Vulcan Materials 2Q loss swells
Published: July 27, 2012
Tags: Vulcan Materials
BIRMINGHAM, Ala. (AP) – Vulcan Materials Co., the biggest U.S. producer of gravel and sand used for construction with outlets in Wisconsin, said Thursday that its second-quarter loss swelled on weaker volume in several key regions and higher restructuring costs.
The company posted a loss of $18.3 million for the April-June period compared with a loss of $8.1 million a year earlier.
Revenue slipped 1 percent to $694.1 million. Costs for restructuring rose to $4.6 million from $1.8 million a year earlier.
Vulcan said it’s encouraged by the passage of a new highway bill in late June, which is expected to provide states with more money to move forward on infrastructure projects.
A government report earlier this month said a surge in homebuilding pushed U.S. construction spending up by the largest amount in five months, the latest indication that the housing sector is slowly recovering. Construction spending rose 0.9 percent in May from April. It was the second straight monthly increase and the biggest percentage gain since December.
Still, the level of spending is roughly half of what economists consider to be healthy.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.