Rock Products

SEP 2018

Rock Products is the aggregates industry's leading source for market analysis and technology solutions, delivering critical content focusing on aggregates-processing equipment; operational efficiencies; management best practices; comprehensive market

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8 • ROCK products • September 2018 IN THE KNOW percent, albeit at a lower-priced geo- graphic mix.," Hill said. In the second quarter: •  Total revenues increased $169 mil- lion, or 16 percent, to $1.2 billion. • Gross profit was $323 million versus $290 million in the prior year. •  Aggregates segment sales increased $139 million to $956 million and freight-adjusted revenues increased $99 million, or 16 percent, to $731 million. Shipments increased 7 mil- lion tons, or 15 percent, to 55 million tons. •  Freight-adjusted sales price increased 1 percent to $13.29 per ton. •  Segment gross profit increased $32 million, or 13 percent, to $283 million. •  Asphalt, Concrete and Calcium seg- ment gross profit was $40 million, collectively. • SAG was $89 million, or 7.4 as a per- centage of total revenues. •  Net earnings were $160 million versus $120 million in the prior year. •  Adjusted EBIT was $239 million versus $211 million in the prior year. •  Adjusted EBITDA was $325 million, an increase of $37 million, or 13 percent. •  Earnings from continuing operations were $1.20 per diluted share versus $0.83 per diluted share. •  Total revenues were $4.13 billion, an increase of $428 million, or 12 percent. •  Gross profit was $1.03 billion, an increase of $48 million, or 5 percent. Aggregates segment gross profit through the first half of the year remains on track with full-year expec- tations, despite higher than expected diesel cost. Second quarter Aggregates segment gross profit increased 13 per- cent to $283 million, or $5.16 per ton. Second quarter aggregates shipments increased 15 percent (11 percent on a same-store basis) versus the prior-year quarter. Same-store daily shipment rates for aggregates were strong throughout the quarter, reflect- ing solid underlying demand, including sustained strength in public construc- tion activity. Many of the company's markets are finally seeing the con- version of higher public funding for transportation into higher shipments of aggregates. "Despite the overall ship- ment growth reported for the second quarter, shipments in some markets, notably California, do not yet reflect the strength in highway construction activity we see building into 2019 and beyond," the company stated. For the quarter, freight-adjusted aver- age sales price for aggregates increased 1 percent versus the prior-year quar- ter, with the rate negatively impacted by relatively faster growth in relatively lower-priced markets. Excluding this mix impact, aggregates price increased 3 percent. California,

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