Vulcan net sales rise 9% in Q1 2014
The company’s gross profit margin was up 270 basis points, compared to the first quarter of 2013.
The aggregates segment of the company saw a gross profit improvement of 55 percent, or $14 million. Shipments in this segment rise 6 percent (1.8 million tons), while pricing increased 2 percent and cash gross profit per ton improved 8 percent.
Non-aggregates gross profit was up about $3 million.
Earnings from continuing operations were $0.41 per diluted share. The company saw $1.04 per diluted share of income related to the sale of the Company’s Florida-area cement and concrete assets and $0.35 per diluted share in charges to interest expense referable to the $506 million of debt purchased, both in March. When adjusting for these one-time items, earnings from continuing operations were down $0.28 per diluted share versus, compared to a loss of $0.47 per diluted share in the first quarter of 2013.
Adjusted EBITDA was $39 million, versus $26 million in the first three months of last year.