Vulcan Results Strong / Eagle Flies High / Martin Marietta Gross Profit Rises
TOP NEWS
Eagle Flies High
Eagle Materials Inc. reported first quarter record revenue of $428.0 million, up 15%. Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates and Joint Venture and intersegment Cement revenue, was $305.5 million.
Martin Marietta Gross Profit Rises
Martin Marietta Materials Inc. reported results for the second quarter ended June 30. Revenues were $1.271 billion for the quarter, down from $1.279 billion in the second quarter of 2019; however, gross profit was a record $380 million versus $357 in the second quarter of 2019.
Vulcan Results Strong
Vulcan Materials Co. announced results for the quarter ended June 30. Total revenues were $1.323 million versus $1.328 million in the second quarter of 2019. Year-to-date revenues were $2.372 million versus $2.324 million in the first six months of 2019.
MSHA WATCH
The Mine Safety and Health Administration (MSHA) reported that on July 24, two miners were loading explosives from inside an aerial lift’s basket when the basket jolted upward into the mine roof, causing the death of one of the miners. The incident happened at Carmeuse’s Cisco Mine in Murray, Ga. This is the 12th fatality reported in 2020, and the third classified as “Machinery.”
USGS STATS
Total shipments of portland and blended cement, including imports, in the United States and Puerto Rico in May 2020 were 8.7 million metric tons (Mt), a decrease of 6.3% from shipments in May 2019, according to the most recent USGS Mineral Industry Survey. Shipments for the year through May totaled 37.8 Mt, a slight increase from those for the same period in 2019.
ECONOMIC INDICATORS
Total construction starts fell 7% in July to a seasonally adjusted annual rate of $631.6 billion. The decline was due to a significant pullback in the nonbuilding segment, which fell 31% from June to July. Nonresidential building starts rose 3% while residential building starts increased 2%. Highway and bridge work gained 4%.
In a further sign that housing continues to boost the economy, single-family and multifamily starts each posted solid gains in July, with total housing production up 22.6% to a seasonally adjusted annual rate of 1.50 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. This is the highest production rate since February.
The U.S. Census Bureau reported that construction spending during June 2020 was estimated at a seasonally adjusted annual rate of $1,355.2 billion, 0.7% (±1.2%) below the revised May estimate of $1,364.7 billion. The June figure is 0.1% (±1.5%) above the June 2019 estimate of $1,354.1 billion. During the first six months of this year, construction spending amounted to $667.9 billion, 5.0% (±1.2%) above the $636.0 billion for the same period in 2019.
ENERGY
- WTI Crude Oil Futures: 8/25/2020: $43.35/barrel, up $0.46 from week earlier; down $10.29 from year earlier.
- Natural Gas Futures: 8/25/2020: $2.489/MMBtu, up $0.072 from week earlier; up $0.259 from year earlier.
- Retail Diesel: 8/240/2020: $ 2.426/gal., down $0.001 from week earlier; down $0.557/gal. from a year earlier.
- Electricity: 6/20/2020: Average price to industrial customers 6.95 cents/kilowatt hour; up from 6.91 cents/kilowatt hour a year earlier.
Source: U.S. Energy Information Administration