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Vulcan Materials Co - Stock Quote VMC

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Morningstar's Vulcan Materials Co Stock Analysis

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Vulcan Materials Reports Solid First-Quarter Results as Demand Remains Healthy

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Narrow-moat-rated Vulcan Materials' first-quarter results were in line with our expectations. Rising cost inflation continues to be the story, as the company’s gross margins (excluding delivery) declined over 510 basis points to 21.2% in the quarter compared with the same period a year ago. That said, we think Vulcan Materials will be able to increase prices in the near term to offset cost pressure (higher energy costs) in the second half of 2022. This leads us to forecast 30.3% gross margins for the full year, roughly 40 basis points above 2021 levels. Vulcan Materials’ sales surged 45% year on year to $1.2 billion (excluding delivery), largely due to strong pricing. In 2022, we project Vulcan Materials’ top line to grow by 26% year on year to $7 billion.

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Vulcan Materials Co's Company Profile

Business Description

Vulcan Materials is the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). Its largest markets include Texas, California, Virginia, Tennessee, Georgia, Florida, North Carolina, and Alabama. In 2021, Vulcan sold 222.9 million tons of aggregates, 11.4 million tons of asphalt mix, and 5.6 million cubic yards of ready-mix. As of Dec. 31, 2021, the company had nearly 16 billion tons of aggregates reserves.

1200 Urban Center Drive
Birmingham, AL, 35242
T +1 205 298-3000
Sector Basic Materials
Industry Building Materials
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 11,912

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