BIRMINGHAM, Ala. (AP) _ Vulcan Materials Co. (VMC) on Thursday reported first-quarter earnings of $53 million.
On a per-share basis, the Birmingham, Alabama-based company said it had profit of 39 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 44 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The construction materials company posted revenue of $854.5 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $798.6 million.
Vulcan expects full-year earnings in the range of $4 to $4.65 per share.
Vulcan shares have decreased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped slightly more than 1 percent. The stock has dropped 12 percent in the last 12 months.