Vulcan Materials Co. Q4 FY2023 results: revenue $1.8 billion, up 5.9% on the year

Vulcan Materials Co. (VMC) reported revenue of $1.8 billion for Q4 FY2023, the quarter ended 31 December 2023, up 5.9% on the same quarter a year earlier. Net income was $227 million, up 90.5% on the year, and diluted earnings per share $1.70. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$1.8 billionup 5.9%

Net income$227 millionup 90.5%

Diluted EPS$1.70

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,834	2,186	n/a	n/a
Cost of revenue	1,362	1,595	n/a	n/a
Gross profit	472	591	n/a	n/a
Gross margin	25.7%	27.0%	n/a
Selling, general and administrative	142	144	n/a	n/a
Operating income	370	419	n/a	n/a
Operating margin	20.2%	19.2%	n/a
Interest expense	n/a	46.6	n/a	n/a
Pre-tax income	335	366	n/a	n/a
Income tax	105	85.8	n/a	n/a
Effective tax rate	31.3%	23.4%	n/a
Net income	227	276	n/a	n/a
Net margin	12.4%	12.6%	n/a
Diluted EPS	$1.70	$2.07	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	482	548	n/a	n/a
Capital expenditure	206	312	n/a	n/a
Free cash flow	275	236	n/a	n/a
Free cash flow margin	15.0%	10.8%	n/a
Depreciation and amortisation	153	161	n/a	n/a
Share-based compensation	19.7	19.2	n/a	n/a
Buybacks	150	0.0	n/a	n/a
Dividends paid	56.8	57.2	n/a	n/a
Dividend per share	n/a	$0.43	n/a	n/a
Diluted shares, weighted	134m	134m	n/a	n/a
Shares outstanding at period end	132m	133m	n/a	n/a

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

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	14,546	14,620	n/a	n/a
Cash and equivalents	931	340	n/a	n/a
Inventory	616	571	n/a	n/a
Goodwill	3,532	3,532	n/a	n/a
Long-term debt	3,878	3,875	n/a	n/a
Borrowings, as the company tags them	3,942	3,942	n/a	n/a
Operating lease liabilities	507	516	n/a	n/a
Finance lease liabilities	16.6	22.7	n/a	n/a
Shareholders' equity	7,483	7,441	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	2,113	2,186	1,834	1,546	2,014	2,004	1,854	1,635	2,102	2,292	1,913	1,756
Cost of revenue	1,530	1,595	1,362	1,241	1,422	1,439	1,316	1,269	1,477	1,594	1,426	1,333
Gross profit	583	591	472	305	592	565	537	365	625	697	487	423
Gross margin	28%	27%	26%	20%	29%	28%	29%	22%	30%	30%	25%	24%
SG&A	139	144	142	130	134	129	138	138	144	145	136	136
Operating income	451	419	370	173	454	337	401	226	471	543	379	265
Operating margin	21%	19%	20%	11%	23%	17%	22%	14%	22%	24%	20%	15%
Interest expense	46.7	46.6	n/a	39.1	40.2	38.4	73.5	59.7	59.2	55.3	65.5	53.9
Pre-tax income	404	366	335	134	405	295	339	164	414	489	323	213
Tax rate	23%	23%	31%	22%	23%	29%	13%	21%	22%	23%	22%	22%
Net income	309	276	227	103	308	208	294	129	321	375	252	166
Net margin	15%	13%	12%	7%	15%	10%	16%	8%	15%	16%	13%	9%
Diluted EPS	$2.31	$2.07	$1.70	$0.77	$2.31	$1.56	$2.21	$0.97	$2.42	$2.82	$1.90	$1.26
Operating cash flow	286	548	482	173	201	595	440	252	342	677	543	241
Capital expenditure	161	312	206	153	191	96.8	162	168	103	222	185	176
Free cash flow	125	236	275	20.6	9.7	498	278	83.5	239	455	358	64.6
Buybacks	49.9	0.0	150	18.8	50.0	0.0	0.0	38.1	0.0	0.0	400	150
Dividends paid	57.2	57.2	56.8	62.0	60.8	60.8	60.8	66.0	64.7	64.7	64.4	67.9
Shares outstanding	133m	133m	132m	132m	132m	132m	132m	132m	132m	132m	131m	130m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* 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. 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.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001396009-24-000006: the filing on EDGAR. All of Vulcan Materials Co.'s filings: EDGAR company page.

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