Year-to-date, gross profit increased to $927 million and adjusted earnings before interest, taxes, depreciation and amortization or adjusted EBITDA surpassed the $1 billion mark.
Third quarter financial highlights as compared with the prior year period included consolidated gross margin increased 100 basis points to a record 30.6%, despite a 7% reduction in revenues, demonstrating the resiliency of our business and our focus on cost control.
Selling, general and administrative, or SG&A, expenses as a percentage of total revenues improved 10 basis points to an industry-leading 5.4%.
Adjusted EBITDA was $502 million, inclusive of $70 million of nonrecurring gains.
And diluted earnings per share was $4.71.
For clarity, the nonrecurring gains contributed $0.87 per diluted share.
Aggregate shipments declined nearly 9% versus a robust prior year comparison.
As anticipated, given the widespread COVID-19 disruptions across the United States, shipment declines were experienced across our footprint, with the East Group down 9% and the West Group down 8%.
Aggregates average selling price increased 2.7% or 4% on a mix-adjusted basis, underscoring this product line's resilient pricing power.
By region, the East Group posted a 4.4% pricing increase with strength in our key geographies of North Carolina, Georgia, Iowa, Indiana and Maryland.
On a mix-adjusted basis, the West Group average selling price improved nearly 4%.
As a reminder, we anticipate overall full year 2020 aggregates pricing growth of 3% to 4%.
Third quarter cement shipments, however, decreased 4%, reflecting continued energy sector headwinds.
Reported cement pricing increased 1%.
While average selling prices for our core cement products, namely, type one and type two cement were up $4 over the prior year period.
As a reminder, specialty cements can sell for over $200 per ton.
On a mix-adjusted basis, overall cement pricing increased 3.4%.
Ready-mixed concrete shipments decreased 4% and excluding acquired shipments and third quarter 2019 shipments from our Southwest division's concrete business in Arkansas, Louisiana and Eastern Texas, which we divested earlier this year.
Favorable geographic mix from robust Colorado shipments was the primary driver of the 2% increase in third quarter concrete pricing.
Asphalt shipments for our Colorado asphalt and paving business decreased 3% following near record levels in the prior year period.
Asphalt pricing increased 6%, reflecting a higher percentage of attractively priced specialty asphalt mix sales.
For the third quarter, the Building Materials business delivered products and services revenues of $1.2 billion, a 6% decrease from the prior year period.
And product gross profit of $384 million, a 3% decrease.
Aggregates product gross margin expanded 130 basis points to 36.4%, an all-time record despite lower shipment volume.
Strong mix-adjusted pricing gains, disciplined cost management and lower diesel fuel costs contributed to the 6.5% growth in aggregates unit profitability.
Cement product gross margin was 40.2%, a 40 basis point decline.
For our downstream businesses, ready-mixed concrete product gross margin declined 90 basis points, 9.7%, attributable to higher costs for raw materials.
Asphalt and paving achieved record gross profit of $32 million and a 140 basis point improvement in margin despite lower revenues.
Magnesia Specialties' third quarter product revenues increased $10 million to $55 million, reflecting lower demand for chemicals and lane products.
Lower revenues and reduced fixed cost absorption resulted in a 240 basis point decline and product gross margin to 38%.
Our consolidated results included $7 million of gains on surplus, noncore land sales and divested assets.
Since 2016, we have sold nearly $200 million of excess land that was not used for operations and did not contain operating assets.
We anticipate adjusted EBITDA to range from $1.35 billion to $1.37 billion, inclusive of the $70 million of nonrecurring gains for full year 2020.
We have widened our full year capital expenditures guidance and now expect it to range from $350 million to $400 million.
Since our repurchase authorization announcement in February 2015, we have returned $1.8 billion to shareholders through a combination of share repurchases and in meaningful, sustainable dividend.
Our Board of Directors recently approved a 4% increase in our quarterly cash dividend paid in September, underscoring its continued confidence in our future performance and cash generation.
Our annualized cash dividend rate is now $2.28.
With a debt-to-EBITDA ratio of 2 times, we are at the lower end of our target leverage range of two to 2.5 times.
We remain confident in our balance sheet strength, with $1.2 billion of total liquidity.
We're confident that our favorable pricing dynamics will continue and that attractive underlying fundamentals and long-term secular growth trends across our key geographies will remain intact.
For example, Texas DOT scheduled lettings for fiscal year 2021, which began September 1, and are currently planned at $10 billion, an increase of 35% over the comparable fiscal year 2020 lettings.
As a reminder, these three key states represent over 60% of our Building Materials business revenues.
Notably, both bills provide the first sizable increase in federal transportation funding in more than 15 years.
Regardless of the upcoming election outcomes, increased infrastructure investment should provide volumes stability and drive aggregate shipments closer to 45% of our total shipments, moving us toward our 10-year historical average.
For reference, aggregate shipments to the infrastructure market accounted for 38% of third quarter shipments.
Importantly, we have purposely shifted our nonresidential exposure over the last 10 years or so to be more heavily industrially focused as we've expanded our geographic footprint along major commerce carters.
Aggregate shipments of the nonresidential market accounted for 33% of third quarter shipments.
Importantly, single-family housing is two to 3 times the aggregates intensity of multifamily housing given the ancillary nonresidential and infrastructure needs of new suburban communities.
Aggregate shipments to the residential market accounted for 24% of third quarter shipments.

Summary:
And diluted earnings per share was $4.71.
While average selling prices for our core cement products, namely, type one and type two cement were up $4 over the prior year period.
We're confident that our favorable pricing dynamics will continue and that attractive underlying fundamentals and long-term secular growth trends across our key geographies will remain intact.