Vulcan Materials Company (VMC) CEO James Hill on Q1 2022 Results - Earnings Call Transcript

Vulcan Materials Company (NYSE:VMC) Q1 2022 Earnings Conference Call May 4, 2022 11:00 AM ET

Company Participants

Mark Warren - Vice President, Investor Relations

James Hill - Chairman, President and Chief Executive Officer

Suzanne Wood - Senior Vice President and Chief Financial Officer

Conference Call Participants

Trey Grooms - Stephens

Stanley Elliott - Stifel Nicolaus

Jerry Revich - Goldman Sachs

Kathryn Thompson - The Thompson Research Group

Keith Hughes - Chouest Securities

Garik Shmois - Loop Capital

David MacGregor - Longbow Research

Philip Ng - Jefferies

Michael Dudas - Vertical Research

Courtney Yakavonis - Morgan Stanley

Michael Feniger - Bank of America

Adam Thalhimer - Thompson Davis

Brent Thielman - D.A. Davidson

Chris Kalata - RBC Capital Markets

Operator

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

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

Mark Warren

Good morning, and thank you for your interest in Vulcan Materials. With me today are Tom Hill, Chairman and CEO; and Suzanne Wood, Senior Vice President and Chief Financial Officer. Today's call is accompanied by a press release and a supplemental presentation posted to our Web site, vulcanmaterials.com.

A recording of this call will be available for replay later today at our Web site. 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.

As the operator indicated, please limit your Q&A participation to one question.

With that, I'll now turn the call over to Tom.

James Hill

Thank you, Mark, and thanks to everyone for joining the call this morning. As always, we appreciate your interest in Vulcan Materials, and I hope that you and your families had a safe and healthy start to the year.

Our teams executed well in the first quarter. They remained focused on capitalizing on pricing opportunities, and mitigating cost pressures. Their efforts have and will continue to result in the expansion of our unit margins. Our strategic disciplines are helping us to both take advantage of tailwinds and dampen headwinds in a very dynamic environment. We delivered solid results in the first quarter. We generated $294 million of adjusted EBITDA, a 20% increase over the prior year, despite accelerating inflation, continuing volatility in energy markets, and ongoing disruptions in supply chains. This quarter again demonstrates the resiliency of our Aggregates business and our team's strong execution of our strategic disciplines.