Vulcan Materials reported QQ3 2024 revenue of $2.0039 billion, down 8.32% year-over-year and 0.52% quarter-on-quarter, reflecting a cyclical industry backdrop with volume pressure versus the prior year. Despite the topline softness, the company posted a solid gross margin of 28.2% and an operating margin of 21.8%, underpinned by a lean operating cost structure and selective price/mix gains. EBITDA reached $494.0 million, and net income was $207.6 million (EPS $1.57), highlighting meaningful profitability even as volumes softened.
The company generated robust operating cash flow of $595.0 million and delivered free cash flow of $498.2 million for QQ3 2024, supporting deleveraging and meaningful capital returns. Balance sheet metrics show total assets of approximately $14.35 billion versus total liabilities of about $6.46 billion and shareholders’ equity of roughly $7.87 billion. Net debt stood at ~$3.40 billion, with a debt-to-EBITDA framework that signals leverage at the higher end for a materials cyclicals company, underscoring the importance of cash flow generation for balance sheet resilience.
Looking ahead, management did not issue explicit quarterly guidance in the QQ3 2024 release. Nevertheless, the near-term path for Vulcan hinges on US infrastructure spending momentum, commodity input costs, and productivity gains across its four-segment platform (Aggregates, Asphalt, Concrete, and Calcium). Given the resilient FCF profile and the ongoing capital allocation that prioritizes debt reduction and shareholder returns, the stock presents a constructive long-duration exposure to a recovering US construction cycle, contingent on macro demand and the pace of deleveraging.