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    Andrew Maser • Stifel Financial Corp.

    Andrew Maser's questions to Vulcan Materials Co (VMC) leadership

    Andrew Maser's questions to Vulcan Materials Co (VMC) leadership • Q2 2025

    Question

    Speaking on behalf of Brian Brophy, Andrew Maser from Stifel asked about the reasons for the lower capital expenditures in the quarter and if there were any changes to the full-year CapEx guidance.

    Answer

    Senior VP & CFO Mary Carlisle explained that the lighter CapEx in the first half was a result of project timeline delays caused by the slow, weather-impacted start to the year. She revised the full-year CapEx guidance down to approximately $700 million from the original range of $750 million to $800 million.

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    Andrew Maser's questions to Martin Marietta Materials Inc (MLM) leadership

    Andrew Maser's questions to Martin Marietta Materials Inc (MLM) leadership • Q1 2025

    Question

    Andrew Maser, on behalf of Brian Brophy at Stifel, asked about pricing opportunities from prior M&A. He inquired about the progress in closing the gap between the ASPs of acquired assets and the corporate average, and the potential for mid-year price increases in legacy markets.

    Answer

    Chair and CEO Ward Nye pointed to the delta between the 7.4% organic price growth and the 6.8% reported price growth as a 'pretty good snapshot' of the opportunity. He noted that while the pricing gap has been closed in some markets like California, he believes those markets should command above-average pricing due to higher barriers to entry, indicating the journey isn't finished. Nye also stated he expects to see a number of mid-year price increases, likely similar in quantum to last year, and will provide more detail at the half-year mark.

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