This Week’s Market Buzz

•    Oil settled at its highest level since early March as indications of an economic recovery from the coronavirus pandemic helped drive a rally in commodities. Both Brent and West Texas Intermediate crude futures jumped more than 2% at press time. European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in…

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Cedarapids Adds Frontline Machinery to Dealer Network

Cedarapids, a Terex MPS brand, announced the addition of Frontline Machinery as an authorized dealer in the Canadian province of British Columbia. In this territory, Frontline Machinery will be responsible for sales of the Cedarapids portable and modular product range. David Quail, business line director for Terex MPS said, “We are excited to welcome Frontline Machinery to our distribution network.…

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The Shelly Company Banks on Drone-Based Aerial Intelligence

Drone-based aerial intelligence solution provider Kespry announced The Shelly Company is using the company’s platform for inventory management and mine planning. The Shelly Company is a major Ohio limestone, concrete and asphalt paving firm with more than 90 locations and 1,600 employees. It services 81 of 88 counties in the state.

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Big News from Summit

July 22, 2020 – With the economic impact of COVID-19 taking its toll nationwide, many people wondered what the publicly traded aggregates companies would report for the second quarter. We have the first report, from Summit Materials, and it is a good one. For the three months ended June 27, organic sales volumes increased 2.6% in aggregates. Aggregates net revenues increased by $1.3 million to $130.0…

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Summit’s Hill to Step Down; Noonan Named President

Summit Materials Inc. announced that Thomas W. Hill plans to step down from his role as president and chief executive officer and as a member of the board, effective Sept. 1. At that time, Anne Noonan will be appointed president and chief executive officer and as a member of the board. Hill will serve as a senior advisor through the end of…

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Summit Materials Climbs to Record Second Quarter

Summit Materials Inc. announced record results for the second quarter 2020. For the three months ended June 27, the company reported net income attributable to Summit Inc. of $57.1 million, or $0.50 per basic share, compared to net income attributable to Summit Inc. of $36.4 million, or $0.32 per basic share in the comparable prior year period. Summit reported adjusted diluted net…

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Pioneer Adds Four Quarries to Its Operational Footprint

Pioneer Landscape Centers, which has been serving residential and commercial customers in the western United States since 1968, added four new quarries to its operations, allowing the company to increase production and enter into a new product sector supporting a range of large industrial customers in the concrete, asphalt and road base markets.

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Simonson Says

July 21, 2020 – Ken Simonson, economist for the Associated General Contractors of America (AGC), said that most states added construction jobs through mid-June, a promising sign. “The U.S. economy expanded at a slight to modest pace since the prior report as business activity varied across the country,” the Federal Reserve reported in the latest “Beige Book,” a summary of informal surveys of…

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