Vulcan Materials Company (VMC)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,232,600	1,048,000	945,100	795,500	768,700	789,200	758,400	760,000	870,700	842,188	870,360	889,028	740,280	765,020	777,433	751,321	752,861	742,000	692,629	647,171
Revenue (ttm)	US$ in thousands	7,782,000	7,679,600	7,582,100	7,423,500	7,315,200	7,189,600	6,617,800	6,024,500	5,552,100	5,120,920	4,914,310	4,875,890	4,856,830	4,867,860	4,976,730	4,981,830	4,929,101	4,831,001	4,652,441	4,524,911
Pretax margin		15.84%	13.65%	12.46%	10.72%	10.51%	10.98%	11.46%	12.62%	15.68%	16.45%	17.71%	18.23%	15.24%	15.72%	15.62%	15.08%	15.27%	15.36%	14.89%	14.30%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,232,600K ÷ $7,782,000K
= 15.84%

The pretax margin of Vulcan Materials Co has shown improvement in Q4 2023 compared to the previous quarters, reaching 16.00%. This indicates that the company's ability to generate profits before accounting for taxes has strengthened. The trend of increasing pretax margins over the year suggests that Vulcan Materials Co has been effectively managing its operating expenses and cost structure, leading to better profitability. However, it is essential to monitor future performance to ensure sustainable growth in pretax margin.