Vulcan Materials Company reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, total revenues were $2,003.9 million, down 8% from $2,185.8 million in Q3 2023. The decrease was primarily attributed to a significant drop in Gulf Coast revenues, which fell from $1,140.5 million in Q3 2023 to $936.2 million in Q3 2024, largely due to the sale of concrete operations in Texas in November 2023. The Aggregates segment also experienced a decline, with sales of $1,572.4 million, a decrease of 3% year-over-year.
Gross profit for Q3 2024 was $565.2 million, down 4% from $591.0 million in Q3 2023. The company reported net earnings attributable to Vulcan of $207.6 million, a decrease of 25% from $276.5 million in the prior year. Adjusted earnings per diluted share were $2.22, slightly down from $2.29 in Q3 2023. The company recorded a pretax goodwill impairment charge of $86.6 million related to concrete operations acquired from U.S. Concrete in 2021, contrasting with no such charge in the previous year.
For the nine months ended September 30, 2024, total revenues were $5,564.0 million, a decrease of 6% from $5,947.6 million in the same period of 2023. The decline in revenues was driven by a 55% drop in ready-mixed concrete shipments and a 7% decrease in aggregates shipments. Net earnings for the nine months were $618.2 million, down from $705.8 million in 2023, with adjusted diluted EPS of $5.37 compared to $5.54 in the prior year.
Strategically, Vulcan has made several acquisitions in 2024, totaling $206.4 million, which included operations in Alabama, California, North Carolina, and Texas. The company recognized $30.8 million in amortizable intangible assets and $4.9 million in goodwill from these acquisitions. Additionally, a definitive agreement was reached to acquire Wake Stone Corporation, expected to close in Q4 2024.
Vulcan's financial position remains robust, with total debt as of September 30, 2024, at $3,329.7 million, down from $3,874.8 million a year earlier. The company reported a total debt to trailing-twelve months Adjusted EBITDA ratio of 1.7 times, below its target range of 2.0 to 2.5 times. Cash and cash equivalents increased to $434.3 million from $345.0 million in the previous year, reflecting a strong liquidity position.
About Vulcan Materials CO
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