Vulcan Materials (VMC) Q4 FY2021 earnings: revenue $1.6 billion, up 36.7% on the year

Vulcan Materials Co. (VMC) reported revenue of $1.6 billion for Q4 FY2021, the quarter ended 31 December 2021, up 36.7% on the same quarter a year earlier. Net income was $138 million, up 20.4% on the year, and diluted earnings per share $1.04. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$1.6 billion

+36.7% on the year · +5.9% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

13.2%

16.7% a year earlier

Q1 FY2020Q4 FY2021

Net income

$138 million

+20.4% on the year · -22.0% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$1.04

+20.9% on the year · -21.2% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	1,606	1,517	1,175	+5.9%	+36.7%
Cost of revenue	1,255	n/a	n/a
Gross profit	352	n/a	n/a
Gross margin	21.9%	n/a	n/a
Selling, general and administrative	125	n/a	n/a
Operating income	211	262	196	-19.4%	+7.6%
Operating margin	13.2%	17.3%	16.7%
Pre-tax income	169	n/a	n/a
Income tax	30.4	n/a	n/a
Effective tax rate	18.0%	n/a	n/a
Net income	138	177	115	-22.0%	+20.4%
Net margin	8.6%	n/a	n/a
Diluted EPS	$1.04	$1.32	$0.86	-21.2%	+20.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	287	n/a	n/a
Capital expenditure	133	n/a	n/a
Free cash flow	154	n/a	n/a
Free cash flow margin	9.6%	n/a	n/a
Cash from investing	-114	n/a	n/a
Cash from financing	-68.5	n/a	n/a
Depreciation and amortisation	142	118	101	+20.8%	+40.7%
Share-based compensation	9.5	n/a	n/a
Buybacks	0.0	n/a	n/a
Dividends paid	49.1	n/a	n/a
Diluted shares, weighted	134m	134m	n/a	-0.0%
Shares outstanding at period end	133m	133m	133m	-0.0%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	6,545	6,426	6,027	+1.9%	+8.6%
Non-controlling interest	22.7	n/a	n/a
Short-term borrowings	0.0	n/a	n/a
Debt	3,880	3,886	3,288	-0.2%	+18.0%
Operating lease liabilities	642	n/a	n/a
Finance lease liabilities	60.5	n/a	n/a
Other liabilities	2,532	n/a	n/a
Total liabilities and equity	13,683	n/a	n/a
Fixed assets	5,547	n/a	n/a
Goodwill	3,697	n/a	n/a
Intangible assets	1,749	n/a	n/a
Cash and equivalents	235	136	1,197	+73.2%	-80.4%
Receivables	783	n/a	n/a
Inventory	521	n/a	n/a
Other assets	1,151	n/a	n/a
Total assets	13,683	n/a	n/a

Questions

What was Vulcan Materials' revenue in Q4 FY2021?

Vulcan Materials (VMC) reported revenue of $1.6 billion for Q4 FY2021, the quarter ended 31 December 2021, up 36.7% on the same quarter a year earlier.

How much did Vulcan Materials earn in Q4 FY2021?

Net income for Q4 FY2021 was $138 million, up 20.4% on the year, and diluted earnings per share $1.04.

When did Vulcan Materials report Q4 FY2021 results?

Vulcan Materials filed its 10-K for the year that ended with the quarter on 25 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,606	1,541	1,954	2,088	1,732	1,649	2,113	2,186	1,834	1,546	2,014	2,004	1,854	1,635	2,102	2,292	1,913	1,756	2,156	2,185
Cost of revenue	1,255	1,272	1,508	1,595	1,382	1,347	1,530	1,595	1,362	1,241	1,422	1,439	1,316	1,269	1,477	1,594	1,426	1,333	1,530	1,519
Gross profit	352	269	446	493	350	302	583	591	472	305	592	565	537	365	625	697	487	423	626	666
Gross margin	22%	17%	23%	24%	20%	18%	28%	27%	26%	20%	29%	28%	29%	22%	30%	30%	25%	24%	29%	30%
SG&A	125	119	134	135	126	117	139	144	142	130	134	129	138	138	144	145	136	136	141	137
Operating income	211	147	308	305	191	187	451	419	370	173	454	337	401	226	471	543	379	265	456	525
Operating margin	13%	10%	16%	15%	11%	11%	21%	19%	20%	11%	23%	17%	22%	14%	22%	24%	20%	15%	21%	24%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	46.7	46.6	n/a	39.1	40.2	38.4	73.5	59.7	59.2	55.3	65.5	53.9	54.7	51.4
Pre-tax income	169	113	264	261	151	140	404	366	335	134	405	295	339	164	414	489	323	213	404	471
Tax rate	18%	17%	24%	32%	19%	12%	23%	23%	31%	22%	23%	29%	13%	21%	22%	23%	22%	22%	20%	23%
Net income	138	91.8	187	177	119	121	309	276	227	103	308	208	294	129	321	375	252	166	323	362
Net margin	9%	6%	10%	8%	7%	7%	15%	13%	12%	7%	15%	10%	16%	8%	15%	16%	13%	9%	15%	17%
Diluted EPS	$1.04	$0.69	$1.40	$1.33	$0.89	$0.90	$2.31	$2.07	$1.72	$0.77	$2.31	$1.56	$2.23	$0.97	$2.42	$2.82	$1.91	$1.26	$2.48	$2.80
Operating cash flow	287	176	150	423	400	221	286	548	482	173	201	595	440	252	342	677	543	241	344	386
Capital expenditure	133	160	130	160	162	194	161	312	206	153	191	96.8	162	168	103	222	185	176	194	178
Free cash flow	154	15.2	19.7	263	238	27.7	125	236	275	20.6	9.7	498	278	83.5	239	455	358	64.6	150	209
Buybacks	0.0	n/a	n/a	0.0	n/a	0.0	49.9	0.0	150	18.8	50.0	0.0	0.0	38.1	0.0	0.0	400	150	250	350
Dividends paid	49.1	53.2	53.1	53.2	53.1	57.2	57.2	57.2	56.8	62.0	60.8	60.8	60.8	66.0	64.7	64.7	64.4	67.9	67.5	66.9
Shares outstanding	133m	133m	133m	133m	133m	133m	133m	133m	132m	132m	132m	132m	132m	132m	132m	132m	131m	130m	129m	128m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 25 February 2022: the filing.