Vulcan Materials 2 May 242024 Q1 Earnings call transcript

Good morning, and welcome, everyone, to the Vulcan Materials Company First Quarter 2024 Earnings Call. My name is Jamie, and I will be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay later today at the company's website. [Operator Instructions] Now I will turn the call over to your host, Mark Warren, Vice President of Investor Relations for Vulcan Materials. Mr. begin. may you Warren,

is and vulcanmaterials.com. Chairman everyone. Andrews and and posted Today's Vice operator, and press are supplemental a Carlisle, me Tom President presentation call Officer. Financial Hill, CEO; our Chief by good you, a With release website, morning, to today Senior accompanied Thank and Mary

company's other subject and in uncertainties. the These Please be may release our discussion detail risks today's earnings are supplemental include forward-looking in along presentation non-GAAP release, and other to the with legal measures in reminded that statements, disclaimers, described reconciled which Commission. are defined earnings filings are and Securities and risks, financial filings. Reconciliations in other and our with of Exchange SEC

we one that participation our to ask allow us time your limit question. as available. will Q&A, many possible to accommodate you we During as during This the have

with I'll Tom. turn the call to over And that,

and earnings joining thank for all you morning. Thank this you, call Mark, of Materials Vulcan our

Our towards adjusted first delivering year EBITDA growth. quarter double-digit consecutive fourth results of on a moved us

to ton operating Although XX%. unusually results. [indiscernible] and many cold cash wet improved our much profit well the for disciplines quarter, gross is per geographies driving was of teams commitment our with the Their executed across our weather [indiscernible] and by solid

In the of $XXX EBITDA generated adjusted million EBITDA quarter, adjusted we and expanded margin. our

capital return invested cost profitability robust expansion, on disciplined unit allocation pricing deceleration, Importantly, several trends and momentum, continue: key cash generation, capital improvement.

quarter. making improved freight sequentially the execution selling ton the to the trailing increased of the environment the of toward a remains out fourth per cash per consistency pushing Aggregate the ton Aggregate's weather clear walkaway current illustration in stood $XX progress improved Aggregates adjusted shipments and to our sales per of of We continues success ton business pricing $X.XX cash profit from of moderate. disciplines. our $X.XX $XX In our in our to continuous Aggregates X%, quarter and our again year-over-year year-over-year and and and increases it months cost by impacted durability further of and the segment, XX positive Aggregates gross price The declined execution but target. XX% a quarter, January of

Our of in trailing basis ] quarter and XX sales first cost XXX quarter fourth [ improving cash consecutive resulted cost by a performance months another of sequentially deceleration points.

focus flow. profitability expanding key in relentless a costs, our Vulcan through of managing driver generating efficiencies on improving plants and our unit way disciplines operating of cash free ultimately Our attractive remains

to ] continue environment state. in teams of profitability our reach But X-pronged on our closed in our flow earlier XX targeted execute expanding top are growth a pipeline at an acquisitions core to deploy opportunities control, a macro cash dynamic and I'm even addition how are [ varying consistent There we unit enhancing demand a acquisition expansion aggregates greenfield bolt-on attractive in this proud They as with of for strategic Alabama, can is asphalt controlling free of week, and this what by example, These healthy environment. on both complementary strategy. our stages. and opportunities focused to development. we

our in single-family demand to few I footprint XXXX. public demand and each a use, growth side, the provide with to starting moving continues comments accelerate in Momentum about to ]. points end On want and [ private the then across

recovery but a in single-family of in residential year. weaker continue construction. multifamily However, interest population Vulcan rates to growth the affordability residential low the remains markets largely construction challenge, Overall, we and and fundamentals underlying this elevated inventories offset expect to approval support

in in sign overall data for signs nonresidential has ]. shown also And construction. backdrop certain residential is some stabilization a recent categories improving positive future of An activity [ of starts

across vary to continues However, the categories. landscape

we expected, warehouse starts this weak, follow to housing. Currently, over moderation and activity in As private time, positive single-family biggest will remains to in light but headwind commercial demand be year. expected the nonresidential the continued trends

in on manufacturing to category. the continue opportunities and We see capitalize

Southeastern positions service to capabilities us footprint well projects. aggregate large intensive and unique unmatched Our logistics these

advantage footprint Our spending X/X the on public to highway is states. side also allocated an federal of over with Vulcan

XXXX the of Additionally, a infrastructure other demand highway states growth growing public over both supports in billion, It in from whole. ] for highway state XXXX of next $XXX benefits faster infrastructure several [ years. IIJ Vulcan with healthy starts the activity, level which funding coupled is than as sustained record in and and budgets, country

additional over to the turn Andrews? some our Now first Mary for on Andrews call commentary I'll quarter. Mary

and ongoing trends. good and important discussed solid results some Aggregates Tom, morning. quarter our shared Tom the Thanks, in

capital In providing quarter in I'd improvement. details the about cash profitability on few X trends expound like earlier return instated results, expansion, our first to addition to allocation capital highlighted more his disciplined and unit robust a upon of first remarks, generation, Tom

trailing For $X almost consistently unit profitability ton Concrete. in of in our profitability yard our cash per we per segments. per $X.XX cubic $X and have X in XX-month the ton all quarters, Asphalt Aggregate, X expanded nearly operating unit last Increasing in by nearly

discipline. daily XX gross each driving results Vulcan unit yields organic focus better our Way on and Vulcan underpinned free growth months cash improved also Selling is trailing line. operating by of margin profitability flow. Our in Better has through execution Way product steadily This of our and

the our Our in to And X capital to us free reinvest shareholders. allocate years averaged to XX%. and enabling return grow cash flow franchise, strategically conversion cash over our business has last over

through share $XX million the During shareholders million in $XXX we quarter, and invested and repurchases. expenditures capital dividends returned to

We million full million the continue on and year. $XXX spend for expect $XXX expenditures between capital to to

for continue quarter, priorities. following par at to of balance million. of capital senior redemption X.Xx, At $XXX well was to current the first of debt positions leverage million to on sheet Our end the EBITDA cash the XXXX March adjusted each with net our of deploy $XXX hand, to us our notes X our

grow for our competitive value position strengths Our financial shareholders. look continue flexibility to create to liquidity and are and we as

XX line a less consecutive $X.X Most adjusted while a with EBITDA Over we've has a disciplined XXX full execution the EBITDA invested of our billion year. million adjusted capital improved XX%. in expectations, our improvement expect in year. $XXX expectations and million and to the we SAG spend between At consistent for we management. has $XXX year. the continue points reaffirm $X.XX fourth were the improvement SAG for double-digit cost quarter delivering points the achieved between and billion improved year-over-year and full in margin X%, XXX midpoint, to on basis for importantly, return operational than also months, has Adjusted expenses by basis EBITDA capital. Invested last through increased

I'll to now few closing provide back remarks. over turn call the to Tom a

people, be always Vulcan Thank you, At Vulcan, Mary fostering our #X keeping of priority and safe They them company. our Andrews. great are the culture. will our our foundation

of focused the Way ensure Vulcan we of any macro and generation Way Selling a As operating execution are of disciplines to backdrop. daily on our team, Vulcan attractive cash in

be disciplined capital shareholders. to deliver to business will and allocating and our continue grow value We in strategic for our

to now And take now happy [indiscernible], will your questions. be

Elliott from first [Operator Instructions] with We'll Stifel. our Stanley question take

the issues. a Tom, some of from lot very of commentary Andrews. started of of comp you on be to clean standpoint? weather think you despite any Can like talk and kind some the a Tom. I the of would out, issues, And demand year about Mary people great. April had quarter the extent thinking rest year about could share plays how the then maybe this more I

Sure.

January days less itself, Looking I'd shipping was basis. cold of the within it daily overall. to quarter call better quarter We slow amount weather. and in at weather wet had a quarter the on quarter a call error. due volumes the about really in same March, shipping days the -- but start, -- better in margin February the I a the expected bit shipping as of and March,

-- QX considered all expected. So as things

year, recovering rest I are We've thinking look in similar and to we last real would see dynamics the what down construction [indiscernible]. don't public the to change demand. quarter, nonresidential, forward challenges on got [indiscernible] to to we our in and some As guide multifamily. single-family very in any said the still growing the headwinds We flat of

that is think that Southeast And country. makes market difference. the in I position position really helps our market healthiest the superior our the in a -- probably southeastern footprint the

I think and are helpful this. tools with very disciplines Web selling our Vulcan

I'd point, for [ this call at confident ] So volume outlook.

this As far as when the quarter, very it comes going sun way, well. out, into shipping we're call I'd the second

We'll go next to Jonathan [indiscernible] with Truist Securities.

this I'm [indiscernible] curious on morning. pricing. about I'm midyear for outlook on your

that guide? of with about wondering much You your into And your is how had conversations baked I'm midyear. also customers

I'd off good very and in that the healthy. Yes. fundamentals start saying pricing I very remained think with

As a really little had a across prices in start QX you saw, XX%, was that north, market. solid we every with

right not call. are the will for our price in guidance for those be but good We're now, really they're a a year better it's 'XX. Midyear price too midyear so Remember, little start supports good this so at to having to XXXX, be early even increases going guidance. discussions it's full and our midyears And point.

sure our that remain really most important pricing is think the deliver. So on I'm I and for they'll working this, though, I teams think, The are very thing, hard fundamentals healthy.

guidance I August an to and when we'll so revisit you pricing give think update. midyears, in it And comes

points In we XX% to how And volume in we're the level ton improved is given one the the remember quarter the improvement thought expanded achieved some to to out take important as of regardless due the bottom margin on gross aggregate is, even how the always more pricing XXX of also and well. really point basis quarter, price. first like line. what expansion EBITDA lower Overall, per to is to profit pride We margin margin gross cash by that adjusted and it able key weather. much

through importantly, and improve the we expansion to of the to this balance continue margin further year. expect So

We'll Citi. Anthony with Pettinari with go now

major if costs wondering more you talk categories. about could of bit how little your among have cost been a I'm trending kind

increases with of on categories. And conversations touch also price or higher impacted about the how can year that you diesel, think If that's then how context? around maybe full just the you some from just nonenergy

Yes.

costs first is quarter. still always I digit up think impact That volumes tricky mid-single I the we're and weather said, as the think quarter guidance with first cost of the an the comfortable had year. for definitely cost on full in for

a trailing digit. at XX-month because basis look be back from, fallen it's As you a XX-month mid-teens have the basis I'd look you single get increases trailing last if on on And say, going just year, to quarter-to-quarter. choppy over on always, cost to costs we to would

cost we decline over seen decelerating X the through year, So remarks, should we last quarter the increases see saw better, quarter march better, we've quarters in we the those as better said as X march through of quarter quarters. next and as next that we next we prepared year, as this

So I think cost mid-single-digit to we're on a the path that year. good full for

improving diesel [ is elevated, was And Vulcan I probably the a As inflated of and also the over a parts far services think years with we easier. continue tailwind ] and we're this, as are different that What getting quarter. those the comps that efficiencies our services. will offset up our slight operating stays next pieces of in remain to and operating, but X parts to

we're think So I'm teams in working I and place, a I pleased and with this, the I good through what think are see.

as we And also predict plan hard of it when somewhat of be and they're ability you're assume Yes. good thing Anthony, since and -- goes really the -- we always in will year. to rest right, pricing that the have but to of well, this a move it it us it down. diesel And while business advantage it through catch diesel, terms goes prices higher take for our in the up they in with do can

Thompson Group. Thompson to We'll Research Kathryn with go now

last portfolio. you Stepping back, looking bigger ops picture. optimizing of our just mainly downstream in In just year, divested terms at the

As how possible? terms -- you position mix that product and beyond U.S. look this think backdrop do priorities Vulcan into your the what materials mix? are broad of And about XXXX you reindustrialization of and best overall against how the and does and the in a of book strategy putting

that Well, we Aggregate we it's are Aggregates as tell an and company. you would always,

anybody that's probably the what percentage We EBITDA of we in highest do. have sector. in the of and Aggregates

and doesn't we a our that Aggregates it's earn divest look say, Now worse somebody -- portfolio strategic would as it doesn't as else it And or we and we if geographies of to into at of return business. always a one those appropriate back money or downstream. have plow portfolio, sectors

as think at changed we in we I has at growth it M&A nothing part as far how the world. that greenfields, And look be So of the aggregate-focused. will look

Grooms We'll now Stephens. turn to Trey with

up I profit kind follow in had XX% to cash it on Andrews, comment, gross about per of Clearly, want up was earlier ton. the you the Mary quarter.

I to were mid- initially maybe think improvement. looking single-digit for you high

I type So then think of maybe mid looking year mid-teens is -- a improvement. there. for full And little better

first I how of one guess progress. that the So we kind is see

through help of term. that going it's are improvement. then average longer improvement to longer How the somewhat that than that you see better These thinking we year, mid-teens to about versus better of the think us progress little consistent the back of to any kind historicals? I as for performance better are kind profitability kind of And about year of clearly numbers we the of term? think it kind the has go through kind but opportunity accelerate of as think stepping you way a a long-term maybe to to full Do bit year? get historical

Yes.

the first Vulcan developed Vulcan operating disciplines. term. is question last about have of we Way of why Let long me and Way take Selling This your

ability ton, on That's which profit done XX-month cash they some quarter think flat years. with are secure I trailing per even consistency our that every for of pretty gross X good to out there. the we've dynamics basis improve

that those not been back them. it place for getting higher for overall improvements tools we in and history, that's by and that ton, we've only think we're a implementing that's we're history, getting I working profit better are now gross so in -- per design, in and or years, better is better versus cash and working on So

as the inflation we I you've easier increases as as and get cost is and efficiencies concerned, better. this progress far get think decelerating as through operating talked comps we about, got year our as year,

And on what project through the ability in a then the that's think but one that. we year, fixed continue we to work, piece we I of prices, So as march plant. have also to both do raise

margins that have to the through put think the year, together, march improvement you continue we we I unit as opportunity progress So to all the year. through our

next go We'll Jerry Revich Goldman with to Sachs.

Mary you expect second how that's to maybe Tom, much price versus year quarter, Mary like talk about over $X.XX cadence do couple we the saw the be guidance. what just get year implement pricing. But this past Andrews. you're Andrews, years, you feels to on if of step in could how quarter play could And expect how higher to that this play if I'm wondering midyear out pricing we type the increases? cadence you you that out? Is the big a assuming to expand up third could

too sequential we but the point, that mid-years, that's that referenced, Yes, growth magnitude would more sure. to to some seasonality. mostly quarter expect would in earlier, of it's what what would And a cadence call fourth third early to due Tom I less and likely the the as out quarter typically just third overall. as Jerry referenced at in this improvement which where sequential and influence of quarter, we then you in the see gets quarter, level and the second fall

just of of exiting I terms potential the 'XX, should the I and exit starting it, pricing just for And midyear top high that, want the consistent a year that sure pricing is in point you growth to the with carryover range double-digit folks suggests then on just are And about Okay. how make be in thinking guess rate from it. with single-digit that's effect.

Yes.

it. I are earn we're we think we think And midyear, midyear, when that going going it fine. call to I when feel to comes good about and conversations think I those

years think to at As it's 'XX. We and midyears got But what feel about I for think omen is they to a do bit I do to start the get we're to a in good take out. think mean 'XX look our do a it belt I first said, what -- for I a mid I under XXXX I pricing. early lot call going that the part and of do it's 'XX. going is good think

hear we'll Next, Dahl Markets. with RBC from Mike Capital

of kind again going follow midyear. up I'm on to

pushed just some talked conversations, wet But you conversations maybe have semantics really it's just I the be finalized about you the think would wondering before of us. last year, of [indiscernible] perhaps those communicate if any to pricing may those that characterize got if [indiscernible] that? start differences how coming you relative to given And little year? or weather in quarter, I'm other in of those a thought how to out be what experiencing some into conversations you so April you expectations bit regional your the

it. don't weather anything I to had do with think

the bit much you month little may a into comment. think I too have read April

You out send conversations April, those of June. the in finalize end of letters of you you and kind spend in May, beginning having May

anything timing read don't me, how in or I we're midyear Like this see we really -- I by versus the weather into I and excuse and in of encouraged implement versus it last again, did on a increases. April, the that conversation June. I introduced anything solid said, wouldn't price comment April I year. We a May think goes. we sequencing have it I'm But think will I kind different So having, that versus -- what in finalize process. a It's comment in on conversations

increases. to And also the good is full whatever addition in is be positive one and should the pricing year where XX to that of we year be that other on a us the had catalyst from thought to our the realized on bid momentum rest where months we midyear for over in work, last for ended expect we've QX for

We'll Shmois to with now Capital. Garik Loop go

M&A on ask I wanted environment. the to

on acquisitions it just little If how And types bolt-on anticipate you're you this going are is the bit spending size year at the and provide you looking of completed? all a at? maybe much could deals on to that more possible to color you

Yes.

or and aggregates of of about of X tons but we small asphalt. a kind tons Gunnersville. us million saw, bolt-on As just of well. It's fits strategic million had under It Birmingham X.X you northeast

at as is good. full months, think I outlook look year, XX quite you next the M&A the in

And lot to very encouraged by come. it. a conversations more having and So of those

think will I be a very I conducted But always it's feel busy year be think M&A we for aggregates-led discipline. this with and confident that M&A will us.

to And Longbow now we'll MacGregor David with Research. go

think business in accelerate tap election kind wanted the in that experience of little to many years guess volumes people an find down the and on people risk in in a get Or this how with tenet of a you focus a kind bit kind you out? little around half how second of of things to And [indiscernible]? I plays slow year do to spending. this do just respect second to of more election year, election as as about get sense maybe sector years. half the I you're thinking projects your wait public see trying I'm of

-- demand. it will with I I any don't the in pieces. our see year election don't I take impact on Overall, see

I -- moves our the year don't that guidance needle on election I taken think into is think has the factors account. that.

public the with think think know, and mid-single on you digit nonres challenges And And lettings recovering get on it on And dollars into happening. I that we multi. to side, that's that, some single-family as said, I is on I is -- trying we health. as think the think, into side, call think got highways really private I DOTs I and the we've projects.

election with year. from that's much how at impact So the look not I it

Wolfe we Timna Research. with Tanners next, And have

government how are data of in on a ask seeing more to infrastructure against dent projects? And they pace through? of Any bit How sign How demand? is larger much dollars, of make some centers IRA a I the flowing decline about activity? warehouse those that evidence wanted are well. side you any could demand the the the of that little as

steady flow and side this the money come. start And to year, will infrastructure seeing we that We're I on At years which funds local this non-highway with IIJ public and we'd Yes. growth is point, for into the that with see mid-single-digit growth stick lettings. kind highways. the of both highways.

X to billion with think are states added their We Florida billion, also into come $X just added big $X and additional We've I seeing Georgia dollars. funding. added Tennessee got state some funding billion $X.X in play.

public on you're I and compounding and to think demand, when wins race comes the slow are. we it particularly when like this, your steady margins

healthy to into good I growth hard lettings. to with I come. continue think the steady work years get So think will dollars for a DOTs those to sector And

have we you of markets. can provided some really data us Virginia, Timna, booked Georgia. lot low a total in some some for And according also a remember non-restar. opportunities for a projects is good think mentioned it's ] And centers, of single-digit think I do the press. Dodge of Alabama, recently getting which in important obviously that's data I that only But percentage centers to footage square to [ subject it's

not needle as right dynamics different So a know, all there do out far, non-res of lot so us, playing overall, dynamics. in those with But so of and are -- centers as you nonres, categories for it's kind overall. we and private data expected may different

We'll now Tyler with Raymond to James. go Brown

I So I the on of a on curious go plants talked 'XX? that Vulcan those good the kind tracking the And to If about seeing if unit great operating productivity technology job on utilization? kind margins. [indiscernible] what of the seeing to are some continued at a guidance how of Way you rollouts of that you're side. But back the improved Day. just plant am Analyst plant did I'm in curious you're is

Yes.

where that, on those plants. that intelligence think the and are I you're process talking we on about

-- improvement. right first XXX% those, year, part and we next those. through get progress X% seeing tools. XXX fully kind of all XX% we of marked said, are as actually trained march screens tools production. of X% we're our utilizing year, we actually -- our -- our are the work plants we'll the there. As XX%, that But this into those to see -- up get in And a about which are top do, has of everybody to lot plants, to go did that those there's of the is of we'll in as roughly that The and maybe About we

So where working. it's

go a I said, numbers as little slower -- with working there. would we'll it think you. I up and through that you in getting as full into see implementation, it's but think honest to than wanted And and -- to as in that well, be we'll we'll have progress 'XX we're far see 'XX our 'XX, maybe I show see to

we'll so it. So, at so plugging good, keep and far,

And now Davis hear from [ we'll with Adam [indiscernible] ]. Thomas

quarter. Great

On There's the demand side, hit angst there demand as I of guess about that you well. any to incremental private I lot guys Are in a wanted general. seeing just there? out construction weakness or strength

think you We're about, being it light the on -- if traditional which time. them decelerating. of of look kind part It's I basis. they Well, at take I'll and depends you're warehouses weakness it piece starts, That non-res got -- a on you've talking seeing in starts warehouses, of and a you are on as short-term -- fall look the is said, better at the getting non-res. we side,

that better. get hopefully, So will

those of manufacturing You've projects, and to them XX I got which on shipping come. more we're now we've in projects, large got big think strength and

So for it's whether worse, the side. call kind that's how call it to but too early getting non-res better or -- on of we it's getting

on On and continues the is that. highways in would tell housing, -- I multifamily weakness you excuse me,

momentum. long, covering think And last recovering, I too single-family think we're I we'll I some with then be think, it res that, past doesn't is 'XX. and

We'll go now Jefferies. with Phil to Ng

called the think that increases thoughts a markets for pricing midyears average. in you then the really Southeast, those that and deal side improving a profile. question. I closed announced cost I the a quarter. probably things? kind price the that always what of already and just well? just And in on still structure demand out they've warrant on anything how on mean, a pretty momentum Southeast market on the California, see Do below strong of pricing a I [indiscernible] dynamic the good as pricing for pricing, thought around Any market. below backdrop actually I've California given yours corporate us similarly, their is of on had should pricing is there Congrats competitor has of

that the And think of continue. I marked out have. some States, Southeast you markets. improvement momentum that very thoughtful think be -- pricing, that when I part on pricing, think best seeing if we're at pricing to we of Yes, said, continue the we look in But the good will we've got individual is United we'll called being and the western I

And Stanley. now go with to Castillo we'll Angel Morgan

maybe a little the to expand bit some on of dynamics. Just wanted

a quick just clarifier. First,

pricing, kind the is of year. Could given mentioned to assumption here from and that impact maybe your then seeing in having interest of that terms XX% quite election about For top the some Is weakness kind you're and the no like non-resi other sounds the in of are line? It just impact the mid any rate discussions of environment there challenges. those of of XX%, kind dynamics And years? kind on still been unchanged have constructive. play at talk of the some You you

color kind So just would of helpful. there any be

Yes.

and demand, that I had so We're -- which pricing improvement know have and a I I any important they've demand on that impact it is -- in impact And I seeing seeing year has don't very on you're most good helpful. is think think think Obviously, single-family, think thing for pricing. growth impacts I which they'll had But dynamics. is have rates on always don't that in that -- you public improvement. had foundation visible pricing. interest and the see a big is the still election volumes.

good. demand So a long I -- got is public we've for time that the visible fact that very strong, think

some [indiscernible]. think I in improvement got you've

is this feel And helping point. of pricing All I dynamics. we pretty that think midyear at the good a about

Vertical Research. Dudas to Michael now We'll go with

Andrews. Mary

to dollars the an going IIJ of interesting it's highlight on are of So states. XX% the your Vulcan

throughout that be a move up So important little that maybe some you DOT bit business several as a catch next of with may are states? what some or states the have And can it into budgets about in bit the matching states we regions quarters? your the to lagging of what is talk opportunity up what may some

and Caltrans is and part big I and funding, TxDOT think excellent state have DOT local. that of Tennessee, big both Virginia. Well, in you've and Obviously, a DOTs, got the obviously, George

DOT their that catching at that. funding they the earlier money getting probably with most the I own I think is though -- up best at think is but started this -- had point is with struggles, some George because best Texas.

think I some good in getting job money of a So Illinois, their is struggled their getting I out. has Caltrans think funding doing

I improvement is It But all all how with it. and it, I coming in they're think think they're better plugging that's So through call at getting lettings. I it. at

'XX little I I call, think of that the going expect don't too I all up. go see a through to now, right going early them but budgeting would most of them them to down. are

-- think long as road. said, that it's So we I a

I the it's steady come. year also think, which sewage this in to will growth and and not be it's I public, just is years and growth, water substantial ports it's that infrastructure, and think airports and highways, and for

call time, this closing over conclude at session. Chief to back that comments. will or our I'd to additional question-and-answer any the And turn Officer, like for Hill, Tom Executive

talking the the all stay you quarter, time and your next and Materials Vulcan and safe families your and Company. that way months. are morning and hope thank over few through this interest for Thanks. of I look your forward you to and to support you of we We healthy

today's Once call. ladies conclude your for will that and you again, gentlemen, Thank participation.

time. You this at may disconnect