Vulcan Materials beats by $0.19, beats on revs; sees FY16 EBITDA at high end of guidance; raises shipment outlook
- Reports Q1 (Mar) adj. earnings of $0.26 per share, $0.19 better thanthe Capital IQ Consensus of $0.07; revenues rose 19.5% year/year to $754.7 mln vs the $702.14 mln Capital IQ Consensus.
- Aggregates freight-adjusted revenues increased $107 million, or 28 percent, to $487 million
- Shipments increased 17 percent, or 5.7 million tons, to 39 million tons
- "The strong fundamentals of our aggregates-focused business and the execution of our teams led to strong earnings growth in 2015 and to a fast start in 2016. Our fast start through the first quarter has put usahead of our original plans and tracking towards the high end of our full year Adjusted EBITDA guidance of $1.0 to $1.1 billion. In addition, we now project full year 2016 aggregates shipments to be 8 to 9 percent higher than 2015 (vs. our prior 7 percent growth estimate). Other management expectations (e.g., aggregates price, gross profit growth and SAG expense) remain consistent with those outlined during our fourth quarter 2015 communications."