Stock Monitor: Armstrong Flooring Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 29, 2018 / Active-Investors.com has just released a free earnings report on Vulcan Materials Co. (NYSE: VMC) ("VMC"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=VMC. VMC reported financial results on February 16, 2018, for the fourth quarter and full year ended December 31, 2017. The Company surpassed analysts' expectations for revenue and earnings in the fourth quarter of fiscal 2017. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Armstrong Flooring, Inc. (NYSE: AFI), which also belongs to the Industrial Goods sector as the Company Vulcan Materials. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Vulcan Materials most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=VMC
Earnings Highlights and Summary
VMC's total revenues reached $977.49 million for Q4 FY17, up 11.97% from $872.98 million in Q4 FY16 due to improving private and public demand. The reported total revenue surpassed analysts' consensus estimates of $929.2 million.
During Q4 FY17, VMC's cost of revenues was $734.2 million compared to $633.27 million in Q4 FY16. The Company's gross profit advanced 1.5% to $243.29 million in Q4 FY17 from $239.71 million in Q4 FY16.
VMC incurred selling, administrative, and general (SG&A) expenses of $85.66 million in Q4 FY17, an increase of 7.71% from $79.53 million in Q4 FY16. The Company reported operating earnings of $151.23 million in the reported quarter, 12.98% lower than $173.8 million in the previous year's same quarter.
VMC's net earnings from continuing operations were $327.97 million, or $2.43 per share, for Q4 FY17 compared to $108.07 million, or $0.8 per share, in Q4 FY16, reflecting an increase of 203.49%. VMC's current year's corresponding quarter results included costs associated with the early retirement of debt and a net tax benefit from enacted US tax legislation. The Company's diluted EPS, after adjusting for non-recurring items, increased 7.25% to $0.74 in Q4 FY17 from $0.69 in Q4 FY16. VMC's adjusted EPS was higher than analysts' consensus estimates of $0.72 per share.
For the year ending December 31, 2017, VMC's total revenues were $3.89 billion, up 8.28% from $3.59 billion in FY16. The Company's gross profit dipped 0.03% to $1 billion y-o-y, while operating earnings fell 4.78% y-o-y to $647.11 million in FY17. VMC's net earnings from continuing operations in FY17 hiked 40.48% to $593.39 million, or $4.4 per share, from $422.41 million, or $3.11 per share, in FY16. Adjusted diluted EPS for full year 2017, excluding special items was $3.04, up 0.33% from $3.03 in FY16.
Vulcan Materials' Segment Details
During Q4 2017, the Aggregates segment's net revenues were $769.51 million, 7.83% up y-o-y. This segment's gross profit for the quarter ending December 31, 2017, was $207.95 million, slightly below the $208.96 million reported for the same period last year. Results were negatively impacted by a 23% increase in the cost for diesel fuel, the lingering effects from weather events, and expenses related to integrating acquired operations.
For Q4 FY17, the Asphalt segment's net revenues advanced 29.78% to $160.6 million on a y-o-y basis. In this quarter, the segment's gross profit increased 6.34% to $23.03 million from $21.65 million in Q4 FY16 driven by improved performance in Arizona and Californian markets.
During Q4 FY17, the Concrete segment's net revenues surged 24.00% to $108.3 million on a y-o-y basis. The segment generated a gross profit of $11.82 million in Q4 FY17 compared to $8.21 million in Q4 FY16, reflecting an increase of 43.93%.
The Calcium segment generated net revenues of $1.92 million in Q4 FY16, a decrease of 9.91% from previous year's same quarter. This segment's gross profit was $0.50 million for Q4 FY17, 42.60% lower than the $0.88 million reported in Q4 FY16.
Cash Matters
VMC had cash and cash equivalents of $141.65 million as on December 31, 2017, 45.31% lower than $258.97 million as on December 31, 2016. The Company's long-term debt increased 24.25% to $2.46 billion as on December 31, 2017 from $1.98 billion as on December 31, 2016.
For the twelve months ending December 31, 2017, the Company's net cash flow from operating activities was $644.68 million, almost in-line with the $644.59 million reported in the same period last year.
VMC spent $459.57 million on purchases of property, plant, and equipment in FY17, 31.25% higher than $350.15 million in FY16. The Company paid dividends of $132.34 million in the reported year, up 24.45% from $106.33 million in FY16. VMC spent $60.3 million on common stock repurchases in the reported year, 62.65% lower than $161.46 million in the previous year.
Outlook
For full year 2018, VMC expects its net earnings per diluted share to be between $4.00 and $4.65 and adjusted EBITDA to be between $1.150 billion and $1.250 billion. The Company anticipates a same-store aggregates shipments growth of 4% to 6% and same-store aggregates freight-adjusted price increase of 3% to 5% in FY18. Besides, the Company also expects a high single-digit gross profit growth in Asphalt, Concrete, and Calcium, collectively.
Stock Performance Snapshot
March 28, 2018 - At Wednesday's closing bell, Vulcan Materials' stock declined 2.99%, ending the trading session at $111.30.
Volume traded for the day: 1.61 million shares, which was above the 3-month average volume of 1.46 million shares.
After yesterday's close, Vulcan Materials' market cap was at $14.75 billion.
Price to Earnings (P/E) ratio was at 50.61.
The stock has a dividend yield of 1.01%.
The stock is part of the Industrial Goods sector, categorized under the General Building Materials industry.
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