Vulcan Materials (VMC) FY2019 results: revenue $4.9 billion, up 12.5% on the year
Vulcan Materials Co. (VMC) reported revenue of $4.9 billion for fiscal 2019, the year ended 31 December 2019, up 12.5% on the year before. Net income was $618 million, up 19.7%, and diluted earnings per share $4.63. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$4.9 billion
+12.5% on the year
FY2012FY2019
Operating margin
17.8%
17.1% a year earlier
FY2012FY2019
Net income
$618 million
+19.7% on the year
FY2012FY2019
Diluted EPS
$4.63
+20.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,929
4,383
3,890
+12.5%
Cost of revenue
3,673
3,282
2,897
+11.9%
Gross profit
1,256
1,101
994
+14.1%
Gross margin
25.5%
25.1%
25.5%
Selling, general and administrative
371
333
325
+11.2%
Operating income
877
748
639
+17.4%
Operating margin
17.8%
17.1%
16.4%
Interest expense
130
138
296
-5.7%
Pre-tax income
758
623
361
+21.6%
Income tax
135
105
-232
+28.2%
Effective tax rate
17.8%
16.9%
-64.2%
Net income
618
516
601
+19.7%
Net margin
12.5%
11.8%
15.5%
Diluted EPS
$4.63
$3.85
$4.46
+20.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
984
833
645
+18.2%
Capital expenditure
384
469
460
-18.1%
Free cash flow
600
364
185
+65.0%
Free cash flow margin
12.2%
8.3%
4.8%
Cash from investing
-416
-670
-1,269
Cash from financing
-338
-265
503
Depreciation and amortisation
375
346
306
+8.2%
Share-based compensation
31.8
25.2
26.6
+26.3%
Buybacks
2.6
134
60.3
-98.1%
Dividends paid
164
148
132
+10.7%
Dividend per share
$1.24
$1.12
$1.00
+10.7%
Diluted shares, weighted
133m
134m
135m
-0.4%
Shares outstanding at period end
132m
132m
132m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,622
5,203
4,969
+8.1%
Non-controlling interest
0.0
n/a
n/a
Short-term borrowings
0.0
n/a
0.0
Debt
2,784
2,912
2,855
-4.4%
Operating lease liabilities
388
0.0
n/a
Finance lease liabilities
0.7
n/a
n/a
Other liabilities
1,854
1,717
1,681
+8.0%
Total liabilities and equity
10,649
9,832
9,505
+8.3%
Fixed assets
4,316
4,237
3,919
+1.9%
Goodwill
3,167
3,165
3,122
+0.1%
Intangible assets
1,091
1,095
1,064
-0.4%
Cash and equivalents
272
40.0
142
+578.3%
Receivables
532
512
434
+3.9%
Inventory
458
429
384
+6.7%
Other assets
812
352
440
+130.5%
Total assets
10,649
9,832
9,505
+8.3%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.