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Vulcan posted strong Q3 results, with EPS up 27.9% and revenues up 14.4%, beating the consensus estimates.
Aggregates-led strength and operational efficiencies lifted margins, with EBITDA rising 26.5% yoy.
Management reaffirmed optimism for 2025, projecting steady shipment growth and higher per-ton profitability.
Vulcan Materials Company (VMC - Free Report) reported impressive third-quarter 2025 results, with adjusted earnings and revenues topping the Zacks Consensus Estimate and increasing year over year.
The quarterly performance of the company was driven by solid contributions from its aggregates-led business, alongside effective commercial and operational execution. The market’s public infrastructure spending trends are favoring its business prospects, despite tariff-related uncertainties circling the economy.
Moving forward, VMC remains optimistic about the demand backdrop across its end markets, with public construction and private nonresidential activities expected to remain strong in the upcoming terms.
VMC stock slipped 3.5% during today’s pre-market trading hours following its earnings release.
Vulcan’s Q3 Earnings & Revenues
The quarter’s adjusted earnings per share (EPS) of $2.84 topped the Zacks Consensus Estimate of $2.68 by 6%. Moreover, year over year, the reported value grew 27.9% from an adjusted EPS of $2.22.
Total revenues of $2.29 billion also surpassed the consensus mark of $2.25 billion by 1.7% and grew 14.4% year over year.
Vulcan Materials Company Price, Consensus and EPS Surprise
Revenues from the segment increased 14% to $1.79 billion from the year-ago period. Aggregates shipments (volumes) grew 12.1% year over year to 64.7 million tons. Our model expected Aggregates revenues of $1.77 billion on 61.4 million tons of shipments.
Freight-adjusted average sales price rose to $22.01 per ton from the prior-year level of $21.27. Our estimate for the same was pegged at $22.5 per ton. Freight-adjusted revenues were up 15.9% from the prior-year quarter’s level to $1.42 billion.
Gross profit of $612.1 million increased from the prior-year figure of $498.5 million, with the gross margin expanding 250 basis points (bps) to 34.2%. Cash gross profit per ton improved 8.7% to $11.84, driven by favorable pricing and operational efficiencies.
Asphalt and Concrete
Revenues in the Asphalt segment were $416.1 million (ahead of our expectation of $394 million), up 9.2% year over year. The segment generated a gross profit of $71 million compared with $60.2 million a year ago. Volumes were up slightly to 4.3 million tons from 4.1 million tons a year ago, with the sales price improving 2.3% to $82.7.
Revenues from the Concrete segment were up 36.2% year over year to $237.5 million (compared with our expectation of $207.3 million). Gross profit totaled $14.1 million, up 116.9% from $6.5 million in the year-ago period. Shipments grew to 1.2 million cubic yards from 0.9 million cubic yards on a year-over-year basis. Sales prices increased 2.9% to $190.9 from $185.61 in the prior-year quarter.
Operating Highlights of Vulcan
Selling, administrative and general (SAG) expenses — as a percentage of total revenues — contracted 10 basis points (bps) to 6.3% from a year ago.
Adjusted EBITDA during the quarter increased year over year by 26.5% to $735 million, with adjusted EBITDA margin expanding 310 bps year over year to 32.1%.
VMC’s Financials
As of Sept. 30, 2025, Vulcan’s cash and cash equivalents were $191.3 million, down from $559.7 million at 2024-end. Long-term debt of $4.36 billion was slightly down from $4.91 billion at 2024-end.
As of Sept. 30, total debt to trailing-12-month adjusted EBITDA was 1.9x, up from 1.7x as of last Sept. 30, 2024.
As of the first nine months of 2025, net cash provided by operating activities was $1.27 billion, up from $969.5 million a year ago.
Vulcan Updates 2025 Guidance
As unveiled earlier during the fourth-quarter earnings call, Vulcan expects double-digit year-over-year growth in the cash gross profit per ton compared with $10.61 in 2024 for the Aggregates segment. Shipment growth is now expected to be around 3% (from a range of 3-5%) year over year. Freight-adjusted price improvement is projected to be between 5% and 7% (including more than 100 bps of negative mix impact from recent acquisitions). The freight-adjusted unit cash cost is expected to increase in the low to mid-single digits.
The total Asphalt and Concrete segment’s cash gross profit is expected to be about $360 million compared with $272 million in 2024.
Vulcan expects SAG expenses between $550 million and $560 million compared with $531 million in 2024.
Adjusted EBITDA for the full year is now projected to be between $2.35 billion and $2.45 billion (from $2.35-$2.55 billion expected earlier), which includes a $150 million contribution from acquisitions. The estimated range compares with $2.06 billion reported in 2024.
Masco Corporation (MAS - Free Report) posted lackluster third-quarter 2025 results, wherein the adjusted earnings and net sales missed the Zacks Consensus Estimate and tumbled year over year. The quarter’s performance was hurt due to the weak contributions from the Decorative Architectural Products segment, which outweighed the improved performance of the Plumbing Products segment.
The ongoing uncertainties in the global economy and tariff-related risks are restricting Masco’s near-term prospects. Masco expects net sales to be down in low single digits year over year, with an adjusted operating margin of approximately 16.5% (compared with 17.5% in 2024). Adjusted EPS is now expected to be between $3.90 and $3.95, compared with $3.90-$4.10 expected earlier. The revised range compares with the adjusted EPS of $4.10 reported in 2024.
United Rentals, Inc.’s (URI - Free Report) third-quarter 2025 EPS missed the Zacks Consensus Estimate and revenues beat the same. On a year-over-year basis, the top line increased, but the bottom line declined.
United Rentals reported record third-quarter revenues and adjusted EBITDA, driven by strong demand across construction and industrial end markets. Growth in both general rentals and specialty segments supported the results. Customer optimism, healthy backlogs and seasonal activity contributed to the overall strength. For 2025, United Rentals expects total revenues to be in the range of $16-$16.2 billion compared with $15.8-$16.1 billion expected earlier.
D.R. Horton, Inc. (DHI - Free Report) reported mixed fourth-quarter fiscal 2025 (ended Sept. 30, 2025) results, with earnings missing Zacks Consensus Estimate, while the total revenues beat the same. On a year-over-year basis, both metrics declined.
The continued housing market softness due to declining consumer confidence and affordability concerns marred D.R. Horton’s quarterly performance, resulting in lower home closings. Although the company is actively engaging in offering necessary sales incentives to drive traffic and incremental sales, it is adversely impacting the bottom line. Nonetheless, D.R. Horton’s strong liquidity, low leverage and national scale offer significant operational and financial flexibility.
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Vulcan's Q3 Earnings & Revenues Top, Adjusted EBITDA Margin Up Y/Y
Key Takeaways
Vulcan Materials Company (VMC - Free Report) reported impressive third-quarter 2025 results, with adjusted earnings and revenues topping the Zacks Consensus Estimate and increasing year over year.
The quarterly performance of the company was driven by solid contributions from its aggregates-led business, alongside effective commercial and operational execution. The market’s public infrastructure spending trends are favoring its business prospects, despite tariff-related uncertainties circling the economy.
Moving forward, VMC remains optimistic about the demand backdrop across its end markets, with public construction and private nonresidential activities expected to remain strong in the upcoming terms.
VMC stock slipped 3.5% during today’s pre-market trading hours following its earnings release.
Vulcan’s Q3 Earnings & Revenues
The quarter’s adjusted earnings per share (EPS) of $2.84 topped the Zacks Consensus Estimate of $2.68 by 6%. Moreover, year over year, the reported value grew 27.9% from an adjusted EPS of $2.22.
Total revenues of $2.29 billion also surpassed the consensus mark of $2.25 billion by 1.7% and grew 14.4% year over year.
Vulcan Materials Company Price, Consensus and EPS Surprise
Vulcan Materials Company price-consensus-eps-surprise-chart | Vulcan Materials Company Quote
Vulcan’s Segments in Detail
Aggregates
Revenues from the segment increased 14% to $1.79 billion from the year-ago period. Aggregates shipments (volumes) grew 12.1% year over year to 64.7 million tons. Our model expected Aggregates revenues of $1.77 billion on 61.4 million tons of shipments.
Freight-adjusted average sales price rose to $22.01 per ton from the prior-year level of $21.27. Our estimate for the same was pegged at $22.5 per ton. Freight-adjusted revenues were up 15.9% from the prior-year quarter’s level to $1.42 billion.
Gross profit of $612.1 million increased from the prior-year figure of $498.5 million, with the gross margin expanding 250 basis points (bps) to 34.2%. Cash gross profit per ton improved 8.7% to $11.84, driven by favorable pricing and operational efficiencies.
Asphalt and Concrete
Revenues in the Asphalt segment were $416.1 million (ahead of our expectation of $394 million), up 9.2% year over year. The segment generated a gross profit of $71 million compared with $60.2 million a year ago. Volumes were up slightly to 4.3 million tons from 4.1 million tons a year ago, with the sales price improving 2.3% to $82.7.
Revenues from the Concrete segment were up 36.2% year over year to $237.5 million (compared with our expectation of $207.3 million). Gross profit totaled $14.1 million, up 116.9% from $6.5 million in the year-ago period. Shipments grew to 1.2 million cubic yards from 0.9 million cubic yards on a year-over-year basis. Sales prices increased 2.9% to $190.9 from $185.61 in the prior-year quarter.
Operating Highlights of Vulcan
Selling, administrative and general (SAG) expenses — as a percentage of total revenues — contracted 10 basis points (bps) to 6.3% from a year ago.
Adjusted EBITDA during the quarter increased year over year by 26.5% to $735 million, with adjusted EBITDA margin expanding 310 bps year over year to 32.1%.
VMC’s Financials
As of Sept. 30, 2025, Vulcan’s cash and cash equivalents were $191.3 million, down from $559.7 million at 2024-end. Long-term debt of $4.36 billion was slightly down from $4.91 billion at 2024-end.
As of Sept. 30, total debt to trailing-12-month adjusted EBITDA was 1.9x, up from 1.7x as of last Sept. 30, 2024.
As of the first nine months of 2025, net cash provided by operating activities was $1.27 billion, up from $969.5 million a year ago.
Vulcan Updates 2025 Guidance
As unveiled earlier during the fourth-quarter earnings call, Vulcan expects double-digit year-over-year growth in the cash gross profit per ton compared with $10.61 in 2024 for the Aggregates segment. Shipment growth is now expected to be around 3% (from a range of 3-5%) year over year. Freight-adjusted price improvement is projected to be between 5% and 7% (including more than 100 bps of negative mix impact from recent acquisitions). The freight-adjusted unit cash cost is expected to increase in the low to mid-single digits.
The total Asphalt and Concrete segment’s cash gross profit is expected to be about $360 million compared with $272 million in 2024.
Vulcan expects SAG expenses between $550 million and $560 million compared with $531 million in 2024.
Adjusted EBITDA for the full year is now projected to be between $2.35 billion and $2.45 billion (from $2.35-$2.55 billion expected earlier), which includes a $150 million contribution from acquisitions. The estimated range compares with $2.06 billion reported in 2024.
VMC’s Zacks Rank & Recent Construction Releases
Vulcan currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Masco Corporation (MAS - Free Report) posted lackluster third-quarter 2025 results, wherein the adjusted earnings and net sales missed the Zacks Consensus Estimate and tumbled year over year. The quarter’s performance was hurt due to the weak contributions from the Decorative Architectural Products segment, which outweighed the improved performance of the Plumbing Products segment.
The ongoing uncertainties in the global economy and tariff-related risks are restricting Masco’s near-term prospects. Masco expects net sales to be down in low single digits year over year, with an adjusted operating margin of approximately 16.5% (compared with 17.5% in 2024). Adjusted EPS is now expected to be between $3.90 and $3.95, compared with $3.90-$4.10 expected earlier. The revised range compares with the adjusted EPS of $4.10 reported in 2024.
United Rentals, Inc.’s (URI - Free Report) third-quarter 2025 EPS missed the Zacks Consensus Estimate and revenues beat the same. On a year-over-year basis, the top line increased, but the bottom line declined.
United Rentals reported record third-quarter revenues and adjusted EBITDA, driven by strong demand across construction and industrial end markets. Growth in both general rentals and specialty segments supported the results. Customer optimism, healthy backlogs and seasonal activity contributed to the overall strength. For 2025, United Rentals expects total revenues to be in the range of $16-$16.2 billion compared with $15.8-$16.1 billion expected earlier.
D.R. Horton, Inc. (DHI - Free Report) reported mixed fourth-quarter fiscal 2025 (ended Sept. 30, 2025) results, with earnings missing Zacks Consensus Estimate, while the total revenues beat the same. On a year-over-year basis, both metrics declined.
The continued housing market softness due to declining consumer confidence and affordability concerns marred D.R. Horton’s quarterly performance, resulting in lower home closings. Although the company is actively engaging in offering necessary sales incentives to drive traffic and incremental sales, it is adversely impacting the bottom line. Nonetheless, D.R. Horton’s strong liquidity, low leverage and national scale offer significant operational and financial flexibility.