Vulcan Announces Full Year And Fourth Quarter 2012 Earnings
Continued Improvement in Aggregates Profitability Driven by Higher Pricing and Effective Cost Control

BIRMINGHAM, Ala., Feb. 14, 2013 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced earnings for 2012.

Full Year Highlights

  • Adjusted EBITDA increased $59 million on flat revenues.
  • Gross profit increased $50 million and gross profit margins improved 210 basis points.
  • Aggregates segment gross profit margins improved 270 basis points from the prior year due to lower unit cost of sales and higher pricing.
    • Aggregates shipments declined 1 percent and pricing increased 2 percent.
    • Cash gross profit per ton increased 5 percent.
  • SAG expenses were $259 million versus $290 million in the prior year.
  • Cash earnings were $210 million, an increase of 8 percent from the prior year.
  • Gross cash proceeds of $174 million were realized from asset sales.
  • The Company retired $135 million of debt as scheduled.

Don James, Chairman and Chief Executive Officer, said, "Our full year results demonstrate our employees' efforts in managing those aspects of the business that are under their control.  Despite slightly weaker aggregates shipments, we achieved a 17 percent increase in Adjusted EBITDA, reflecting aggressive actions to reduce costs and to take advantage of pricing opportunities across the markets we serve."   

Fourth Quarter 2012 Results Summary

  • Fourth quarter EBITDA, including gains on sale of real estate and businesses, restructuring charges and exchange offer costs, was $137 million as compared to $85 million in the prior year.  Excluding these items, Adjusted EBITDA was $90 million versus $95 million in the prior year.
  • Gross profit increased $5 million, or 7 percent, and gross profit margins improved 90 basis points on slightly lower net sales.
    • Aggregates segment gross profit increased $2 million and margins improved 40 basis points despite a 3 percent decline in shipments versus the prior year.
    • Aggregates pricing increased 4 percent versus the prior year.
    • Volumes in ready-mixed concrete and cement increased 11 percent and 8 percent, respectively, due to improving levels of private construction.
  • Earnings from continuing operations were $0.03 per diluted share versus a loss of $0.20 per diluted share in the prior year.

Commentary on Fourth Quarter 2012 Segment Results
Aggregates segment gross profit increased $2 million from the prior year's fourth quarter and gross profit margin expanded due in part to a 4 percent increase in pricing and despite a 3 percent decline in aggregates shipments.  Aggregates shipments in Florida, North Carolina, Texas and Arizona showed strength, each increasing more than 10 percent versus the prior year.   Some markets reported declines versus the prior year's fourth quarter, due in part to very favorable weather in December 2011, as compared to more normalized weather in 2012.  Shipments in Virginia, California, Georgia and the Midwest were lower versus the prior year due in part to less large-project work than in the prior year.  Virtually all of the Company's markets realized increased pricing.  Improved productivity in key energy efficiency metrics helped offset a 7 percent increase in the unit cost for diesel fuel.

Gross profit from non-aggregates businesses improved approximately $3 million to a loss of $2 million.  Asphalt Mix segment gross profit was $7 million versus $5 million in the prior year.  Unit profitability, as measured by materials margin, increased 13 percent despite a 4 percent increase in the unit cost of liquid asphalt.  Asphalt volumes decreased 11 percent from the prior year's fourth quarter.  Concrete segment gross profit improved $3 million due in part to an 11 percent increase in shipments.  Cement segment earnings in the fourth quarter were a loss of $1 million versus earnings of $1 million in the prior year due primarily to the effects of an unscheduled production outage.

2013 Outlook
"Our outlook for another year of earnings growth is supported by improved pricing, aggressive cost control and some volume growth," said Mr. James.  "Our expectations are for aggregates margins and profitability to continue to expand.

"We believe economic and construction-related fundamentals that drive demand for our products are continuing to improve from the historically low levels created by the economic downturn.  The passage of the new federal highway bill in July 2012 is providing stability and predictability to future highway funding.  Through the first three months of fiscal year 2013, obligation of federal funds for future highway projects is up sharply versus the prior year, a positive indicator of growth in future contract awards.  The large increase in TIFIA (Transportation Infrastructure Finance and Innovation Act) funding contained in the new highway bill should also positively impact demand going forward.

"Leading indicators of private construction activity, specifically residential housing starts and contract awards for nonresidential buildings, continue to improve.  Consequently, aggregates demand in private construction is growing. We are seeing tangible evidence of this growth in several key states, including Florida, Texas, California, Georgia and Arizona.  Growth in residential construction has historically been a leading indicator of other construction end uses."        

Mr. James continued, "Demand for aggregates in our markets is expected to grow by mid-single digits in 2013.  Aggregates demand from residential construction is expected to increase double-digits while demand from private non-residential buildings is expected to increase high single-digits versus 2012.  Our current expectation for growth in aggregates demand into public construction, including highways and other infrastructure, is limited given the lead time required from award of contract to the start of construction.  As we look at the projects that could impact our 2013 aggregates volumes, we see a disproportionately greater number of large, discrete highway and industrial projects.  The timing of these projects is difficult to predict at this point in the year.  As a result, our full year shipments in 2013 are expected to increase 1 to 5 percent with most of the expected year-over-year growth to occur in the second half of the year, due in part to favorable weather in the first quarter of 2012. 

"In keeping with our successful efforts to offset the earnings effect of lower volumes in recent quarters, we will continue our focus on reducing controllable costs and achieving improved pricing.  In 2012, we achieved a 2 percent decrease in aggregates unit cost of sales despite the effects of lower volumes.  The geographic breadth of pricing gains achieved in 2012 reinforces our expectations for continued growth in pricing in 2013.  We expect full year freight-adjusted price growth of approximately 4 percent in 2013.

"Additionally, earnings in each of our non-aggregates segments should improve versus the prior year.  Asphalt materials margin increased throughout 2012 and should contribute to earnings growth in 2013.  Concrete volumes and materials margin are improving as housing starts continue recovering in key states.  Cement earnings should improve in 2013 due mostly to lower production costs.  As a result, collectively, full year earnings from these segments are expected to contribute significantly to earnings growth in 2013. 

"We are on track to achieve our Profit Enhancement goals for 2013.  These pricing and cost initiatives should allow us to more than offset the effects of higher costs of key materials and supplies and maintaining competitive wages.  In 2012, we announced a number of asset sales that generated total gross proceeds of $174 million.  The Company continues to work on additional asset sales.  However, the ultimate timing of such transactions is difficult to predict.  The Company remains committed to completing transactions designed to strengthen Vulcan's balance sheet, unlock capital for more productive uses, improve our operating results and create value for shareholders." 

Conference Call
Vulcan will host a conference call at 10:00 a.m. CST on February 14, 2013.  Investors and other interested parties in the U.S. may access the teleconference live by calling 866.711.8198 approximately 10 minutes before the scheduled start.  International participants can dial 617.597.5327.  The access code is 23352917.  A live webcast and accompanying slides will be available via the Internet through Vulcan's home page at www.vulcanmaterials.com.  The conference call will be recorded and available for replay approximately two hours after the call through February 21, 2013.

Vulcan Materials Company, a member of the S&P 500 Index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.

FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements.  Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales.  These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document.  These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.

Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements.  The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks that Vulcan's intentions, plans and results with respect to cost reductions, profit enhancements and asset sales, as well as streamlining and other strategic actions adopted by Vulcan, will not be able to be realized to the desired degree or within the desired time period and that the results thereof will differ from those anticipated or desired; uncertainties as to the timing and valuations that may be realized or attainable with respect to intended asset sales; those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; the impact of a prolonged economic recession on Vulcan's industry, business and financial condition and access to capital markets; changes in the level of spending for private residential and nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in Vulcan's effective tax rate; changes in interest rates; the impact of Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; Vulcan's increasing reliance on information technology; the potential of goodwill impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.  Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law. 






















Table A


Vulcan Materials Company


and Subsidiary Companies





(Amounts and shares in thousands,





except per share data)
















Three Months Ended


Twelve Months Ended


Consolidated Statements of Earnings

December 31


December 31


(Condensed and unaudited)

2012


2011


2012


2011
























Net sales

$      574,885


$    578,189


$ 2,411,243


$ 2,406,909


Delivery revenues

33,546


36,437


156,067


157,641


Total revenues

608,431


614,626


2,567,310


2,564,550













Cost of goods sold

495,679


503,834


2,077,217


2,123,040


Delivery costs

33,546


36,437


156,067


157,641


Cost of revenues

529,225


540,271


2,233,284


2,280,681













Gross profit

79,206


74,355


334,026


283,869


Selling, administrative and general expenses

66,873


71,702


259,140


289,993


Gain on sale of property, plant & equipment









               and businesses, net

46,768


2,922


68,455


47,752


Recovery from legal settlement

-


-


-


46,404


Restructuring charges

(540)


(9,994)


(9,557)


(12,971)


Exchange offer costs

(49)


(2,227)


(43,380)


(2,227)


Other operating income (expense), net

(2,980)


1,118


(5,623)


(9,390)


Operating earnings (loss)

55,532


(5,528)


84,781


63,444













Other nonoperating income, net

2,531


2,386


6,727


2


Interest expense, net

52,928


53,346


211,926


217,184


Earnings (loss) from continuing operations









               before income taxes

5,135


(56,488)


(120,418)


(153,738)


Provision for (benefit from) income taxes

647


(30,545)


(66,492)


(78,483)


Earnings (loss) from continuing operations

4,488


(25,943)


(53,926)


(75,255)


Earnings (loss) on discontinued operations, net of tax

(1,005)


(1,921)


1,333


4,477


Net earnings (loss)

$         3,483


$     (27,864)


$     (52,593)


$     (70,778)


Basic earnings (loss) per share:









               Continuing operations

$           0.03


$        (0.20)


$        (0.42)


$        (0.58)


               Discontinued operations

-


(0.02)


0.01


0.03


               Net earnings (loss) per share

$           0.03


$        (0.22)


$        (0.41)


$        (0.55)













Diluted earnings (loss) per share:









               Continuing operations

$           0.03


$        (0.20)


$        (0.42)


$        (0.58)


               Discontinued operations

-


(0.02)


0.01


0.03


               Net earnings (loss) per share

$           0.03


$        (0.22)


$        (0.41)


$        (0.55)













Weighted-average common shares









     outstanding:









               Basic

129,954


129,502


129,745


129,381


               Assuming dilution

131,008


129,502


129,745


129,381


Cash dividends declared per share









               of common stock

$           0.01


$         0.01


$         0.04


$         0.76


Depreciation, depletion, accretion and









               amortization

$       78,568


$      88,048


$    331,959


$    361,719


Effective tax rate from continuing operations

12.6%


54.1%


55.2%


51.0%








































Table B




Vulcan Materials Company




and Subsidiary Companies


















(Amounts in thousands, except per share data)

 




Consolidated Balance Sheets


December 31


December 31




(Condensed and unaudited)


2012


2011
























Assets








Cash and cash equivalents


$    275,478


$    155,839




Restricted cash


-


81




Accounts and notes receivable:









Accounts and notes receivable, gross


303,178


321,391





Less: Allowance for doubtful accounts


(6,198)


(6,498)






Accounts and notes receivable, net


296,980


314,893




Inventories:









Finished products


262,886


260,732





Raw materials


27,758


23,819





Products in process


5,963


4,198





Operating supplies and other


38,415


38,908






Inventories


335,022


327,657




Current deferred income taxes


40,696


43,032




Prepaid expenses


21,713


21,598




Assets held for sale


15,083


-






Total current assets


984,972


863,100




Investments and long-term receivables


42,081


29,004




Property, plant & equipment:









Property, plant & equipment, cost


6,666,617


6,705,546





Less: Reserve for depr., depl. & amort


(3,507,432)


(3,287,367)






Property, plant & equipment, net


3,159,185


3,418,179




Goodwill


3,086,716


3,086,716




Other intangible assets, net


692,532


697,502




Other noncurrent assets


161,113


134,813






Total assets


$  8,126,599


$  8,229,314


































Liabilities and Equity








Current maturities of long-term debt


$    150,602


$    134,762




Trade payables and accruals


113,337


103,931




Other current liabilities


171,671


167,560




Liabilities of assets held for sale


801


-






Total current liabilities


436,411


406,253




Long-term debt


2,526,401


2,680,677




Noncurrent deferred income taxes


657,367


732,528




Deferred revenue


73,583


-




Other noncurrent liabilities


671,775


618,239






Total liabilities 


4,365,537


4,437,697




Equity:









Common stock, $1 par value


129,721


129,245





Capital in excess of par value


2,580,209


2,544,740





Retained earnings


1,276,649


1,334,476





Accumulated other comprehensive loss


(225,517)


(216,844)






Total equity


3,761,062


3,791,617






Total liabilities and equity


$  8,126,599


$  8,229,314






























Table C

Vulcan Materials Company

and Subsidiary Companies














(Amounts in thousands)

 






Twelve Months Ended

Consolidated Statements of Cash Flows


December 31

(Condensed and unaudited)


2012


2011









Operating Activities





Net loss


$     (52,593)


$     (70,778)

Adjustments to reconcile net loss to






net cash provided by operating activities:







Depreciation, depletion, accretion and amortization


331,959


361,719



Net gain on sale of property, plant & equipment and businesses


(78,654)


(58,808)



Proceeds from sale of future production, net of transaction costs


73,583


-



Contributions to pension plans


(4,509)


(4,892)



Share-based compensation


17,474


18,454



Deferred tax provision


(69,830)


(93,739)



Cost of debt purchase


-


19,153



Changes in assets and liabilities before initial








effects of business acquisitions and dispositions


20,378


(11,906)

Other, net


667


9,840




Net cash provided by operating activities


238,475


169,043

















Investing Activities





Purchases of property, plant & equipment


(93,357)


(98,912)

Proceeds from sale of property, plant & equipment


80,829


13,675

Proceeds from sale of businesses, net of transaction costs


21,166


74,739

Payment for businesses acquired, net of acquired cash


-


(10,531)

Other, net


1,761


1,550




Net cash provided by (used for) investing activities


10,399


(19,479)









Financing Activities





Net short-term payments


-


(285,500)

Payment of current maturities and long-term debt


(134,780)


(743,075)

Cost of debt purchase


-


(19,153)

Proceeds from issuance of long-term debt


-


1,100,000

Debt issuance costs


-


(27,426)

Proceeds from settlement of interest rate swap agreements


-


23,387

Proceeds from issuance of common stock


-


4,936

Dividends paid


(5,183)


(98,172)

Proceeds from exercise of stock options


10,462


3,615

Other, net


266


122




Net cash used for financing activities


(129,235)


(41,266)









Net increase in cash and cash equivalents


119,639


108,298

Cash and cash equivalents at beginning of year


155,839


47,541

Cash and cash equivalents at end of year


$    275,478


$    155,839









 











Table D

Segment Financial Data and Unit Shipments





(Amounts in thousands, except per unit data)
















Three Months Ended


Twelve Months Ended





December 31


December 31





2012


2011


2012


2011

Total Revenues






















Aggregates segment (a)

$411,496


$409,251


$1,729,419


$1,734,005


Intersegment sales

(35,311)


(30,802)


(148,230)


(142,572)


Net sales

376,185


378,449


1,581,189


1,591,433


Concrete segment (b)

103,085


92,862


406,370


374,671


Intersegment sales

-


-


-


-


Net sales

103,085


92,862


406,370


374,671


Asphalt Mix segment

84,860


94,530


378,126


398,962


Intersegment sales

-


-


-


-


Net sales

84,860


94,530


378,126


398,962


Cement segment (c)

20,998


19,429


84,567


71,920


Intersegment sales

(10,243)


(7,081)


(39,009)


(30,077)


Net sales

10,755


12,348


45,558


41,843


Total











Net sales

574,885


578,189


2,411,243


2,406,909


Delivery revenues

33,546


36,437


156,067


157,641


Total revenues

$608,431


$614,626


$2,567,310


$2,564,550












Gross Profit






















Aggregates

$  81,332


$  79,196


$   352,100


$   306,203


Concrete

(8,384)


(11,041)


(38,234)


(43,368)


Asphalt Mix

7,472


5,157


22,970


25,575


Cement

(1,214)


1,043


(2,810)


(4,541)


Total gross profit

$  79,206


$  74,355


$   334,026


$   283,869












Depreciation, depletion, accretion and amortization



















Aggregates

$  57,044


$  63,993


$   240,704


$   266,968


Concrete

9,211


11,556


41,316


47,659


Asphalt Mix

2,097


2,132


8,687


7,740


Cement

4,508


4,897


18,055


17,801


Other

5,708


5,470


23,197


21,551


Total DDA&A

$  78,568


$  88,048


$   331,959


$   361,719












Unit Shipments






















Aggregates customer tons

30,963


32,005


130,520


132,394


Internal tons (d)

2,441


2,564


10,440


10,637


Aggregates - tons

33,404


34,569


140,960


143,031













Ready-mixed concrete - cubic yards

1,075


972


4,223


3,883


Asphalt Mix - tons

1,493


1,686


6,701


7,208
























Cement customer tons

114


129


442


380


Internal tons (d)

130


97


497


413


Cement - tons

244


226


939


793












Average Unit Sales Price (including internal sales)



















Aggregates (freight-adjusted) (e)

$    10.45


$    10.07


$      10.44


$      10.25


Ready-mixed concrete

$    91.38


$    91.50


$      92.19


$      92.16


Asphalt Mix

$    56.07


$    55.29


$      55.33


$      54.71


Cement

$    77.20


$    69.21


$      77.77


$      73.66

 

(a) Includes crushed stone, sand and gravel, sand, other aggregates, as well as transportation and service revenues associated with the aggregates

      business

(b) Includes ready-mixed concrete, concrete block, precast concrete, as well as building materials purchased for resale




(c) Includes cement and calcium products

(d) Represents tons shipped primarily to our downstream operations (i.e., asphalt mix and ready-mixed concrete). Sales from internal shipments


      are eliminated in net sales presented above and in the accompanying Condensed Consolidated Statements of Earnings




(e) Freight-adjusted sales price is calculated as total sales dollars (internal and external) less freight to remote distribution sites divided by total


      sales units (internal and external)












 












Table E

1.   Supplemental Cash Flow Information













Supplemental information referable to the Condensed Consolidated Statements of Cash Flows

for the twelve months ended December 31 is summarized below:










(Amounts in thousands)










2012


2011

























Supplemental Disclosure of Cash Flow Information 

Cash paid (refunded) during the period for:


Interest

$      207,745


$    205,088


Income taxes

20,374


(29,874)













Supplemental Schedule of Noncash Investing and Financing Activities 




Liabilities assumed in business acquisition

-


13,912

Accrued liabilities for purchases of property, plant & equipment

9,627


7,226

Fair value of noncash assets and liabilities exchanged

-


25,994

Fair value of equity consideration for business acquisition

-


18,529













2.   Reconciliation of Non-GAAP Measures













Generally Accepted Accounting Principles (GAAP) does not define "free cash flow," "aggregates segment cash gross profit," "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA) and "cash earnings."  Thus, free cash flow should not be considered as an alternative to net cash provided by operating activities or any other liquidity measure defined by GAAP.  Likewise, aggregates segment cash gross profit, EBITDA and cash earnings should not be considered as alternatives to earnings measures defined by GAAP.  We present these metrics for the convenience of investment professionals who use such metrics in their analyses, and for shareholders who need to understand the metrics we use to assess performance and to monitor our cash and liquidity positions.  The investment community often uses these metrics as indicators of a company's ability to incur and service debt.  We use free cash flow, cash gross profit, EBITDA, cash earnings and other such measures to assess the operating performance of our various business units and the consolidated company.  We do not use these metrics as a measure to allocate resources.  Reconciliations of these metrics to their nearest GAAP measures are presented below:













Free Cash Flow













Free cash flow deducts purchases of property, plant & equipment from net cash provided by operating activities






















(Amounts in thousands)










Twelve Months Ended










December 31










2012


2011













Net cash provided by operating activities


$      238,475


$    169,043

Purchases of property, plant & equipment


(93,357)


(98,912)

Free cash flow


$      145,118


$      70,131













Aggregates Segment Cash Gross Profit













Aggregates segment cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization (DDA&A) to aggregates segment gross profit






(Amounts in thousands)






Three Months Ended


Twelve Months Ended






December 31


December 31






2012


2011


2012


2011













Aggregates segment gross profit

$        81,332


$        79,196


$      352,100


$    306,203

Aggregates segment DDA&A

57,044


63,993


240,704


266,968

Aggregates segment cash gross profit

$      138,376


$      143,189


$      592,804


$    573,171






































Table F












Reconciliation of Non-GAAP Measures (Continued)














EBITDA and Cash Earnings














EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortization.  Cash earnings adjusts EBITDA for net interest expense and current taxes.  




















(Amounts in thousands)







Three Months Ended


Twelve Months Ended







December 31


December 31







2012


2011


2012


2011














Reconciliation of Net Loss to EBITDA and Cash Earnings






















Net earnings (loss)


$         3,483


$      (27,864)


$      (52,593)


$      (70,778)

Provision for (benefit from) income taxes


647


(30,545)


(66,492)


(78,483)

Interest expense, net


52,928


53,346


211,926


217,184

(Earnings) loss on discontinued operations, net of tax


1,005


1,921


(1,333)


(4,477)

EBIT


58,063


(3,142)


91,508


63,446

Plus: Depreciation, depletion, accretion and amortization


78,568


88,048


331,959


361,719














EBITDA


$      136,631


$       84,906


$      423,467


$      425,165

Less:  Interest expense, net


(52,928)


(53,346)


(211,926)


(217,184)

           Current taxes


(3,983)


(4,041)


(1,913)


(14,318)

Cash earnings


$       79,720


$       27,519


$      209,628


$      193,663














Adjusted EBITDA and Adjusted EBIT






















EBITDA


$      136,631


$       84,906


$      423,467


$      425,165

Recovery from legal settlement


-


-


-


(46,404)

Gain on sale of real estate and businesses


(46,801)


(2,482)


(65,122)


(42,141)

Restructuring charges


540


9,994


9,557


12,971

Exchange offer costs


49


2,227


43,380


2,227

Adjusted EBITDA


$       90,419


$       94,645


$      411,282


$      351,818

Less: Depreciation, depletion, accretion and amortization


78,568


88,048


331,959


361,719

Adjusted EBIT


$       11,851


$         6,597


$       79,323


$        (9,901)

























EBITDA Bridge 




Three Months Ended




Twelve Months Ended



(Amounts in millions)




December 31




December 31






EBITDA




EBITDA



Continuing Operations - 2011 Actual


$              85




$            425



Plus:

Recovery from legal settlement


-




(46)




Gain on sale of real estate and businesses


(2)




(42)




Restructuring charges


10




13




Exchange offer costs


2




2



2011 Adjusted EBITDA from continuing operations


95




352













Increase / (Decrease) due to:










Aggregates:

Volumes


(6)




(12)




Selling prices


13




27




Lower costs and other items


(12)




5



Concrete


-




(2)



Asphalt Mix


2




(2)



Cement


(2)




3



Lower selling, administrative and general expenses


5




31



Other


(4)




9



2012 Adjusted EBITDA from continuing operations


91




411














Plus:

Gain on sale of real estate and businesses


47




65




Restructuring charges


(1)




(10)




Exchange offer costs


-




(43)



Continuing Operations - 2012 Actual


$            137




$            423







































 


 

SOURCE Vulcan Materials Company

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