Vulcan Announces Full Year And Fourth Quarter 2012 Earnings
Vulcan Announces Full Year And Fourth Quarter 2012 Earnings
Continued Improvement in Aggregates Profitability Driven by Higher Pricing and
Effective Cost Control
PR Newswire
BIRMINGHAM, Ala., Feb. 14, 2013
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
o Adjusted EBITDA increased $59 million on flat revenues.
o Gross profit increased $50 million and gross profit margins improved 210
basis points.
o Aggregates segment gross profit margins improved 270 basis points from the
prior year due to lower unit cost of sales and higher pricing.
o Aggregates shipments declined 1 percent and pricing increased 2
percent.
o Cash gross profit per ton increased 5 percent.
o SAG expenses were $259 million versus $290 million in the prior year.
o Cash earnings were $210 million, an increase of 8 percent from the prior
year.
o Gross cash proceeds of $174 million were realized from asset sales.
o 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
o 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.
o Gross profit increased $5 million, or 7 percent, and gross profit margins
improved 90 basis points on slightly lower net sales.
o Aggregates segment gross profit increased $2 million and margins
improved 40 basis points despite a 3 percent decline in shipments
versus the prior year.
o Aggregates pricing increased 4 percent versus the prior year.
o Volumes in ready-mixed concrete and cement increased 11 percent and 8
percent, respectively, due to improving levels of private
construction.
o 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 December 31 December 31
Earnings
(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 66,873 71,702 259,140 289,993
general expenses
Gain on sale of property, plant &
equipment
and businesses, 46,768 2,922 68,455 47,752
net
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), (2,980) 1,118 (5,623) (9,390)
net
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 5,135 (56,488) (120,418) (153,738)
taxes
Provision for (benefit from) 647 (30,545) (66,492) (78,483)
income taxes
Earnings (loss) from continuing 4,488 (25,943) (53,926) (75,255)
operations
Earnings (loss) on discontinued (1,005) (1,921) 1,333 4,477
operations, net of tax
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 - (0.02) 0.01 0.03
operations
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 - (0.02) 0.01 0.03
operations
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 12.6% 54.1% 55.2% 51.0%
continuing operations
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, 303,178 321,391
gross
Less: Allowance for doubtful (6,198) (6,498)
accounts
Accounts and notes 296,980 314,893
receivable, net
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 42,081 29,004
receivables
Property, plant & equipment:
Property, plant & equipment, cost 6,666,617 6,705,546
Less: Reserve for depr., depl. & (3,507,432) (3,287,367)
amort
Property, plant & equipment, 3,159,185 3,418,179
net
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 $ 150,602 $ 134,762
debt
Trade payables and accruals 113,337 103,931
Other current liabilities 171,671 167,560
Liabilities of assets held for 801 -
sale
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 (225,517) (216,844)
loss
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 331,959 361,719
amortization
Net gain on sale of property, plant & (78,654) (58,808)
equipment and businesses
Proceeds from sale of future production, net 73,583 -
of transaction costs
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 20,378 (11,906)
dispositions
Other, net 667 9,840
Net cash provided by operating 238,475 169,043
activities
Investing Activities
Purchases of property, plant & equipment (93,357) (98,912)
Proceeds from sale of property, plant & 80,829 13,675
equipment
Proceeds from sale of businesses, net of 21,166 74,739
transaction costs
Payment for businesses acquired, net of - (10,531)
acquired cash
Other, net 1,761 1,550
Net cash provided by (used for) 10,399 (19,479)
investing activities
Financing Activities
Net short-term payments - (285,500)
Payment of current maturities and long-term (134,780) (743,075)
debt
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 - 23,387
agreements
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 - 1,075 972 4,223 3,883
cubic yards
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 & 9,627 7,226
equipment
Fair value of noncash assets and liabilities exchanged - 25,994
Fair value of equity consideration for business - 18,529
acquisition
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) 647 (30,545) (66,492) (78,483)
income taxes
Interest expense, net 52,928 53,346 211,926 217,184
(Earnings) loss on
discontinued operations, net 1,005 1,921 (1,333) (4,477)
of tax
EBIT 58,063 (3,142) 91,508 63,446
Plus: Depreciation,
depletion, accretion and 78,568 88,048 331,959 361,719
amortization
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 - - - (46,404)
settlement
Gain on sale of real estate (46,801) (2,482) (65,122) (42,141)
and businesses
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 78,568 88,048 331,959 361,719
amortization
Adjusted EBIT $ 11,851 $ $ $
6,597 79,323 (9,901)
EBITDA Bridge Three Months Twelve Months
Ended 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 (2) (42)
and businesses
Restructuring charges 10 13
Exchange offer costs 2 2
2011 Adjusted EBITDA from continuing 95 352
operations
Increase / (Decrease) due to:
Aggregates: Volumes (6) (12)
Selling prices 13 27
Lower costs and other (12) 5
items
Concrete - (2)
Asphalt Mix 2 (2)
Cement (2) 3
Lower selling, administrative and general 5 31
expenses
Other (4) 9
2012 Adjusted EBITDA from continuing 91 411
operations
Plus: Gain on sale of real estate 47 65
and businesses
Restructuring charges (1) (10)
Exchange offer costs - (43)
Continuing Operations - 2012 Actual $ $
137 423
SOURCE Vulcan Materials Company
Website: http://www.vulcanmaterials.com
Contact: Investor Contact: Mark Warren, +1-205-298-3220; Media Contact: David
Donaldson, +1-205-298-3220
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