By Jasmine Li
Vulcan Materials reported lower quarterly profit and cut its outlook for the year as severe weather disrupted construction activity.
The Birmingham, Ala., construction-materials producer Wednesday posted third-quarter net earnings of $207.6 million, or $1.57 a share, compared with $276.5 million, or $2.07 a share, in the same quarter last year.
On an adjusted basis, the company reported earnings of $2.22 a share, down from $2.29 a year earlier and below the average analyst forecast for $2.31.
Revenue fell to $2.0 billion from $2.19 billion a year earlier, slightly below analyst expectations for $2.01 billion.
Revenue in the aggregates segment fell to $1.57 billion from $1.63 billion. Shipments fell 10% from a year earlier as hurricanes affected operations in the Southeast, Vulcan said.
Asphalt revenue rose 9.8% to $381.1 million as shipments increased slightly, the company said. Concrete revenue dropped by more than half to $174.4 million, as the prior year's third quarter included results from divested concrete assets in Texas.
Vulcan Materials said it now expects full-year net earnings of about $845 million, down from previous guidance for $950 million-$1.07 billion on a decline in shipments and continued weather events in the fourth quarter.
"A demand backdrop underpinned by growth in public construction activity and an improving private demand environment should lead to volume growth in 2025," Chief Executive Tom Hill said.
Write to Jasmine Li at jasmine.li@wsj.com
(END) Dow Jones Newswires
October 30, 2024 08:16 ET (12:16 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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