Vulcan Takes a Dip
- Written by Mark Kuhar
February 7, 2011 – Vulcan Materials, based on it s latest financial report, is operating at half-capacity. Don James, chairman and chief executive officer, said, "The length and depth of the decline in construction activity and aggregates demand during this economic downturn have been unprecedented. For Vulcan, aggregates shipments in 2010 were one-half the level shipped in 2006 when demand peaked. That said, we start 2011 with optimism that the decline in demand for our products bottomed in 2010 and that growth in shipments is ahead of us."
The Birmingham, Alabama-based company reported net loss for the fourth quarter that widened to $47 million or $0.37 per share from $13.35 million or $0.11 per share in the year-ago quarter. The latest quarter's results include certain adjustments and charges that lowered pretax earnings by about $21 million.
Loss from continuing operations for the quarter widened to $46.15 million or $0.36 per share from $12.58 million or $0.10 per share in the prior-year quarter. On average, sixteen analysts polled by Thomson Reuters expected the company to report a loss of $0.18 per share for the quarter. Analysts' estimates typically excludes special items.
Total revenues, which is net sales plus delivery revenue, edged down to $586.24 million from $590.14 million in the same period last year and missed analysts' consensus revenue estimate of $598 million.