April 29 – Vulcan Materials beat Wall Street expectations for first-quarter revenue on Wednesday, helped by strong demand for its construction materials, such as crushed stone, sand and gravel.
Shares of the building supplies maker were up 4% in morning trading
Increased spending for public infrastructure, data centres and energy projects has been boosting demand for companies such as Vulcan Materials, even as geopolitical tensions and higher energy costs push up input costs.
• Strong public construction activity and favorable weather across most of its markets helped boost Vulcan’s aggregates shipments by 5% in the first quarter.
• The company’s total revenue for the quarter ended March 31 rose 7.4% to $1.76 billion and beat analysts’ expectations of $1.62 billion, as per LSEG-compiled data
• The Alabama-based company posted first-quarter adjusted profit per share of $1.26, higher than 97 cents last year.
(Reporting by Jahanvi Kothari and Aishwarya Jain in Bengaluru; Editing by Shreya Biswas and Vijay Kishore)
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