Vulcan Announces Second Quarter 2013 Results

Earnings Per Diluted Share of $0.23
Gross Profit Margin Up 280 Basis Points Driven by Year-over-Year Earnings Improvement in Each Operating Segment

PR Newswire

BIRMINGHAM, Ala., Aug. 1, 2013 /PRNewswire/ -- Vulcan Materials Company (VMC), the nation's largest producer of construction aggregates, today announced results for the second quarter ending June 30, 2013.

(Logo: http://photos.prnewswire.com/prnh/20090710/CL44887LOGO )

Second Quarter Summary

  • Net sales increased $47 million, or 7 percent, versus the prior year.
  • Gross profit increased $27 million, or 25 percent, from the prior year's second quarter.
  • Aggregates gross profit increased $15 million and gross profit margin increased 130 basis points.
    • Aggregates shipments increased 2 percent from the prior year despite significantly more wet weather in the eastern half of the U.S.
    • Aggregates pricing increased 4 percent versus the prior year.
  • Non-aggregates segment gross profit improved $12 million.
    • Volumes in ready-mixed concrete and cement increased 15 percent and 20 percent, respectively, due to continued improvement in private construction.
  • Earnings from continuing operations were $30 million, or $0.23 per diluted share, versus a loss of $17 million, or $0.13 per diluted share, in the prior year.
  • The Company divested certain non-core operating assets for approximately $35 million in proceeds and a gain of $0.10 per diluted share.
  • EBITDA was $164 million, an increase of $61 million, or 59 percent, compared to the second quarter of last year.  Excluding gains on the sale of assets, as well as restructuring and exchange offer costs, Adjusted EBITDA increased 11 percent.

Don James, Chairman and Chief Executive Officer, said, "Each of our operating segments reported solid growth in second quarter earnings, contributing to improved gross profit margin and earnings per share.  We achieved these results despite challenging, wet weather conditions that sharply reduced June shipments in many markets.  Demand for our products continues to benefit from recovery in private construction activity, particularly residential construction, in many of our key markets.  We realized strong increases in second quarter aggregates shipments in key states – driven mostly by housing demand.  Growth in residential construction activity, and its traditional following impact on private nonresidential construction, continues to underpin our expectations for volume and earnings improvement in 2013.  Assuming more normal weather patterns, we expect that most of the delays in shipments due to weather in the first half of the year can be recovered in the second half of the year."

Commentary on Second Quarter 2013 Segment Results
Aggregates segment gross profit was $127 million, a $15 million increase from the prior year.  This earnings improvement was due to higher prices in virtually all markets and higher volumes in many markets.  Overall, freight-adjusted aggregates prices increased 4 percent versus the prior year.  Aggregates shipments in a number of the Company's markets increased sharply versus the prior year.  Shipments in Arizona and Florida increased more than 50 percent due mostly to strong private construction demand.  Shipments in Texas and along the central Gulf Coast also benefited from stronger demand, particularly large industrial projects, increasing more than 20 percent versus the prior year.  Aggregates shipments in North Carolina and California increased 10 to 20 percent compared to the prior year.  Shipments in the Midwest and Virginia were sharply lower due to wet weather and the timing of certain large projects in the prior year. 

Gross profit from non-aggregates businesses improved $12 million versus the prior year.  Segment earnings for Concrete and Cement both benefited from sharply higher shipments.  Asphalt Mix segment earnings improved due to lower liquid asphalt costs.  Asphalt unit profitability, as measured by materials margin, increased 20 percent compared to the prior year. 

2013 Outlook
Regarding the Company's outlook, Mr. James stated, "We are encouraged by the continued improvement in the economic and construction-related fundamentals that drive demand for our products. Housing starts in the U.S. are up sharply from a year ago and contract awards for private nonresidential buildings, measured in square feet, have increased double-digits as well.  Importantly, we are seeing significant growth in housing starts in several key states, including Arizona, California, Florida, Georgia and Texas.  Growth in residential construction leads to growth in demand for private non-residential investment as well as new sources of tax revenue, all of which drive increased construction activity.  Consequently, aggregates demand in private construction is growing.       

Mr. James continued, "As we look at the projects that could impact our 2013 aggregates volumes, we continue to see a disproportionately greater number of large highway and industrial projects.  The timing and quantity of shipments to these projects remains difficult to predict.  Our current expectation is for aggregates demand from public construction, including highways and other infrastructure, to approximate 2012.  However, recent growth, albeit modest, in new highway contract awards has resulted from a more stable and predictable funding environment.  New highway projects, as measured by trailing twelve month contract awards, increased 1 percent versus the prior year's level – the second consecutive quarter with an increase.  The large increase in TIFIA funding contained in last year's highway bill will positively impact future demand.

"As we look to the remainder of 2013, we expect second half aggregates shipments to increase 2 to 4 percent versus the prior year.  This volume outlook assumes more normal weather patterns throughout the remainder of the year.  Additionally, the timing of aggregates shipments to several large projects remains outside our control and as a result can cause some variability in our year-over-year growth. 

"Over each of the past four quarters, our year-over-year quarterly pricing gains of at least 4 percent and the geographic breadth of the pricing improvement help reinforce our expectations for price growth of 4 percent in 2013.

"Additionally, earnings in each of our non-aggregates segments should improve versus the prior year and contribute significantly to our overall earnings improvement in 2013.  Asphalt materials margin increased throughout 2012 and we expect materials margins to increase again in 2013 and contribute to earnings growth in this segment.  Full year concrete volumes and materials margin are expected to improve in 2013 as housing and private construction continue to recover in key states.  Concrete volumes in the first half of 2013 increased 11 percent versus the prior year due in part to increased private construction activity in Florida.  We expect the increased private construction activity to continue leading to improved unit profitability in the Concrete segment.  Cement earnings should improve in 2013 due to higher shipments and pricing as well as lower production costs.

"We continue to expect full year Selling, Administrative and General expenses to be flat to slightly down as compared to the prior year.  Through the first half of 2013, controllable costs are down versus the prior year as we continue to tightly manage expenditures.

"We remain focused on our strategic initiative to enhance our leading aggregates reserve position in attractive markets.  During the first half of 2013, we divested certain assets in lower margin, lower growth markets in the Midwest for approximately $40 million in proceeds.  Additionally, we added aggregates reserves and operations in attractive markets in Texas and Georgia through acquisitions totaling approximately $90 million.  Going forward, we will continue to look for opportunities to further enhance our strategic coast-to-coast footprint."  

Conference Call
Vulcan will host a conference call at 9:00 a.m. CT on August 1, 2013.  A live webcast will be available via the Company's website at www.vulcanmaterials.com.  Investors and other interested parties in the U.S. may also access the teleconference live by calling 855-877-0343 approximately 10 minutes before the scheduled start.  International participants can dial 678-509-8772.  The access code is 19403413.  The conference call will be recorded and available for replay at the Company's website approximately two hours after the call.

Vulcan Materials Company, a member of the S&P 500 Index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.

FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements.  Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales.  These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document.  These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.

Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements.  The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks that Vulcan's intentions, plans and results with respect to cost reductions, profit enhancements and asset sales, as well as streamlining and other strategic actions adopted by Vulcan, will not be able to be realized to the desired degree or within the desired time period and that the results thereof will differ from those anticipated or desired; uncertainties as to the timing and valuations that may be realized or attainable with respect to planned asset sales; those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; the effects of the sequestration on demand for our products in markets that may be subject to decreases in federal spending; changes in Vulcan's effective tax rate; the increasing reliance on technology infrastructure for Vulcan's ticketing, procurement, financial statements and other processes could adversely affect operations in the event such infrastructure does not work as intended or experiences technical difficulties; the impact of the state of the global economy on Vulcan's businesses and financial condition and access to capital markets; changes in the level of spending for private residential and private nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; the impact of Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values and liabilities which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; the potential of goodwill or long-lived asset impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.  Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.

 











Table A

Vulcan Materials Company









and Subsidiary Companies













(Amounts and shares in thousands, except per share data)





Three Months Ended  


Six Months Ended  

Consolidated Statements of Earnings




June 30  




June 30  

(Condensed and unaudited)


2013


2012


2013


2012

Net sales


$696,078


$648,890


$1,200,632


$1,148,741

Delivery revenues


42,655


45,246


76,263


81,277

Total revenues


738,733


694,136


1,276,895


1,230,018

Cost of goods sold


563,183


542,951


1,050,082


1,020,844

Delivery costs


42,655


45,246


76,263


81,277

   Cost of revenues


605,838


588,197


1,126,345


1,102,121

   Gross profit


132,895


105,939


150,550


127,897

Selling, administrative and general expenses


64,902


61,914


129,557


126,826

Gain on sale of property, plant & equipment









   and businesses, net


23,410


13,152


27,520


19,678

Restructuring charges


-


(4,551)


(1,509)


(5,962)

Exchange offer costs


-


(32,060)


-


(42,125)

Other operating income (expense), net


(4,537)


(904)


(10,196)


720

   Operating earnings (loss)


86,866


19,662


36,808


(26,618)

Other nonoperating income (expense), net


286


(709)


2,658


2,391

Interest expense, net


50,873


53,687


103,623


105,954

Earnings (loss) from continuing operations









   before income taxes


36,279


(34,734)


(64,157)


(130,181)

Provision for (benefit from) income taxes


6,151


(17,749)


(32,666)


(56,145)

Earnings (loss) from continuing operations


30,128


(16,985)


(31,491)


(74,036)

Earnings (loss) on discontinued operations, net of taxes


(1,356)


(1,298)


5,427


3,700

Net earnings (loss)


$28,772


($18,283)


($26,064)


($70,336)

Basic earnings (loss) per share









   Continuing operations


$0.23


($0.13)


($0.24)


($0.57)

   Discontinued operations


($0.01)


($0.01)


$0.04


$0.03

   Net earnings (loss) per share


$0.22


($0.14)


($0.20)


($0.54)

Diluted earnings (loss) per share









   Continuing operations


$0.23


($0.13)


($0.24)


($0.57)

   Discontinued operations


($0.01)


($0.01)


$0.04


$0.03

   Net earnings (loss) per share


$0.22


($0.14)


($0.20)


($0.54)












Weighted-average common shares









   outstanding









      Basic


130,250


129,676


130,219


129,634

      Assuming dilution


131,332


129,676


130,219


129,634

Dividends declared per share


$0.01


$0.01


$0.02


$0.02

Depreciation, depletion, accretion and









   amortization


$76,961


$84,116


$152,557


$169,283

Effective tax rate from continuing operations


17.0%


51.1%


50.9%


43.1%

 

 









Table B

Vulcan Materials Company







and Subsidiary Companies










(Amounts in thousands, except per share data)

Consolidated Balance Sheets


June 30 


December 31 


June 30 

(Condensed and unaudited)


2013


2012


2012

Assets







Cash and cash equivalents


$86,979


$275,478


$158,301

Accounts and notes receivable







   Accounts and notes receivable, gross


410,021


303,178


397,506

   Less: Allowance for doubtful accounts


(5,339)


(6,198)


(7,375)

      Accounts and notes receivable, net


404,682


296,980


390,131

Inventories







   Finished products


266,489


262,886


266,265

   Raw materials


29,863


27,758


24,457

   Products in process


5,415


5,963


3,974

   Operating supplies and other


38,720


38,415


39,910

      Inventories


340,487


335,022


334,606

Current deferred income taxes


39,275


40,696


43,357

Prepaid expenses


27,300


21,713


24,840

Assets held for sale


12,926


15,083


-

Total current assets


911,649


984,972


951,235

Investments and long-term receivables


43,194


42,081


28,506

Property, plant & equipment







   Property, plant & equipment, cost


6,730,505


6,666,617


6,697,685

   Reserve for depreciation, depletion & amortization


(3,519,862)


(3,507,432)


(3,419,174)

      Property, plant & equipment, net


3,210,643


3,159,185


3,278,511

Goodwill


3,086,219


3,086,716


3,086,716

Other intangible assets, net


698,471


692,532


694,972

Other noncurrent assets


170,048


161,113


140,135

Total assets


$8,120,224


$8,126,599


$8,180,075

Liabilities







Current maturities of long-term debt


$161


$150,602


$285,152

Short-term debt


100,000


-


-

Trade payables and accruals


128,142


113,337


171,834

Other current liabilities


163,466


171,671


159,481

Liabilities of assets held for sale


-


801


-

Total current liabilities


391,769


436,411


616,467

Long-term debt


2,524,420


2,526,401


2,528,387

Noncurrent deferred income taxes


664,967


657,367


687,337

Deferred revenue


73,068


73,583


-

Other noncurrent liabilities


652,480


671,775


604,948

Total liabilities


4,306,704


4,365,537


4,437,139

Equity







Common stock, $1 par value


129,963


129,721


129,393

Capital in excess of par value


2,592,239


2,580,209


2,560,824

Retained earnings


1,247,984


1,276,649


1,261,501

Accumulated other comprehensive loss


(156,666)


(225,517)


(208,782)

Total equity


3,813,520


3,761,062


3,742,936

Total liabilities and equity


$8,120,224


$8,126,599


$8,180,075

 

 








Table C

Vulcan Materials Company





and Subsidiary Companies










(Amounts in thousands)








Six Months Ended 

Consolidated Statements of Cash Flows




June 30 

(Condensed and unaudited)


2013


2012

Operating Activities





Net loss


($26,064)


($70,336)

Adjustments to reconcile net loss to net cash provided by operating activities





   Depreciation, depletion, accretion and amortization


152,557


169,283

   Net gain on sale of property, plant & equipment and businesses


(40,550)


(31,014)

   Contributions to pension plans


(2,308)


(2,248)

   Share-based compensation


11,102


3,601

   Deferred tax provision


(31,581)


(51,613)

   Changes in assets and liabilities before initial





      effects of business acquisitions and dispositions


(108,295)


(20,033)

Other, net


(206)


(701)

Net cash used for operating activities


(45,345)


(3,061)

Investing Activities





Purchases of property, plant & equipment


(60,041)


(33,584)

Proceeds from sale of property, plant & equipment


2,517


26,069

Proceeds from sale of businesses, net of transaction costs


52,908


11,827

Payment for businesses acquired, net of acquired cash


(89,951)


-

Other, net


2


49

Net cash provided by (used for) investing activities


(94,565)


4,361

Financing Activities





Proceeds from line of credit


111,000


-

Payment of current maturities and long-term debt


(161,477)


(105)

Dividends paid


(2,598)


(2,590)

Proceeds from exercise of stock options


3,598


3,524

Other, net


888


333

Net cash provided by (used for) financing activities


(48,589)


1,162

Net increase (decrease) in cash and cash equivalents


(188,499)


2,462

Cash and cash equivalents at beginning of year


275,478


155,839

Cash and cash equivalents at end of period


$86,979


$158,301

 

 












Table D

Segment Financial Data and Unit Shipments










(Amounts in thousands, except per unit data)






Three Months Ended


Six Months Ended








June 30 




June 30  






2013


2012


2013


2012

Total Revenues









Aggregates (a)









Segment revenues


$508,438


$471,147


$867,437


$826,765

Intersegment sales


(44,457)


(39,277)


(78,061)


(70,397)

   Net sales


463,981


431,870


789,376


756,368

Concrete (b)









Segment revenues


120,294


103,055


220,183


195,526

Intersegment sales


-


(441)


-


(892)

   Net sales


120,294


102,614


220,183


194,634

Asphalt Mix









Segment revenues


99,935


103,691


167,222


175,047

Intersegment sales


-


-


-


-

   Net sales


99,935


103,691


167,222


175,047

Cement (c)









Segment revenues


23,819


20,326


46,512


40,842

Intersegment sales


(11,951)


(9,611)


(22,661)


(18,150)

   Net sales


11,868


10,715


23,851


22,692

Totals










   Net sales


696,078


648,890


1,200,632


1,148,741

      Delivery revenues


42,655


45,246


76,263


81,277

Total revenues


$738,733


$694,136


$1,276,895


$1,230,018

Gross Profit









Aggregates


$127,120


$111,837


$151,906


$145,886

Concrete


(5,823)


(9,039)


(15,902)


(21,344)

Asphalt Mix


9,234


5,182


11,171


4,522

Cement



2,364


(2,041)


3,375


(1,167)

   Total



$132,895


$105,939


$150,550


$127,897

Depreciation, Depletion, Accretion and Amortization


















Aggregates


$56,598


$61,663


$112,486


$124,023

Concrete


8,184


10,446


16,160


21,618

Asphalt Mix


2,121


2,209


4,158


4,460

Cement



4,426


3,746


8,332


7,767

Other




5,632


6,052


11,421


11,415

   Total



$76,961


$84,116


$152,557


$169,283

Unit Shipments





















Aggregates customer tons (d)


36,617


35,980


62,218


63,166

Internal tons (e)


2,948


2,744


5,206


5,010

   Aggregates - tons


39,565


38,724


67,424


68,176

Ready-mixed concrete - cubic yards


1,231


1,068


2,254


2,033

Asphalt Mix - tons


1,803


1,838


3,032


3,123

Cement customer tons


121


96


242


205

Internal tons (e)


142


123


269


231

   Cement - tons


263


219


511


436

Average Unit Sales Price (including internal sales)



















Aggregates (freight-adjusted) (f)


$10.75


$10.38


$10.74


$10.32

Ready-mixed concrete


$92.40


$92.36


$92.23


$92.09

Asphalt Mix


$54.51


$55.29


$54.21


$54.85

Cement



$82.86


$77.79


$82.89


$78.02

(a) Includes crushed stone, sand and gravel, sand, other aggregates, as well as transportation and service revenues associated with the aggregates
      business.

(b) Includes ready-mixed concrete, concrete block, precast concrete, as well as building materials purchased for resale.

(c) Includes cement and calcium products.

(d) Includes tons marketed and sold on behalf of a third-party pursuant to a volumetric production payment (VPP) agreement.

(e) Represents tons shipped primarily to our downstream operations (i.e., asphalt mix and ready-mixed concrete). Sales from internal shipments
      are eliminated in net sales presented above and in the accompanying Condensed Consolidated Statements of Earnings.

(f) Freight-adjusted sales price is calculated as total sales dollars less freight to remote distribution sites divided by total sales units excluding third-party
      VPP tons.

 

 












Table E

1.   Supplemental Cash Flow Information







Supplemental information referable to the Condensed Consolidated Statements of Cash Flows is summarized below:






















(Amounts in thousands)











Six Months Ended 












June 30 










2013


2012

Cash Payments









Interest (exclusive of amount capitalized)






$100,598


$103,626

Income taxes






9,087


9,074

Noncash Investing and Financing Activities 








Liabilities assumed in business acquisition






232


-

Accrued liabilities for purchases of property, plant & equipment




4,212


3,890

2.   Reconciliation of Non-GAAP Measures


















Generally Accepted Accounting Principles (GAAP) does not define "free cash flow," "Aggregates segment cash gross profit," "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA) and "cash earnings."  Thus, free cash flow should not be considered as an alternative to net cash provided by operating activities or any other liquidity measure defined by GAAP. Likewise, aggregates segment cash gross profit, EBITDA and cash earnings should not be considered as alternatives to earnings measures defined by GAAP. We present these metrics for the convenience of investment professionals who use such metrics in their analyses, and for shareholders who need to understand the metrics we use to assess performance and to monitor our cash and liquidity positions. The investment community often uses these metrics as indicators of a company's ability to incur and service debt. We use free cash flow, Aggregates segment cash gross profit, EBITDA, cash earnings and other such measures to assess liquidity and the operating performance of our various business units and the consolidated company. We do not use these metrics as a measure to allocate resources. Additionally, we adjust EBITDA for certain items to provide a more consistent comparison of performance from period to period. Reconciliations of these metrics to their nearest GAAP measures are presented below:


Free Cash Flow









Free cash flow deducts purchases of property, plant & equipment from net cash provided by operating activities.










(Amounts in thousands)











Six Months Ended












June 30 










2013


2012

Net cash used for operating activities






($45,345)


($3,061)

Purchases of property, plant & equipment






(60,041)


(33,584)

Free cash flow






($105,386)


($36,645)













Aggregates Segment Cash Gross Profit







Aggregates segment cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization (DDA&A) to Aggregates segment gross profit.






(Amounts in thousands)







Three Months Ended



Six Months Ended








June 30 




June 30 






2013


2012


2013


2012

Aggregates segment









   Gross profit


$127,120


$111,837


$151,906


$145,886

   DDA&A


56,598


61,663


112,486


124,023

      Aggregates segment cash gross profit


$183,718


$173,500


$264,392


$269,909

 

 














Table F













Reconciliation of Non-GAAP Measures (Continued)



















EBITDA, Cash Earnings and Adjusted EBITDA






















EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortization.  Cash earnings adjusts EBITDA for net interest expense and current taxes.  








(Amounts in thousands)








Three Months Ended



Six Months Ended










June 30 




June 30 








2013


2012


2013


2012















Reconciliation of Net Loss to EBITDA and Cash Earnings






















Net earnings (loss)





$28,772


($18,283)


($26,064)


($70,336)

Provision for (benefit from) income taxes



6,151


(17,749)


(32,666)


(56,145)

Interest expense, net




50,873


53,687


103,623


105,954

(Earnings) loss on discontinued operations, net of taxes


1,356


1,298


(5,427)


(3,700)

EBIT







87,152


18,953


39,466


(24,227)

Plus: Depreciation, depletion, accretion and amortization


76,961


84,116


152,557


169,283















EBITDA






$164,113


$103,069


$192,023


$145,056

Less: Interest expense, net




(50,873)


(53,687)


(103,623)


(105,954)

          Current taxes





(989)


(2,314)


3,416


6,312

Cash earnings






$112,251


$47,068


$91,816


$45,414















Adjusted EBITDA and Adjusted EBIT
























EBITDA






$164,113


$103,069


$192,023


$145,056

   Gain on sale of real estate and businesses


(22,961)


(12,342)


(26,220)


(18,321)

   Restructuring charges




-


4,551


1,509


5,962

   Exchange offer costs




-


32,060


-


42,125

Adjusted EBITDA





$141,152


$127,338


$167,312


$174,822

   Less: Depreciation, depletion, accretion and amortization


76,961


84,116


152,557


169,283

Adjusted EBIT






$64,191


$43,222


$14,755


$5,539





























EBITDA Bridge 



Three Months Ended



Six Months Ended



(Amounts in millions)




June 30




June 30






    2012 Actual EBITDA


$103




$145



Plus:  Gain on sale of real estate and businesses


(12)




(18)



          Restructuring charges




4




6



          Exchange offer costs




32




42



2012 Adjusted EBITDA




127




175

















Increase / (Decrease) due to











Aggregates:  Volumes




5




(5)



                      Selling prices




15




28



                      Costs and other items




(9)




(29)



Concrete






1




-



Asphalt Mix






4




7



Cement






5




6



Selling, administrative and general expenses


(3)




(3)



Other







(4)




(11)



2013 Adjusted EBITDA




141




168

















Plus:  Gain on sale of real estate and businesses


23




26



          Restructuring charges




-




(2)






    2013 Actual EBITDA


$164




$192































 

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