Vulcan Materials Company (NYSE:VMC) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Vulcan Materials Company Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were the same at $-0.42 in the quarter as EPS of $-0.42 in the year-earlier quarter.
Revenue: Rose 0.43% to $538.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Vulcan Materials Company reported adjusted EPS loss of $0.42 per share. By that measure, the company missed the mean analyst estimate of $-0.35. It beat the average revenue estimate of $535.71 million.
Quoting Management: Don James, Chairman and Chief Executive Officer, said, “Our business segments performed as expected in the first quarter. We are reaffirming our outlook and remain on track to achieve earnings improvement again in 2013. Aggregates segment gross profit, while down versus the prior year, was in line with our expectations and up sharply versus the first quarter of 2011. We expected first quarter aggregates shipments to be lower than last year when shipments increased 10 percent due to favorable weather and the timing of shipments to several large projects. Demand for our products in many of our key markets continues to benefit from recovery in private construction activity, particularly residential. Most notably, we realized double-digit percentage increases in first quarter aggregates shipments in Arizona, California and Florida – driven by demand from housing. In other key markets, particularly Texas, shipments also increased, reflecting broad-based recovery across all end-markets. Housing starts, as measured on a seasonally adjusted annual rate, are now more than 1 million, indicating the beginnings of a broad-based recovery in residential construction. Growth in residential construction activity, and its traditional follow-on impact to private nonresidential construction, underpins our expectations for volume and earnings improvement in 2013. We continue to expect aggregates shipments in 2013 to increase 1 to 5 percent versus 2012 with the variability due primarily to the timing of the start of several large projects later this year.”
Key Stats (on next page)…