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Vulcan Materials Co VMC Stock Quote

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Vulcan’s Margins Remained Pressured in Q3 as Rising Operating Costs Offset Price Increases

Spencer Liberman Equity Analyst

Analyst Note

| Spencer Liberman |

Narrow-moat Vulcan Materials reported solid third-quarter results that were largely in line with our expectations. Revenue surged 38% year over year on strong volume, pricing, and the addition of acquisitions. Vulcan's average selling prices rose by double-digit percentages across its business as the firm leveraged its pricing power to offset rising operating costs. That said, gross margins declined roughly 240 basis points versus a year ago to 23.6%, but improved sequentially. We expect additional improvement in the fourth quarter as Vulcan works to expand its margins despite inflationary pressures.

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Company Profile VMC

Business Description

Vulcan Materials is the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). Its largest markets include Texas, California, Virginia, Tennessee, Georgia, Florida, North Carolina, and Alabama. In 2021, Vulcan sold 222.9 million tons of aggregates, 11.4 million tons of asphalt mix, and 5.6 million cubic yards of ready-mix. As of Dec. 31, 2021, the company had nearly 16 billion tons of aggregates reserves.

1200 Urban Center Drive
Birmingham, AL, 35242
T +1 205 298-3000
Industry Building Materials
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 11,912

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