TOP NEWS
Vulcan Stays Hot
Vulcan Materials Co. announced results for the quarter ended March 31. Total revenues were $996.5 million, compared to $854.5 million in the first quarter of 2018. First quarter aggregates segment gross profit increased 25% to $186 million, or $4.07 per ton.
Summit Aggregates Revenues Up
Aggregates net revenues increased by 30.3% to $87.9 million in the first quarter 2019, when compared to the prior-year period. Aggregates adjusted cash gross profit margin improved to 43.2% in the first quarter 2019, compared to 41.5% in the prior-year period, as pricing gains exceeded input costs.
Martin Marietta Streaks to Record
Martin Marietta Materials Inc. reported record results for the first quarter ended March 31. Total revenues were $939 million versus $802 million in the first quarter of 2018. First-quarter heritage aggregates volume and pricing improved 12.5% and 4.0%, respectively.
MSHA WATCH
The Mine Safety and Health Administration (MSHA) reported that on May 7 a miner suffered burns to his body when superheated gases carrying hot, fine, alkaline particles were forcefully expelled through an open process vessel door. The victim was on a platform 5 to 6 ft. above other miners who were setting off a Cardox charge to free a blockage in the vessel. He opened the door around the same time they set off the charge.
USGS STATS
The estimated production for consumption of crushed stone in the fourth quarter of 2018 increased in seven of the nine geographic divisions compared with that sold or used in the fourth quarter of 2017. Production for consumption increased in 25 of the 45 states for which production estimates of crushed stone were made, according to Jason Willett, U.S. Geological Survey (USGS) crushed stone commodity specialist.
ECONOMIC INDICATORS
- The U.S. Census Bureau announced that construction spending during March 2019 was estimated at a seasonally adjusted annual rate of $1,282.2 billion, 0.9% (±1.0%) below the revised February estimate of $1,293.3 billion. The March figure is 0.8% (±1.5%) below the March 2018 estimate of $1,293.1 billion.
- The Dodge Momentum Index fell 0.5% in April to 144.3 (2000=100) from the revised March reading of 145.1. The Momentum Index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. The retreat in April was the result of the commercial component falling 1.0% while the institutional component rose a scant 0.2%.
- The value of new construction starts in April fell 15% to a seasonally adjusted annual rate of $685.2 billion, pulling back following the 16% hike that was reported in March, according to Dodge Data & Analytics. Steep declines were registered by two of the three main construction sectors. Highway and bridge construction in April edged up 1%.
ENERGY
- WTI Crude Oil Futures: 5/22/2019: $61.42/barrel, down $0.60 from week earlier; down $10.71 from year earlier.
- Natural Gas Futures: 5/22/2019: $2.543/MMBtu, down $0.058 from week earlier; down $0.365 from year earlier.
- Natural Gas Inventories: 5/17/2019: 1,753 Bcf, up 100 Bcf from week earlier; up 137 Bcf from year earlier.
- Retail Diesel: 5/20/2019: $3.163/gal., up $0.003 from week earlier; down $0.114 from year earlier.
- Electricity: 2/20/2019: Average price to industrial customers 6.68 cents/kilowatt hour; down from 6.81 cents/kilowatt hour from year earlier.
Source: U.S. Energy Information Administration