WASHINGTON (dpa-AFX) - Vulcan Materials Co. (VMC) reported that its second-quarter net earnings were $28.77 million or $0.22 per share, compared to a loss of $18.28 million or $0.14 per share in the same quarter last year.
Earnings from continuing operations were $30 million, or $0.23 per share, versus a loss of $17 million, or $0.13 per share, in the prior year. The Company divested certain non-core operating assets for approximately $35 million in proceeds and a gain of $0.10 per share.
EBITDA was $164 million, an increase of $61 million, or 59 percent, compared to the second quarter of last year. Excluding gains on the sale of assets, as well as restructuring and exchange offer costs, Adjusted EBITDA increased 11 percent.
Total revenues for the quarter rose to $738.73 million from $694.14 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share and revenues of $741.41 million for the quarter. Analysts' estimates typically exclude special items.
The company expects second half aggregates shipments to increase 2 to 4 percent versus the prior year.
Cement earnings should improve in 2013 due to higher shipments and pricing as well as lower production costs.
The company continues to expect full year Selling, Administrative and General expenses to be flat to slightly down as compared to the prior year.
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