News & Analysis

Vulcan Materials closes at a new all-time high after earnings

19 February 2024 By Klavs Valters


US manufacturer of building materials Vulcan Materials Company (NYSE: VMC) announced its latest financial results on Friday.

Vulcan Materials reported revenue that fell short of analyst estimates. Revenue reached $1.834 billion for Q4 2023 (up by 5.88% year-over-year) vs. $1.837 billion expected.

Earnings per share (EPS) topped expectations at $1.46 vs. $1.398 per share expected. EPS was up by 35.18% year-over-year.

Full year revenue was up by 6.38% from 2022 at $7.782 billion. EPS reached $7 per share, up from $5.11 the year before.

Company overview

  • Founded: 1909
  • Headquarters: Birmingham, Alabama United States
  • Number of employees: 12,000 (2023)
  • Industry: Construction materials
  • Key people: Tom Hill (Chief Executive Officer) Suzanne H. Wood (Chief Financial Officer) Denson N. Franklin III (General Counsel)

CEO commentary

“2023 was an exceptional year for Vulcan Materials. We generated over $2 billion in Adjusted EBITDA, a 24 percent increase over the prior year, expanded EBITDA margin by 360 basis points and generated $1.5 billion of operating cash flow that can be deployed to grow our business.  Our industry leading aggregates cash gross profit per ton increased each quarter on a year-over-year basis and was $9.46 per ton for the full year, a 21 percent improvement over the prior year. Six consecutive years of unit profitability improvement during a continuously shifting macro backdrop demonstrates the durability of our uniquely positioned aggregates-led business. We carry momentum into 2024, and our focus is the same – compounding unit margins through all parts of the cycle and creating value for our shareholders through improving returns on capital,” Tom Hill, CEO of Vulcan Materials said in a statement to shareholders.

Stock reaction

The stock was up by over 5% at the end of the trading session on Friday at $255.15 a share – a new all-time closing price.

Stock performance

  • 5 day: +6.31%
  • 1 month: +12.86%
  • 3 months: +20.16%
  • Year-to-date: +12.40%
  • 1 year: +37.44%

Vulcan Materials stock price targets

  • Raymond James: $240
  • Royal Bank of Canada: $236
  • Morgan Stanley: $208
  • Stifle Nicolaus: $279
  • JP Morgan Chase & Co.: $245
  • DA Davidson: $260
  • Barclays: $250
  • Citigroup: $260
  • Stephens: $260
  • Loop Capital: $260
  • Truist Financial: $260
  • Jefferies Financial Group: $265
  • The Goldman Sachs Group: $212

Vulcan Materials Company is the 555th largest company in the world with a market cap of $33.90 billion, according to CompaniesMarketCap.

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Sources: Vulcan Materials Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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