Titan America Announces Fourth Quarter and Full Year 2025 Results
NORFOLK, Virginia--( BUSINESS WIRE)--Titan America SA (NYSE: TTAM), a leading fully-integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, today announced its fourth quarter and full year 2025 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as “Titan America.”
Fourth-Quarter 2025 Highlights
Full Year 2025 Highlights
Bill Zarkalis, President and Chief Executive Officer, commented, “In a construction materials market affected by soft demand and economic uncertainty, Titan America delivered all time high revenue, Net Income, Adjusted EBITDA and operating cash flow in 2025. This achievement reflects the strength of our business model, disciplined decision-making, skillful execution across our operations, and an unwavering focus on serving our customers. It showcases once again Titan America’s ability to grow organically and deliver strong results, even in challenging environments. Our Florida segment delivered a robust performance with strong penetration in infrastructure and private non-residential construction segments offsetting a soft residential end-market. Our investments in increased aggregates capacity, expanded capabilities, and self-help operational excellence initiatives delivered record full year revenue and Adjusted EBITDA in 2025. Our Mid-Atlantic segment was impacted by a combination of soft demand in Metro New York and New Jersey, the introduction of tariffs, and weather affecting Virginia and the Carolinas. Resilient pricing, and continued growth in infrastructure, private non-residential construction, including data centers, and cost containment initiatives partially mitigated the impact from the headwinds in the region.”
Three Months Ended December 31
Year ended December 31
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
(all amounts in thousands of US$)
Revenue
$
405,662
$
389,815
$
15,847
4.1
%
$
1,664,188
$
1,634,393
$
29,795
1.8
%
Net Income
$
43,511
$
36,528
$
6,983
19.1
%
$
185,439
$
166,074
$
19,365
11.7
%
Adjusted EBITDA
$
93,739
$
83,522
$
10,217
12.2
%
$
389,664
$
370,400
$
19,264
5.2
%
Capital Expenditures
$
42,884
$
23,924
$
18,960
79.3
%
$
163,316
$
137,271
$
26,045
19.0
%
Fourth Quarter 2025 Results
Revenue for the three months ended December 31, 2025 was $405.7 million, an increase of 4.1% from $389.8 million in the prior year quarter. Revenues were positively impacted by increased aggregates production capacity, cement volumes and ready-mix concrete volumes compared to Q4 2024.
Net Income for the three months ended December 31, 2025 was $43.5 million, an increase of 19.1% from $36.5 million in the prior year quarter, while Adjusted EBITDA was $93.7 million, an increase of 12.2% from $83.5 million in the prior year period. The increase in both Net Income and Adjusted EBITDA was primarily driven by increased revenue, sales mix and improved margins from lower costs and improved productivity. The increase in Net Income was also driven by lower financing costs and reduced impacts from foreign exchange and related derivatives, partially offset by higher general and administrative expenses. Net Income Margin and Adjusted EBITDA Margin in the three months ended December 31, 2025 were 10.7% and 23.1%, respectively, up from 9.4% and 21.4%, respectively, in the same period of 2024.
Full Year 2025 Results
Revenue for the full year 2025 was $1.66 billion, an increase of 1.8% compared to $1.63 billion in 2024, primarily as a result of increases in product pricing for aggregates and ready-mix concrete and an increase in aggregates sales volumes, partially offset by decreases in sales volumes for cement and concrete block.
Net Income for the full year 2025 was $185.4 million, an increase of 11.7% compared to $166.1 million in 2024, while Adjusted EBITDA was $389.7 million, an increase of 5.2% compared to $370.4 million in 2024. The increase in both Net Income and Adjusted EBITDA was primarily driven by improved margins from lower costs. Net Income also benefitted from lower financing costs and a lower effective tax rate. Net Income Margin and Adjusted EBITDA Margin for the full year 2025 were 11.1% and 23.4%, respectively, compared to 10.2% and 22.7%, respectively, for the full year 2024.
Cash Flow and Capital Resources
For the twelve months ended December 31, 2025, cash flow provided by operations was $295.4 million, and net capital expenditures were $163.3 million, resulting in free cash flow of $132.1 million.
As of December 31, 2025, Titan America had $211.8 million in cash and cash equivalents and $462.4 million total debt. Net debt was $250.7 million, representing a ratio of 0.64x 2025 Adjusted EBITDA.
Revenue and Adjusted EBITDA by Reportable Segment
Revenue
Three Months Ended December 31
Year ended December 31
2025
2024
% Change
2025
2024
% Change
(all amounts in thousands of US$)
Florida
$
247,094
$
235,202
5.1
%
$
1,024,415
$
997,575
2.7
%
Mid-Atlantic
158,568
153,905
3.0
%
639,773
634,946
0.8
%
Other (1)
—
708
NM (2)
—
1,872
NM (2)
Consolidated
$
405,662
$
389,815
4.1
%
$
1,664,188
$
1,634,393
1.8
%
(1) Other includes equipment, related services and miscellaneous revenue
(2) Not meaningful
Segment adjusted EBITDA
Three Months Ended December 31
Year ended December 31
2025
2024
% Change
2025
2024
% Change
(all amounts in thousands of US$)
Florida
$
64,565
$
52,704
22.5
%
$
278,663
$
249,665
11.6
%
Mid-Atlantic
$
32,403
$
34,255
(5.4
)%
$
120,537
$
134,792
(10.6
)%
Fourth Quarter 2025 Results by Reporting Segment
The Florida segment generated revenues of $247.1 million in the fourth quarter of 2025, compared to $235.2 million in the prior year quarter. The 5.1% year-over-year increase was primarily due to higher aggregates, concrete block and cement sales volumes due to our strong presence in the infrastructure and private non-residential sectors, and increased aggregates production capacity. Segment adjusted EBITDA for the quarter increased to $64.6 million, compared to $52.7 million in the prior year quarter, primarily due to the impact of higher sales volumes and operational efficiencies.
The Mid-Atlantic segment generated revenues of $158.6 million in the fourth quarter, compared to $153.9 million in the prior year quarter. The 3.0% year-over-year increase in revenue was driven by higher prices as compared to the prior year quarter. Segment adjusted EBITDA was $32.4 million, compared to $34.3 million in the prior year quarter, primarily due to higher cost of goods sold for ready-mix concrete and cement.
Full Year 2025 Results by Reporting Segment
The Florida segment generated revenues of $1,024.4 million, reflecting a 2.7% increase from $997.6 million in 2024. Growth was driven by increases in the aggregates, ready-mix concrete and fly ash product lines due to increased aggregates production capacity, an increase in fly ash volumes and higher average price for ready-mix concrete and fly ash. Segment adjusted EBITDA increased 11.6% to $278.7 million from $249.7 million in the prior year, primarily due to the increase in revenue and lower production costs which offset higher general and administrative expenses.
The Mid-Atlantic segment generated revenues of $639.8 million, reflecting a 0.8% increase from $634.9 million in 2024. Growth was driven by increases in the ready-mix concrete and fly ash product lines partially offset by lower cement revenue. Segment adjusted EBITDA was $120.5 million in 2025 as compared to $134.8 million in the prior year, primarily due to lower cement sales volume, increases in raw material unit costs in the ready-mix concrete product line, tariffs on imported cement and higher general and administrative expenses.
2026 Outlook
Regarding Titan America’s outlook, President & CEO Bill Zarkalis stated, “In 2026, we expect softness in the residential sector to continue. The recent surge in oil and energy prices introduces additional risks in an already complex and uncertain economic backdrop. Based on current market dynamics, with concerns of additional inflation fueled by higher energy costs, we believe mortgage rates are likely to remain broadly at current elevated levels with house affordability remaining low. As a result, we believe investment in the residential sector may be stabilizing at current lower levels with the much anticipated residential sector inflection point being potentially pushed into 2027. With continued residential softness in mind, our guidance for 2026, on a like-for-like basis, anticipates low single digit revenue growth compared to 2025, with modest expansion in our Adjusted EBITDA margins.”
Mr. Zarkalis continued, “Robust operating cash flows and a strong balance sheet reinforce our capacity to act on strategic opportunities including, for example, our recently announced acquisition of the Keystone Cement Company in Pennsylvania. The proposed acquisition, subject to regulatory approval, will expand our geographic footprint, add substantial domestic cement production capacity to our portfolio, and strengthen our presence in the Mid-Atlantic region.”
Mr. Zarkalis concluded, “As we look to 2026 and beyond, we are excited about the strong growth opportunities ahead. The markets where we operate are the beneficiaries of significant tailwinds, including infrastructure investments, manufacturing reshoring and emerging trends in resilient urbanization and construction technology. We continue to execute on our strategic plan - innovating and expanding our product offerings, particularly focusing on meeting the evolving needs of our customers for sustainable, high-performance products, services and solutions.”
Conference Call
Titan America will host a conference call at 5:00 p.m. ET on March 17, 2026. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of Titan America’s website at https://www.titanamerica.com/. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days.
About Titan America SA
Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey. Titan America’s family of company brands includes Essex Cement, Roanoke Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. Titan America’s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs.
Forward-Looking Statements
This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Titan America’s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the proposed offering. In some cases, you can identify forward-looking statements by terminology such as “believe,” “anticipate,” “continue,” “could,” “expect,” “goal,” “may,” “plan,” “predict,” “propose,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, including the risks detailed in our 2024 Annual Report filed on Form 20-F on April 4, 2025, as well as the risk of a prolonged government shutdown negatively affecting infrastructure spending, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it.
Financial Measures (Non-IFRS)
In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)/loss on disposal of fixed assets, asset impairment (recovery)/loss, foreign exchange (gain)/loss, net, derivative financial instrument (gain)/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering and merger and acquisition costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. We define Net Income Margin as net income divided by revenue. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in property, plant and equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and short-term and long-term lease liabilities less cash and cash equivalents. We define the ratio of net debt to Adjusted EBITDA as the ratio derived by dividing net debt by Adjusted EBITDA. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.
We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.
(1) As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA are non-IFRS financial metrics. See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these non-IFRS measures and why we believe they are useful.
Condensed Consolidated Statements of Income (Unaudited)
(all amounts in thousands of US$ except for earnings per share)
Three Months Ended December 31
Year ended December 31
2025
2024
2025
2024
Revenue
$
405,662
$
389,815
$
1,664,188
$
1,634,393
Cost of goods sold
(302,408
)
(294,085
)
(1,229,202
)
(1,217,738
)
Gross profit
103,254
95,730
434,986
416,655
Selling expense
(8,767
)
(8,710
)
(34,337
)
(33,623
)
General and administrative expense
(34,238
)
(37,107
)
(130,092
)
(128,930
)
Net impairment gain/(loss) on financial assets
188
(147
)
479
(398
)
Fair value loss on sale of accounts receivable, net
(618
)
(570
)
(4,012
)
(4,620
)
Other operating income, net
204
963
1,087
2,304
Operating income
60,023
50,159
268,111
251,388
Finance cost, net
(4,970
)
(7,340
)
(22,561
)
(26,175
)
Foreign exchange (loss)/gain, net
247
28,313
(45,101
)
20,846
Derivative financial instrument gain/(loss), net
(959
)
(20,959
)
41,841
(22,441
)
Other non-operating income
—
—
2,552
—
Income before income taxes
54,341
50,173
244,842
223,618
Income tax expense
(10,830
)
(13,645
)
(59,403
)
(57,544
)
Net income
$
43,511
$
36,528
$
185,439
$
166,074
Earnings per share of common stock:
Basic earnings per share
$
0.24
$
0.21
$
1.01
$
0.95
Diluted earnings per share
$
0.24
$
0.21
$
1.01
$
0.95
Weighted average number of common stock - basic
184,362,465
175,362,465
183,351,506
175,362,465
Weighted average number of common stock - diluted
184,494,930
175,362,465
183,463,266
175,362,465
Condensed Consolidated Statements of Financial Position (Unaudited)
December 31
December 31
(all amounts in thousands of US$)
2025
2024
Current assets:
Cash and cash equivalents
$
211,750
$
12,124
Trade and other receivables, net
112,404
106,056
Inventories
226,414
227,638
Prepaid expenses and other current assets
18,051
14,308
Income taxes receivable
41,319
22,802
Derivatives and credit support payments
17
1,328
Total current assets
609,955
384,256
Noncurrent assets:
Property, plant, equipment and mineral deposits, net
930,012
851,733
Right-of-use assets
66,158
64,688
Other assets
9,139
10,076
Intangible assets, net
29,020
30,167
Goodwill
221,562
221,562
Derivatives and credit support payments
28,029
3,770
Total noncurrent assets
1,283,920
1,181,996
Total assets
$
1,893,875
$
1,566,252
Current liabilities:
Accounts and related party payables
$
144,681
$
148,558
Accrued expenses
22,122
24,879
Provisions
8,897
10,081
Income taxes payable
2,189
1,872
Short term borrowing, including accrued interest
5,387
33,608
Lease liabilities
11,168
12,386
Derivatives and credit support receipts
17
1,318
Other current liabilities
6,763
6,344
Total current liabilities
201,224
239,046
Non-current liabilities:
Long-term borrowings
390,438
358,222
Lease liabilities
55,420
55,967
Provisions
61,440
50,926
Deferred income tax liability
115,556
98,212
Derivatives and credit support receipts
28,300
8,418
Other noncurrent liabilities
7,431
5,447
Total noncurrent liabilities
658,585
577,192
Total liabilities
859,809
816,238
Stockholders’ equity
1,034,066
750,014
Total liabilities and stockholders’ equity
$
1,893,875
$
1,566,252
Condensed Consolidated Statements of Cash Flows (Unaudited)
(all amounts in thousands of US$)
Twelve Months Ended December 31
2025
2024
Cash flows from operating activities
Income before income taxes
$
244,842
$
223,618
Adjustments for:
Depreciation, depletion and amortization
108,716
99,941
Gain on divestiture
(2,552
)
—
Finance cost
28,333
27,643
Finance income
(5,772
)
(1,468
)
Foreign exchange loss/(gain), net
45,101
(20,846
)
Derivative financial instrument (gain)/loss, net
(41,841
)
22,441
Changes in net operating assets and liabilities
(27,059
)
(43,516
)
Other
1,135
8,166
Cash generated from operations before income taxes
350,903
315,979
Income taxes, net
(55,489
)
(67,942
)
Net cash provided by operating activities
295,414
248,037
Cash flows from investing activities
Investments in property, plant and equipment
(160,545
)
(135,421
)
Investments in intangible assets
(3,837
)
(1,591
)
Short term investments
—
—
Interest received
5,772
1,468
Proceeds from the sale of assets, net of disposition costs
1,066
(259
)
Proceeds from sale of investment
5,368
—
Net cash used in investing activities
(152,176
)
(135,803
)
Cash flows from financing activities
Repayment of affiliated party borrowings
(21,084
)
(39,701
)
Borrowings from affiliated party
—
85,218
Offering costs associated with borrowings
—
(682
)
Borrowings from third party line of credit
—
60,000
Repayment of third party line of credit
(25,000
)
(35,000
)
Lease payments
(10,073
)
(9,486
)
Return of capital
—
(51,591
)
Dividends paid
—
(85,069
)
Share premium distribution paid
(29,498
)
—
Capital increase expenses
—
(155
)
Contribution from related party
—
200
Proceeds from IPO
144,000
—
Related party recharge for stock-based compensation
(6,459
)
(2,830
)
Derivative credit support receipts/(payments) and settlements
37,481
(16,540
)
Interest paid
(23,551
)
(25,383
)
IPO Costs
(9,428
)
(2,307
)
Net cash provided by/(used in) financing activities
56,388
(123,326
)
Net increase/(decrease) in cash and cash equivalents
199,626
(11,092
)
Cash and cash equivalents at:
Beginning of period
12,124
22,036
Effects of exchange rate changes
—
1,180
End of period
$
211,750
$
12,124
Reconciliation of IFRS to Non-IFRS
Reconciliation of IFRS Net Income to Non-IFRS Adjusted EBITDA and IFRS Net Income Margin to Non-IFRS Adjusted EBITDA Margin
Three Months Ended December 31
Year ended December 31
2025
2024
2025
2024
(all amounts in thousands of US$)
Net income
$
43,511
$
36,528
$
185,439
$
166,074
Finance cost, net
4,970
7,340
22,561
26,175
Income tax expense
10,830
13,645
59,403
57,544
Depreciation, depletion and amortization
28,954
30,917
108,716
99,941
Loss on disposal of fixed assets
297
957
(4
)
2,411
Foreign exchange loss/(gain), net
(247
)
(28,313
)
45,101
(20,846
)
Derivative financial instrument (gain)/loss, net
959
20,959
(41,841
)
22,441
Fair value loss on sale of accounts receivable, net
618
570
4,012
4,620
Share-based compensation
1,535
966
3,792
3,841
IPO transaction costs
(35
)
2,304
2,293
11,816
Acquisition related charges
2,661
—
2,661
—
Other
(314
)
(2,351
)
(2,469
)
(3,617
)
Adjusted EBITDA
$
93,739
$
83,522
$
389,664
$
370,400
Revenue
$
405,662
$
389,815
$
1,664,188
$
1,634,393
Net Income Margin (1)
10.7
%
9.4
%
11.1
%
10.2
%
Adjusted EBITDA Margin (2)
23.1
%
21.4
%
23.4
%
22.7
%
(1)
Net Income Margin is calculated as net income divided by revenues.
(2)
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenues.
Reconciliation of Free Cash Flow
Year ended December 31
2025
2024
(all amounts in thousands of US$)
Net cash provided by operating activities
$
295,414
$
248,037
Adjusted by:
Investments in property, plant and equipment
(160,545
)
(135,421
)
Investments in identifiable intangible assets
(3,837
)
(1,591
)
Proceeds from the sale of assets, net of disposition costs
1,066
(259
)
Net Capital Expenditures
(163,316
)
(137,271
)
Free Cash Flow
$
132,098
$
110,766
Reconciliation of Net Debt
As of
December 31, 2025
December 31, 2024
(all amounts in thousands of US$)
Short-term borrowings, including accrued interest
$
5,387
$
33,608
Long-term borrowings
390,438
358,222
Short-term lease liabilities
11,168
12,386
Long-term lease liabilities
55,420
55,967
Less:
Cash and cash equivalents
(211,750
)
(12,124
)
Net Debt
$
250,663
$
448,059
Net Debt to Adjusted EBITDA
As of
December 31, 2025
December 31, 2024
(all amounts in thousands of US$)
IFRS:
Short-term borrowings, including accrued interest
$
5,387
$
33,608
Long-term borrowings
390,438
358,222
Short-term lease liabilities
11,168
12,386
Long-term lease liabilities
55,420
55,967
Total Debt
$
462,413
$
460,183
Net Income
$
185,439
$
166,074
Ratio of Total Debt to Net Income
2.49
2.77
Non-IFRS:
Net Debt
$
250,663
$
448,059
Adjusted EBITDA
$
389,664
$
370,400
Ratio of Net Debt to Adjusted EBITDA
0.64
1.21
Product Volumes and External Pricing
Three Months Ended December 31
Year ended December 31
Volumes (in thousands) (1)(2)(3)
2025
2024
Change
% Change
2025
2024
Change
% Change
Total cement volumes
1,349
1,346
5,544
5,682
Cement consumed internally
(319
)
(340
)
(1,348
)
(1,418
)
External cement volumes
1,030
1,006
24
2.4
%
4,196
4,264
(68
)
(1.6
)%
Total aggregates volumes
2,058
1,866
8,360
7,229
Aggregates consumed internally
(913
)
(966
)
(3,714
)
(3,826
)
External aggregates volumes
1,145
900
245
27.2
%
4,646
3,403
1,243
36.5
%
External ready-mix concrete volumes
1,112
1,105
7
0.6
%
4,594
4,583
11
0.2
%
External concrete block volumes
15,815
14,405
1,410
9.8
%
63,315
64,665
(1,350
)
(2.1
)%
Total fly ash volumes
174
141
695
574
Fly ash consumed internally
(39
)
(38
)
(159
)
(140
)
External fly ash volumes
135
103
32
31.1
%
536
434
102
23.5
%
(1) Sales volumes are shown in tons for cement, aggregates and fly ash; in cubic yards for ready-mix concrete; and in 8-inch equivalent units for concrete blocks.
(2) Cement, aggregates and fly ash consumed internally represents the quantity of those materials transferred to our ready-mix concrete and concrete block product lines for use in the production process. Internal trading activity represents the consumption of internally sourced materials at a transfer price approximating market prices. These amounts are eliminated at the operating segment level or in consolidation, as appropriate.
(3) Aggregate volumes exclude by-products.
Three Months Ended December 31
Year ended December 31
Average External Selling Price (1)
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Cement
$
148.83
$
149.01
$
(0.18
)
(0.1
)%
$
149.29
$
149.93
$
(0.64
)
(0.4
)%
Aggregates
$
24.70
$
24.20
$
0.50
2.1
%
$
24.82
$
24.15
$
0.67
2.8
%
Ready-mix concrete
$
162.54
$
161.09
$
1.45
0.9
%
$
162.36
$
160.41
$
1.95
1.2
%
Concrete block
$
2.29
$
2.34
$
(0.05
)
(2.1
)%
$
2.33
$
2.37
$
(0.04
)
(1.7
)%
Fly ash
$
51.65
$
52.63
$
(0.98
)
(1.9
)%
$
53.43
$
50.59
$
2.84
5.6
%
(1) Average external selling prices are shown on a per ton basis for cement, aggregates and fly ash; on a per cubic yard basis for ready-mix concrete; and on a per 8-inch equivalent unit for concrete blocks.
Segment Volume and Pricing Trends (1)(2)
Three Months Ended December 31
Year ended December 31
Florida
Mid-Atlantic
Florida
Mid-Atlantic
% Change
% Change
% Change
% Change
Volume
Average
Price
Volume
Average
Price
Volume
Average
Price
Volume
Average
Price
Cement
2.2
%
(0.8
)%
(2.1
)%
0.6
%
(1.3
)%
(0.7
)%
(3.8
)%
0.4
%
Aggregates
15.2
%
(3.7
)%
(22.0
)%
6.6
%
21.6
%
2.2
%
(24.6
)%
21.3
%
Ready-mix concrete
1.8
%
0.7
%
(1.2
)%
5.9
%
0.1
%
0.9
%
0.7
%
3.1
%
Concrete block
9.8
%
(2.2
)%
N/A
N/A
(2.1
)%
(1.7
)%
N/A
N/A
Fly ash
10.6
%
1.6
%
30.8
%
(3.1
)%
13.3
%
0.8
%
25.1
%
7.3
%
(1) Percent changes in volume include internal trading activity.
(2) Percent changes in prices include the consumption of internally sourced materials at a transfer price approximating market price.