Vulcan Materials 30 Oct 242024 Q3 Earnings call transcript

Good morning. Welcome, everyone, to the Vulcan Materials Company Third Quarter 2024 Earnings Call. My name is Angela, 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, Mr. of for President Materials. Vice Warren, Investor Vulcan Relations Mark Mr. Warren, begin. you may

Senior everyone. and CEO; today Carlisle, Chief operator, you, With Officer. and President Financial good Andrews and Thank Chairman morning, me and Hill, are Mary Vice Tom

release call presentation a posted Today's vulcanmaterials.com. supplemental website, and a our accompanied by is press to

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

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

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

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

margin a weather both now disruption In of margin from strategic geographies, South-East quarter, double in modest business. EBITDA, increased long-term to varied prior Shipments month-to-month benefits We and opportunities. the Texas profitability continue industry-leading our testament interruption our extreme hurricanes for quarter. A the year, million wave wave hits. across prior and consecutive the and And given footprint, aggregates the expanding on $XXX and in concrete aggregate strategy XX% through year the impact versus profit divested acquisition the adjusted our by and earnings Results X our of widely expanding we of our our vocal per the caused focus two-pronged to REIT ton deliver our execute quarter quarter. successfully contribution activities aggregate eighth the reflecting disciplines. unwavering selling the decline vocal our demonstrate lower the third the shipments generated operating adjusted value consistently on shareholders. success Despite quarter EBITDA year-over-year creation expanded and gross gross cash and in digits attractive to for

So the out. walk how let you through me played quarter

rebounded consistent of slow the our significant rainfall. after excluding X X down due Debbie for our start daily East August in of And Borough Daily landfall were footprint. Hurricane impacted July, in hurricane with In the XX up shipments increases month. markets were X Average most year-over-year demand non-weather-impacted hurricanes, by the a days, the made our view. August, down to X%, mid-teens shipments Shipments the shipping only in top Coast. Hurricane in tracking first experienced

Hurricane As Tennessee two Western communities other our are Carolina, thankful we Helen, to Florida, East September many and hurricanes help are their proud and I'm efforts immediate aware, safe, all all of the South-East. communities North to I of employees am of the report our that parts neighbors. across of second devastated and

down resulting The historic. year. be the North Western will in to tragic the of prior were efforts rebuilding below approximately storm, the Sea areas is and Carolina shipment in affected Eastern both to the XX% the catastrophic that Due week positioned in Vulcan XX% immense in quarterly final required. destruction support Materials shipments September, well is and

year-over-year, volume, average pricing positive. improved geographies. environment of prices selling widespread the from the spite remains XX% across In challenges Freight-adjusted increases with

our disciplines We Way deliver customers business. and earn processes of Selling continue to daily our use to their to and Vulcan value

disciplines focused unit Operating on Way our lower remain efficiencies Vulcan to also of and We cost. drive

quarter prior of third lower were than even headwind Although an moderated. rate the the significant weather cost increases in quarter, the and volumes more

welcoming Vulcan acquisition in is family. great be leading and the to to our the pure-play Stone addition will This year. the At agri team a the this Wake end Stone announced Carolines. upon strategy forward closing aggregates-led a later Wake of September, of with the acquisition consistent supplier growth We we look Corporation,

use. the horizon issue. well future a demand should starts on address to dynamics remain for to overall demand. but environment which and growing Vulcan affordability consistent interest from potentially help environment. with end mortgage each particularly impacting shifting different Multifamily the there lower stars solid additional provide housing with benefit lower is in a The single-family constructively. over residential also markets, ongoing improving, for single-family demand, but XX weak the rates backdrop months rate Higher for is Fundamentally, a Now bodes last X need

construction In will been planning categories time design benefit have private the since accumulating from in interest pipeline for vary some Most demand categories. nonresidential and now. projects across improving remains rates

and headwind, and some manufacturing trends equity time, commercial in robust, centers a stabilizing remains Warehouse Data still should be to pre-COVID of remains starts follow but catalyst Over easing light markets. positive are our in comps near a activity seem the housing. levels. are

macro and monitoring making We the nonresidential likely timing the dynamics are closely of turn. private activity

growth multiple for On continue we steady expect the years. public side, to

contract approximately points in activity now of adjusted shipments. positioned I booking are billion confident year awards the in $X aggregate and growth conversion of strong into EBITDA the deliver to finish am Our well we flowing to XXXX.

Andrews? call the more to a Mary over to Andrews details discuss about share XXXX preliminary the of XXXX. and few views turn I'll some before Mary quarter Now

that solid to achievements during some other Thanks, highlight the important morning. the want our you Tom, and few our Tom our and third good execution and quarter. the I of of our in durability team. business underpin of items a confidence business covered Aggregates for

profitability and in continue downstream maintained our cash in franchise to margins XX% improved markets. healthy The complement businesses Our XX%. third at nearly business Aggregates asphalt unit strategically select the quarter,

on business delivered Concrete improvement. the unit profitability Our also Coast East

Coast North lower weak related in business. compressed to margins West Carolina concrete private the demand in volumes our While

our $XXX support million business to both strategic X.X% expenses We control prior basis remain percent or dedicated the a quarter of XX% revenue, and SAG cost and investments as to and were in than favorable Our points the lower and of talent disciplined XX innovation. drive year revenues. in technology making

our million improve operating months, focus and operations and our constant returning over through our business billion greenfield our cash first sell. and on yielded nearly $XXX we flow cash we cash the M&A ton shareholders. of maximizing every profit X on grow Through After we have gross of have existing sustain $X generated XX% reinvesting reach cash development, expanding to free for our through to deploy flow and increase to a through aggregates

$XXX Year-to-date, million allocated common repurchases. to returned $XXX and and bolt-on we have strategic acquisitions, through stock to dividends shareholders million

and we year, $XXX between to full $XXX of the For million million expect expenditures. capital now spend

the grow. target X leverage X.Xx, for that to us other X.Xx leverage opportunities growth of EBITDA At within giving balance position provides Our to XX-month investment acquisition capacity creation shareholders. fund and range to Wake our Stone sheet drive trailing long-term to value strength adjusted was us debt flexibility net the XX, will September and ample

average to EBITDA with continue was lower on generated return capital, on XX higher focus basis capital. points We last which a XX.X%, our the adjusted invested improvement months on invested XX over

over a I'll provide few remarks. the call some closing to turn now to on XXXX back Tom and preliminary thoughts

Andrews. Thank you, Mary

cash XXXX high private will confident As expect construction a double-digit in continue execution activity profit single cost also digit to trends contemplate drive our to and of Aggregate through at expect to backdrop, Operating the at historical and operations in Aggregate of a high Vulcan inflation. expect ton year-over-year levels. I by price moderating improved outpace XXXX. improve to combination norms Way disciplines continue improved efficiencies I to to I on level environment I that shipments and per activity. improving the and I our grow for remained industry-leading Vulcan gross am the is demand construction Materials compound look to our robust execute and next year.

I importantly, the Vulcan in and But Materials has the confident right the focus have execute aggregates in products, right more right am to our right strategy XXXX. the we people earnings growth markets. deliver and

and take your happy to And be now I questions. Mary will Andrews

We Shmois with Garik Capital. will go Instructions] [Operator first Loop to

year. single-digit any either I little go year? for standpoint? was And the year? big can is pricing How mix should pacing on help outlook for about this high product mix there impacts or the hoping geographic we years be a over much mix for from detail carryover from thinking you Any on next pricing more next a

Yes.

think I But me all, any bit. we in have of put back go mix a don't little First in time let there.

kind midyear and similar as market look at were by you If they expected, customer, last to much our year. price very largely by increases, of

And see in we for you XXXX. if start midyear momentum that I with to healthy allows next backlogs, that visibility year. really take that's think it what And couple our us and a price good so into increases pricing very and carry

increases single-digit the release, view high in think said for is we As XXXX. our I preliminary press

that. think confident in I'm I

you combine moderate. increases, that If which to continue with cost

good I growth double-digit really it the XXXX. makes about feel unit margin think throughout continued me

we per remember, were double-digit ton prepared us As we've X remarks, those the with X of quarters, say gross you volumes. had cash declining heard And growth. profit X quarters dealing of in

to quarter. guess particularly their controlling So my in into confident with of next continue that the they that given in destiny, to my year, continue success what that is And me that is we That's they Vulcan we've that think this the I throughout can tells streak I year. But into what control third -- team want control. seen and I I the volume tough the do thank challenges weather we're think XXXX. teams.

notable the so maximizing Yes. Tom improved flow lower on that reason key To lower profit on Garik, ag cash and expanded that talking free that XX%. me, And remember, our has cash focused about gross we and flows on EBITDA is are revenues it's is cash ton too, generation. margin the profitability was increased unit to volumes free year-to-date, every

a of is. just really teams So challenging our executed as a well Tom said, frankly, this example provided very how perfect in And environment. durable I've have business

with We'll to Grooms go Stephens. next Trey

to parse down you of in each perfect I saw may volume you kind played always we science a weather quarter, demand? here not as it's maybe in So how look impacts role try the have the do. And But been at could that versus XQ? to the easy what here out XX% know

in that We the little story. quarter, been the try a to obviously, and that year underscored parse quarter this a story has bit weather but month third big by Yes.

markets underlying prior our had mid-single rain kind demand look year, ex of digit would than you at with the If still weather. I we've XX call year. out more down XX of largest

encouraging. forward since we've is down -- we us But to Looking see seen back, saw But then, tough to which the rates us to shipping back we weather, still Hurricane we've earth quarter, bounce get daily QX. start. a give seen our good fourth is and

just number of So days. quarter, I we the fourth finished on shipping weather think how the will good depend

point, but so this far, to at see. So we good got

in I spite margin and our double digits. again, think, of your folks expand by volumes, continue to weather extreme

to price But and digit finish mid-single the just again, the but So we us see and can't we'll we the and control service of underlying quarter. the rest I we control and demand fourth our call how weather weather, cost. customers how would allows weather,

it. Got you per despite question, And nice the per profit sticking growth volume headwinds especially congratulate that unit, I'm in gross had. want I on but to did there one you profit the to improvement cash unit,

I the people appreciate that. I give credit the that sell the and all to

We will go to next Truist. Hughes with Keith

on to we away the pricing discussed that it shipments know get you've but up, comps you discussed. to have be could you to how in from 'XX on weather pretty be Questions I up? you think this said And that walk you'll just some with much easy volume pricing or they're going order 'XX, in getting -- some have But to

at any back. you're -- If go looking that growth from have going any low at to at around. kind volume the all, push XXXX, of It to 'XX single at that 'XX, can away. pushes look look digit, volume volume think first we of to some there's I the obviously, moving share just I think don't don't I you're if

bit overall will slowing. we'll some warehouse for on a So think and construction. I growth but and will little I that the on is challenges experience public is from do then drop And see demand residential multi, I construction, we'll see we'll think single non-res balance. growth of to, kill And side. that in continue a challenges be us. white Hopefully, think, wind

from single digits a would bit little low no flurry impact kind call price. to with early be thoughts XXXX, So of

And that's assuming weather? normal

-- don't I Yes. normal is what anywhere know

Anthony go Citigroup. to We next will Pettinari with

details you've was of of of stands been little a bit share? I larger And if just per assets, unit against talk sort other Wake the it's at in Tom, profitability, more Stone, of you just that the about terms wondering company? can business, up how kind the how long kind could looking profile a any of you

in say, and known the the They Hill, We've Triangle the in they this for Yes. one an years, we're for country. closing and that year. the North regions operate so this of the not Durham, I Eastern that's looking would run fastest-growing good a Braden's impact, Carolina, business at region much company. of year, Chapel Raleigh, later of

pleasure Stone talented I the market. we ago. great forward weeks They're a of So joining a had a them Wake the entire few meeting team the to Vulcan and family. with look bunch,

And are aggregate strategy, that will have attractive markets. confident shareholders. substantial expanding we this we always some into I this say our our reach think We creation -- for like very is value our

estimate Okay. That's helpful. a tonnage? that? should there wait Or of rough Is we for

in been they've million million-ton Historically, the X to range. X

We will Thompson next to with come Group. Research Kathryn Thompson

achieve. yet helped Q&A bridge You the and quarter, profit double-digit on you the about XX%, touched this were able get earlier in cash volumes to does in gross you per the down how ton us

what outlook what aspects different And cost 'XX? is the that, Following contrast 'XX in ton the And compare gross and that current what cash put even be unchanged? things could there talk are in in double-digit any be particular happened what versus quarter? terms of allow in quarter then your that are up also And profit about including volume in to will declines? this double-digit face on maybe per of

Yes.

of is -- the Vulcan simply of of the And that's Operating. Vulcan this that Way think and kind of Selling I put. disciplines Way

pricing continued And You a good job saw that. I us the thought did this disciplines throughout with year. team

January good that road. And down we've they not from for good did job that pretty the a midyears, then conversations they're but far pricing, the a us complete, pricing think which helps they're had momentum I XXXX into with carry perspective. X the

And gives high digit some pricing of that us so perspective. from single that confidence a

side, lot high of cost which, sitting extremely driven. cost now, we've is unit the facing cost -- and been that On a of number candidly, here double-digit quarters inflation for is a quite

an per operating hour, on of cost. But go weather our execute impacted the all tons perspective, is plant continue per availability, that hour to man is Some I from and that drives volume. and metrics the that this tons operating that by think what by year and teams disciplines into throughput,

pricing going a moderate. So our moderating, think, momentum, good starting of increases I see into to And our but while we operating continue, XXXX, that's think, I also combination, inflation efficiency are improving. we I think cost is

year which hard it's efficiencies, operating sticky go, long of because put those bit you we inclement think that to as got far As I back guess, were, we weather, a I way gives a operate. little material, this to

operating few expect would to that to I the So quarters -- continue the over improve. next to

We go Sachs. Jerry Revich next will to Goldman with

increases And impacting quarter the the actions to beginning in you the thought Congratulations customers unit ask on compared as of the weaker year all, have for strong profitability, price to in us? for the given an you've the that of demand want given well. about took are I'm in sequentially. pricing I January cadence, your to that how assuming here. of of impact relative just part was decline? would constructive, attractive this come mind disruption footprint pricing the Can does 'XX, volumes to terms pricing volumes quite it X this spot at the cadence new cadence if 'XX market I the that to planned pricing the you not calibrate the of business just terms were how online announced talk

but on both going on in demand but also, some helpful visibility growth Look, and the now for are public the helps volumes side mean, price, the down think the I demand, that think to particularly side, price. residential -- on come never private I we public side,

mid-year in far helped as for we It increases, 'XX. step good price as a little a about think that's I bit 'XX. talked

bit high QX, look probably up in higher that's were year, at last QX than timing. you 'XX, from into quite we QX QX if the think not probably little from into as cadence a I just but

demand so I has you drag. -- all a think that put where And together, been that

side as from nonresidential from I side. and think a as customers and future us think to public bad residential from and look not a better I side XXXX, a much probably our the looks

that together. pull You

look I opportunities unit and price margin we're encouraged by as out think for 'XX. we

that X you to Tom, does for April timing January the that terms plans sorry, X, And of last versus compared of comment in look part your question, on can how

trying vast I I'm majority will if none I'm top there, be January be The X. there's out Yes. my there's can will sure think of that to head. there a minority prices April. our but any of the off think of

that's January X. I So or now been expect to I -- changed X for and continue X years, don't

that the you're We the And midyear we expected quarter just, price, Jerry, thought sequentially out sequential played right. given on talk in the with execution increases. line third what

usually which fourth call see, momentum at sequential quarter, really mix don't too So that. to good into obviously we the moving growth much

Davidson. [indiscernible]

year, your see have I showed know private my on at are getting year? indicators guess business about on lot a volumes just I what in high the I you've the weather sector those a for some couple years. some know question But know there an got going the released may but leading can projects still out do lot flattening been Tom, also step of level. of still this come. you of acceleration I think just next thinking that and attention mean, the over XXXX infrastructure, relatively that is, last I of

sense that? Just your wanted get around to

good side. the I we about feel Yes, think public

forward. additional funding, and largest over public of you've and Tennessee, state similar demand letting local then think approved that state seeing we I South record funds large and Georgia, funding. got they're And you've got as growth. if X then look substantial I funding. levels. Florida, at And and beyond JA, In growth states, all Overall, California, our Carolina, we're expectations, steady the look highways year flow This now. to you JA state into see we

in past go some will help XXXX, together, us. will it You put But that. that it will which all lettings impact

our So than I record IJ X by X you is the have a we demand states public at or X years. better levels, funding and beyond other expected should the year point. obviously highways and mean you've support of would this largest to little that next at next got then -- year, infrastructure support over have this And

So public about pretty we side. good feel the

We'll Jefferies. Ng to next Philip go with

should ton that bit Does about next coming we been look quarter? ton XXXX, pretty little from normalize? the per to volume a And about we in volumes. when profit as little start cost per weaker we out to gross more how think guess, of standpoint, growth Does we fourth your cost I has year per terms a a accelerate despite more stellar that get when well? down if ton think

I would you if we expect the that backwards stick and we cost looking that had start hurts simply and quarter, But volumes increases to in -- to moderating. think that the the moderate despite -- I challenges weather efficiency. on that cost the cost we material continue

with coupled So Way the growth and move more think volume pattern, growth. margin issues Operating, normal will our help double-digit a continued of I the that forward in cost Vulcan weather we of support as

would to it, our next So easing I simply few quarters. pressures put the start expect over cost

normal, in longer? take we basis that it's it to get a or like And low Can that ]? fourth little back XXXX a in to for mid-single-digit [ is quarter going good range the

one on I'm to normal. that's That's goal our target. is not a to yes, that's great get target. yet, back paying down in it but that But the victory

Tanners Timna to next Wolfe go Research. We'll with

could, about capital gears. shifting ask, to I just if wanted allocation, I

the you So the buyback, strong paused forecast quarter. wondering given

some there can year about maturity potentially paydown I M&A. know last uses, accentuated that left? next you including a into talk Is still debt wondering you quarter? with more other You just call. if And on general talked the in about

capital, So about then talk with I'll acquisitions. and first let I'll Mary Andrews go

through remains which announced item always think consistent Wake X pipeline the have first allocation we decisions communicate, growth Stone gating with the the biggest been Yes. obviously capital Timna, opportunity opportunities. is for us is always the months, our what I We've and active.

taking sheet there's April And year. opportunities. those are think coming positioned I ahead are notes growth balance us. obviously the into next have We well that to of of you opportunities fund due also, in other So mentioned, as account the

Alabama and we're where year That about saw working obviously, Texas closing we pipeline Wake earlier couple other to looking that of in Stone, about quarters. I the M&A, we a line some to few us close forward opportunities M&A in bolt-ons to On small and in that excited talk active. We're the one. think get on finish remains the and next the aside, hope

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

that plans, looks on the Tom, the backlog definitely private the how energy back certainly can how some And hesitancy better you to and couple through? generally, their private -- not that manufacturing, board, hopefully any today? to because their looking giving that election at across you tailwinds share of the with your with sector, maybe numbers of maybe market? in though a maybe industrial market the side, you the maybe customers, you're normalizing to sensed is volume the that weeks gets rates of once maybe have sharing cooperating And relative little back how any last more your of us

Yes.

challenges. about I think, have centers. And into think what that what's a the us. insightful That's warehouses I centers is data for it's been heavy with continues you tailwind it's like be you easing. in us to a about manufacturing and obviously, distribution XXXX. the going said on That tailwind and drop for But the heavy and said, and good said, I think good that been being offset pipeline. That as the

projects I think lot hold. on a there's of

a large you lot talk the nobody of number a and pushing to If work, customers bidding contractors, the is general of they're but our button.

that's off over, rates half the that in of up come with see these wait there of kind election sideline. lot But think we'll and some see. is of out interest some I a of there a year, next second the being pent hopefully easing,

that see number come off. ease that, that factors So hope of helps we and of a we some

'XX, impact -- of 'XX. a will that impact probably bigger on second Second but of half half

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

the technology that And you comments. at are prior those talked Tom, the I cost efficiencies shave Day? Just or those it? next of the of do perspective it, call to come just it is journey trying frame plant Analyst point what where about want over couple to off years? all mean I think to to kind mean, does But increasing on how understand you some back way that you of just a X any disinflation it I'm unit idiosyncratic costs?

your because a big us. cycle We're deal pretty stages. for is it's question It's a still early what --

I XXX probably the remaining is of that it's about The go fully think XX% about our double-digit we that that What of Long plants operations. cost XXX, capital improvements have spent we're Remember, fully the our on XX%, which in the production. out is plants on is top on ways operations. throughput implemented it's XX%, one. where XX% to of implemented. seeing

weather time what's have sometime dollar think to distractions I some we journey it's the us. progress we hard The to of get it's because with goods. and we the And that really we impact some doing we'll trying done And for with spent stuff good of call. they'll -- probably throughput quit help XXXX. on What and that storms, make concentrate degrees early that team do think impact the some XXXX. hard I And us didn't are that making it. and is that we throughout I and but know of think think there, I

quarter by are an or have our of hopefully finish that first second 'XX. will correct, cost. So you it journey -- impact But we'll on

Davis. Thompson We'll go Thalhimer with to Adam next

What much you then, plug QX? are how want to fuzzy. volumes do in variability demand little Tom, a And seeing for by us in you state? still I'm

been QX. but to give and bounced know give I'll appropriately happen me dry So all the started it's on October weather we off just good. QX, -- so said, what for December, But we shipped for if really in call because October, well. November, dicey. November, it's I And report Like in a it's It's volume slow, you the those. you hard can one December,

We've balance I a But mid-single that down that many how kind of you it's -- would So year in we some call. is seen shipping the for digits. of call probably to hard have. to demand October. that days underlying one again, mid at

our And Yes. X% of and the full Adam, volume down is like overall, expect Tom mid-single think minus still from on for that's quarter and minus environment, year the digits X%, we to demand I was rest that described, the a second what weather guidance impacted.

fall that fourth will on we within out. depend where So plays how quarter

sorry, what second question? was I'm your

by Demand variability state.

what who of I That this get of most our been out got okay. all don't challenge washed washed But call challenge who of -- them was with the -- month year. a because out states. more Illinois hard side, than think to a are has I public see

has of has what share mid-single-digit think kind to I its seen. of low And in challenged. challenges. rest had Virginia California Northern rate of them, the that been of we've I think, down

out Northern But call of area. in been digit would Virginia kind ones in shipped I kind the first most that be healthiest. at second mid-single In but out got So quite for except and they better. the Southeast may when consistently you of actually challenged is them the California, -- it Illinois, the of half half if boiling probably Texas, the should look think year, Texas, down when quit are but has I well, we rain, of would

to next Dahl RBC go with Michael Markets. We'll Capital

if appreciate volume comment. also of you -- Wake the kind that core could with relative on of employ the do then weak one that? looked can over on and past kind cash what just close the has help how And business strategy in portfolio? of pricing pricing any where so And your their just Stone, to Can Follow-up looks you I sense couple to us you and acquisition? outlay sneak stands relative more you strategy stand the I to the terms understand where years both of of just

love before. don't been probably in that's you but for my us. you market the Chapel as know, Raleigh-Durham a Hill in We've new So market that that's -- not answer,

from commercial ground new perspective. of a kind So

it So closed. -- got to and we've get

early for bit little how calls any do we differently, markets. in we what me a they operate those anything, to how So make if -- today would or operate

get it -- was closed. let that So me

give -- a the little Let much could me understand be a on markets, that. digested, get we better answer and

a material purchase to practice, typically the company. that don't acquisitions disclose As aren't of price we

time us on it give get little and again, Stone. these we a can let's Wake So things, clear be on lot and a closed,

like excited are about we think markets very good a are be assets I about leader we a that addition excited the is who markets think in the to team, where excited market. can this. Southeastern footprint We're we very We're said, in and We the talented. the about Wake and the team,

information with So to back more where and excited can it, get you a little about we'll have we close

with Morgan go Angel Stanley. We'll to Castillo next

to that wanted conversation expand more. I on maybe a bit Just little

about maybe you kind dynamics competition kind level? what potential of does that And you high-level of disparity being the disciplined what opportunities price your kind more corporate side private As markets, price? you your just acquisition of versus tell the competitive terms pricing think of of from of seeing in on are across

or give you on you that's that's make hard to investment, they It's whether Obviously, those and on asset tons the me side about to of I got and we a replace the aggregates can't business, that in the the it think the get because at for understand people away that side. and markets. the private as really ground But comment information pricing. shouldn't look public understand return people rock depleting a competitive they value

aggregates the demand that particularly helps to So continue the in profit I I of onset growing will good. been good demand pricing the think and think always growing situation. public that has business only And and be

Feniger Michael Bank to America. next go with of We'll

today. few XX kind had profit about, ago, of target per guys to much could XX of mean, gross of higher Tom, a a if you you're doing number cash tonnes a years on ton just you talk I

in that figure? about How next into thinking like least now close So on that guys these kind to And just year, should you increase starting thing volume volume kind declines. be as we're we're to how to it -- moving we're going end of about some at we see or that? to are that looks starting

in new I demand. we now, off that quarters basing lot down the what Vulcan Way got Operating. and They some employees $XX on and the and thought Selling we're said, short a accelerated a who on goals. So is getting would division give done because have. target those presidents of have that plan We we Vulcan or right and new and all of, goals owe reached lower volumes answer lot we face good to we the we would have ourselves job, to But just X particularly those they've my you executed in of of hats faster than that I do as X than My future. the way you expected, falling a of not-too-distant division goals

Andrew, maybe I'd to if flow. next -- done maybe cash Great. for some moving pieces I just CapEx squeeze could a more And just Obviously, in. year, on one just for get love acquisitions. has free

year. some the CapEx next Just think or in we're how there XXXX, buckets to capital in kind about into moving that of of as of terms working

the in specific Mike, XXXX current Yes. business believe a guidance obviously, full we at needs. been But mentioned. CapEx, appropriate things we'll February, the give just and lot for to that levels of include you reinvesting we've

X% ranged that's years, X last the over to look of you revenues. X% If

don't we closed As the even yet. Tom acquisitions said, have

I as on So reasonable be. CapEx operations I a you like specific what a our is place the think year. next have But don't acquired to will that view historical model, for level look

It turn further will appears now this additional our over have at for I questions to we presenters remarks. any the time. back program no

forward you during quarter. the soon. Thank are to your that you interest Thank We for you. in holiday to safe the you families you Materials. season talking throughout for to and look We and your your look to talking time. you hope and Thank healthy forward Vulcan

This does you your participation. for conclude today's program. Thank

at disconnect may You any time.