- A highly levered balance sheet;
- Cash constraints—which required the virtual elimination of its dividend;
- A "junk" credit rating;
- A steadily falling unaffected stock price—reflecting Vulcan’s risk profile and lack of profitability;
- A "too little, too late" cost reduction program—which itself is fundamentally misconceived;
- And most significantly, no clear prospect, as to either timing or level, of the life-line it is looking to for rescue of its standalone future value (inadvisably in light of the circumstances)—a strong and sustained economic recovery.
Martin Marietta Materials, Inc. Responds To Vulcan Materials Presentation
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