Total Revenue

-8% YoY " " "

Lower shipments in aggregates due to weather disruptions and the divestiture of certain concrete operations drove overall revenues down, partially offset by ongoing pricing improvements.

Asphalt Segment Revenue

+10% YoY " " "

Pricing gains of around 4-5% and stable to slightly higher asphalt shipments led to year-over-year growth, while lower liquid asphalt costs also supported segment margins.

Concrete Segment Revenue

-52% YoY " " "

The divestiture of Texas operations in late 2023 significantly reduced revenue contribution, compounded by weaker residential construction demand in certain regions.

Gulf Coast Region Revenue

-18% YoY " "

Wet weather in Texas and the loss of concrete volume from the Texas divestiture curtailed revenues; despite this, strong pricing in the aggregates segment helped mitigate deeper declines.

Operating Income (EBIT)

-20% YoY " " "

Lower concrete volumes and fewer gains on asset sales compared to the prior period reduced operating income, while partial offsets included improvements in asphalt product margins and cost controls.

Net Income

-25% YoY " " " "

Reduced EBIT and slightly higher one-time charges (like divestiture costs) brought net income down; pricing improvements were not sufficient to offset the volume and profit headwinds.

Diluted EPS

-24% YoY " " "

EPS mirrored the drop in net income; although the share count remained basically stable, fewer non-recurring gains compared to last year and the concrete volume losses weighed on overall earnings per share.

Volume guidance

FY 2024

-4% to -7% "

-4% to -7% "

no change

Capital expenditures

FY 2024

$625M to $675M "

$625M to $650M "

lowered

Pricing outlook

FY 2025

no prior guidance

high single-digit increases "

no prior guidance

Strong pricing momentum and price increases

Consistent 10–12% increases previously, with midyear lifts setting a strong foundation. " " " " " " " "

Executing midyear 2024 hikes, projecting high single-digit 2025 growth. " " " Pricing remains robust across regions.

Stable: Continues as a key profit driver

Double-digit cash gross profit growth

Consistently above 10%, supporting margin expansion in prior calls. " " " " " " "

Eighth consecutive quarter of double-digit YOY profit per ton; margins expanded. " " " "

Ongoing: Remains strong under cost discipline

Volume trends

Previously impacted by rain delays and soft demand; optimism expressed for 2025 across periods. " " " " " " " " "

Weather caused a 10% decline in Q3 2024 volumes, but low single-digit 2025 growth expected. " " " "

Gradual recovery anticipated next year

Cost inflation

Initially high, then shifted from mid- to high-single digits; now decelerating. " " " " "

Pressures are moderating, assisting margin expansion. " "

Shift from high to moderating

Public infrastructure spending

Steady highway growth and robust state budgets consistently highlighted as key demand drivers. " " " " " " " "

IIJA and record state funding expected to sustain multi-year public project demand. " "

Consistently critical for growth

Weakness in private non-residential

Warehouses viewed as the biggest drag, partially offset by manufacturing and data centers. " " " " " "

Warehouse construction remains soft, offset by data centers and manufacturing. " "

Persisting but partially offset by other sectors

Residential construction sentiment

Single-family has been rebounding while multifamily lags. " " " " "

Single-family shows improvement, but multifamily still under pressure. "

Mixed with single-family momentum

Strategic M&A and bolt-on acquisitions

Multiple smaller acquisitions in Alabama/Texas in prior quarters; pipeline remains active. " " " " " " " "

Remains a focus, with $206M YTD in bolt-on deals including Wake Stone. " " "

Continual but scaled

The Vulcan Way of Selling

Cited frequently in margin improvements and pricing consistency. " " " " " " " " "

Emphasized for disciplined pricing, driving double-digit profit gains. " " " " "

Essential for margin expansion

Deferred projects & 2025 volumes

Weather delays and soft private demand partially shifting work to 2025; not heavily noted in Q1/Q4 calls. " " "

Some 2024 volume deferred to 2025; low single-digit growth expected. " "

Emerging as a next-year boost