Vulcan 3Q profit, revenue come in below consensus estimates |
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Mon, 29 Oct 2007 23:19
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SAN FRANCISCO (Thomson Financial) - Vulcan Materials Co. late Monday reported third-quarter earnings from continuing operations of $143.9 million, or $1.47 a share, up from $140.9 million, or $1.44 a share, last year.Net earnings came in at $135.4 million, or $1.38 a share, down slightly from $135.7 million, or $1.39 a share, in the year-ago period.Revenue in the quarter ended Sept. 30 dipped to $904.9 million from $929.3 million.Analysts polled by Thomson Financial were expecting, on average, a per-share profit of $1.59 on revenue of $952 million.'We believe aggregates volumes in the fourth quarter of 2007 will continue to be hampered by weak residential construction activity resulting in a full year decline of approximately 9% to 10% as compared with shipments in 2006,' said Don James, Vulcan's chairman and chief executive, in a statement.The Birmingham, Ala.-based materials company also said it now expects to close its acquisition of Florida Rock Industries during the fourth quarter.Vulcan shares closed the regular session at $88.56, down 7 cents.Gabriel MadwaygmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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