Vulcan Materials beats profit estimates on higher prices for sand, other construction supplies
April 30 (Reuters) - Construction supplies company Vulcan Materials VMC.N on Wednesday beat Wall Street estimates for first-quarter profit, helped by price hikes on supplies such as sand, gravel and crushed stone.
These supplies are part of Vulcan's construction aggregates business, its largest. The segment's gross profit rose 18% in the quarter, while margins expanded 320 basis points to 26.7%.
The Birmingham, Alabama-based company has been raising prices in the past few quarters to combat inflationary pressure and sustained high interest rates that have impacted customer affordability and softened residential construction activity.
On an adjusted basis, Vulcan reported a profit of $1 per share in the quarter, ahead of analysts' average estimate of 78 cents, according to data compiled by LSEG.
The company's total revenues rose 5.8% year-over-year to $1.64 billion. Analysts, on average, had expected $1.65 billion.
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