Vulcan returns to quarterly profit but only due to asset sale

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US: Vulcan Materials has reported that it made a first-quarter profit, helped by a recent asset sale and improved revenues. Vulcan reported a profit of US$54m. This compares to a loss of US$54.8m in the first quarter of 2013.

Vulcan's revenue for the quarter climbed by 6.7% year-on-year to US$574.4m. Net sales were up by 9% to US$44m and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at US$39m, compared to US$26m in the first quarter of 2013.

The latest reporting period included a gain of US$1.04/share related to the sale of the company's Florida-area cement and concrete assets in March 2014 to Colombia's Cementos Argos. Excluding that benefit and other items, the company had a first-quarter loss of US$0.28/share compared to a loss of US$0.47/share in the same period of 2013.

Don James, Chairman and CEO of Vulcan Materials said, "We continue to experience strengthening demand in each of our end markets and across most of our footprint. Our operations and sales teams continue to deliver strong incremental margins."


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