Total Revenue

+8% (from $1,251M to $1,353M)

Total Revenue increased by 8% as stronger performance in key segments—especially Building Materials and Aggregates—helped overcome prior period challenges. This growth is driven by robust demand, pricing improvements, and strategic initiatives that built on the previous period’s base. " " " "

Building Materials Revenue

+8% (from $1,170M to $1,266M)

Building Materials revenue grew by 8% driven by improved product mix and volume gains, reflecting a recovery in market demand from the prior period. The continuity in trend indicates that initiatives from Q1 2024 were sustained into Q1 2025. " " " " "

Aggregates Revenue

+13% (from $885M to $1,002M)

Aggregates revenue climbed 13% as higher pricing and increased shipment volumes pushed revenues well above the previous period’s figures. The growth suggests that pricing actions and effective market positioning from Q1 2024 have yielded enhanced outcomes in Q1 2025. " " "

Cement & Ready Mixed Concrete Revenue

-12% (from $265M to $233M)

Cement & Ready Mixed Concrete revenue declined by 12% due to lingering effects from prior divestitures and a softer market demand relative to the previous quarter. This ongoing headwind is consistent with the challenges observed in Q1 2024 and has continued to weigh on the segment. " " "

Asphalt and Paving Services Revenue

+36% (from $59M to $80M)

Revenue for Asphalt and Paving Services surged by 36% as increased shipments—especially in California—and recovering market conditions boosted performance compared to the previous year. The strong quarter-over-quarter recovery contrasts with the more modest gains in other segments. " " "

Interproduct Revenues

26% more negative (from –$39M to –$49M)

Interproduct Revenues worsened by approximately 26%, shifting from –$39M to –$49M, which reflects changes in internal cost allocations and adjusted intersegment pricing that have become more pronounced in Q1 2025 versus Q1 2024. " " "

Magnesia Specialties Revenue

+7% (from $81M to $87M)

Magnesia Specialties revenue increased by 7% as pricing gains and a more favorable product mix slowly improved performance over the previous period’s $81M. This modest uplift suggests that operational improvements initiated earlier are beginning to take effect. " " "

East Group Revenue

+14% (from $526M to $599M)

East Group revenue rose by 14% driven by strong regional market dynamics and potential contributions from recent acquisitions, further building on the Q1 2024 base of $526M. " "

West Group Revenue

+4% (from $644M to $667M)

West Group revenue saw a modest 4% increase, from $644M to $667M, indicating slower growth in more mature markets or ongoing segment-specific challenges compared to the relatively stronger performance of the East Group. " "

Net Earnings

-89% (from $1,045M to $116M)

Net Earnings plunged 89% primarily because Q1 2024 benefited from nonrecurring gains—such as a sizable divestiture gain—that inflated earnings relative to Q1 2025. The current period’s lower net result reflects purely operating performance without the boost from one-time events. " "

Cash & Cash Equivalents

-96% (from $2,648M to $101M)

Cash & Cash Equivalents dropped by 96% due to significant liquidity outflows, driven by increased financing outlays, capital expenditures, and possibly debt repayments. This represents a stark deterioration from the prior year’s robust cash position. " "

Total Current Assets

-53% (from $4,518M to $2,103M)

Total Current Assets decreased by 53% mainly as a consequence of the dramatic decline in cash holdings, despite modest increases in receivables and inventories, reflecting tighter liquidity management compared to Q1 2024. " "

Total Assets

+9%

Total Assets grew moderately by 9% as acquisitions and underlying asset additions offset the significant liquidity drawdowns, resulting in an overall larger asset base relative to Q1 2024, despite lower cash balances. " "

Total Liabilities

+17%

Total Liabilities increased by 17% driven by additional debt taken on for strategic acquisitions and financing activities, marking a higher leverage profile compared to Q1 2024. " "

Total Equity

+2%

Total Equity experienced a modest 2% increase reflecting net earnings, adjusted for dividend payments and share repurchases. The slight equity improvement indicates that, despite operating challenges and liquidity pressures, capital structure adjustments maintained overall equity stability. " "

Adjusted EBITDA

FY 2025

$2.25 billion at the midpoint "

$2.25 billion at the midpoint " "

no change

Pricing Guidance

FY 2025

no prior guidance

Pricing is expected to be at the higher end of the ranges provided, with no midyear price increases assumed in the guidance. However, midyear price increases are anticipated " " "

no prior guidance

Pricing Strategy

In Q4 2024, pricing was discussed in terms of maintaining a “value over volume” approach and modest sequential improvements. " " In Q2 2024, aggressive pricing guidance of 11–13% growth was noted. "

Q1 2025 highlighted record-setting aggregate pricing growth (7%) with targeted midyear and April price increases, along with continued pricing improvements across segments. " " "

Consistent focus with an even more positive tone in Q1 2025, reflecting robust pricing growth and proactive adjustments.

Margin Performance

Q4 2024 emphasized margin expansion through acquisitions and effective cost control (consolidated adjusted EBITDA up by 210 basis points). " In Q2 2024, improved aggregates margins were noted despite weather challenges. "

Q1 2025 demonstrated record margins with consolidated gross margins and improved EBITDA margins alongside organic and acquisition-driven improvements. " " "

Continued margin strength with a positive shift as record margins are reported in Q1 2025, building on earlier gradual improvements.

Infrastructure Spending

In Q4 2024, infrastructure spending was underscored by strong state budgets and multiyear tailwinds from IIJA, with expectations of increased highway contracts. " " In Q2 2024, robust federal and state support was highlighted amid weather-induced shipment challenges. "

Q1 2025 reinforced a long-term positive outlook with robust federal/state investments, strong project backlogs, and record aggregates volumes driven by infrastructure demand. " " "

Consistent strategic relevance with sustained optimism and strong long-term demand, reinforcing its large future impact.

M&A and Acquisition Integration

In Q4 2024, an aggressive M&A year was noted with nearly $6 billion in transactions reshaping the portfolio, while Q2 2024 highlighted efficient integration of acquisitions like Blue Water Industries and Albert Frei & Sons. " " "

Q1 2025 maintained focus on a strong M&A pipeline, emphasizing value creation and pricing adjustments on completed acquisitions, particularly in the Magnesia Specialties business. " " "

Stable emphasis on acquisitions, with an evolving focus toward integration efficiency and strategic alignment in high-growth segments.

Inventory and Cost Management

Q4 2024 mentioned a $20 million inventory drawdown headwind and effective cost management with flat organic COGS, while Q2 2024 discussed inventory builds due to adverse weather alongside cost pressures from elevated repair and maintenance costs. " " "

Q1 2025 discussed targeted inventory drawdowns (notably a $28 million impact) with strong cost management—energy, contract services, and supply costs reduced on a per-unit basis despite the headwinds. " "

Mixed sentiment continues: proactive cost management remains effective, though inventory reduction challenges persist; headwinds appear transient with expectations of improvement midyear 2025.

Weather-Related Operational Disruptions

Q4 2024 noted persistent weather effects earlier in the year followed by improved conditions in Q4, while Q2 2024 highlighted significant disruptions in key markets (e.g. 119% precipitation rise in DFW, Midwest flooding) driving shipment declines. " " "

Q1 2025 reported challenging winter weather impacting operations (e.g. lower cement volumes and asphalt losses) yet still achieved record financial results. " " "

Weather remains a consistent external risk; although Q1 2025 encountered adverse conditions, resilient performance indicates an ability to manage seasonal disruptions effectively.

Residential Construction and Housing Market Trends

Q4 2024 addressed affordability and pent-up demand with builder confidence improving, while Q2 2024 pointed to restrictive monetary policy and its negative impact on residential activity, but also noted early signs of single-family housing activity. " " " "

Q1 2025 emphasized ongoing affordability challenges and moderated residential activity, but maintained a view of long-term resilience due to structural underbuilding in key Sunbelt markets. " "

Consistent challenges with affordability and interest rate pressures are noted; while near-term activity remains subdued, the long-term fundamentals continue to be viewed as positive.

Tariff Adjustments and Regulatory Policy Impact

Q4 2024 provided detailed scenarios where tariffs could benefit specific segments (such as Magnesia Specialties and cement) and discussed a favorable regulatory environment for M&A, while Q2 2024 did not address the topic. " "

Q1 2025 briefly mentioned tariffs with a neutral stance (no material assumption in guidance) and focused on local permitting challenges which support their asset strategy. " "

The discussion remains mixed but slightly more detailed in Q4 2024; Q1 2025 maintains a neutral outlook, creating a cautious yet stable view on policy impacts.

Organic Growth Challenges and Dependence on Acquisitions

Q4 2024 noted that organic volume growth was modest (approx. 1%) with acquisitions driving much of the growth, while Q2 2024 highlighted weather, economic headwinds, and reliance on acquisitions to offset organic shortfalls. " " "

Q1 2025 continued to acknowledge challenges in organic growth (e.g. residential affordability) while reiterating a strong focus on acquisitions as a key driver to counterbalance these challenges. " " "

Persistent challenges in organic markets necessitate ongoing dependence on acquisitions; sentiment remains cautious yet confident about the M&A pipeline as a strategic lever.

Earnings Guidance and Forecast Revisions

Q4 2024 provided forecast revisions for 2025 including a 4% aggregate shipment growth expectation and full-year adjusted EBITDA guidance of $2.25B, while Q2 2024 revised its full-year 2024 adjusted EBITDA guidance down to $2.2B in response to weather and economic factors. " " " "

Q1 2025 reaffirmed its full-year 2025 adjusted EBITDA guidance at $2.25B, with optimism about reaching guidance backed by strong Q1 performance and plans for midyear revisions. " " "

Guidance sentiment has strengthened in Q1 2025 following earlier cautious revisions, reflecting growing confidence in operational performance amid previously challenging conditions.