Feb. 16, 2024 – Vulcan Materials Co. just announced results for the quarter and year ended Dec. 31, 2023, reporting total revenues of $1.83 billion in the fourth quarter versus $1.73 billion in the fourth quarter of 2022; and $7.78 billion for full-year 2023 versus $7.32 billion for full-year 2022 – a dazzling performance indeed. Regarding the company’s outlook, Tom Hill, Vulcan Materials’ chairman and chief executive officer, said, “We are well positioned to deliver another year of earnings growth and strong cash generation in 2024. The pricing environment remains positive, and we expect pricing momentum and operational execution will lead to attractive expansion in aggregates unit profitability, regardless of the macro demand environment.”
Management expectations for 2024 include:
- Continued improvement in Aggregates segment cash gross profit per ton ($9.46 in 2023).
- Total shipments flat to down 4% (234.3 million tons in 2023).
- Freight-adjusted price improvement of 10 to 12% ($19.00 in 2023).
- Mid-single digit increase in freight-adjusted cash cost (freight-adjusted price less segment cash gross profit per ton; $9.54 in 2023).