This is what S&P gets for overlooking QCOM!
Wednesday June 23, 11:08 pm Eastern Time
Vulcan Materials sees Q2 profits below last year's
BIRMINGHAM, Ala., June 23 (Reuters) - Vulcan Materials (NYSE:VMC - news) Co. (NYSE:VMC - news), the top maker of construction materials used for highways and housing, said on Wednesday that its second-quarter profits would trail last year's results.
The Birmingham, Alabama, company that will join the S&P 500 index at the end of the month did not disclose any per-share guidance in its prepared statement. Company officials were not immediately available for additional comment.
In the year-ago quarter, Vulcan earned $70 million, or $2.05 a share, on net sales totaling $465.8 million. In February, the company split its stock three-for-one. Research firm First Call has said it expects Vulcan to earn 68 cents per share in the current quarter.
Its construction materials business remains strong, it said. But its chemicals unit is hurting due to weak prices. In fact, the company expects to report a slight loss in this product category.
''Overall, the increase in construction materials' second-quarter earnings will likely be offset by the decline in chemicals' earnings, resulting in second quarter net earnings below last year's record performance,'' Vulcan Chief Executive Donald James said in the prepared statement. |
