Vulcan Materials 3Q results top Wall Street's view
NEWS: Vulcan Materials' third-quarter net income more than doubled, reflecting higher prices and the continued recovery of the residential construction market. Its results beat Wall Street's expectations.
The stock jumped in midday trading on Monday.
DETAILS: Vulcan, which sells gravel, sand and other materials used in construction, said that ready-mixed concrete volume rose 17 percent and cement volume climbed 10 percent. Asphalt mix volume increased 4 percent.
NUMBERS: For the three months ended Sept. 30, Vulcan Materials Co. earned $41.4 million, or 31 cents per share. Last year, it earned $14.3 million, or 11 cents per share.
The 2012 third quarter was weighed down by some restructuring charges and exchange offer costs. The recent quarter did not have any of these charges or costs.
The latest quarter also benefited from a bigger gain on the sale of property, equipment and other items than a year ago.
Earnings from continuing operations were 32 cents per share for the recent quarter.
Revenue increased 13 percent to $775.2 million from $687.6 million.
Analysts, on average, expected earnings of 26 cents per share on revenue of $750.7 million, according to FactSet.
STOCK: The shares rose $6.31, or 11.8 percent, to $59.98 in afternoon trading. At its close Friday, the stock was up 36 percent for the year to date.