Vulcan Announces Full Year And Fourth Quarter 2012 Earnings

Continued Improvement in Aggregates Profitability Driven by Higher Pricing and Effective Cost Control

Feb 14, 2013, 08:00 ET from Vulcan Materials Company

BIRMINGHAM, Ala., Feb. 14, 2013 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced earnings for 2012.

(Logo: http://photos.prnewswire.com/prnh/20090710/CL44887LOGO )

Full Year Highlights

  • Adjusted EBITDA increased $59 million on flat revenues.
  • Gross profit increased $50 million and gross profit margins improved 210 basis points.
  • Aggregates segment gross profit margins improved 270 basis points from the prior year due to lower unit cost of sales and higher pricing.
    • Aggregates shipments declined 1 percent and pricing increased 2 percent.
    • Cash gross profit per ton increased 5 percent.
  • SAG expenses were $259 million versus $290 million in the prior year.
  • Cash earnings were $210 million, an increase of 8 percent from the prior year.
  • Gross cash proceeds of $174 million were realized from asset sales.
  • The Company retired $135 million of debt as scheduled.

Don James, Chairman and Chief Executive Officer, said, "Our full year results demonstrate our employees' efforts in managing those aspects of the business that are under their control.  Despite slightly weaker aggregates shipments, we achieved a 17 percent increase in Adjusted EBITDA, reflecting aggressive actions to reduce costs and to take advantage of pricing opportunities across the markets we serve."   

Fourth Quarter 2012 Results Summary

  • Fourth quarter EBITDA, including gains on sale of real estate and businesses, restructuring charges and exchange offer costs, was $137 million as compared to $85 million in the prior year.  Excluding these items, Adjusted EBITDA was $90 million versus $95 million in the prior year.
  • Gross profit increased $5 million, or 7 percent, and gross profit margins improved 90 basis points on slightly lower net sales.
    • Aggregates segment gross profit increased $2 million and margins improved 40 basis points despite a 3 percent decline in shipments versus the prior year.
    • Aggregates pricing increased 4 percent versus the prior year.
    • Volumes in ready-mixed concrete and cement increased 11 percent and 8 percent, respectively, due to improving levels of private construction.
  • Earnings from continuing operations were $0.03 per diluted share versus a loss of $0.20 per diluted share in the prior year.

Commentary on Fourth Quarter 2012 Segment Results Aggregates segment gross profit increased $2 million from the prior year's fourth quarter and gross profit margin expanded due in part to a 4 percent increase in pricing and despite a 3 percent decline in aggregates shipments.  Aggregates shipments in Florida, North Carolina, Texas and Arizona showed strength, each increasing more than 10 percent versus the prior year.   Some markets reported declines versus the prior year's fourth quarter, due in part to very favorable weather in December 2011, as compared to more normalized weather in 2012.  Shipments in Virginia, California, Georgia and the Midwest were lower versus the prior year due in part to less large-project work than in the prior year.  Virtually all of the Company's markets realized increased pricing.  Improved productivity in key energy efficiency metrics helped offset a 7 percent increase in the unit cost for diesel fuel.

Gross profit from non-aggregates businesses improved approximately $3 million to a loss of $2 million.  Asphalt Mix segment gross profit was $7 million versus $5 million in the prior year.  Unit profitability, as measured by materials margin, increased 13 percent despite a 4 percent increase in the unit cost of liquid asphalt.  Asphalt volumes decreased 11 percent from the prior year's fourth quarter.  Concrete segment gross profit improved $3 million due in part to an 11 percent increase in shipments.  Cement segment earnings in the fourth quarter were a loss of $1 million versus earnings of $1 million in the prior year due primarily to the effects of an unscheduled production outage.

2013 Outlook "Our outlook for another year of earnings growth is supported by improved pricing, aggressive cost control and some volume growth," said Mr. James.  "Our expectations are for aggregates margins and profitability to continue to expand.

"We believe economic and construction-related fundamentals that drive demand for our products are continuing to improve from the historically low levels created by the economic downturn.  The passage of the new federal highway bill in July 2012 is providing stability and predictability to future highway funding.  Through the first three months of fiscal year 2013, obligation of federal funds for future highway projects is up sharply versus the prior year, a positive indicator of growth in future contract awards.  The large increase in TIFIA (Transportation Infrastructure Finance and Innovation Act) funding contained in the new highway bill should also positively impact demand going forward.

"Leading indicators of private construction activity, specifically residential housing starts and contract awards for nonresidential buildings, continue to improve.  Consequently, aggregates demand in private construction is growing. We are seeing tangible evidence of this growth in several key states, including Florida, Texas, California, Georgia and Arizona.  Growth in residential construction has historically been a leading indicator of other construction end uses."        

Mr. James continued, "Demand for aggregates in our markets is expected to grow by mid-single digits in 2013.  Aggregates demand from residential construction is expected to increase double-digits while demand from private non-residential buildings is expected to increase high single-digits versus 2012.  Our current expectation for growth in aggregates demand into public construction, including highways and other infrastructure, is limited given the lead time required from award of contract to the start of construction.  As we look at the projects that could impact our 2013 aggregates volumes, we see a disproportionately greater number of large, discrete highway and industrial projects.  The timing of these projects is difficult to predict at this point in the year.  As a result, our full year shipments in 2013 are expected to increase 1 to 5 percent with most of the expected year-over-year growth to occur in the second half of the year, due in part to favorable weather in the first quarter of 2012. 

"In keeping with our successful efforts to offset the earnings effect of lower volumes in recent quarters, we will continue our focus on reducing controllable costs and achieving improved pricing.  In 2012, we achieved a 2 percent decrease in aggregates unit cost of sales despite the effects of lower volumes.  The geographic breadth of pricing gains achieved in 2012 reinforces our expectations for continued growth in pricing in 2013.  We expect full year freight-adjusted price growth of approximately 4 percent in 2013.

"Additionally, earnings in each of our non-aggregates segments should improve versus the prior year.  Asphalt materials margin increased throughout 2012 and should contribute to earnings growth in 2013.  Concrete volumes and materials margin are improving as housing starts continue recovering in key states.  Cement earnings should improve in 2013 due mostly to lower production costs.  As a result, collectively, full year earnings from these segments are expected to contribute significantly to earnings growth in 2013. 

"We are on track to achieve our Profit Enhancement goals for 2013.  These pricing and cost initiatives should allow us to more than offset the effects of higher costs of key materials and supplies and maintaining competitive wages.  In 2012, we announced a number of asset sales that generated total gross proceeds of $174 million.  The Company continues to work on additional asset sales.  However, the ultimate timing of such transactions is difficult to predict.  The Company remains committed to completing transactions designed to strengthen Vulcan's balance sheet, unlock capital for more productive uses, improve our operating results and create value for shareholders." 

Conference Call Vulcan will host a conference call at 10:00 a.m. CST on February 14, 2013.  Investors and other interested parties in the U.S. may access the teleconference live by calling 866.711.8198 approximately 10 minutes before the scheduled start.  International participants can dial 617.597.5327.  The access code is 23352917.  A live webcast and accompanying slides will be available via the Internet through Vulcan's home page at www.vulcanmaterials.com.  The conference call will be recorded and available for replay approximately two hours after the call through February 21, 2013.

Vulcan Materials Company, a member of the S&P 500 Index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.

FORWARD-LOOKING STATEMENT DISCLAIMER This document contains forward-looking statements.  Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales.  These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document.  These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.

Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements.  The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks that Vulcan's intentions, plans and results with respect to cost reductions, profit enhancements and asset sales, as well as streamlining and other strategic actions adopted by Vulcan, will not be able to be realized to the desired degree or within the desired time period and that the results thereof will differ from those anticipated or desired; uncertainties as to the timing and valuations that may be realized or attainable with respect to intended asset sales; those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; the impact of a prolonged economic recession on Vulcan's industry, business and financial condition and access to capital markets; changes in the level of spending for private residential and nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in Vulcan's effective tax rate; changes in interest rates; the impact of Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; Vulcan's increasing reliance on information technology; the potential of goodwill impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.  Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law. 

Table A

Vulcan Materials Company

and Subsidiary Companies

(Amounts and shares in thousands,

except per share data)

Three Months Ended

Twelve Months Ended

Consolidated Statements of Earnings

December 31

December 31

(Condensed and unaudited)

2012

2011

2012

2011

Net sales

$      574,885

$    578,189

$ 2,411,243

$ 2,406,909

Delivery revenues

33,546

36,437

156,067

157,641

Total revenues

608,431

614,626

2,567,310

2,564,550

Cost of goods sold

495,679

503,834

2,077,217

2,123,040

Delivery costs

33,546

36,437

156,067

157,641

Cost of revenues

529,225

540,271

2,233,284

2,280,681

Gross profit

79,206

74,355

334,026

283,869

Selling, administrative and general expenses

66,873

71,702

259,140

289,993

Gain on sale of property, plant & equipment

               and businesses, net

46,768

2,922

68,455

47,752

Recovery from legal settlement

-

-

-

46,404

Restructuring charges

(540)

(9,994)

(9,557)

(12,971)

Exchange offer costs

(49)

(2,227)

(43,380)

(2,227)

Other operating income (expense), net

(2,980)

1,118

(5,623)

(9,390)

Operating earnings (loss)

55,532

(5,528)

84,781

63,444

Other nonoperating income, net

2,531

2,386

6,727

2

Interest expense, net

52,928

53,346

211,926

217,184

Earnings (loss) from continuing operations

               before income taxes

5,135

(56,488)

(120,418)

(153,738)

Provision for (benefit from) income taxes

647

(30,545)

(66,492)

(78,483)

Earnings (loss) from continuing operations

4,488

(25,943)

(53,926)

(75,255)

Earnings (loss) on discontinued operations, net of tax

(1,005)

(1,921)

1,333

4,477

Net earnings (loss)

$         3,483

$     (27,864)

$     (52,593)

$     (70,778)

Basic earnings (loss) per share:

               Continuing operations

$           0.03

$        (0.20)

$        (0.42)

$        (0.58)

               Discontinued operations

-

(0.02)

0.01

0.03

               Net earnings (loss) per share

$           0.03

$        (0.22)

$        (0.41)

$        (0.55)

Diluted earnings (loss) per share:

               Continuing operations

$           0.03

$        (0.20)

$        (0.42)

$        (0.58)

               Discontinued operations

-

(0.02)

0.01

0.03

               Net earnings (loss) per share

$           0.03

$        (0.22)

$        (0.41)

$        (0.55)

Weighted-average common shares

     outstanding:

               Basic

129,954

129,502

129,745

129,381

               Assuming dilution

131,008

129,502

129,745

129,381

Cash dividends declared per share

               of common stock

$           0.01

$         0.01

$         0.04

$         0.76

Depreciation, depletion, accretion and

               amortization

$       78,568

$      88,048

$    331,959

$    361,719

Effective tax rate from continuing operations

12.6%

54.1%

55.2%

51.0%

Table B

Vulcan Materials Company

and Subsidiary Companies

(Amounts in thousands, except per share data)

 

Consolidated Balance Sheets

December 31

December 31

(Condensed and unaudited)

2012

2011

Assets

Cash and cash equivalents

$    275,478

$    155,839

Restricted cash

-

81

Accounts and notes receivable:

Accounts and notes receivable, gross

303,178

321,391

Less: Allowance for doubtful accounts

(6,198)

(6,498)

Accounts and notes receivable, net

296,980

314,893

Inventories:

Finished products

262,886

260,732

Raw materials

27,758

23,819

Products in process

5,963

4,198

Operating supplies and other

38,415

38,908

Inventories

335,022

327,657

Current deferred income taxes

40,696

43,032

Prepaid expenses

21,713

21,598

Assets held for sale

15,083

-

Total current assets

984,972

863,100

Investments and long-term receivables

42,081

29,004

Property, plant & equipment:

Property, plant & equipment, cost

6,666,617

6,705,546

Less: Reserve for depr., depl. & amort

(3,507,432)

(3,287,367)

Property, plant & equipment, net

3,159,185

3,418,179

Goodwill

3,086,716

3,086,716

Other intangible assets, net

692,532

697,502

Other noncurrent assets

161,113

134,813

Total assets

$  8,126,599

$  8,229,314

Liabilities and Equity

Current maturities of long-term debt

$    150,602

$    134,762

Trade payables and accruals

113,337

103,931

Other current liabilities

171,671

167,560

Liabilities of assets held for sale

801

-

Total current liabilities

436,411

406,253

Long-term debt

2,526,401

2,680,677

Noncurrent deferred income taxes

657,367

732,528

Deferred revenue

73,583

-

Other noncurrent liabilities

671,775

618,239

Total liabilities 

4,365,537

4,437,697

Equity:

Common stock, $1 par value

129,721

129,245

Capital in excess of par value

2,580,209

2,544,740

Retained earnings

1,276,649

1,334,476

Accumulated other comprehensive loss

(225,517)

(216,844)

Total equity

3,761,062

3,791,617

Total liabilities and equity

$  8,126,599

$  8,229,314

Table C

Vulcan Materials Company

and Subsidiary Companies

(Amounts in thousands)

 

Twelve Months Ended

Consolidated Statements of Cash Flows

December 31

(Condensed and unaudited)

2012

2011

Operating Activities

Net loss

$     (52,593)

$     (70,778)

Adjustments to reconcile net loss to

net cash provided by operating activities:

Depreciation, depletion, accretion and amortization

331,959

361,719

Net gain on sale of property, plant & equipment and businesses

(78,654)

(58,808)

Proceeds from sale of future production, net of transaction costs

73,583

-

Contributions to pension plans

(4,509)

(4,892)

Share-based compensation

17,474

18,454

Deferred tax provision

(69,830)

(93,739)

Cost of debt purchase

-

19,153

Changes in assets and liabilities before initial

effects of business acquisitions and dispositions

20,378

(11,906)

Other, net

667

9,840

Net cash provided by operating activities

238,475

169,043

Investing Activities

Purchases of property, plant & equipment

(93,357)

(98,912)

Proceeds from sale of property, plant & equipment

80,829

13,675

Proceeds from sale of businesses, net of transaction costs

21,166

74,739

Payment for businesses acquired, net of acquired cash

-

(10,531)

Other, net

1,761

1,550

Net cash provided by (used for) investing activities

10,399

(19,479)

Financing Activities

Net short-term payments

-

(285,500)

Payment of current maturities and long-term debt

(134,780)

(743,075)

Cost of debt purchase

-

(19,153)

Proceeds from issuance of long-term debt

-

1,100,000

Debt issuance costs

-

(27,426)

Proceeds from settlement of interest rate swap agreements

-

23,387

Proceeds from issuance of common stock

-

4,936

Dividends paid

(5,183)

(98,172)

Proceeds from exercise of stock options

10,462

3,615

Other, net

266

122

Net cash used for financing activities

(129,235)

(41,266)

Net increase in cash and cash equivalents

119,639

108,298

Cash and cash equivalents at beginning of year

155,839

47,541

Cash and cash equivalents at end of year

$    275,478

$    155,839

 

Table D

Segment Financial Data and Unit Shipments

(Amounts in thousands, except per unit data)

Three Months Ended

Twelve Months Ended

December 31

December 31

2012

2011

2012

2011

Total Revenues

Aggregates segment (a)

$411,496

$409,251

$1,729,419

$1,734,005

Intersegment sales

(35,311)

(30,802)

(148,230)

(142,572)

Net sales

376,185

378,449

1,581,189

1,591,433

Concrete segment (b)

103,085

92,862

406,370

374,671

Intersegment sales

-

-

-

-

Net sales

103,085

92,862

406,370

374,671

Asphalt Mix segment

84,860

94,530

378,126

398,962

Intersegment sales

-

-

-

-

Net sales

84,860

94,530

378,126

398,962

Cement segment (c)

20,998

19,429

84,567

71,920

Intersegment sales

(10,243)

(7,081)

(39,009)

(30,077)

Net sales

10,755

12,348

45,558

41,843

Total

Net sales

574,885

578,189

2,411,243

2,406,909

Delivery revenues

33,546

36,437

156,067

157,641

Total revenues

$608,431

$614,626

$2,567,310

$2,564,550

Gross Profit

Aggregates

$  81,332

$  79,196

$   352,100

$   306,203

Concrete

(8,384)

(11,041)

(38,234)

(43,368)

Asphalt Mix

7,472

5,157

22,970

25,575

Cement

(1,214)

1,043

(2,810)

(4,541)

Total gross profit

$  79,206

$  74,355

$   334,026

$   283,869

Depreciation, depletion, accretion and amortization

Aggregates

$  57,044

$  63,993

$   240,704

$   266,968

Concrete

9,211

11,556

41,316

47,659

Asphalt Mix

2,097

2,132

8,687

7,740

Cement

4,508

4,897

18,055

17,801

Other

5,708

5,470

23,197

21,551

Total DDA&A

$  78,568

$  88,048

$   331,959

$   361,719

Unit Shipments

Aggregates customer tons

30,963

32,005

130,520

132,394

Internal tons (d)

2,441

2,564

10,440

10,637

Aggregates - tons

33,404

34,569

140,960

143,031

Ready-mixed concrete - cubic yards

1,075

972

4,223

3,883

Asphalt Mix - tons

1,493

1,686

6,701

7,208

Cement customer tons

114

129

442

380

Internal tons (d)

130

97

497

413

Cement - tons

244

226

939

793

Average Unit Sales Price (including internal sales)

Aggregates (freight-adjusted) (e)

$    10.45

$    10.07

$      10.44

$      10.25

Ready-mixed concrete

$    91.38

$    91.50

$      92.19

$      92.16

Asphalt Mix

$    56.07

$    55.29

$      55.33

$      54.71

Cement

$    77.20

$    69.21

$      77.77

$      73.66

 

(a) Includes crushed stone, sand and gravel, sand, other aggregates, as well as transportation and service revenues associated with the aggregates

      business

(b) Includes ready-mixed concrete, concrete block, precast concrete, as well as building materials purchased for resale

(c) Includes cement and calcium products

(d) Represents tons shipped primarily to our downstream operations (i.e., asphalt mix and ready-mixed concrete). Sales from internal shipments

      are eliminated in net sales presented above and in the accompanying Condensed Consolidated Statements of Earnings

(e) Freight-adjusted sales price is calculated as total sales dollars (internal and external) less freight to remote distribution sites divided by total

      sales units (internal and external)

 

Table E

1.   Supplemental Cash Flow Information

Supplemental information referable to the Condensed Consolidated Statements of Cash Flows

for the twelve months ended December 31 is summarized below:

(Amounts in thousands)

2012

2011

Supplemental Disclosure of Cash Flow Information 

Cash paid (refunded) during the period for:

Interest

$      207,745

$    205,088

Income taxes

20,374

(29,874)

Supplemental Schedule of Noncash Investing and Financing Activities 

Liabilities assumed in business acquisition

-

13,912

Accrued liabilities for purchases of property, plant & equipment

9,627

7,226

Fair value of noncash assets and liabilities exchanged

-

25,994

Fair value of equity consideration for business acquisition

-

18,529

2.   Reconciliation of Non-GAAP Measures

Generally Accepted Accounting Principles (GAAP) does not define "free cash flow," "aggregates segment cash gross profit," "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA) and "cash earnings."  Thus, free cash flow should not be considered as an alternative to net cash provided by operating activities or any other liquidity measure defined by GAAP.  Likewise, aggregates segment cash gross profit, EBITDA and cash earnings should not be considered as alternatives to earnings measures defined by GAAP.  We present these metrics for the convenience of investment professionals who use such metrics in their analyses, and for shareholders who need to understand the metrics we use to assess performance and to monitor our cash and liquidity positions.  The investment community often uses these metrics as indicators of a company's ability to incur and service debt.  We use free cash flow, cash gross profit, EBITDA, cash earnings and other such measures to assess the operating performance of our various business units and the consolidated company.  We do not use these metrics as a measure to allocate resources.  Reconciliations of these metrics to their nearest GAAP measures are presented below:

Free Cash Flow

Free cash flow deducts purchases of property, plant & equipment from net cash provided by operating activities

(Amounts in thousands)

Twelve Months Ended

December 31

2012

2011

Net cash provided by operating activities

$      238,475

$    169,043

Purchases of property, plant & equipment

(93,357)

(98,912)

Free cash flow

$      145,118

$      70,131

Aggregates Segment Cash Gross Profit

Aggregates segment cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization (DDA&A) to aggregates segment gross profit

(Amounts in thousands)

Three Months Ended

Twelve Months Ended

December 31

December 31

2012

2011

2012

2011

Aggregates segment gross profit

$        81,332

$        79,196

$      352,100

$    306,203

Aggregates segment DDA&A

57,044

63,993

240,704

266,968

Aggregates segment cash gross profit

$      138,376

$      143,189

$      592,804

$    573,171

Table F

Reconciliation of Non-GAAP Measures (Continued)

EBITDA and Cash Earnings

EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortization.  Cash earnings adjusts EBITDA for net interest expense and current taxes.  

(Amounts in thousands)

Three Months Ended

Twelve Months Ended

December 31

December 31

2012

2011

2012

2011

Reconciliation of Net Loss to EBITDA and Cash Earnings

Net earnings (loss)

$         3,483

$      (27,864)

$      (52,593)

$      (70,778)

Provision for (benefit from) income taxes

647

(30,545)

(66,492)

(78,483)

Interest expense, net

52,928

53,346

211,926

217,184

(Earnings) loss on discontinued operations, net of tax

1,005

1,921

(1,333)

(4,477)

EBIT

58,063

(3,142)

91,508

63,446

Plus: Depreciation, depletion, accretion and amortization

78,568

88,048

331,959

361,719

EBITDA

$      136,631

$       84,906

$      423,467

$      425,165

Less:  Interest expense, net

(52,928)

(53,346)

(211,926)

(217,184)

           Current taxes

(3,983)

(4,041)

(1,913)

(14,318)

Cash earnings

$       79,720

$       27,519

$      209,628

$      193,663

Adjusted EBITDA and Adjusted EBIT

EBITDA

$      136,631

$       84,906

$      423,467

$      425,165

Recovery from legal settlement

-

-

-

(46,404)

Gain on sale of real estate and businesses

(46,801)

(2,482)

(65,122)

(42,141)

Restructuring charges

540

9,994

9,557

12,971

Exchange offer costs

49

2,227

43,380

2,227

Adjusted EBITDA

$       90,419

$       94,645

$      411,282

$      351,818

Less: Depreciation, depletion, accretion and amortization

78,568

88,048

331,959

361,719

Adjusted EBIT

$       11,851

$         6,597

$       79,323

$        (9,901)

EBITDA Bridge 

Three Months Ended

Twelve Months Ended

(Amounts in millions)

December 31

December 31

EBITDA

EBITDA

Continuing Operations - 2011 Actual

$              85

$            425

Plus:

Recovery from legal settlement

-

(46)

Gain on sale of real estate and businesses

(2)

(42)

Restructuring charges

10

13

Exchange offer costs

2

2

2011 Adjusted EBITDA from continuing operations

95

352

Increase / (Decrease) due to:

Aggregates:

Volumes

(6)

(12)

Selling prices

13

27

Lower costs and other items

(12)

5

Concrete

-

(2)

Asphalt Mix

2

(2)

Cement

(2)

3

Lower selling, administrative and general expenses

5

31

Other

(4)

9

2012 Adjusted EBITDA from continuing operations

91

411

Plus:

Gain on sale of real estate and businesses

47

65

Restructuring charges

(1)

(10)

Exchange offer costs

-

(43)

Continuing Operations - 2012 Actual

$            137

$            423

 

 

SOURCE Vulcan Materials Company



RELATED LINKS

http://www.vulcanmaterials.com