Vulcan Materials 2Q Sales Rise on Aggregates Growth

Dow Jones07-29

Vulcan Materials recorded higher second-quarter revenue, thanks to higher prices and shipments in its aggregates business.

The producer of construction materials on Wednesday posted a profit of $323 million, or $2.48 a share, compared with $321 million, or $2.42 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $2.59, ahead of the $2.46 anticipated by analysts, according to FactSet.

Revenue rose 3% to $2.16 billion. Analysts surveyed by FactSet forecast revenue of $2.12 billion.

Aggregates--which includes products like sand and gravel--had higher gross profit and shipments.

Vulcan said the pricing environment in the industry is strong, with freight-adjusted selling prices up 5%.

Asphalt and concrete had lower shipments due to weather and higher liquid asphalt costs.

Vulcan anticipates its aggregates business to continue performing well. The construction industry is accepting higher prices on aggregates, and big projects and public construction activity are expected to result in volume growth for the full year, the company said.

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