Vulcan Materials Company reported a total revenue of $7.42 billion for the fiscal year ending December 31, 2024, a decrease of 5% compared to $7.78 billion in 2023. Despite the decline in revenue, the company achieved a gross profit of $1.99 billion, reflecting a 3% increase from the previous year. The earnings attributable to Vulcan from continuing operations were $911.9 million, or $6.91 per diluted share, down from $933.2 million, or $7.06 per diluted share, in 2023. Adjusted earnings from continuing operations increased to $7.53 per diluted share, compared to $7.00 per diluted share in the prior year.
The company experienced a 6% decrease in aggregate shipments, totaling 219.9 million tons, which was attributed to severe weather events impacting production. However, the freight-adjusted sales price for aggregates rose by 10.8% to $21.08 per ton, contributing to a 5% increase in aggregates segment gross profit to $1.82 billion. The asphalt and concrete segments saw a significant decline in sales, with asphalt and concrete segment revenues dropping by 21% to $1.90 billion, primarily due to reduced demand and divestitures of concrete operations in Texas and the Northeast.
Strategically, Vulcan completed several acquisitions in 2024, including Wake Stone Corporation and Superior Ready Mix, for a total consideration of $2.30 billion. These acquisitions are expected to enhance Vulcan's presence in high-growth markets and contribute to future revenue growth. The company also reported a significant increase in its aggregates reserves, totaling 16.5 billion tons, an increase of 0.8 billion tons from the previous year, primarily due to these acquisitions.
Operationally, Vulcan's employee headcount increased to 11,436 in the U.S. as of January 1, 2025, reflecting a 9% rise attributed to the recent acquisitions. The company maintains a strong liquidity position with $600.8 million in cash and a total debt to adjusted EBITDA ratio of 2.6 times. Looking ahead, Vulcan anticipates a favorable pricing environment and expects to achieve approximately 19% growth in adjusted EBITDA in 2025, driven by continued strength in public construction activity and operational efficiencies.
About Vulcan Materials CO
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