2023-08-03 07:35:11 ET
- Vulcan Materials press release ( NYSE: VMC ): Q2 Non-GAAP EPS of $2.29 beats by $0.37 .
- Revenue of $2.11B (+8.2% Y/Y) beats by $60M .
- "We now expect to deliver full-year Adjusted EBITDA of $1.9 to $2.0 billion, an increase of $150 million compared to our initial expectations communicated in February."
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Management expectations for 2023 include the following updates:
- Aggregates shipments down 1 to 4 percent (236.3 million tons in 2022)
- Total Asphalt, Concrete and Calcium segment cash gross profit of approximately $295 million
- Asphalt expected to contribute 50 to 55 percent of non-aggregates cash gross profit with mid-single digit growth in both volume and price
- Concrete expected to contribute 45 to 50 percent of non-aggregates cash gross profit reflecting the impact of the weather-challenged first quarter
- Net earnings attributable to Vulcan of between $855 and $935 million
- Adjusted EBITDA of between $1.9 and $2.0 billion
All other aspects of the Company's expectations for 2023 remain unchanged.
For further details see:
Vulcan Materials beats Q2 top and bottom line estimates; raises FY23 outlook