Vulcan Materials Co. (VMC) reported third quarter net income of $54.23 million or $0.43 per diluted share, compared to $59.05 million or $0.53 per diluted share last year.
Earnings from continuing operations for the quarter declined to $47.92 million from $59.82 million in the prior year quarter. Earnings per share from continuing operations for the quarter were $0.38, compared to $0.54 a year earlier.
Total revenues for the quarter fell to $778.19 million from $1.01 billion in the prior-year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share on revenues of $809.17 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company now expects full year capital spending to be about $140 million, down from $175 million projected at the end of the second quarter and down sharply from the $353 million spent in 2008.
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