Vulcan Materials beats revenue estimates on strong demand for construction materials
Tweet
Share
E-mail
FILE PHOTO: A Vulcan Materials Company construction aggregate facility is pictured in Convent, Louisiana, U.S., June 11, 2018. REUTERS/Jonathan Bachman/File Photo
April 29 - Vulcan Materials beat Wall Street expectations for first-quarter revenue on Wednesday, helped by strong demand for its construction materials, such as crushed stone, sand and gravel.
Shares of the building supplies maker were up 4% in morning trading
Increased spending for public infrastructure, data centres and energy projects has been boosting demand for companies such as Vulcan Materials, even as geopolitical tensions and higher energy costs push up input costs.
• Strong public construction activity and favorable weather across most of its markets helped boost Vulcan's aggregates shipments by 5% in the first quarter.
• The company's total revenue for the quarter ended March 31 rose 7.4% to $1.76 billion and beat analysts' expectations of $1.62 billion, as per LSEG-compiled data
• The Alabama-based company posted first-quarter adjusted profit per share of $1.26, higher than 97 cents last year.
(Reporting by Jahanvi Kothari and Aishwarya Jain in Bengaluru; Editing by Shreya Biswas and Vijay Kishore)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Health of Norway's king deteriorates while in hospital, palace says
- Israeli airstrikes in Gaza kill two people, including 4-year-old boy, medics say
- Norway to give over $9 billion to Ukraine in 2027
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
