Vulcan Materials Company announced its third-quarter 2024 results on October 30, 2024, reporting total revenues of $2,004 million, an 8.3% decrease from $2,186 million in the prior year. Net earnings attributable to Vulcan fell to $208 million, or $1.57 per diluted share, compared to $276 million, or $2.09 per diluted share, in Q3 2023. Adjusted EBITDA also decreased to $581 million from $602 million year-over-year.
Despite the revenue and earnings decline, the company demonstrated strong operational execution in its core aggregates segment. Aggregates cash gross profit per ton increased by 10% to $10.89 per ton, marking the eighth consecutive quarter of double-digit compounding improvement. This was driven by a 10% increase in freight-adjusted sales price per ton to $21.27, even as shipments decreased by 10% due to severe weather conditions, including significant rainfall and hurricanes.
Management revised its full-year Adjusted EBITDA guidance to approximately $2 billion, down from previous expectations, citing the impact of weather disruptions on construction activity. Concurrently, Vulcan announced the acquisition of Wake Stone Corporation, a pure-play aggregates producer in the Carolinas, expected to close in the fourth quarter of 2024. This acquisition is anticipated to provide over 60 years of quality hard rock reserves, aligning with the company's strategy to expand its reach in high-growth geographies.
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