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Stock Market & Financial Investment News

News Breaks
March 7, 2014
13:50 EDTVMCVulcan Materials sees FY14 gain of $1.00 per share from sale of cement busines
Vulcan Materials announced that it has completed the previously announced sale of the company's cement and concrete businesses in the Florida area to Cementos Argos for gross cash proceeds of $720M. Under a separate supply agreement, Vulcan will continue to provide aggregates to the divested concrete facilities, at market prices, for a period of 20 years. The completion of the asset sale to Cementos Argos and related restructuring and other transaction-related expenses are expected to result in a pretax gain of approximately $210M, or $1.00 per diluted share for 2014.
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August 3, 2015
18:46 EDTVMCVulcan Materials backs FY15 adjusted EBITDA view $775M-$825M
Regarding the company's outlook for 2015, CEO Hill stated, "Severe weather in the first half of the year, particularly in the second quarter, masked improving fundamentals in construction activity. Underlying demand remains strong and we are encouraged by the accelerating momentum in aggregates pricing throughout our markets. As a result, we are reaffirming our expectation for Adjusted EBITDA of $775 to $825 million, driven by strong growth in aggregates gross profit per ton, earnings improvement in our non-aggregates businesses and continuing leverage of our SAG expenses. Through the first half of 2015, same-store aggregates volumes are up 7 percent and total aggregates pricing is up 5 percent. We expect a higher rate of pricing growth in the second half. With respect to second half shipments, a key factor will be the ability of our customers to recover weather-delayed volume from the first half, which can be a challenge in a growing market where scheduled work is compressed into a shorter time period."
18:44 EDTVMCVulcan Materials reports Q2 adjusted EPS 66c, consensus 63c
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