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By Rob Curran
Vulcan Materials posted 56% third-quarter net-income growth as increased industrial demand for its building materials more than compensated for a slowdown in home construction.
The Birmingham, Ala., provider of aggregates and other quarried building materials posted earnings of $276.5 million, or $2.07 a share, or the quarter ended in September, up from $177.1 million, or $1.33 a share, a year earlier. Stripping out certain one-off items, Vulcan posted adjusted earnings of $2.29 a share, in line with the average Wall Street target, as tallied by FactSet.
Third-quarter revenue rose 4.7% to $2.19 billion, slightly higher than the mean analyst estimate of $2.17 billion, as per FactSet.
Aggregates shipments rose 2% amid rising demand from heavy-industrial customers in the Southeast, offsetting lower residential-building activity.
Write to Rob Curran at [email protected]
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