
expense, net 1,451 2,474 3,170 1,534
-------- -------- ---------- ----------
Operating earnings 65,684 238,469 64,358 305,228
Other income (expense),
net 2,895 3,444 1,820 792
Interest income 687 997 1,482 1,669
Interest expense 44,073 38,193 87,992 81,652
-------- -------- ---------- ----------
Earnings (loss) from
continuing operations
before income taxes 25,193 204,717 (20,332) 226,037
Provision (benefit) for
income taxes 9,632 63,492 (3,638) 70,327
-------- -------- ---------- ----------
Earnings (loss) from
continuing operations 15,561 141,225 (16,694) 155,710
Earnings (loss) on
discontinued operations,
net of tax 6,651 (470) 6,125 (1,022)
-------- -------- ---------- ----------
Net earnings (loss) $22,212 $140,755 $(10,569) $154,688
==================== ======== ======== ========== ==========
Basic earnings (loss)
per share:
Continuing operations $0.14 $1.28 $(0.15) $1.42
Discontinued
operations 0.06 - 0.06 -
-------- -------- ---------- ----------
Net earnings (loss)
per share $0.20 $1.28 $(0.09) $1.42
Diluted earnings (loss)
per share:
Continuing operations $0.14 $1.27 $(0.15) $1.41
Discontinued
operations 0.06 - 0.06 (0.01)
-------- -------- ---------- ----------
Net earnings (loss)
per share $0.20 $1.27 $(0.09) $1.40
========= ======== ======== ========== ==========
Weighted-average common
shares outstanding:
Basic 113,477 109,922 112,045 109,286
Assuming dilution 113,829 111,117 112,045 110,515
Cash dividends declared
per share of common
stock $0.49 $0.49 $0.98 $0.98
Depreciation, depletion,
accretion and amortization
from continuing
operations $99,600 $96,919 $198,915 $192,775
Effective tax rate from
continuing operations 38.2% 31.0% 17.9% 31.1%
======================= ======== ======== ========== ==========
Table B
Vulcan Materials Company
and Subsidiary Companies
(Amounts in thousands)
Consolidated Balance Sheets June 30 December 31 June 30
(Condensed and unaudited) 2009 2008 2008
Assets
------
Cash and cash equivalents $43,711 $10,194 $151,210
Medium-term investments 6,755 36,734 -
Accounts and notes receivable:
Accounts and notes receivable,
gross 394,938 365,688 530,759
Less: Allowance for doubtful
accounts (9,437) (8,711) (7,456)
---------- ---------- ----------
Accounts and notes receivable,
net 385,501 356,977 523,303
Inventories:
Finished products 290,451 295,525 309,868
Raw materials 32,035 28,568 29,009
Products in process 5,133 4,475 3,113
Operating supplies and other 35,964 35,743 41,510
---------- ---------- ----------
Inventories 363,583 364,311 383,500
Deferred income taxes 69,080 71,205 62,074
Prepaid expenses 58,425 54,469 19,392
---------- ---------- ----------
Total current assets 927,055 893,890 1,139,479
Investments and long-term
receivables 30,614 27,998 24,265
Property, plant & equipment:
Property, plant & equipment,
cost 6,672,394 6,635,873 6,047,065
Less: Reserve for depr., depl.
& amort. (2,644,146) (2,480,061) (2,325,181)
---------- ---------- ----------
Property, plant & equipment,
net 4,028,248 4,155,812 3,721,884
Goodwill 3,091,524 3,083,013 3,895,267
Other intangible assets 683,092 673,792 153,094
Other assets 87,339 79,664 200,493
---------- ---------- ----------
Total assets $8,847,872 $8,914,169 $9,134,482
========== ========== ==========
Liabilities and Shareholders' Equity
------------------------------------
Current maturities of long-term
debt $60,417 $311,685 $330,081
Short-term borrowings 412,300 1,082,500 1,209,500
Trade payables and accruals 145,744 147,104 215,835
Other current liabilities 130,103 121,777 178,775
---------- ---------- ----------
Total current liabilities 748,564 1,663,066 1,934,191
Long-term debt 2,521,190 2,153,588 2,183,584
Deferred income taxes 957,248 949,036 685,432
Other noncurrent liabilities 617,651 625,743 415,506
---------- ---------- ----------
Total liabilities 4,844,653 5,391,433 5,218,713
---------- ---------- ----------
Shareholders' equity:
Common stock, $1 par value 124,989 110,270 109,834
Capital in excess of par value 2,316,507 1,734,835 1,702,946
Retained earnings 1,743,097 1,862,913 2,129,554
Accumulated other comprehensive
loss (181,374) (185,282) (26,565)
---------- ---------- ----------
Shareholders' equity 4,003,219 3,522,736 3,915,769
---------- ---------- ----------
Total liabilities and
shareholders' equity $8,847,872 $8,914,169 $9,134,482
===================== ========== ========== ==========
Table C
Vulcan Materials Company
and Subsidiary Companies
(Amounts in thousands)
Six Months Ended
June 30
Consolidated Statements of Cash Flows -------
(Condensed and unaudited) 2009 2008
----------------------------------------------------------------------
Operating Activities
--------------------
Net earnings (loss) $(10,569) $154,688
Adjustments to reconcile net earnings (loss)
to net cash provided by operating activities:
Depreciation, depletion, accretion and
amortization 198,915 192,775
Net gain on sale of property, plant &
equipment
and businesses (3,880) (84,443)
Contributions to pension plans (2,242) (1,593)
Share-based compensation 14,010 9,169
Excess tax benefit from share-based
compensation (325) (3,605)
Deferred tax provision 5,671 194
Changes in assets and liabilities before
initial effects of business acquisitions
and dispositions (35,850) (126,566)
Other, net 3,672 (6,566)
------- -------
Net cash provided by operating activities 169,402 134,053
------- -------
Investing Activities
--------------------
Purchases of property, plant & equipment (60,101) (198,658)
Proceeds from sale of property, plant &
equipment 4,051 13,576
Proceeds from sale of businesses 11,537 225,783
Payment for businesses acquired, net of
acquired cash (36,980) (79,822)
Redemption of medium-term investments 30,590 -
Proceeds from loan on life insurance policies - 28,646
Withdrawal from nonconsolidated companies, net 63 469
Other, net 651 5,008
------- -------
Net cash used for investing activities (50,189) (4,998)
------- -------
Financing Activities
--------------------
Net short-term payments (672,176) (882,000)
Payment of short-term debt and current
maturities (281,461) (483)
Proceeds from issuance of long-term debt, net
of discounts 397,660 949,078
Debt issuance costs (3,033) (5,633)
Settlements of forward starting swaps - (32,474)
Proceeds from issuance of common stock 578,237 55,072
Dividends paid (108,752) (106,976)
Proceeds from exercise of stock options 3,697 6,850
Excess tax benefit from share-based
compensation 325 3,605
Other, net (193) 228
------- -------
Net cash used for financing activities (85,696) (12,733)
------- -------
Net increase in cash and cash equivalents 33,517 116,322
Cash and cash equivalents at beginning of year 10,194 34,888
------- -------
Cash and cash equivalents at end of period $43,711 $151,210
=========================================== ======= ========
Table D
Segment Financial Data and Unit
Shipments
(Amounts in thousands, except per unit data)
Three Months Ended Six Months Ended
June 30 June 30
--------------------- ---------------------
2009 2008 2009 2008
--------------------- ---------------------
Total Revenues
Aggregates (a) $497,605 $679,271 $899,417 $1,215,309
Asphalt mix and
Concrete (b) 218,308 325,374 411,507 592,002
Cement (c) 16,853 29,162 36,594 60,249
Intersegment sales (51,386) (67,850) (98,243) (129,842)
-------- ---------- ---------- ----------
Total net
sales 681,380 965,957 1,249,275 1,737,718
Delivery
revenues 40,479 55,594 72,878 101,172
-------- ---------- ---------- ----------
Total
revenues $721,859 $1,021,551 $1,322,153 $1,838,890
======== ========== ========== ==========
Gross Profit
Aggregates $126,830 $217,866 $190,446 $344,773
Asphalt mix and
Concrete 19,511 23,266 34,828 43,340
Cement (507) 4,094 (1,833) 11,563
-------- ---------- ---------- ----------
Total gross
profit $145,834 $245,226 $223,441 $399,676
======== ========== ========== ==========
Unit Shipments
Aggregates
Customer tons 37,793 54,331 67,334 96,401
Internal tons (d) 2,929 4,916 5,441 8,887
-------- ---------- ---------- ----------
Aggregates -
tons 40,722 59,247 72,775 105,288
====== ====== ====== =======
Asphalt mix - tons 1,902 2,725 3,300 4,629
Ready-mixed concrete
- cubic yards 1,129 1,727 2,216 3,320
Cement
Customer tons 57 174 124 347
Internal tons (d) 89 124 190 241
-------- ---------- ---------- ----------
Cement - tons 146 298 314 588
======== ========== ========== ==========
Average Unit Sales Price
(including internal
sales)
Aggregates (freight-
adjusted) (e) $10.35 $10.02 $10.31 $10.06
Asphalt mix $53.64 $51.93 $54.30 $50.70
Ready-mixed concrete $96.74 $97.39 $98.08 $98.41
Cement $98.70 $96.50 $97.79 $97.32
(a) Includes crushed stone, sand and gravel, sand, other aggregates, as
well as transportation and service revenues associated with the
aggregates business.
(b) Includes asphalt mix, ready-mixed concrete, concrete block, precast,
as well as building materials purchased for resale.
(c) Includes cement and calcium products.
(d) Represents tons shipped primarily to our downstream operations
(e.g., asphalt mix and ready-mixed concrete). Sales from internal
shipments are eliminated in net sales presented above and in the
accompanying Condensed Consolidated Statements of Earnings.
(e) Freight-adjusted sales price is calculated as total sales dollars
(internal and external) less freight to remote distribution sites
divided by total sales units (internal and external).
Table E
Supplemental Cash Flow Information
Supplemental information referable to the
Condensed Consolidated Statements of Cash
Flows for the Six Months Ended June 30 is
summarized below (amounts in thousands):
2009 2008
------- -------
Supplemental Disclosure of Cash Flow Information
------------------------------------------------
Cash paid (refunded) during the period for:
Interest, net of amount capitalized $98,871 $89,532
Income taxes (9,468) 37,055
Supplemental Schedule of Noncash Investing and
Financing Activities
----------------------------------------------
Liabilities assumed in business acquisitions - 1,292
Accrued liabilities for purchases of property &
equipment 14,684 24,834
Carrying value of noncash assets and liabilities
exchanged - 42,974
Debt issued for purchases of property, plant &
equipment 1,982 8
Fair value of stock issued in business acquisitions - 25,023
Other noncash transactions - 16
Table F
Reconciliation of Non-GAAP Measures
EBITDA and Cash Earnings Reconciliations
(Amounts in thousands)
Three Months Ended Six Months Ended
June 30 June 30
------------------ -----------------
2009 2008 2009 2008
------------------------------------------------------------------------
Reconciliation of Net Cash
Provided by Operating
Activities to EBITDA and
Cash Earnings
Net cash provided by
operating activities $64,303 $121,135 $169,402 $134,053
Changes in operating assets
and liabilities before
initial effects of business
acquisitions and
dispositions 72,161 35,875 35,850 126,566
Other net operating items
(providing) using cash (14,652) 80,664 (16,906) 86,844
(Earnings) loss on
discontinued operations,
net of tax (6,651) 470 (6,125) 1,022
Provision for income taxes 9,632 63,492 (3,638) 70,327
Interest expense, net 43,386 37,196 86,510 79,983
Less: Depreciation, depletion,
accretion and amortization (99,600) (96,919) (198,915) (192,775)
-------- -------- -------- --------
EBIT 68,579 241,913 66,178 306,020
Plus: Depreciation, depletion,
accretion and amortization 99,600 96,919 198,915 192,775
-------- -------- -------- --------
EBITDA $168,179 $338,832 $265,093 $498,795
Less: Interest expense, net (43,386) (37,196) (86,510) (79,983)
Current taxes (6,379) (64,854) 9,527 (70,006)
-------- -------- -------- --------
Cash earnings $118,414 $236,782 $188,110 $348,806
======== ======== ======== ========
Reconciliation of Operating
Earnings to EBITDA and
Cash Earnings
Operating earnings $65,684 $238,469 $64,358 $305,228
Other income (expense), net 2,895 3,444 1,820 792
-------- -------- -------- --------
EBIT 68,579 241,913 66,178 306,020
Plus: Depreciation, depletion,
accretion and amortization 99,600 96,919 198,915 192,775
-------- -------- -------- --------
EBITDA $168,179 $338,832 $265,093 $498,795
Less: Interest expense, net (43,386) (37,196) (86,510) (79,983)
Current taxes (6,379) (64,854) 9,527 (70,006)
-------- -------- -------- --------
Cash earnings $118,414 $236,782 $188,110 $348,806
======== ======== ======== ========
EBITDA and Earnings Per
Share (EPS) Bridge EBITDA EPS
(millions) (diluted)
---------- ----------
Second Quarter Continuing Operations
- 2008 Actual $339 $1.27
Increase / (Decrease) due to:
Aggregates:
Volumes (112) (0.64)
Selling prices 14 0.08
Costs 8 0.05
Asphalt mix and Concrete (3) (0.02)
Cement (5) (0.03)
Selling, administrative and general
expenses 5 0.03
Gain on sale of property, plant &
equipment and businesses (74) (0.34)
Depreciation, depletion, accretion
and amortization n/a (0.02)
Interest expense, net n/a (0.03)
Tax rate differential and discrete
items n/a (0.13)
Additional shares outstanding and
other (4) (0.08)
---- -----
Second Quarter Continuing Operations
- 2009 Actual $168 $0.14
==== =====
EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation
and Amortization. Cash earnings adjusts EBITDA for net interest and
current taxes. These financial metrics are often used by the
investment community as indicators of a company's ability to incur and
service debt. They are not defined by Generally Accepted Accounting
Principles (GAAP); thus, it should not be considered as an alternative
to net cash provided by operating activities, operating earnings, or
any other liquidity or performance measure defined by GAAP.
These metrics are presented for the convenience of investment
professionals that use such metrics in their analysis and to provide
the Company's shareholders an understanding of metrics management uses
to assess performance and to monitor our cash and liquidity positions.
Due to the significant write-up of the assets acquired in the November
2007 acquisition of Florida Rock resulting from the application of SFAS
141, Business Combinations, Vulcan's management internally uses EBITDA,
cash earnings and other such measures to assess the operating
performance of the acquired Florida Rock assets and consolidated company.
Vulcan's management does not use these metrics as a measure to
allocate resources internally.
Investor Contact: Mark Warren (205) 298-3220
Media Contact: David Donaldson (205) 298-3220
SOURCE Vulcan Materials Company