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    Jesse Barone • Jefferies Financial Group Inc.

    Jesse Barone's questions to Vulcan Materials Co (VMC) leadership

    Jesse Barone's questions to Vulcan Materials Co (VMC) leadership • Q1 2025

    Question

    Jesse Barone, on for Philip Ng at Jefferies, asked about the asphalt business, specifically how falling oil prices translate into Vulcan's pricing and costs, and what the associated time lags are.

    Answer

    CEO James Hill reported a strong quarter for the asphalt business, with cash gross profit up 24% despite cold weather. He acknowledged about $3 million in savings from lower liquid asphalt costs. Hill stated that the segment continues to perform very well, supported by the strong public demand growth which benefits both the asphalt business and its aggregate component.

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    Jesse Barone's questions to Titan America SA (TTAM) leadership

    Jesse Barone's questions to Titan America SA (TTAM) leadership • Q4 2024

    Question

    Jesse Barone, on behalf of Philip Ng, asked for the key drivers behind the 2025 adjusted EBITDA margin guidance, including internal initiatives and cost factors. He also questioned if there were any significant expected variances between the margins on imported versus domestically produced cement in 2025.

    Answer

    Chief Financial Officer Lawrence Wilt identified puts and takes on the cost side, such as rising natural gas offset by lower diesel, which are managed through alternative fuels and flexing variable labor costs. Chief Executive Officer Vassilios Zarkalis highlighted the use of strategic flexibility to capture growth and manage costs through logistics and digitalization. Regarding margins, Mr. Wilt reiterated that the company views cement cost and delivery as an integrated approach to best serve customers and drive the highest margin, with nothing different to call out for 2025.

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