业绩总结 - 2024年第三季度毛利率为28.2%，较上年增长120个基点[4] - 调整后的EBITDA毛利率为29.0%，较上年增长140个基点[4] - 调整后EBITDA为19.83亿美元，较去年同期的19.09亿美元增长了3.9%[29] - 净债务对调整后EBITDA比率为1.5倍，较去年同期的1.8倍有所改善[28] - 总债务对调整后EBITDA比率为1.7倍，较去年同期的2.0倍有所下降[28] 用户数据 - 集料销售量为5770万吨，同比下降10%[6] - 聚合物部门单位出货量为57.7万吨，较去年同期的64.0万吨下降了9.7%[30] 毛利与成本 - 集料现金毛利为每吨10.89美元，同比增长10%[6] - 集料的现金销售成本为每吨10.38美元，同比增长11%[6] - 沥青的现金毛利为每吨17.82美元，同比增长11%[9] - 混凝土的平均销售价格为每立方码185.61美元，同比增长9%[10] - 聚合物部门每吨现金毛利为10.89美元，较去年同期的9.92美元增长了11.7%[30] - 沥青和混凝土部门现金毛利为7.22亿美元，较去年同期的6.47亿美元增长了11.6%[31] - 沥青部门每单位现金毛利为17.82美元，较去年同期的16.11美元增长了10.6%[31] 资本支出与投资回报 - 资本支出为6.16亿美元，其中包括维护和增长资本的投资[11] - 平均投资资本为122.82亿美元，较去年同期的124.21亿美元下降了1.6%[29] - 投资资本回报率（ROIC）为16.1%，较去年同期的15.4%有所提升[29] 未来展望 - 预计2025年将实现高单位数的价格增长，现金毛利每吨将实现双位数扩张[13]

财务数据和关键指标变化 - 第三季度调整后的EBITDA为5.81亿美元，同比略有下降，主要由于集料出货量下降10%以及去年同期的德克萨斯混凝土业务的收益贡献 [9][12] - 尽管出货量下降，毛利率和调整后的EBITDA毛利率在本季度有所扩大 [8][9] - 现金流方面，前三季度公司产生了近10亿美元的经营现金流，自由现金流增长了36% [25][28] 各条业务线数据和关键指标变化 - 瀝青业务在第三季度保持健康的毛利率，接近16%，现金单位盈利能力提高了11% [22] - 东海岸的混凝土业务实现了单位盈利能力的改善，而加州西海岸的混凝土业务由于私人需求疲软导致毛利率压缩 [23] 各个市场数据和关键指标变化 - 第三季度，七个主要市场的降雨量显著增加，导致出货量在7月中旬下降了中等十几个百分点 [10] - 尽管天气影响，整体需求环境正在改善，单户住宅开工量在过去三个月和12个月内均有所增加 [16][18] 公司战略和发展方向和行业竞争 - 公司继续执行双重战略，通过战略收购机会扩大市场覆盖，近期收购了卡罗莱纳州的Wake Stone Corporation [15][20] - 公司预计2025年集料出货量将增长，公共建设活动保持强劲，私营建设活动环境也在改善 [29][61] 管理层对经营环境和未来前景的评论 - 管理层对未来前景持乐观态度，预计2025年集料价格将继续高于历史水平，增长幅度为高单位数 [30][31] - 管理层指出，尽管面临天气和出货量的挑战，单位毛利率仍实现了双位数增长，显示出公司在控制成本和定价方面的能力 [39][49] 其他重要信息 - 截至9月30日，公司的净债务与过去12个月调整后EBITDA的比率为1.5倍，显示出良好的财务灵活性 [27] - 公司预计2024年的资本支出将在6.25亿到6.5亿美元之间 [26] 问答环节所有提问和回答 问题: 关于2025年的高单位数价格展望 - 管理层表示，2025年的价格展望为高单位数增长，主要得益于中期价格上涨和良好的订单积压 [32][33] 问题: 第三季度的天气影响与需求的关系 - 管理层指出，第三季度的出货量下降10%主要是由于天气影响，基本需求仍然处于中等单数下降的水平 [38][39] 问题: 关于Wake Stone的收购 - 管理层表示，Wake Stone的收购将增强公司在卡罗莱纳州的市场地位，预计将为股东创造显著价值 [45][46] 问题: 2025年公共建设的需求前景 - 管理层对公共建设的需求持乐观态度，预计将继续增长，尤其是在大型州的基础设施投资方面 [61][62] 问题: 2025年的成本预期 - 管理层预计，2025年的成本压力将开始缓解，主要得益于运营效率的提高和通货膨胀的减缓 [64][65]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $1 par value VMC New York Stock Exchange (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Num ...

文章核心观点 - 受到严重天气影响,包括东南部地区的飓风和暴风雨,导致骨料出货量下降,公司第三季度的收益和收入未达预期,同比下降[1][4] - 尽管如此,公司骨料现金毛利率仍实现连续第8个季度的双位数增长,并通过收购Wake Stone Corporation扩大了在高增长的卡罗来纳地区的业务[3] - 公司的"Vulcan销售和运营方式"是提高盈利能力和无缝整合新业务的关键驱动因素[3] 分组1: 业务表现 - 骨料业务收入同比下降3.4%,出货量下降10%,主要受到东南部地区严重天气影响[5] - 但骨料平均销售价格上涨10.2%,骨料现金毛利率提升10%至每吨10.89美元[6] - 沥青业务收入同比增长9.8%,毛利增长7.7%,销量和价格均有所提升[7] - 混凝土业务收入同比下降52.2%,主要由于去年同期包含了已剥离的德克萨斯混凝土资产,销量大幅下降[8] 分组2: 财务状况 - 销售、管理和一般费用占收入比重下降20个基点至6.4%,调整后EBITDA利润率提升140个基点至29%[10] - 截至9月30日,现金和现金等价物为4.332亿美元,长期债务为33.3亿美元,总债务/调整后EBITDA比率为1.7倍[11] - 2024年全年调整后EBITDA预计约为20亿美元,受天气影响有所下调[12] - 2025年公司预计骨料价格将实现高个位数增长,现金毛利率将实现双位数增长,并将持续提升运营效率[13]

Vulcan Materials (VMC) reported $2 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 8.3%. EPS of $2.22 for the same period compares to $2.29 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.03 billion, representing a surprise of -1.34%. The company delivered an EPS surprise of -5.13%, with the consensus EPS estimate being $2.34.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

Exhibit 99.1 October 30, 2024 FOR IMMEDIATE RELEASE Investor Contact: Mark Warren (205) 298-3220 Media Contact: Jack Bonnikson (205) 298-3220 VULCAN REPORTS THIRD QUARTER 2024 RESULTS Solid Execution Drives Margin Expansion Despite Extreme Weather Disruptions Uniquely Positioned Aggregates Business Supports Earnings Growth Birmingham, Alabama – October 30, 2024 – Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended Sept ...

Solid Execution Drives Margin Expansion Despite Extreme Weather Disruptions Uniquely Positioned Aggregates Business Supports Earnings Growth BIRMINGHAM, Ala., Oct. 30, 2024 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended September 30, 2024. Financial Highlights Include: | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------- ...

Vulcan Materials Company (VMC) is scheduled to release third-quarter 2024 results on Oct. 30, before the opening bell. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. In the last reported quarter, the company's adjusted earnings and revenues missed the Zacks Consensus Estimate by 4.9% and 1%, respectively. On a year-over-year basis, earnings increased 2.6% but revenues declined 4.7%. Vulcan's earnings topped the consensus mark in three of the last four quarters and missed on one oc ...

In its upcoming report, Vulcan Materials (VMC) is predicted by Wall Street analysts to post quarterly earnings of $2.42 per share, reflecting an increase of 5.7% compared to the same period last year. Revenues are forecasted to be $2.07 billion, representing a year-over-year decrease of 5.3%. The consensus EPS estimate for the quarter has undergone a downward revision of 3.5% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their i ...

The market expects Vulcan Materials (VMC) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 30, 2024, might help the stock move higher if these key numb ...