Vulcan Materials Company (VMC) recently announced some senior management changes to be effective from Jan 1, 2014.
Vulcan announced the promotion of Tom Hill, aged 54, from the position of Senior Vice President of its South Region to Executive Vice President and Chief Operating Officer of the company. John McPherson, aged 45, has been promoted to the position of Executive Vice President and Chief Financial Officer. Previously, McPherson was serving as the Senior Vice President of Vulcan's East Region.
In addition, Danny Shepherd, aged 62, took the position of Vice Chairman of the company while, Dan Sansone, aged 61, will assume the role of the Executive Vice President–Strategy.
Based in Birmingham, Vulcan is engaged in the production, distribution and sale of construction aggregates and other construction materials and related services in the U.S. and Mexico. It is the nation’s largest producer of construction aggregates and a leading producer of other construction materials.
Last month, Vulcan announced solid third-quarter 2013 results beating the Zacks Consensus Estimate for both revenues and earnings. Earnings also improved significantly from prior-year quarter on the back of solid revenue increase in most of the segments. Total revenue increased 11.6% from the prior-year quarter owing to pricing gains and volume growth.
The top- and bottom-line growth was driven by improved product demand owing to broad based recovery in private construction activity, especially residential. Improved demand also favored pricing across most of its markets. Additionally, most of the volume and pricing increase was noted in the aggregates segment which reported volume declines in 2012 as well as in the first half of 2013.
Vulcan carries a Zacks Rank #2 (Buy). Other similar-ranked stocks in the construction industry include CaesarStone Sdot-Yam Ltd. (CSTE), James Hardie Industries plc (JHX) and Cementos Pacasmayo SAA (CPAC).While CaesarStone and James Hardie carry a Zacks Rank #1 (Strong Buy), Cementos Pacasmayo carries a Zacks Rank #2.