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Text: We appreciate your interest in Vulcan Materials Company, and hope that you and your families continue to be safe and healthy.
This is our first earnings call since closing the U.S. Concrete acquisition in late August.
Therefore, Id like to begin by welcoming the former U.S. Concrete employees and customers to our Vulcan family.
Despite these challenges, our team managed our controllable costs, move pricing higher in all segments and importantly, expanded our aggregates unit profitability for the 13th consecutive quarter.
We generated $418 million of adjusted EBITDA this quarter, an increase of 4% as compared to last year.
Profitability for the quarter was held back by factors I mentioned earlier, energy inflation was a significant $30 million headwind.
Unit diesel prices were up over 50%, leading to $14 million of additional expense.
The cost of liquid asphalt was over $100 per ton higher than last year.
This sharp increase impacted our results by $16 million.
And finally, labor constraints, especially for truck drivers, have caused delays and inefficiencies in our operations as well as those of our customers.
Even with these headwinds, we improved our aggregate cash gross profit per ton by 3% and to $7.74.
This was achieved through consistent execution of our four strategic disciplines which helped to drive volume growth, higher pricing and improved operating efficiencies.
This strong performance and the momentum it provides sets us up well for 22, especially with respect to pricing.
Total aggregate volume, including U.S. Concrete, increased by 8% versus last years quarter.
On a same-store basis, volume was up 5%.
This reflects continued improvement in demand across all end markets.
The pricing environment in aggregates continues to be very positive across our footprint.
Same-store prices were up 3.1% in the quarter and mix adjusted prices increased by 3.5%.
We saw our early price increases gain traction and as a result, year-over-year average selling prices improved sequentially each quarter this year.
Although inflationary pressures can create short- to medium-term headwinds, the combination of inflation and improving visibility to demand has and will continue to create a favorable environment for price increases.
Operating efficiencies and disciplined cost control helped to offset some of the higher input costs we experienced.
On a same-store basis, our aggregates unit cost of sales in the quarter increased by only 1.7% as compared to last year.
Now excluding the diesel effect, unit cost of sales actually decreased by 1%.
While costs will be lumpy, we have delivered comparable results for the trailing 12-month period.
This solid performance in aggregates helped to more than offset reduced profitability in non-aggregates segment.
Our Asphalt business was notably affected by both higher energy costs and wet weather.
Quarterly gross profit in the segment fell from $30 million to $7 million.
Higher liquid asphalt costs accounted for $16 million of this difference.
We also experienced a rise in natural gas prices, which in turn impacted our plant production costs.
Asphalt volume declined by 8% as volume growth in California was more than offset by lower Arizona volumes due to extremely wet weather.
Average selling prices improved by almost 2% year-over-year and better than 2% sequentially, evidence that pricing actions are beginning to ease some of the illiquid asphalt inflation.
I would expect continued price improvement as we pass along higher costs.
In the Concrete segment, gross profit increased by 18%, reflecting our ownership of U.S. Concrete for one month.
Same-store volumes declined by 7% due to the completion of large projects in Virginia and the availability of drivers to make up for any lost shipping days.
For the quarter, same-store prices increased by 2%.
Turning now to the demand picture.
The story is relatively unchanged from the second quarter.
Demand has improved across all of our major end markets as well as geographies.
The residential end-use has shown continued strength with solid starts in single-family housing.
Multifamily starts have also performed well.
With respect to the nonresidential end market, improvement continues at a number of leading indicators we track.
From its low point early this year, starts have consistently improved, returning to growth in recent months.
The level of highway starts are up as states have moved back to more normal funding levels with Vulcan markets outpacing other markets.
We look forward to the enactment of the bipartisan infrastructure bill and the significant impact on volumes for years to come.
Now looking forward, I want to briefly touch on our growth strategy and give a very preliminary view of 2022.
As we shared on past calls, we have three paths to growth.
These three are organic growth, M&A and greenfields.
Earnings growth in the underlying business is at the core of our growth strategy because it provides the most attractive and compelling value proposition on a risk-adjusted basis.
The benefits of this focus are clear as we expand our industry-leading unit profitability despite the macro challenges we may face from time to time.
We look for strategic opportunities that naturally complement our principal aggregates business.
Given our leading market position, we have visibility to all deals that come to the market.
The key is for us to be disciplined as we consider which deals to pursue.
All opportunities are not created equal, and we want to do the deals that create the most value over time.
And as the final pillar to our growth strategy is the development of greenfield sites.
There are times when an acquisition target is not available in a particular growth quarter.
If that is the case, we turn to new greenfield sites, and we have a long successful history of developing them.
During this quarter, we completed the U.S. Concrete acquisition and were excited about the strategic fit and how it naturally complements our principal aggregates business in California, Texas and Virginia and gives us access to new platforms in New York and New Jersey.
Already, our teams are working together to identify strategic opportunities.
As you would expect, we are taking a thoughtful approach to integration to ensure that we capture all available synergies.
Its still early days on the integration.
We intend to give you a more detailed briefing in February, but were pleased with the wins weve seen so far.
We are confident in our ability to generate at least $50 million of synergies on a 12-month run basis beginning midyear next year, when most of the integration is complete, but more to come.
Suzanne will cover some additional highlights of the quarter and share our latest financial view on how we expect to finish 2021.
The 2021 demand and inflationary environment sets us up well as we head into 2022.
A key to our pricing strategy, were starting early in the spring with announced price increases.
In certain markets, we launched further increases.
These increases are evident in our sequential quarterly pricing growth.
Already, we are discussing 2022 pricing expectations with customers.
Clearly, we need to see where those conversations lead.
But at this stage, I would be surprised if next years price increases are not at least 5%.
The demand picture also looks good leaning into 2022, although we are watching the labor situation closely.
If labor constraints do continue, its important to remember that the work is still there.
It may just proceed at a slower pace.
Effectively, extending the recovery and allowing us the opportunity to compound price, control costs and still grow earnings.
Weve covered the key financial and operational highlights already.
So Id like to speak to the following topics: First, our balance sheet strength and capital allocation priorities; second, our return on invested capital; and finally, our financial guidance for 2021.
With respect to the balance sheet, we will continue to prioritize sensible leverage and financial flexibility in order to support our capital allocation strategy and maintain our investment-grade rating.
The structure of our debt is sound with long maturities that make sense for our business.
Due to our strong cash generation, we were able to reduce our net debt-to-EBITDA leverage ratio to 2.7 times following the U.S. Concrete acquisition.
This is just above our stated range of two to 2.5 times and we will be focused on getting back within that range in the near term.
Our capital allocation priorities remain unchanged and the consistent application of those while maintaining a sensible leverage range has allowed us to improve our return on investment over the past three years.
For Legacy Vulcan, the return was 14.7%, up 240 basis points from three years ago, with the inclusion of one month of U.S. Concrete earnings, and a 1-quarter impact of the acquisition on average invested capital, our return was 14.2%.
Well continue to focus on the sequential improvement of returns.
Our guidance incorporates U.S. Concretes expected EBITDA contribution since acquisition as well as recent trends in demand, price and costs.
Our adjusted EBITDA guidance range for the full year is now $1.43 billion to $1.46 billion.
This includes $50 million to $60 million of EBITDA from the acquisition, but excludes $115 million gain on a land sale completed in the first quarter.
Im sure there will be a number of questions on business trends and the outlook in the Q&A section.
Our people are what makes Vulcan better every day.
We have and will always operate Vulcan for the long term.
This means a strong emphasis on keeping our people safe and continuously improving our already strong culture.
Local execution is key to driving improvements in our business, particularly around our strategic disciplines.
As we move forward, we will seek to maximize synergies with U.S. Concrete.
As always, for Vulcan, we will maximize unit margin expansion through our four strategic disciplines.
And remember, improving financial returns is of paramount importance.

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qtrly total revenues were $1.52 billion, an increase of 16 percent compared to prior year.

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