Vulcan Materials Co. (VMC) Misses Q2 EPS by 1c

Vulcan Materials Co. (NYSE: VMC) reported Q2 EPS of $0.37, $0.01 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $756.3 million versus the consensus estimate of $770.72 million.

Tom Hill, President and Chief Executive Officer, said, "Our second quarter results further demonstrate the earnings leverage of volume growth in our aggregates business, and our continuing improvements to margins and unit profitability. A 10 percent increase in aggregates volume helped drive a 27 percent increase in Aggregates segment gross profit. Cash gross profit per ton increased to $5.00, an 8 percent increase from the prior year's second quarter and a record level of unit profitability for this segment. Across all of our businesses, gross profit as a percent of net sales increased 400 basis points.

"We continue to experience accelerating demand recovery in most of our markets. Our aggregates shipments have increased year-over-year for five consecutive quarters, and the markets Vulcan serves should continue to grow faster than U.S. markets as a whole. We now expect our full year 2014 aggregates shipments to be 7 to 9 percent higher than the prior year, as compared to our prior estimate of a 4 to 7 percent increase."

For earnings history and earnings-related data on Vulcan Materials Co. (VMC) click here.

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