Vulcan Materials posted a resilient Q4 2024 with revenue of USD 1,853.7 million, up 1.06% year-over-year and down 7.50% quarter-over-quarter. The quarter delivered solid profitability, with gross profit of USD 537.2 million and a gross margin of 28.98%, supported by a robust operating margin of 21.63% and an net income margin of 15.84% (net income USD 293.7 million; EPS USD 2.22). The company continues to generate meaningful cash flow, evidenced by operating cash flow of USD 440.1 million and free cash flow of USD 277.6 million after capital expenditures of USD 162.5 million. Notably, Vulcan incurred a sizeable investing outflow driven by acquisitions (acquisitions net USD -2.0598 billion with other investing activities of USD +49.2 million), while financing activity contributed USD 1.8995 billion, culminating in a modest net increase in cash of USD 166.5 million and a year-end cash balance of USD 600.8 million.
The balance sheet remains robust with total assets of USD 17.1048 billion and total stockholders’ equity of USD 8.1186 billion. Liquidity metrics are solid: current ratio 1.83, quick ratio 1.28, and cash ratio 0.485. Leverage is elevated given the acquisitions, with total debt USD 5.8288 billion and net debt USD 5.269 billion, but interest coverage stands at ~7.9x, and debt-to-capitalization sits at 0.421. The quarterly and full-year metrics show margin stability and meaningful cash generation, though the earnings mix will depend on ongoing infrastructure spending and the successful integration of acquisitions. While management commentary is not captured in the provided transcript data, the quantitative results imply a company positioned to capitalize on infrastructure demand while balancing leverage and integration risk.