villere predicts growth in 2012
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Villere Predicts Growth in 2012TRANSCRIPT
Recent Trends in The ConcreteIndustry
Our Thoughts, A Look Back At The GreatRecession, and What The Future Holds
Presented by Pierre G. VillereThe Alabama +Mississippi Summer Convention
May 31 - June , 2012
• USA Today reported in a lead story just lastweek, “the automobile industry has been aconsistent bright spot in the Americaneconomy over the last several months, asautomakers have added jobs to meet
Let’s Start With The Outlook
automakers have added jobs to meetgrowing demand”
• And news from the industry is only gettingbetter, as new estimates expect automakersto sell 14.3 million cars in the United Statesin 2012 — 1.5 million more than they soldlast year
• Factories at both foreign and domesticautomakers are now working at maximumcapacity, and the industry is adding shiftsand jobs to keep up with that rising demand
Let’s Start With The Outlook
and jobs to keep up with that rising demand
• Some plants are adding third work shifts,and others are piling on worker overtimeand six-day weeks
• Ford Motor and Chrysler Group are cuttingout or reducing the annual two-week Julyshutdown at several plants this summer toadd thousands of vehicles to their output
Let’s Start With The Outlook
add thousands of vehicles to their output
• “We have many plants working at maximumcapacity now,” says Ford spokeswomanMarcey Evans. “We’re building as many(cars) as we can”
• Chrysler and General Motors, the majorbeneficiaries of the auto rescue, have bothreported their best profits in more than adecade
Let’s Start With The Outlook
• With factories now struggling to meetdemand, both foreign and domestic autocompanies are planning to add even morejobs, in addition to the 139,000 jobs in thelast three years
• So why does this matter?
• Because…
…. the construction materials
Let’s Start With The Outlook
…. the construction materialsindustry is next…
• In January, we began our sixth year of thedownturn in the construction materialsindustry, despite a recession that wassupposed to be over a long time ago
Why So Long?
• Officially at least, the recession began inDecember 2007 and ended in June 2009,but our industry is still deeply mired in it
• PIP (put-in-place) construction numbers,we are down fully one-third since the 2006peak of over $1.2 tillion
• We are experiencing a current run rate ofaround $800 billion
• But the numbers in the ready mixedconcrete industry look worse, with peak-to-trough declines of 45% (458 million cubic
Why So Long?
trough declines of 45% (458 million cubicyards in 2005 compared to around 258million cubic yards in 2008, 09, and 10)
• For those that have been in the industry fora few decades, this is the longest and mostdifficult recession we have experienced
• From a construction viewpoint, it is theworst since the Great Depression of the1930s
• We now have is a long-term structuralproblem in our economy known as a
Why So Long?
problem in our economy known as abalance sheet adjustment
• Other countries have experienced this,including the US during the Depression, orJapan over the last twenty years
• Many other global economies haveexperienced this, which is the accumulationof debt over ten to thirty years that resultedin a massive asset boom, followed by anassociated financial crisis when the bubble
Why So Long?
associated financial crisis when the bubbleburst
• The response is then to nationalize privatedebt, and what follows is a decade-longperiod of low growth and highunemployment
• To this we add the occasional sovereign debtcrises as a result of the increased debt thatwas accumulated during the crisis in orderto smooth out the problem
Why So Long?
• Remember, there are four key structuralproblems that converged to create thisbalance sheet recession:
Why So Long?
Debt in the public sector, which is growing andtherefore exacerbating the problem
Debt in the household sector
The housing bubble hangover
Very high unemployment
• Those key drivers resulted in mutedconsumer spending, which is
Why So Long?
consumer spending, which is
70%of our economy
• So how do we solve it, and get our industryhealthy again?
• We have to tackle each of those fourproblems, as each has a remedy that has tobe put into place…
Why So Long?
be put into place…
• … and Washington needs to get their ownfiscal house in order, along the lines of theSimpson-Bowles plan that spells out at least$4 trillion in debt reductions, which willbring the primary debt in balance whilereducing our overall national debt over time
• So what does this mean for our industry?
• A long, five-year contraction that appears tohave finally turned around…
Why So Long?
… and despite the slowing economicindicators of the past few weeks, the outlook
is bullish
• Let’s take a look some highlights od the 2011NRMCA Industry Data Survey results
• We projected in mid-2009 that 2010 wouldbe the worst year in memory in terms ofindustry volumes and financialperformance
Highlights
We were right…
• Top line selling price fell by $5.63 per
cubic yard compared to 2009, from $96.05to $90.42
• Even worse is the further broadening ofoperating losses for the industry, from ($3.07)in 2009 to….
Highlights
in 2009 to….
$(7.27) per cubic yard
• The industry has never experienced thislevel of unprofitability
• The recessions in 1974-75 , 80-81, 91-93, and 2001-02 all had an impact onthe industry, but nothing on the scaleof 2007-2009
Highlights
of 2007-2009
• 2010 was expected to be worse…and itwas…
• Volumes were dead flat, with nogrowth…
• …. but selling prices came down, and…
Highlights
• …. but selling prices came down, and…
• …..operating losses expanded anadditional $4.20 per cubic yard
• The contraction in ready mixed concreteproduction has been accelerating:
• 2005 – 458.3 million cubic yards
• 2006 - 456.8 million cubic yards
Highlights
• 2007 - 414.6 million cubic yards
• 2008 - 351.7 million cubic yards
• 2009 – 258.6 million cubic yards
• 2010 – 257.7 million cubic yards
But turned the corner in 2011
• 2011 – 265.7 million cubic yards
• This contraction of 201,000,000 cubic yards(peak-to-trough) translates into an estimated37,400 parked mixer trucks, or 48% of theestimated US mixer fleet at its peak in 2005
Highlights
estimated US mixer fleet at its peak in 2005
• Accurate employment data is difficult todiscern, but the drop in volume for readymixed producers, and on attendant cementand aggregates employment, easily exceededthe six figure mark at the bottom of themarket
• The single biggest concern for the industry isthe WIDENING disadvantage of the LowestQuartile, which has dramatically acceleratedin this recession
Highlights
in this recession
• Over the last 3 years, this segmentrepresenting the bottom 25% of the market
has accumulated $27.75 per yard in operating
losses, and $9.18 per yard in EBITDA losses
• This loss is completely attributable to their topline selling price disadvantage…
Highlights
…. $13.91 compared to the UpperQuartile
• How has this segment survived a five yeardownturn????
Impact of Average Selling Price on Profitability andEBITDA on the Lowest and Upper Quartiles
$85.05
$98.96
$60.00
$80.00
$100.00
$120.00
-$13.01
$4.04
-$6.46
$9.06
-$20.00
$0.00
$20.00
$40.00
$60.00
Lower Quartile Upper Quartile
ASP Profit Before Taxes EBITDA
Company Demographics
Lowest
Quartile
Upper
Quartile
1 COMPANY DEMOGRAPHICS
2 Number of ready mixed concrete plants 13 13
3 Cubic yards of ready mixed concrete sold 498,809 440,088
4 Cubic yards per plant sold 38,245 34,999
5 Number of ready mixed concrete truck mixers 119 110
6 Cubic yards per truck mixer 4,189 3,993
Company Size Analysis
7 Average age of truck mixer fleet (months) 94 99
8 Number of aggregate hauling trucks 10 13
9 Number of cement hauling trucks 5 8
10 Distance per roundtrip (miles) 25 25
11 Time per roundtrip (minutes) 120 115
12 Total roundtrips 547 596
13 Total number of concrete truck drivers' hours 189,805 152,933
14 Delivered cubic yards per hour 2.6 2.9
15 Variable delivery cost per minute $0.78 $0.83
16 Fixed delivery cost per minute 0.31 0.27
17 Total delivery cost per minute $1.09 $1.11
Ready Mixed Concrete Production
300,000,000
350,000,000
400,000,000
450,000,000
500,000,000
100,000,000
150,000,000
200,000,000
250,000,000
Annual Production (Cubic Yards)
• The contraction in ready mixed concreteproduction had not turned around by 2011:
So How Have Alabama &Mississippi Fared?
Alabama MississippiAlabama Mississippi
2005 6,385,000 3,919,000
2006 6,607,000 4,320,000
2007 6,509,000 4,359,000
2008 5,727,000 3,906,000
2009 4,189,000 2,958,000
2010 3,706,000 2,844,000
2011 3,673,000 2,786,000
Historical Alabama & MississippiVolumes & Share of US Market
350,000,000
400,000,000
450,000,000
500,000,000
5,000,000
6,000,000
7,000,000
U
S
C
u
S
t
a
t
e
,000
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
0
1,000,000
2,000,000
3,000,000
4,000,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
u
b
i
c
Y
a
r
d
s
C
u
b
i
c
Y
a
r
d
s
Alabama Mississippi U.S.
Typical Producer – Annual Cubic Yards
800,000
1,000,000
1,200,000
0
200,000
400,000
600,000
2004 2005 2006 2007 2008 2009 2010
SE Region: Average Cubic Yards
400,000
500,000
600,000
700,000
0
100,000
200,000
300,000
400,000
Southeastern Region Typ NRMCA Member Lowest Quartile Upper Quartile
Typical Producer – Cubic Yards Per Plant
40,000
50,000
60,000
70,000
0
10,000
20,000
30,000
2004 2005 2006 2007 2008 2009 2010
SE Region: Cubic Yards Per Plant
25,000
30,000
35,000
40,000
45,000
0
5,000
10,000
15,000
20,000
25,000
Southeastern Region Typ NRMCA Member Lowest Quartile Upper Quartile
Typical Producer – Number of ReadyMixed Concrete Trucks
100
120
140
160
180
0
20
40
60
80
100
2004 2005 2006 2007 2008 2009 2010
2010 – Average Number of Ready MixedConcrete Trucks
100
120
140
160
0
20
40
60
80
100
Southeastern Region Typ NRMCA Member Lowest Quartile Upper Quartile
Typical Producer – Cubic Yards PerTruck
4,000
5,000
6,000
7,000
0
1,000
2,000
3,000
4,000
2004 2005 2006 2007 2008 2009 2010
SE Region – Cubic Yards Per Truck
3,000
4,000
5,000
0
1,000
2,000
Southeastern Region Typ NRMCA Member Lowest Quartile Upper Quartile
Average Sales Price Per Cubic Yard
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
2003 2004 2005 2006 2007 2008 2009 2010
ASP $68.04 $69.44 $80.98 $90.31 $91.88 $94.15 $96.05 $90.42
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
SE Region: Average Sales Price Per CubicYard
$90.00
$95.00
$100.00
Southeastern RegionTyp NRMCA
MemberLowest Quartile Upper Quartile
ASP $86.69 $90.42 $85.05 $98.96
$75.00
$80.00
$85.00
Pre-Tax Profit – Dollars Per Cubic Yard
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Pre Tax Profit $3.23 $1.58 $2.30 $2.98 $6.14 $7.63 $6.06 $0.20 ($3.07) ($7.27)
($9.00)
($8.00)
($7.00)
($6.00)
($5.00)
($4.00)
($3.00)
($2.00)
($1.00)
$0.00
SE Region: Pre Tax Profit – Dollars Per Cubic Yard
($5.00)
$0.00
$5.00
SoutheasternRegion
Typ NRMCAMember
Lowest Quartile Upper Quartile
Pre-Tax Profit ($14.93) ($7.27) ($13.01) $4.04
($20.00)
($15.00)
($10.00)
Price Per Cubic Yard vs Pre-Tax Profit
$60.00
$80.00
$100.00
$120.00
-$1.00
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
Av
era
ge
Pri
ce
Pe
rC
ub
icY
ard
Av
era
ge
Pre
-Ta
xP
rofi
t
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Avg. Pretax Prof it $2.89 $3.51 $4.76 $5.27 $4.26 $3.23 $1.58 $2.30 $2.98 $6.14 $7.63 $6.06 $0.20 -$3.07 -$7.27
Avg. Price per Cubic Yard $59.88 $60.80 $63.63 $65.26 $66.48 $66.24 $67.21 $68.04 $69.44 $80.98 $90.31 $91.88 $94.15 $96.05 $90.42
$0.00
$20.00
$40.00
-$9.00
-$8.00
-$7.00
-$6.00
-$5.00
-$4.00
-$3.00
-$2.00
-$1.00
Av
era
ge
Pri
ce
Pe
rC
ub
icY
ard
Av
era
ge
Pre
Year
Pre-Tax Profit - Percentage Of Sales
2.0%
4.0%
6.0%
8.0%
10.0%Pre Tax Profit %
1985 1990 1995 2000 2003 2004 2005 2006 2007 2008 2009 2010
Pre Tax Profit % 3.2% 2.0% 4.2% 6.4% 3.4% 4.5% 7.5% 8.7% 6.7% 0.2% -3.1% -8.1%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
SE Region: Pre Tax Profit - Percentage Of Sales
0.0%
5.0%
10.0%
Southeastern RegionTyp NRMCA
MemberLowest Quartile Upper Quartile
Pre-Tax Profit -17.8% -8.1% -15.4% 4.0%
-20.0%
-15.0%
-10.0%
-5.0%
Cost vs Price per Cubic Yard
$75.00
$80.00
$85.00
$90.00
$95.00
$100.00
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Avg. Price per Cubic Yard $59.88 $60.80 $63.63 $65.26 $66.48 $66.24 $67.21 $68.04 $69.44 $80.98 $90.31 $91.88 $94.15 $96.05 $90.42
Avg. Total Cost per Cubic Yard $56.99 $57.29 $58.87 $59.99 $62.22 $63.01 $65.63 $65.74 $66.46 $74.84 $82.68 $86.11 $94.22 $99.12 $97.87
$50.00
$55.00
$60.00
$65.00
$70.00
$75.00
US Ready Mixed Concrete Production vsProfit Per Cubic Yard
$4.00
$6.00
$8.00
$10.00
350,000,000
400,000,000
450,000,000
500,000,000
-$10.00
-$8.00
-$6.00
-$4.00
-$2.00
$0.00
$2.00
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
Millions
ofYa
rds
US Production Profit/Yd
Prof
itpe
rYar
d
US Production vs Pre-Tax Profit
$2.00
$4.00
$6.00
$8.00
$10.00
250
300
350
400
450
500
Av
era
ge
Pre
-Ta
xP
rofi
t
Cu
bic
Ya
rds
Pro
du
ce
d(i
nm
illi
on
s)
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
US Production 329 348 372 391 396 406 390 404 431 458 456 415 351 257 257
Avg. Pre-Tax Prof it $2.89 $3.51 $4.76 $5.27 $4.26 $3.23 $1.58 $2.30 $2.98 $6.14 $7.63 $6.06 $0.20 -$3.07 -$7.27
-$8.00
-$6.00
-$4.00
-$2.00
$0.00
0
50
100
150
200
250
Av
era
ge
Pre
Cu
bic
Ya
rds
Pro
du
ce
d(i
nm
illi
on
s)
Contribution by Company Size
$15.00
$20.00
$25.00
$0.00
$5.00
$10.00
Under 100,000cyd
100,000 -299,999 cyd
300,000 -500,000 cyd
Over 500,000cyd
TypicalNRMCAMember
LowestQuartile
Upper Quartile
2006 2007 2008 2009 2010
Contribution by Region
$15.00
$20.00
$25.00
$30.00
$0.00
$5.00
$10.00
$15.00
NortheasternMid-Atlantic
Southeastern North Central South Central Great Lakes Rocky Mountain PacificNorthwest
PacificSouthwest
Typical NRMCAMember
Lowest Quartile Upper Quartile
2006 2007 2008 2009 2010
EBITDA by Company Size
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
Under 100,000cyd
100,000 -299,999 cyd
300,000- 500,000 cyd
Over 500,000 cyd Typical NRMCAMember
Lowest Quartile Upper Quartile
2006 2007 2008 2009 2010
EBITDA by Region
10.0%
12.0%
14.0%
16.0%
18.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
NortheasternMid-Atlantic
Southeastern North Central South Central Great Lakes RockyMountain
PacificNorthwest
PacificSouthwest
TypicalNRMCAMember
LowestQuartile
Upper Quartile
2006 2007 2008 2009 2010
2010 Typical ProducerAverage Sales Price Per Yard $90.42
$50.85
$22.98
-$7.27
$50.85
-$0.18$17.76
$6.28
Material Other Delivery Plant Fixed CST Profit
2010 Upper Quartile ProducersAverage Sales Price Per Yard $98.96
$20.75
-$0.66$4.04
$51.72
$5.71
$17.40
Material Plant Delivery Fixed CST Other Profit
2010 Lowest Quartile ProducersAverage Sales Price Per Yard $85.05
$49.73$23.71
-$0.24
-$13.01
$7.02
$17.84
Material Plant Delivery Fixed CST Other Profit
Net Average Sales Price (per cubic yard)
$90.31$91.88
$94.15$96.05
$90.42
$80.00
$85.00
$90.00
$95.00
$100.00
$68.04$69.44
$80.98
$60.00
$65.00
$70.00
$75.00
$80.00
2003 2004 2005 2006 2007 2008 2009 2010
Total Raw Material Costs (per cubic yard)
$49.82$51.06
$53.81$52.70
$50.85$50.00
$55.00
$60.00
$36.98$37.86
$44.24
$49.82$51.06 $50.85
$30.00
$35.00
$40.00
$45.00
2003 2004 2005 2006 2007 2008 2009 2010
2010: Total Raw Material Costs (per cubic yard)
$30.00
$40.00
$50.00
$60.00
Typ NRMCAMember
Lowest Quartile Upper Quartile
Raw Materials Costs $50.85 $49.73 $51.72
$0.00
$10.00
$20.00
$30.00
SE Region: Total Raw Material Costs (percubic yard)
$40.00
$50.00
$60.00
SoutheasternRegion
Typ NRMCAMember
Lowest Quartile Upper Quartile
RawMaterials Costs $51.58 $50.85 $49.73 $51.72
$0.00
$10.00
$20.00
$30.00
The Bottom Line – 2009 vs. 2010 Results
2010
Total Sales 96.05$ 100.0% 90.42$ 100.0%
Total Variable Costs 76.05$ 79.2% 74.89$ 82.8%
Marginal Contribution 20.00$ 20.8% 15.53$ 17.2%
Total Fixed Costs 23.02$ 24.0% 22.98$ 25.4%
2009
Total Fixed Costs 23.02$ 24.0% 22.98$ 25.4%
Profit Before Taxes & Other
Income/Expense
(3.02)$ -3.1% (7.45)$ -8.2%
Other Income 0.72$ 0.7% 0.85$ 0.9%
Other Expenses (0.77)$ -0.8% (0.67)$ -0.7%
Profit Before Taxes (3.07)$ -3.2% (7.27)$ -8.0%
EBITDA 3.70$ 3.9% (0.34)$ -0.4%
• All were experiencing severe volume andsales price declines, which are nowaccelerating
• Working capital was the tightest in
During The Height Of The Recession,Here Was The State of Most Producers
• Working capital was the tightest inmemory
• Accounts payable were stretched outindustry-wide
• DSO increases were endemic, andacceleration in credit losses were a harshreality
• Trade credit quality issues were endemic upand down the trade receivables column:– Cement producers were owed significant money
During The Height Of The Recession,Here Was The State of Most Producers
– Cement producers were owed significant moneyby their ready mix customers
– Ready mix producers were in turn owed by long-time contractor customers
– It was the worst cycle we have seen in memory
These credit issues are mostly behind us asthe slow recovery takes hold
• Negative cash flows were common
• Most banks moved industry loans into
During The Height Of The Recession,Here Was The State of Most Producers
• Most banks moved industry loans into“Special Assets”, and a few producerssuffered forced sales or liquidations
• Materials suppliers were the most stretchedthey have been in memory, limiting theassistance they can provide to their bestcustomers as in past recessions
• We accurately predicted, within a few percentagepoints, the industry’s performance in each of thelast five years
…So What Does This Mean?
• 2011 was the economic bottom, as will bereflected in the IDS results in September 2012
• Our view is that:
• Selling prices will have fallen furthercompared to 2010, maybe as much as $5-7per yard
…So What Does This Mean?
• Volumes will be up slightly, from 257 to265 million cubic yards
• Operating losses will be stable to upslightly, as producers worked to find everyopportunity to close the gap betweenselling price and volumes and the cost of
…So What Does This Mean?
selling price and volumes and the cost ofoperating their businesses
• These results illustrate clearly how significantlyvolume impacts this industry, and while we can’tquantify the improvement, our sense is that 2012will be the stable beginning of the turnaround
…Here Is What We Say Today
will be the stable beginning of the turnaround
• While we all know there is still a housinghangover, there is a market-by-marketimprovement in new starts
• However, certain markets are STILLexperiencing sinking prices on foreclosedhouses, increasing the spread between existingand new construction
•
• Housing inventories have to work their waythrough the system in every market before newstarts rebound, affecting collateral commercialwork
…Here Is What We Say Today
work
• But most importantly…
Starts at around 400K per year for 5years is unsustainable, and shortages
are in the headlights!
• The GNP has undoubtedly moved into positive territory,albeit with VERY slow growth, and while we see gains inretail sales and improving consumer confidence, it has yetto positively impact the construction industry
• The banking crisis is under control, due to aggressive
…Here Is What We Say Today
• The banking crisis is under control, due to aggressiveintervention by the Federal Reserve that has delivered theintended result
• We want to believe that the economic stimulus will have itsintended impact, but it will be years before we can lookback and determine if it was successful
• The decision to bail out the auto industry was obviouslythe right decision
• The GNP has undoubtedly moved into positive territory,albeit with VERY slow growth, and while we see gains inretail sales and improving consumer confidence, it has yetto positively impact the construction industry
• The first quarter was robust, but the entire 1000-point
…Here Is What We Say Today
• The first quarter was robust, but the entire 1000-pointgain since January was erased in May, as headline news onslowing job growth and the Euro Zone have once againpoint to a bumpy recovery…
….but it is a recovery
• Our industry’s recovery will be a slow and gradual growthcycle, which clearly started this year (2012)
• Thereafter, expect shortages in raw materials, rollingstock, and equipment essential for the next growth cycle
• By 2015, we expect close to a full recovery, with
…Here Is What We Say Today
• By 2015, we expect close to a full recovery, withaccelerating growth due to pent up demand
• These kinds of growth spurts are not uncommon in ourindustry, as evidenced by past performance
• Take a look at historical gains:
Ready Mixed Concrete Production
300,000,000
350,000,000
400,000,000
450,000,000
500,000,000
100,000,000
150,000,000
200,000,000
250,000,000
Annual Production (Cubic Yards)
• We are VERY concerned about the Lowest Quartile incertain slow-to-recover markets, as we cannot expect someto survive
• The patience and largess of cement and aggregatessuppliers is wearing thin, and we expect they will take a
…Here Is What We Say Today
suppliers is wearing thin, and we expect they will take aharder line on customers they have been carrying for thelast few years
• The total headcount in companies, plants in service, andserviceable rolling stock will be down substantially whenthe recovery takes a firm hold
• The industry is turning the corner in 2012, with aprojection of 304 million cubic yards
• This is almost 50 million cubic yards more than thetrough, raising questions about the ability to handle thisgrowth in an equipment and personnel-constrained
…Here Is What We Say Today
growth in an equipment and personnel-constrainedindustry
• For example, this is 10,000 more mixer trucks needed tohandle this volume
• If the growth in GNP, which has been slow but steady, canpick up speed and fuel further employments gains, thesepositive trends will bolster consumer sentiment and helpspeed the recovery
• We believe we will end the year north of 300 million cubic
…Here Is What We Say Today
• We believe we will end the year north of 300 million cubicyards, followed by a big improvement in 2013
By 2014-15, get ready for a strong ride!
And Finally…
Thank You!Thank You!