VULCAN REPORTS THIRD QUARTER 2022 RESULTS

BIRMINGHAM, Ala., Nov. 2, 2022

BIRMINGHAM, Ala., Nov. 2, 2022 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended September 30, 2022. 

Third Quarter Financial and Operating Highlights (compared with prior year):

• Total revenues increased 38 percent, driven by double-digit growth in the Company's legacy operations as well as the addition of acquired operations
  
  
• Average selling prices increased sharply in each product line
• Aggregates pricing increased 12 percent on a reported and mix-adjusted basis
• Average price for asphalt and concrete increased 26 percent and 13 percent, respectively
• Shipments increased year-over-year in each product line, driven by acquisitions and healthy underlying demand in our markets
• Aggregates volumes increased 9 percent or 3 percent on a same-store basis
• Gross profit increased $99 million, or 25 percent, to $493 million
• Aggregates gross profit increased $64 million, or 17 percent
• Non-aggregates gross profit increased $35 million, including a $22 million year-over-year improvement in the Asphalt segment
• Includes $67 million of higher energy-related costs compared to the prior year's quarter
• Earnings attributable to Vulcan from continuing operations were $178 million, or $1.33 per diluted share. 
• Included in these results was a net after-tax loss of $59 million of non-routine items, comprised principally of charges related to assets classified as held for sale during the quarter ($63 million or $0.48 per diluted share) and a gain on the sale of excess real estate ($18 million or $0.13 per diluted share) 
• Excluding the non-routine items, earnings attributable to Vulcan from continuing operations were $1.78 per diluted share
• Adjusted EBITDA increased 21 percent to $507 million

Tom Hill, Vulcan Materials' Chairman and Chief Executive Officer, stated, "Consistent with our expectations for the second half of the year, strong pricing momentum and solid operational execution led to earnings growth in each of our operating segments.  Aggregates cash gross profit per ton improved by 9 percent, a considerable acceleration from the first half of the year.  This momentum, along with the ongoing favorable pricing environment and current visibility into private nonresidential and infrastructure demand, reinforces our confidence in our ability to deliver strong earnings growth in 2022." 

Highlights as of September 30, 2022 include: