Vulcan Materials Company Earnings: Loss Widens, Revenue Inches Lower
S&P 500 (NYSE:SPY) component Vulcan Materials Company (NYSE:VMC) reported its results for the second quarter. Vulcan Materials is a producer of mainly crushed stone, sand and gravel, asphalt mix, concrete and cement.
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Vulcan Materials Company Earnings Cheat Sheet
Results: Loss widened to $18.3 million (14 cents per diluted share) from $8.1 million (loss of 6 cents per share) in the same quarter a year earlier.
Revenue: Fell 1.1% to $694.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Vulcan Materials Company fell short of the mean analyst estimate of 6 cents per share. It fell short of the average revenue estimate of $730.2 million.
Quoting Management: Don James, Chairman and Chief Executive Officer, stated, “The improvement in our second quarter operating results demonstrates the continuing benefits of our ongoing focus on reducing overhead costs and maximizing operating efficiency across the organization.”
A year-over-year revenue decrease last quarter snaps a streak of three consecutive quarters of revenue increases. Revenue rose 10% in the first quarter, 4.8%in the fourth quarter of the last fiscal year and 2.4% in the third quarter of the last fiscal year.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 2 cents, and in the fourth quarter of the last fiscal year, it was ahead by 23 cents.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the third quarter has moved up from 14 cents a share to 15 cents over the last thirty days. Over the past ninety days, the average estimates for the fiscal year has risen from a loss of 33 cents per share to a loss of 29 cents.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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