Vulcan Materials (VMC) FY2018 results: revenue $4.4 billion, up 12.7% on the year
Vulcan Materials Co. (VMC) reported revenue of $4.4 billion for fiscal 2018, the year ended 31 December 2018, up 12.7% on the year before. Net income was $516 million, down 14.2%, and diluted earnings per share $3.85. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$4.4 billion
+12.7% on the year
FY2011FY2018
Operating margin
17.1%
16.4% a year earlier
FY2011FY2018
Net income
$516 million
-14.2% on the year
FY2011FY2018
Diluted EPS
$3.85
-13.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
4,383
3,890
3,593
+12.7%
Cost of revenue
3,282
2,897
2,604
+13.3%
Gross profit
1,101
994
989
+10.8%
Gross margin
25.1%
25.5%
27.5%
Selling, general and administrative
333
325
317
+2.6%
Operating income
748
639
666
+17.0%
Operating margin
17.1%
16.4%
18.5%
Interest expense
138
296
134
-53.3%
Pre-tax income
623
361
547
+72.5%
Income tax
105
-232
125
Effective tax rate
16.9%
-64.2%
22.8%
Net income
516
601
419
-14.2%
Net margin
11.8%
15.5%
11.7%
Diluted EPS
$3.85
$4.46
$3.09
-13.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
833
645
645
+29.2%
Capital expenditure
469
460
350
+2.1%
Free cash flow
364
185
294
+96.5%
Free cash flow margin
8.3%
4.8%
8.2%
Cash from investing
-670
-1,269
-357
Cash from financing
-265
503
-305
Depreciation and amortisation
346
306
285
+13.2%
Share-based compensation
25.2
26.6
20.7
-5.3%
Buybacks
134
60.3
161
+122.2%
Dividends paid
148
132
106
+11.9%
Dividend per share
$1.12
$1.00
$0.80
+12.0%
Diluted shares, weighted
134m
135m
136m
-0.7%
Shares outstanding at period end
132m
132m
132m
-0.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,203
4,969
4,572
+4.7%
Short-term borrowings
n/a
0.0
0.0
Debt
2,912
2,855
1,983
+2.0%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,717
1,681
1,916
+2.1%
Total liabilities and equity
9,832
9,505
8,471
+3.4%
Fixed assets
4,237
3,919
3,261
+8.1%
Goodwill
3,165
3,122
3,095
+1.4%
Intangible assets
1,095
1,064
769
+3.0%
Cash and equivalents
40.0
142
259
-71.7%
Receivables
512
434
398
+18.0%
Inventory
429
384
346
+11.7%
Other assets
352
440
343
-19.9%
Total assets
9,832
9,505
8,471
+3.4%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.