Vulcan Materials Company (VMC) Q1 2023 Earnings Call Transcript

Vulcan Materials Company (NYSE:VMC) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET

Company Participants

Mark Warren - VP, IR

Tom Hill - Chairman & CEO

Mary Andrews Carlisle - SVP & CFO

Conference Call Participants

Trey Grooms - Stephens

Stanley Elliott - Stifel

Anthony Pettinari - Citi

Jerry Revich - Goldman Sachs

Mike Dahl - RBC Capital

Kathryn Thompson - Thompson Research Group

Keith Hughes - Truist Securities

Brent Thielman - D.A. Davidson

Timna Tanners - Wolfe Research

Adam Thalhimer - Thompson Davis

Michael Dudas - Vertical Research

Garik Shmois - Loop Capital

David MacGregor - Longbow Research

Michael Feniger - Bank of America

Dillon Cumming - Morgan Stanley

Operator

Good morning, ladies and gentlemen, and welcome to the Vulcan Materials Company's First Quarter 2023 Earnings Call. My name is Travis, and I will be your conference call coordinator today. [Operator Instructions].

Now, I would like to turn the call over to your host, Mr. Mark Warren, Vice President of Investor Relations for Vulcan Materials. Mr. Warren, you may begin, sir.

Mark Warren

Good morning and thank you for your interest in Vulcan Materials. With me today are Tom Hill, Chairman and CEO; and Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer.

Today's call is accompanied by a press release and a supplemental presentation posted to our website vulcanmaterials.com. Additionally, a recording of this call will be available for replay, later today, at our website.

Please be reminded that today's discussion may include forward-looking statements, which are subject to risks and uncertainties. These risks, along with other legal disclaimers, are described in detail in the company's earnings release and in other filings with the Securities and Exchange Commission.

Reconciliations of any non-GAAP financial measures are defined and reconciled in our earnings release, our supplemental presentation, and other SEC filings. In the interest of time, please limit your Q&A participation to one question. This will allow for more questions during our time together.

With that, I will turn the call over to Tom.

Tom Hill

Thank you, Mark, and thanks all of you for joining our call this morning.

Vulcan Materials is well-positioned to deliver attractive growth in 2023. We got off to a solid start in the first quarter and now expect to deliver between $1.85 billion and $1.95 billion in adjusted EBITDA this year, a 14% to 20% improvement versus the prior year. In the quarter, we generated $338 million of adjusted EBITDA, a 15% improvement over the prior year.