VMC - Earnings call transcript Q4 2024

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Operator

Good morning. Welcome, everyone, to the Vulcan Materials Company Fourth Quarter 2024 Earnings Call. My name is Shayna, 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]

the to turn host, will I call your over Mr. Now Relations Vice Materials. President Warren, for of Mark Investor Vulcan Mr. Warren, you may begin.

Mark Warren

Thank you, everyone. operator, and good morning,

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

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

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

James Hill

you, your for of Mark, interest in all and Thank Materials today. you thank Vulcan

execution. year XXXX another of was successful

of finished plan our our momentum growth into in year of our two-pronged states. attractive and earnings cash top deliver enhancing and to aggregates XXXX. we improved the towards led We our strategy expanding We value-creating XX in per acquisitions. is over existing working. areas and core X strong ton capitalize on revenue solid franchise strengthened $X and new attractive our again by growth industry-leading acquisitions our billion Our presence deployed growth XX% expanded our Aggregates These profit gross reach

in our outlook our I provide from fourth discussing Before highlights detail, some performance. will you more quarter key

prior year. quarter, adjusted in fourth the XX% $XXX a improvement delivered of over Our EBITDA million teams the

end unit In to cash profit basis the geographies of Importantly, results. through $XX.XX in a improvement Aggregates shipments quarter prior sales. the a pricing across more moderating per improved with lower X% for ton geographically adjusted the mixed were EBITDA consecutive price year-over-year Shipments on consistent year-over-year the Price were XX% and quarter. gross momentum improved widespread. uses. remained in of than continued full quarter and combination cash quarter expanded in an segment, Aggregates year. margin freight-adjusted XX% the year Aggregate cost eighth

previous storm-impacted headwinds less and Growing and offset consistent construction demand public of activity. in particularly cash East of to cost Freight operating in execution efficiencies Western from to the Carolina of private helped a increased focus was the Tennessee areas testament execution weather will and a to efforts. teams. through unit With compared shipments a continued our us Vulcan North maximizing This of disruption adjusted focus to for in on prior This our X% our Way quarters strong sales meaningful be improvement XXXX. year. and compared operating the

price remains The pricing expect grow XXXX. between X% in freight-adjusted to X% healthy, and and we environment aggregate

from pressures mix point Way operating this impact XXX an negative continue Now progress over process basis moderate acquisitions. includes adoption. cost and to our we're of intelligence Vulcan making Inflationary recent on

of our freight-adjusted We digits in profitability. cash mid-single XXXX to to low year-over-year leading increase expect unit expansion unit to year another aggregate cost aggregates double-digit in

and X% will legacy activity. in increase year. private that expect I compared aggregate with modest business. X% stable growth recent We expect growth is of by construction last our coupled in ongoing for between outlook XXXX expectation shipments public demand continued to contraction activity more This driven to acquisitions, offset

billion. have and the ongoing by shipments growth beyond. input increased spending to XX $X highway IIJA related last cost XXXX inflation trailing Over starts in Blowing in and $XXX another year, billion support highway continued months highway

rates Affordability investment for elevated in initiatives Vulcan and funding at of activity. the additional interest billion remain in level local state $XX cycle were to spur passed and the residential election states. headwinds Additionally, recent construction transportation

rates rates, But a the overall over single-family in timing multifamily to growth. support point Vulcan additional consistent in dictate year housing, XXXX. growth interest additional another of demographics Because the months multifamily demand housing. returns construction markets elevated improvement for and in when in housing to vacancy in modest residential starts support declining of and past reductions need activity the XX single-family affordability starts Increasing will data

Likewise, nonresidential will of to return matter timing. be also a a growth private in construction

lower in second for While mid-XXXX private half to we boding well expect the that XXXX. may nonresidential by bottom XXXX anticipate We currently will of the begin and year by demand starts activity. recover

warehouse historic planned levels have been CoStar to continued miles Recent after activity of have in markets the nonresidential and starts remains We XX in activity proposed had within warehouse flatten of drop precipitous trends is a XX-month data prepandemic a starts category throughout robust. from largest encouraging. centers both centers facility. XXXX. construction to data Trailing private center data, approximately X% according our Vulcan in highs Current And data out.

between adjusted controlling focus I earlier, control. As expect deliver teams can said we what the our $X.XX $X.XX of is and we XXXX. EBITDA billion demand of backdrop billion to I execution, just described, the in Against

our the Now provide Mary more commentary Mary over performance some on call details I'll turn outlook. and Andrews? additional XXXX around XXXX Andrews our to to

Mary Carlisle

ago Thanks, deployed was to towards source sheet to XXXX, In financial I strength strategic a $X.X our Tom, good grow. acquisitions. and of morning. and approximately continue provided considerable we flexibility commented that a year us balance billion

maintenance existing efforts returned operating $XXX we and And our in and share with to growth reinvested through furthered franchise greenfield capital. and $XXX repurchases. our and dividends million internal million of also We shareholders

across fund debt of at March, to notes At we we was $X our million, leverage $XXX with the XX redeemed the XX- EBITDA hand, on cash provided net and to X.Xx. XXXX adjusted quarter, for In $XXX in fourth XX-year intent of of million activity. our par billion our notes we year-end, to effective issued X-, acquisition to redeem tenures March notice our Recently, XXXX notes XXXX. and XXXX

positioned cash in allocation growth execution. well track our generation continue capital solid of year of we XXXX, another long consistent discipline record Given remain to through and to

environment continued billion adjusted delivered and for goal. EBITDA expand volume a full year. well our the full toward gross ton than the lower grew In were the by durable XX% adjusted SAG per year. to the profit year challenging EBITDA Aggregates nature X% the tonne basis $XX and XXX in business by progress to to XXXX, of demonstrating our for $X.X cash margin teams points compounding expenses prior per $XX.XX, our aggregates $XX executed of

revenue We expenses business XXXX. remain SAG focused continuing in on X.X% to value a through our expenses investments for through percentage and support disciplined innovation growth drive in to the initiatives technology. SAG of were as organic

capital contribution invested date. given fourth Absent acquisitions XX that points. quarter basis closing return with little consistent year-end largely The the year. provided capital was impact, very the was on timing earnings invested driven on Our capital in by invested XX.X%, increase return at prior improved which

and into momentum pricing earnings year Tom views strong of around demand, margin growth. attractive another anticipate aggregates Carrying expansion highlighted and unit profitability. our XXXX, we

million So estimate let approximately We that will me $XXX XXXX provide guidance. acquisitions a few details adjusted in around recent XXXX. contribute additional EBITDA of the

We contribution and contribute expansion These with the expect approximately segments profit both of and from Asphalt of an from cash cash X/X our X/X the segment businesses downstream in profitability to recent the acquisitions. reflect expectations contribution the unit in segment. estimated in $XXX million gross Concrete

million, depletion, reinvest and in XX%. and between $XXX between plan internal operating million $XXX between million. $XXX We and approximately effective amortization XXXX, franchise of to interest $XXX an million maintenance expenses capital and million of In we expense depreciation, SAG XX% and approximately our forecast and project of million. tax expenditures through accretion expenses and We $XXX rate $XXX growth

to year Included million addition mark that expect in and for capital another adjusted plan of sizable growth businesses. are projects adjusted acquired expansion underway plant of strong in in is rebuild EBITDA Overall, we to approximately attractive in this generation. $XXX margin, X spending on recently EBITDA cash XXXX

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

James Hill

work, of the And Most Mary we other the you, thank to severe the looked inclement for and proud and persistent of in importantly, Materials enduring women and to moment commitment Way in brothers of work so your the and sisters of want and am which to Andrews. I Thank your operate you live for one kept strategic face in company the and and out across disciplines. particularly execution men consistent consistent the safe of your selling a sometimes communities Vulcan weather. take excellence. I Vulcan we

metal your quarter per for second proved increased cash in ton every year row. and gross a You the profit

controlling I'm what about excited we can our shareholders. Together, on and we what will control customers, delivering we value for focused remain achieve and in XXXX. our communities our

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

Operator

[Operator Instructions].

take first question Grooms from Stephens. Trey will We with our

Trey Grooms

ask the year. just far should we of the year? timing. a And to increases to be finish about wanted like to Can the the that aggregates bit seems strong I maybe that you've have about seen the some pricing. on success as April as markets and January shift you it's pricing talk January It on seen? how a about from maybe thinking this done of well cadence little Yes,

James Hill

Sure, Trey.

So total with QX last went the in up pricing XX%. year year

So good that momentum allows this into year. to carry pricing us really

is As those not January average get the booking couple XXX our by it those. back our acquisitions. backlogs price you I'm about X to and you points but supports that with to basis increases, our X%, guide over also our our saw, that's impacted negatively quickly. think We'll X% worried I up guide. But

was similar ready-mix timing I our in whether think, of thought to work price increases, the majority -- increases, price did The asphalt very price or 'XX results. be January year. of our X. results, I As January it took or our bid will effect last increases vast

year. guide should in -- throughout the the you to we'll range think think I would quarter-to-quarter we be we I --

down. remember, in it to I should X% think Now X% quarter. impact can up But impact or be single range. mix can that mix a consistently It we adjusted,

Mary Carlisle

moderating improvement. would consistently talked improvement, a importantly, quarter we've run double-digit what the together costs cash in prepared we that now will strung yield low on I each add as most coupled well. gross with expect ton double-digit X-quarter profit the per remarks, extending consistent Trey, And we pricing improvement in that that about Yes.

of And which really, we expect EBITDA going underlying biggest the Aggregates business improve XXXX an about organic on the basis. the performance be driver our XX% going is to by to growth, of

a the expecting Ag segment. performance really So strong from

Operator

our question next will from UBS. We Fisher Steven with take

Trey Grooms

volume I on sort the aggregates of think pace. an side, you mentioned steady organic

out So if during been feel to how and But that correct free I'm And organic expectation, of observing that's construction. flat assuming cadence plays the we've on volumes nonres in me about this just year, about overall the curious correct? that means of that. slowdown sort

side being weak little you a off. to mentioned And start private the of kind

of what assumed the cadence actual the organic curious year have growth the you half half? before second comps versus declines just first in Do So in half? trend you've maybe in easier and the first for that maybe second of the the half

James Hill

Yes.

It understand offsetting challenged growing is completely it. you public some think I private.

to comp If you 'XX, point never got at really is we of easiest QX. the back weather The your out look problem.

at look you a we If got start. slow January, February,

Some just coal remember, wet and February. But of is that weather. it's January and

So about too I'm that. worried not

I Vulcan think of perform. regardless will the our teams challenges

I said, second half. in think with nonres year I our confidence the probably loaded, construction half complete single-family coupled back probably easier But as from full in comps, you with guide. help some and some have

Operator

from We list Group. our next with question Thompson Kathryn Thompson Research

Kathryn Thompson

your and wrong correct me quarter ours close guidance jumps a very your level. but in came line, was me that QX So what in if exactly record to I'm this, volume -- out the at with gross pricing margins at in is

could year how the including that and of past more QX, the components longer-term behind the for kind think for -- next of But the record operations. year? why out project strategy, in bit of Vulcan if how that that Could a in and this we into about quarter margin little the you should articulated this you terms Way for you've plays parse

James Hill

Sure.

or technology as will believe operating improving XXXX, to mature we was continue volumes was look continue we to much over cost tools Vulcan Way operating, Way our improved efficiencies. quarter quarters, to was negative; And of operating X One disciplines were weather Our not negative. X and a And and reasons we'll the past of efficiencies. which the Vulcan two, increase as the enhance why. our in fourth three, not

is couple mid-single-digit but to increases past what of you the a We XXXX. we've in kind seen back closer over to years, That kind to would in of the low substantial guide really history. improvement of

of Way the So and I offsetting some Vulcan see. we would of at think the work what you're seeing is headwinds operating

Mary Carlisle

expect year-over-year quarter would margin, see in basis on XXXX. And what XXXX. improvement in a we to I gross Kathryn, on That's each for you saw

that margin, we of lowest terms I it's about outstanding I think in QX, kind obviously, gross momentum an highest of fourth of it, in carry think cadence XXXX. did QX and in to have into the quarter or would plan typically QX,

Operator

Anthony from with coming Citi. Pettinari Our question next is

Asher Sohnen

This we've is pressure Asher Sohnen decisions project or of the wanted you kind rollout just of of orders from pace expected starts any ask to on seen seen? policy. Anthony. I on IIJA for any policy administrative around or the Have

of then potentially? impact we And expect on tariffs, what business kind your could

James Hill

I see going we policy to So funding. that through which think money public from the the dedicated seeing is any demand. you're IIJA, in on is remember don't public protected work. impact long-term And It's growth

to happen going is nothing So it. to

Looking traditional aggregate will forward, government intensitive support work this we think would public legislature.

positive that probably from So on a perspective tariffs.

Vulcan teams aggregate sure big at directly, side of flip anyone don't it's think Materials little comes to looked happen. we've tariffs is whatever very to what's navigate that And everything tell and not us. steel On you and see on I'm impact that we at I will the can a rubber, us. else, I'm going impact confident But

seen Look, margins selling and see and profitability of pandemic, we consistently we've we've down, so consistently Way why and record operating any grow a that's unit of earnings, Way develop challenges. inflation, of our regardless that unit and we've teams Vulcan volumes can outside grow seen we Vulcan exactly our

out infrastructure, think, whatever the I think handle tariffs. comes supports don't the and on So I government, we'll

Operator

next take Goldman from our with Revich Sachs. We Jerry question will

Jerry Revich

the Mary per variable flat Andrews, to the thread period the the costs I ton in essentially back pull quarter. just out were performance. absorption, cost cost If your we wanted on

you part cost on is I'm So your of actually could if wondering expand just now? what deflationary structure

per the about are that year-over-year right, flat to to line that considering the want And quarter, which cost seasonality, the in imply into would first first attractive. outlook if make we normal ton just just I pricing with sure quarter straight that's performance is relative pretty the

James Hill

that take I'll one. think I

call I flat. I digit, mid- would call year. pretty costs and through up the consistently think think not I to I would them single

to going nature is choppy cost quarter-to-quarter, just remember, beast. is of the Now be the

together. XX-month look to it stream on need got of at a kind we've Fourth to really was that So but quarter trailing basis. encouraging,

think you of. out If anything look I think can there on at don't any deflation that I there's inflation,

you, As improved partially up tell all diesel single mid-single-digit, and slightly. we digit guide offset to that 'XX, Wages by would operating up high I efficiencies. of electricity

but you to -- not guide would flat. I So

performance. longer in would you think to term, that I low- stay that cost mid-single-digit

Operator

take will from Angel with next We question Castillo Stanley. Morgan our

Angel Castillo Malpica

Just wanted private go on to to comments back nonresi. the

bottom half. second year starts maybe the You talked about potential move in the for even middle in of rebound kind to and the of

us it's understand, activity from guess, Can whether seeing cadence? that gives or in you of what customers kind on you hearing, of what just maybe you're help and a your terms I confidence or of quoting maybe just kind

James Hill

Yes.

let think see and shipments still construction think be I XXXX. nonresidential So in down are clear, I me we do

in data been future. a good be be And I bright of drag news will performance. the and and see some near spot our data in that in starting are think we're big still planned turn the drag to centers will centers is has warehouses a most the while footprint. a

a but at a starting X-month of that seen it's trailing turn everywhere, if we've basis, turn. positive, And look our I changing. you not think number on to that's markets

So -- starting I you're to -- some green then think shoots. and see so

sitting starting of a I drag, you sidelines. There's that's still subdivision. traditional things but the see think lot on to going nonres some to turn. is a follow Light a money

So to while. take a it's going

positive which year, while up through it in at very as preliminary construction better outlook a XXXX. think negative XXXX, So for we point, kind should the get gradually we us sets nonresidential for progress be will this of more

Angel Castillo Malpica

in you're That's helpful. seeing? And activity quoting anything the that

James Hill

Yes.

asked -- we're glad that. you that's interesting. -- So I'm there's

non-res the is we've that months, has of a sideline. that For the last sitting still work X quoted on lot --

They're at time, So people want -- there. money but hoping think work. think rates to and go see interest in to news more. down point But I good that's pent-up some go because demand there's we will that

Operator

with will Jefferies. take next our We question Ng Phil from

Philip Ng

Tom, have a pricing congrats commentary. around on strong another few the I quarter. questions

sense give time? how And You that these talked ASP can points you mix corporate us deals how of over price is about basis some versus a the XXX Can these you deals. narrow recent you do on think quick drag much for average? lower from

James Hill

going is I already whole substantially lower. over work. that started mean, So but I'm basis if and had quote on lower. We've points on numbers it's XXX the it not it to that, company,

price quarters and market I where those as January in were few with continue the and long think Vulcan more years. progress would up markets, like. successful it to that look reasonable don't back increases get it we next think we'll a through I to takes us

Philip Ng

you high pricing us the last Jan competitors. perhaps little you but because timing April us softer a then more want they if is for really talking points, quarter. Any like doesn't account for pricing, a little good separately, color the issue And sound give like still framework single-digit than from a Okay. you gave it real takes puts XXX your standpoint, about basis and to a you're versus

So perhaps just marketplace on in on takes pricing. and give us some seeing what the puts you're

James Hill

we think increases, I pretty single The maybe remember, a -- high double-digit, end same you thing were than users. you're geographies got price consistent think digit. lower on with our throughout I same-store, to little

also not at double-digit are cost looking You increases.

at low. looking You're mid to

So money is thing is the double margins line, of can by to we the digits. most that grow important our continue trend do bottom unit we taking which

That's good think we and the You've what guide couple over years, for of do our us you'll us last it. And see I feel XXXX. that do about is seen think pretty that. I

Operator

take We from Mike question our RBC. with will next Dahl

Michael Dahl

], is the help to mix work portfolio that? within guide did you of businesses. are kind you capital with portion, incorporated and to the you are what whether downstream the those view a downstream some that respect obviously the or is into come stay not Suzanne likely Can to how with businesses acquisitions. understand put [ They us of of Tom, lot with

James Hill

run set were well those And valuable suits good it assets. new. run someone aggregates and assets. to business. we'll we'll earns good them and an fits it the appropriate are in us that, They put us, we'll going this divest take else, then is anything pretty else, look Like that proceeds the more to if it. If successfully return So run it and very a management of acquisitions at back we're with as team of

Mary Carlisle

remarks commented from terms you. segment that of businesses XX% guide do, we Mike, a about about the context EBITDA downstream $XXX businesses. the guide, own the in there's the the prepared That's in like the million to helpful of contributing of We contribution the acquisitions. assumes maybe in for And little we XX% and for that would be Aggregate

Operator

We will Thompson, take Davis. from our Adam with next question Thalhimer

Adam Thalhimer

do Congrats was have about that I the pretty QX was on because the you also increase the Mary portion -- year-over-year. a Andrews, beat. well, curious downstream big

like basis? that was $XXX you have have million you from looks curious Do acquisitions. reported So on it's I gross cash that if a profit. the is

Mary Carlisle

We're maybe you downstream stick about XX% going $XXX offline we improvement I'm to more the of that businesses, specific. the talk and from the about -- contribution for in what gross list is the the can be with would profit helpful from to some cash improvement million is now, But acquisitions. overall

We in both business underlying in the also year-over-year. that's of and about improvement XX% improvement the see segments,

Operator

from our will We question with Research. Timna take next Wolfe Tanners

Timna Tanners

after could you you build M&A if it about what accomplished. finished ask -- little how who just just landscape from you're what to at the XXXX, Wanted looking deal a the bit

the could [indiscernible] Calica I efforts sneak if USMCA any panel. update respitation a then with question Mexico, in the on And on

James Hill

Yes.

It'll that There's So we'll be some take but working very XXXX. on. we with of think of projects some we're through time, continue I I go -- as will M&A. number healthy a think still pipeline it successful there's to take a

know. news tribunal We We're there decision, On think about a answer think there. feel we win Mexico, the that. the And decision. they and when we'll a on I real to case, is still make very let will -- make good our you we'll I guys waiting no short

that We year. this sometime are anticipating

Operator

Garik our from next with question Shmois We Loop will take Capital.

Garik Shmois

year spoke the similar pricing opposed last. You as this to being to cadence

potentially So in what thoughts I on frame midyear love you could hear what to the see be? time there would opportunities your increases,

James Hill

Yes.

included our not in we will absolutely announce price midyear but So guide, they are increases.

the We towards announce we so the those of will probably those first conversations. end time quarter, got down

we'll, a and we'll midyears there. sure, with successful you, they Again, too will those early always as I our we we'll you'll go on to in have it's will then to XXXX for conversations will But announce how impact from be, better XXXX. going customers, see call have -- where remind than but

Garik Shmois

midyears Great. are Do you impacting have by chance how XXXX XXXX. much

James Hill

definitely really that's to a impact. an They out. hard Well, parse had

I customers, January more pleased is so with. your time the they to of do successful X. Part notice they think be give us you that react, help have to more for things allows which to we're

and So it some definitely the it is timing, both. it amplitude price of some is of helps but

Operator

from next our Keith We Hughes will with question Truist. take

Keith Hughes

or has that I'll ask a the storm we Or been supportive short-term weather delays asked of of everybody shipments? questioarter-to-date, had me question some still weather year-over-year have activity.

James Hill

So see has short that February cold. going been with term week this snow. We're to January, in cold very and

But we pointed in last weather and we challenged So not tried we expect normalized together, a start. our we we to make quarters. and QX a in think more weather as expect plan I get prediction we But a when the put in particularly at time lucky some was point year. guidance, out, in as look year, at some impact to great

the will comp middle Hopefully, season. of be the that easy in

will us, So help ex hopefully, hurricanes. that

Keith Hughes

both And -- well Or as at downstream, one that acquisition. stand-alone other current the more does on the that California in? particularly with Southern in operations mix Is operate question entity? that a is

James Hill

fits. look a if us perspective, at particularly of very lot asphalt those ready also you has in it mix have downstream some markets, it well. fits So but don't the we that on aggregate overall,

in as in but business being asphalt there those it an they ready-mix, not the as aggregates and were in those we markets. ready-mix of have part the us far position in markets, then fits So and excellent

Operator

our take next We will Davidson. from Brent question D.A. Thielman with

Michael Dudas

going down in and West thinking along not maybe some Coast on I really was impact response and the on is tariffs in in assets conversation, a are Canada. tariffs on Mexico have implemented direct the what I your more to shipping more business Vulcan's the your question to but Tom, extent be the that is of of

James Hill

think whatever our -- negligible wouldn't pretty we'll it we'll of that. law. handle I needle. the We've follow is is, business. the impact But it move I us. doesn't at for a Well, It the the -- letter looked and in

Operator

We will take with next Michael our question from Dudas Vertical Research.

Michael Dudas

Tom, of for flattish it very you looks relative on though -- this solid do that from volumes the overall with like your and like the Or more XXXX, normalized pricing pricing, market. 'XX, Does for say, organic are history upside spend? maybe even to flat sense there like decelerated this a even is room going look is still level on of kind forward?

James Hill

Yes.

upside on I think always there's that price.

earn some demand to customers. seen pressure price. growing years, now that. with and always haven't growing helps few for demand got You've on Obviously, your we puts which a that

if But we Way way I you service think look customers. at of our Vulcan and the the selling

and guide we're and doing see And I I 'XX. in think our our in think you 'XX price, that think I in that. performance earn we

Operator

[Operator Instructions].

We will take with our Research. Longbow next question David MacGregor from

David S. MacGregor

are I'm than in ready-mix for customers example, plant are markets they as and more of limestone instances for many But their your on for really successful evolve, some Great paying the very you that cement. strong thinking, a who process and Congratulations results. and has the about of Vulcan selling. ask in performance clearly, to been very visible wanted pricing I quarter. delivered fixed And now this Way your

are It's point profitability share incremental I operating rely adjust algorithm on on Vulcan who the you hard guess, Way price to your that price push of from costs. of sort competitors maybe gains way in to process. the better then, in larger at smaller slightly giving unitship market increases favor of And some gains secondly, are increases. achieved continuing of

James Hill

Well, I lower much that clear. me is cost had We cement wish pricing, we also lower. It's be but Yes. than net much let pricing. some don't.

selling people to better think much Way logistics in-depth the to -- them you selling price would your customers. and Vulcan a that back look what's as think Vulcan operating. your into much Way going and of Way gives other of I initiatives market. go -- on forward, allows and better I I tools tools to strategic sales and also the of look in-depth you gives Vulcan the better in the service of

Vulcan better sizes. for I technology we throughput think allows better how and and operators throughput the for and also the it downtime. operating, critical inspect our training Way And and on of of reduce allows equipment better

X us a and put you've them opportunities lot improvement. which both history, again leads have the You operating will a be growth together, history, that better and piece, chance sales and margin to I of on the think those beating of double-digit over last unit quarters, better piece do that you both seen the X

come we So back, -- -- the better both unit accident, flat. a have price to not when call and you by opportunity But happening your accident This time that's forward. and if the improve going doesn't have volumes that's on frames Again, you year, on have over it side. by when volumes it margins, side cost actually gone down.

Operator

program questions queue. our in have the I It the further we additional closing presenters any for back appears no over turn remarks. to or will

James Hill

and time that Thank for having, interest today. Materials to throughout talking and particularly the with in you appreciate the relationship. and quarter. forward We you families your Thank the We all hope you. we safe, stay Vulcan your Yes. weather look you we're your to

Operator

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

time. any at disconnect may You

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