Vulcan Materials announce 2009 results
VULCAN Materials Co. have recently announced their results for the fourth quarter and full year ended 31 December 2009.
A loss of US$13 million was reported on net earnings from continuing operations in the fourth quarter, while cash earnings from continuing operations during the same period were $67 million. Aggregates shipments declined 23% during the quarter, while aggregates pricing increased by 5%.
For the full year, net earnings were $30 million, including $19 million from continuing operations, while cash earnings were $369 million from continuing operations and $12 million from discontinued operations. Aggregates shipments declined by 26% during the year, while aggregates pricing increased by 3%.
Cash provided by operating activities was $453 million, compared with $435 million in 2008, while free cash flow was $343 million last year compared with $82 million in the previous year.
Commenting on the results, Don James, Vulcan’s chairman and chief executive officer, said: ‘Throughout the period of protracted decline in demand for construction materials, Vulcan employees have managed costs aggressively.
‘In 2009, their efforts further rationalized production and reduced operating hours, thereby offsetting some of the cost impact related to lower volumes. Their efforts also contributed to an increase in free cash flow, demonstrating the cash generation ability of our business even in the midst of an economic recession.’
Looking ahead, Mr James said he was optimistic that stimulus-related highway projects in Vulcan-served states, after a slow start, were now moving forward and would benefit demand for the company’s products in 2010.’