April 30 (Reuters) - Construction supplies company
Vulcan Materials ( VMC ) on Wednesday beat Wall Street estimates
for first-quarter profit, helped by price hikes on supplies such
as sand, gravel and crushed stone.
These supplies are part of Vulcan's construction aggregates
business, its largest. The segment's gross profit rose 18% in
the quarter, while margins expanded 320 basis points to 26.7%.
The Birmingham, Alabama-based company has been raising
prices in the past few quarters to combat inflationary pressure
and sustained high interest rates that have impacted customer
affordability and softened residential construction activity.
On an adjusted basis, Vulcan reported a profit of $1 per
share in the quarter, ahead of analysts' average estimate of 78
cents, according to data compiled by LSEG.
The company's total revenues rose 5.8% year-over-year to
$1.64 billion. Analysts, on average, had expected $1.65 billion.