Operator: Good morning, everyone. Welcome to the Vulcan Materials Company Q3 2026 earnings call. My name is Bo, and I will be your conference call coordinator today. Just a reminder, today's call is being recorded for replay at the company's website. All lines have been placed in a listen-only mode. After the company's prepared remarks, there will be a question-and-answer session. I would now like to hand the call over to Mr. Mark Warren, Vice President, Investor Relations. Please go ahead, sir.
Mark Warren: Thank you, operator. Joining me today are Ronnie Pruitt, Chief Executive Officer, and Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer. Before we begin, please note that a press release and a supplemental presentation related to this call are available at vulcanmaterials.com. Today's discussion includes forward-looking statements which are subject to risks and uncertainties. Reconciliations of any non-GAAP financial measures and other disclosures are included in our earnings release, supplemental presentation, and other SEC filings. During Q&A, we kindly ask that you limit your participation to one question. This will help us to address as many questions as possible. Now I'll turn the call over to Ronnie.
Ronnie Pruitt: Thanks, Mark, and thank you all for joining our Vulcan Materials Q3 earnings call this morning. During the quarter, we continued to successfully execute on our two-pronged growth strategy by improving the profitability of our organic business and expanding our aggregates franchise through disciplined bolt-on acquisitions. Absent energy cost headwinds of approximately $40 million and adjusting for the prior year divestitures of some more cyclical downstream businesses, adjusted EBITDA for our underlying business grew 5% in the quarter, demonstrating the resilience of our aggregates-led strategy. Our operating and sales teams are aligned with our Vulcan Way of Operating and Vulcan Way of Selling disciplines. I am pleased with the execution we are seeing across our footprint, and I'm confident that there is significant value to create by staying focused on the fundamentals.
Ronnie Pruitt: Aggregates cash gross profit per ton continued to compound higher even with the inflationary pressures from higher energy costs. During the quarter, we closed on 2 attractive bolt-on aggregate acquisitions and have since completed another acquisition earlier this month. This year, we have added strategic aggregate assets in 2 key Vulcan states, Texas and Tennessee, in addition to expanding our reach into the southeastern Colorado and southern Ohio markets. These acquisitions add long-term quality aggregate reserves to our portfolio, carry minimal risk, are easy to integrate, and are synergistic with our existing assets. The pipeline for future growth opportunities is healthy, and I expect we will complete several more transactions before the end of the year. Thoughtful portfolio actions and solid execution delivered adjusted EBITDA of $707 million and 20 basis points of year-over-year margin expansion in the quarter.
Ronnie Pruitt: On a seasonally adjusted basis, aggregate shipments momentum in Q3 was similar to Q2 and consistent with the current demand environment. On a year-over-year basis, shipments decreased 3%. The prior year benefited from favorable weather and outsized seasonally adjusted shipments in Q3 following a slow start to the construction season due to severe winter weather and rainfall throughout the H1 of last year. Aggregates cash gross profit per ton expanded modestly over the prior year, with higher freight adjusted selling prices more than offsetting sharply higher diesel input costs. Our teams are executing well on the fundamentals they control. On a mix adjusted basis, average selling prices in the quarter improved 5% compared to the prior year, with improvement widespread across geographies. Excluding diesel, aggregates freight adjusted unit cash cost of sales increased 3% compared to the prior year.
Ronnie Pruitt: Now let's shift to the demand backdrop against which our teams are delivering these solid results. The demand environment remains mixed across end uses, with growth opportunities in some categories and challenges in others. Our Vulcan Way of Selling disciplines allow us to navigate complex market dynamics and maximize value in any environment. On the public side, activity remains healthy at healthy levels. There is still a long tail from IIJA, with approximately 35% of funds yet to be spent. There is a current extension of the Federal Highway Authorization Bill that maintains funding at current levels and is expected to be extended again until a bill is passed. These dynamics provide an environment in which states are continuing to let work and execute projects. Importantly, the opportunities in Vulcan markets continue to outpace the US overall.
Ronnie Pruitt: For example, trailing 12-month contract awards are up 2% in Vulcan markets versus 1% at a US level. The need for continued investment in infrastructure is significant and something our elected officials are working to address. On the private side, large project opportunities continue to drive non-residential activity. Our footprint is well aligned with the ongoing data center development and increase in energy and other manufacturing opportunities. We are currently shipping on a variety of solar, wind, LNG, power plant, and refinery projects, in addition to large-scale manufacturing projects like SpaceX and Toyota in South Texas and Scout Motors in South Carolina. Our scale, quality, and customer service make us a supplier of choice on large, complex projects. The continued lack of housing affordability and a challenging rate environment are limiting residential construction activity.
Ronnie Pruitt: In Vulcan markets, demographics are favorable to the rest of the US and create a fundamental need for additional housing, but timing of a recovery is still unclear given affordability dynamics. With a solid year-to-date execution from our operating teams, we expect to deliver another year of earnings growth and approximately $2.4 billion of adjusted EBITDA, even with a muted demand environment and over $100 million of energy headwinds now expected for the year. With that, I will turn the call over to Mary Andrews to provide some additional commentary on our Q3 performance, after which I will share some initial thoughts on 2027 before we take your questions.
Mary Andrews Carlisle: Thanks, Ronnie, and good morning. Ronnie highlighted the consistent execution of our two-pronged growth strategy. The same is true for capital allocation. We continue to prioritize reinvesting in our franchise, identifying disciplined opportunities for growth that align with our aggregate-led strategy, supporting our steadily growing dividend, and returning excess capital to shareholders through share repurchases. Through the first 9 months of this year, we have generated nearly $1 billion of operating cash flow and received cash proceeds of $572 million for downstream and non-core divestitures. We have reinvested approximately $550 million into maintenance and growth capital expenditures, thoughtfully redeployed approximately $300 million of proceeds, primarily from the California concrete sale, into strategic aggregates acquisitions, and returned approximately $950 million to shareholders through a combination of dividends and $750 million of share repurchases. Importantly, we have moved our trailing 12 months return on invested capital 20 basis points higher since year-end.
Mary Andrews Carlisle: At 30 September, net debt to adjusted EBITDA leverage stood at 1.9 times, providing plenty of capacity to continue to support an active acquisition pipeline. Up and down the P&L, we are focused on controlling what we can control. SAG expenses year to date are 3% lower than the prior year, even as we make incremental investments in technology and talent to support our strategic discipline. Closely managing our human capital, aligning compensation cost with results, and driving efficiencies across the enterprise are all contributing to lower SAG year over year on both a percentage of revenue and absolute basis. Now, before we take your questions, I will pass back to Ronnie to share some initial thoughts on what lies ahead in 2027.
Ronnie Pruitt: Thanks, Mary Andrews. As I look to 2027, I am confident we have the right strategy, the right team, and the right focus to continue delivering earnings growth and value creation for shareholders. I expect the demand backdrop will largely be a continuation of the current environment, with opportunities for growth varying across and even within end markets. Our backlogs and quote activity also support this outlook. With a stable federal highway funding in place through the continuing resolution and steady growth in awards over the past several years, the public pipeline remains at healthy levels as we move into 2027. We are hearing that there is a real focus in DC on getting a bill passed, which we expect to be a priority after the midterm elections. This bodes well for future public demand.
Ronnie Pruitt: On the private side, we expect that large project opportunities will continue to drive non-residential activity, and that residential will remain challenged until affordability is addressed. Against a similar demand backdrop to 2026, we anticipate 2027 aggregates pricing to benefit from pricing actions taken this year as the inflationary environment set in, and from announced increases for 1 January. As a result, we expect aggregates prices to grow mid to high single digits in 2027, creating a strong opportunity for attractive unit profitability expansion as we continue to control cost and leverage our Vulcan Way of Operating disciplines. We are in the midst of our annual planning cycle now and will provide more detail in February on any shifts in the demand environment, our shipments outlook inclusive of 2026 acquisitions, and our profitability expectations. Now, Mary Andrews and I will be happy to take your questions.
Operator: Thank you very much, Mr. Pruitt. Ladies and gentlemen, at this time, if you do have any questions, please press star 1. If you would like to remove yourself from the queue, you may do so by pressing star 2. Additionally, to get to as many questions as possible, we do ask that you please limit yourself to 1 question. We will go first this morning to Trey Grooms with Stephens.
Trey Grooms: Hey, good morning, everyone. Thanks for taking the question. So if it were not for the oil-related headwinds, it looks like you guys could be at the midpoint of the guidance range. So if you could maybe talk about some of the things you are doing to dampen the impact of inflation and grow EBITDA and what, as you guys said, is a fairly muted demand environment. Then, from a high level, how are you thinking about the inflationary environment and how you plan to navigate that as you look into 2027? Thank you.
Ronnie Pruitt: Good morning, Trey. Thank you. You are correct. Our adjusted EBITDA performance, it would be directly in line with the expectations we set coming into the year, if not for that cumulative oil-related headwind that we currently expect to be over $100 million by the end of the year. Our results really underscore the fundamental durability and the resilience of our pure-play aggregates business model. I would remind you, our focus has really combined two things, our strategic commercial discipline, Vulcan Way of Selling, and our operational agility through Vulcan Way of Operating, and both of those things have really paid off. We have expanded our year-to-date gross profit margin by 30 basis points, and we have grown our cash gross profit per ton by 2%. Price still remains our most effective lever to mitigate oil-related cost headwinds. So you know that is about timing.
Ronnie Pruitt: The oil-related stuff hit us coming into the year. If you recall back, it hit us in the Q1. Into the Q2, we thought there were some talks around things may start to be muted with some end of the war. Then they really set in, and we saw that in the Q3. What did we continue to do? Our pricing is up in the Q3 on a mix adjusted basis, 5% year over year. Our commercial teams are executing. I will remind you that about half of our products are sold through our daily bidding process, and half of them are through the fixed plant stuff. We have talked about what we are doing and we expect for next year. On the operational side, again, excluding that direct impact, our unit cash cost of sales is only up 3%.
Ronnie Pruitt: I would tell you that is just discipline and really demonstrating those strong operational things we can control across our footprint. Our advanced analytics, which we call Process Intelligence, it continues to drive and really enable us to optimize our critical product throughput. It eliminates unnecessary downtime and maximizes our efficiencies throughout our network. I am really pleased with our operators and the efforts they have continued to give. As Mary Andrews said in her prepared remarks, our focus is on execution up and down the P&L. I will turn it over to Mary Andrews to talk about some of the other puts and takes on what we have done to battle some of these headwinds.
Mary Andrews Carlisle: Yeah. Thanks, Ronnie. I would just reiterate that our cost discipline does extend well beyond our operating facilities. Our SAG expenses were $137 million in the Q3, down from $145 million in the prior year period. That cost discipline, alongside the consistent execution in each of our lines of business, and also just the benefits of an aggregates-led portfolio, allowed us to expand our adjusted EBITDA margin by 20 basis points in the quarter to 32.3%, which was a really solid performance.
Trey Grooms: Well, thank you for all the color, Ronnie and Mary Andrews, and I will pass it on. Take care.
Ronnie Pruitt: Thanks, Trey.
Mary Andrews Carlisle: Thanks.
Operator: Thank you. We will go next now to Phil Ng with Jefferies.
Phil Ng: Hey, guys. Team is executing in a tough environment, Ronnie. When we think about mid-year as being a little more flattish, and I think what you are outlooking for 2027 is more of a flattish backdrop, what gives you confidence that getting mid to high single-digit average pricing in 2027 is achievable? Any early feedback you have heard from your customers? Just given it is a noticeable step up. One follow-up question, and just a follow-up question on the mid to high single-digit framework that you are calling for pricing next year. Is that on a reported basis just because mix has been a drag this year? Thank you.
Ronnie Pruitt: Well, let us talk about the first expectation, then I will talk about the mix impact on that. Yes, we fully expect 2027 to be another year of healthy price growth and, as we have said, mid to high single digits, and in a flattish environment, like you said. I would tell you really three things that give us that confidence is, first, our commercial execution, and those conversations that you talk about. Remember, half fixed plant, half of our work is on a bid basis. On the fixed plant side, one of the things we did this year is we pulled those announcements earlier. We sent out our announcements early to give our customers an opportunity to prepare for that. Those conversations are going as expected in this kind of environment, and so I am pleased with where those conversations are.
Ronnie Pruitt: And I will remind you that diesel cost, no one is immune to that. And so it is not something that is unexpected from anyone that they understand the impact of the diesel. It is impacting them as well. And our customers are looking for opportunities to continue to get better value for their products as well. And so we are going to be one of the good excuses for them to go talk to their customers about. And so that is going as expected. And two, I still think we have a stable demand environment. We have said flat, but it is stable. And I really look at, let us talk about public. And if you recall back, 4 to 5 years ago when IIJA really kicked in, everyone was waiting on, we started to see contract award levels go up, but where were the tons?
Ronnie Pruitt: And we kept getting asked, "When are the tons going to come?" And we said, there is always that delay of the contracts getting awarded, and typically that is 6 to 8 months after those contracts get awarded, the shipments start. Well, that same thing is going to happen now that the bill is expiring. And so, there is some concern out there. Well, the bill is expired. You are in this form of a continuing resolution. But that is where we have said 35% of the dollars have yet to be spent, and there will be a tail to that. And so we will benefit the same way it took us time to get started on the front end. We will continue shipping on the back end. So I believe public continues to remain steady. And on the private side, we have got really healthy bookings, backlog, quoting activity, and it is around large non-res projects.
Ronnie Pruitt: But it is not just data centers. Data centers has been a really, really good benefit to us. But we also see heavy infrastructure and some of the other projects that I called out in my prepared remarks on SpaceX and the Toyota factory in South Texas. Those are other kind of manufacturing that we are seeing kick in. And I think the energy side, we will continue to see solar opportunities as well. So there is a lot of other things that are happening to support that stable demand environment. And then structurally off our advantage footprint. And I would tell you that most of these large, heavy non-residential projects are located within our advantage zone of a Vulcan facility. Which again, when you think about the proximity that that gives us to these projects, it reinforces our position as a supplier of choice with those logistical moats that we have.
Ronnie Pruitt: And so I continue to have a lot of confidence in our pricing ability, and I think that is the story of aggregates over time, and the historical side of it is that is what aggregates does. And it is just timing, so we will catch it this year, and we will continue to move forward. As far as the mix side, I would tell you that is inclusive. When we give that kind of guidance, we are saying that we believe that is all in, and then we will talk about within each quarter as we talk about, okay, where is the geographic impact of that? Where is the product mix impact of that? And so as we sit today, that mid to high single digit range is inclusive of mix impact.
Phil Ng: Okay. Really appreciate the color, Ronnie. Thank you.
Ronnie Pruitt: Thank you.
Operator: Thank you. We will go next now to Garik Shmois with D.A. Davidson.
Garik Shmois: Great. Thanks for having me on. I just want to follow up on some of the demand observations you were just making in response to the last question. I was hoping you could unpack your demand outlook for 2027 a little bit more. Could it be up, just given the visibility that you have, both on large projects and on infrastructure? And just maybe a little bit more color on what you are seeing on the private side as well.
Ronnie Pruitt: Yeah. No, thank you. I said similar to 2026, but I would say there are opportunities for growth varying across markets and even within some of our individual end markets. Again, with the change we have seen on these large projects, its location matters, and that is why we love our footprint. That is why we say we have an advantage footprint. We believe our footprint will continue to outperform the rest of the country when it comes to those growth opportunities. That applies to single family as well as these large non-res projects. It also applies to public. On the public side, like I said, I think we are seeing the back end of IIJA, and we will continue to see those dollars flow. I also believe the states are in a really good position.
Ronnie Pruitt: As we think about our states and the state funding levels, we are getting really good insight into what their letting schedules are going to be. Those numbers are out there, and we do not see any pullback on that. We are also seeing increasingly more innovation around P3 projects, toll authorities. There are some really large projects. Atlanta has two of them, really large P3 projects that are in addition to IIJA, in addition to the typical state lettings. We are seeing different ways of funding. Again, as I step back and look at that side of it today, I am not real concerned on the public side. I think we have midterms coming up, obviously. We believe shortly after that, the House and the Senate are both aligned on we need an infrastructure bill, and we believe they will be hard at work at getting that done.
Ronnie Pruitt: I just do not anticipate much disruption today on the public side. On the private side, again, I think it is really the primary engine for where some of that other growth could come from. If it was going to look different than what we see today, it would probably be on that private side, and it is really the timing of some of these large projects. We are seeing on the data center side, these projects are really fast. So from the time we quote to the time we book, to the time we start shipping, those things accelerate really quick. The other things when it comes to manufacturing, the energy-related projects and other manufacturing are still in that typical 6 to 9 months, you quote it, you book it, and then the shipments come later.
Ronnie Pruitt: We are starting to see those things that we were talking about at the beginning of 2026. We talked about manufacturing was going to start kicking back in. We are starting to see a lot of those things finally start to come out of the ground, and I think those are opportunities ahead of us. I think the energy side is another one. We got transmission lines being built and we have. The energy one is a little more difficult because some of it is tied to a data center project. Some of those are hard to split out. When you see the capital dollars of the data centers, some of those, that is why they are so great is because some of those include the energy with them. I just see a lot of different dynamics here under the backdrop of what we are seeing today.
Ronnie Pruitt: could be similar to 2026, but to your point, there could be some opportunities for growth.
Garik Shmois: Appreciate all the detail. Best of luck.
Ronnie Pruitt: Yeah, thank you.
Operator: Thank you. We will go next now to Anthony Pettinari with Citi.
Anthony Pettinari: Good morning. Ronnie, in the 2027 outlook slide, you talk about portfolio management. I am just wondering if you could talk a little bit about the M&A landscape, what that looks like. Then, with the cost inflation that is kind of rolling through the industry, does that maybe change the calculus for maybe some of the smaller players in terms of maybe opening up some opportunities on the acquisition side? I am just kind of curious what it looks like.
Ronnie Pruitt: Yeah. I would say it has been a very active year thus far. As I said in my prepared remarks, I think we have got the opportunity to close on several more before the end of the year. For us, for Vulcan's strategy, it is going to continue to be aggregate led. It is a very simple story. We like to keep it simple. I talked about the ease of integration. I talked about the ease of execution. I talk about the ease of capturing those synergies. These are in the form of bolt-ons. Where we are focused today is going to continue to be on those type of bolt-on acquisitions. They are very easy for our employees and bringing in those new employees to the Vulcan tent. It just is a lot easier to predict and a lot easier to execute.
Ronnie Pruitt: For our shareholders, it is a lot easier to predict. We are not going to surprise our shareholders with any of these deals that might not make sense for us. I would tell you that pipeline is very healthy. To your point, diesel has affected everyone. I would tell you that we are having a lot of conversations with potential sellers, and they are feeling the impact of it. That timing is still their call. We are always actively looking. The things we are looking at are going to be in the form of the things you have already seen us do. Those range in between half a million to 1 million tons each. Some of those can be smaller or bigger, but nothing transformational for us. This is our discipline. We really love executing the way we do. They are very much within our control.
Anthony Pettinari: Okay. That is very helpful. I will turn it over.
Ronnie Pruitt: Thank you.
Operator: We'll go next now to Kathryn Thompson with Thompson Research Group.
Kathryn Thompson: Hi, thank you for taking my question today. It's on the policy side, and it can tie a little bit into the private, but it's a bigger picture. Ronnie, when you and I first met each other in the industry, states could account for maybe 50% and the Fed the other half or give or take for funding. But for many of your states, 75% of funding is coming from the states and not the Fed. Texas is a really good example. Then you have PPPs, which you talked about earlier in the Q&A. In our backyard of Middle Tennessee, one of the biggest PPP projects is potentially on the slate to start up in the next year or two, which would clearly benefit you guys.
Kathryn Thompson: As you think about the pie of funding for public that also has to trickle down to private, how do you think that pie looks three to five years from now? In other words, how important will the Fed really be as you see going forward, and what's the balance of state and private funding for overall infrastructure funding in the US as we think of the broad trend of reshoring? Thank you.
Ronnie Pruitt: Yeah, thanks. That was a lot. I appreciate you taking me back to the days we first met.
Kathryn Thompson: I know. Way too long.
Ronnie Pruitt: You are absolutely right, Kathryn. What we see today is the Fed piece of it is still very important from an underlying, reliable planning aspect. Again, I think as we get a bill, it gives the states at least that surety of where the dollars are going to come from. Part of the BA250 was going back to the matching program, which is way more predictable for the states than the grant program was. I like the characteristics of what BA250 did, but you are absolutely right. We see a lot of different forms of funding, both at the state and the local and the public. Toll roads and public-private partnerships and those things. But I think where you are going with this is you have seen the inflationary environment, and we have talked about it. Inflation has eaten up some of the tons out there.
Ronnie Pruitt: Where are those dollars? You and I both know that road out there doesn't care. That road, in any market you go to, in Atlanta, LA, Dallas-Fort Worth, Nashville, what do you do? You go sit in traffic. Fuel prices has not. I haven't been anywhere to date where fuel prices have stopped traffic. Everywhere I go, we still sit in traffic. The roads are still deteriorating, the bridges still need built, the infrastructure of the country still has to be taken care of, and things are more expensive. What are we going to have to do? We are going to have to get creative on funding. I think that's what the states, the local municipalities, as well as the federal, are really addressing.
Ronnie Pruitt: I think it's to your point, things are going to look different in the future, because it's going to have to be more creative. Then you have the phenomenon of electric cars and hybrids and the fuel tax. Is that going to cover it? I think there's a lot of things that both the federal and the state are working on and looking forward, to your point, to the future of how are these going to get paid for. But I'm excited about the opportunity that it's still in demand. I mean, the roads are still going to be in demand. The bridges are going to still be needed. Everyone loves driving their own cars. I think public's in a really good spot.
Ronnie Pruitt: To your point, I think we're going to get creative in the future on different ways of funding it as well.
Kathryn Thompson: Great. Thanks so much.
Ronnie Pruitt: Thank you.
Operator: And we'll go next now to Michael Dudas with Vertical Research.
Michael Dudas: Good morning, Ronnie, Mary Andrews.
Ronnie Pruitt: Hi, Michael.
Mary Andrews Carlisle: Good morning.
Michael Dudas: Or maybe for Mary, for both of you guys. So encouraged to see the aggressiveness you have shown in share repurchases, certainly with the share prices being down and valuation much more attractive than had been. Maybe as going forward, I am sure there is a balance to it, but given where you are targeting your acquisition opportunities on bolt-ons and ease of assimilation, et cetera, is that going to and given where some of your CapEx might be on a growth side, maybe could balance on, like, where is there going to be more opportunity for funding to support growth CapEx and maybe continued reasonable share repurchases as we look for the plan over the next couple of years?
Ronnie Pruitt: Yeah, I will let Mary Andrews talk about our capital allocation, and then I will follow up with some comments. Go ahead, Mary Andrews.
Mary Andrews Carlisle: Yeah. Mike, as we have consistently communicated, including at the investor day back in March, our cash generation really has reset higher over the last several years, and that positions us really well to be able to continue to both fund M&A and other internal growth opportunities and to more consistently return capital to shareholders. And that is what you have seen the last 12 months, and I think that is what you can expect to see going forward.
Ronnie Pruitt: Yeah, I will add to Mary Andrews' point is we have reset at that level, which it is a great place to be. Our balance sheet is in a really good spot. But even when it comes to those buckets of our typical maintenance CapEx, I mean, when we look at maintenance CapEx today, with the tools that we have invested in with Vulcan with operating, I mean, we are really looking at how do we drive more efficiencies. We do not want to just replace like for like. We want to drive more efficiencies with every dollar we spend. And so those dollars are getting put to work, and that is where you see truly our ability to outperform the market when it comes to how do we control our cost. I mean, these are really good investments we have made, even in the form of maintenance CapEx.
Ronnie Pruitt: Every dollar we spend, we want to get a return on it. This is a tough business. We break a lot of stuff. Crushing rock is hard. It also gives us an opportunity that when we are going to replace it, how do we do that in a better way? To Mary Andrews' other point, we got lots of opportunities out there to grow this company. We are just going to be very disciplined. It makes sense for us and our shareholders that we are really good at what we do in the aggregates business, and we are going to stay focused on that.
Michael Dudas: You guys are crushing it for sure. Thanks, guys.
Ronnie Pruitt: Thank you.
Operator: Thank you. We will go next now to Rohit Seth with B. Riley Securities.
Rohit Seth: Hey, thanks for taking my question. Just back on the guidance on pricing, the mid to high single digit. Pretty wide range there. Can you just talk through what will get us to the low end and what is at the high end? Have you left room there to go back out at midyear? Does this guide the pricing, what you expect coming out of 1 January? Maybe if you can touch on your cost expectations at aggregates for 2027.
Ronnie Pruitt: Yeah. Rohit, you always like to pin us down, don't you? I would tell you that we are in the middle of putting those plans together. We are going to give you a lot more insight into that as we get into the beginning of next year. I would say that at the end, that range right now as it sits is really a function of the two sides of our business. The stuff we are bidding every day, and we see a lot of momentum on that. Our quoting and booking activities looks really good. We are continuing to really push in using our Vulcan Way of Selling and our proprietary pricing tool to make great decisions as it looks at the value of our products and the commercial expertise of that. Our advantage footprint plays into that, so the geographical position that we are in and where those projects are matters.
Ronnie Pruitt: There are still large value swings between some of our markets, and we have those disciplines to move price throughout our markets, but there are still some big swings between one market to the other. Then on the fixed plant side, remember, our fixed plant business, people think about fixed plant and they jump right to concrete, but fixed plant also represents asphalt. The asphalt business is really good. The asphalt business really plays into the public side, and they have good demand structure. As I sit here today, I mean, I think the range we have given is a very achievable range.
