First Look – June 2024


Summit Materials
Summit Materials, Inc. announced results for the first quarter ended March 30. Net revenue increased $366.0 million, or 89.9% in the first quarter to $773.2 million, including the partial quarter impact of the Argos USA assets. In the quarter, $378.5 million of revenue was recognized from recent acquisitions which more than offset a decrease of $21.7 million in net revenue related to divestitures. Organic prices increased across all lines of business.

Vulcan Materials
Vulcan Materials Co. announced results for the quarter ended March 31. Total revenues were $1.546 billion compared to $1.649 billion in the first quarter of 2023. However trailing 12-month revenues were $7.679 billion in the first quarter compared to $7.424 billion in the first quarter of 2023.

Martin Marietta Materials
Martin Marietta Materials Inc. released results for the first quarter ended March 31, reporting total revenues of $1.251 billion, compared to $1.354 billion in the first quarter of 2023, a decrease of 8%. First-quarter aggregates shipments decreased 12.3% to 36.6 million tons.

For the fourth quarter of 2023, an estimated 601 million metric tons (Mt) of total construction aggregates was produced and shipped for consumption, a slight increase compared with the prior-year period, according to U.S. Geological Survey (USGS) Commodity Specialist Jason Willett. The estimated total annual production for consumption of construction aggregates in 2023 increased compared with that in 2022 in 22 of the 50 states for which estimates were made.

Women in Aggregates is a new group dedicated to supporting women working in the aggregates industry. The Mission Statement of the group is: “To create a supportive space for women that fosters leadership growth, networking opportunities and advocacy of the aggregate industry.” Membership in Women in Aggregates is open to any woman working in, or working in support of, the aggregates industry, including producers, manufacturers and distributors; and marketing, advertising or public relations professionals. Interested parties can go to to join the mailing list and to stay apprised of future developments, meetings, events and other communications from the group. There is also a LinkedIn discussion page, at

The AVP Pulse Index for May – brought to you by Rock Products and Allen-Villere Partners – increased 0.7% month over month. The Index is up 5.5% year over year and 10.7% over the past 36 months.

The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 6.1% in April to 173.9 (2000=100) from the revised March reading of 164.0. Over the month, commercial planning improved 12.6% and institutional planning dropped 6.3%.

According to the U.S. Census Bureau, construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2% (±0.8%) below the revised February estimate of $2,087.8 billion. 

MSHA reported that on April 15, a miner at Riverbend Sand and Gravel, Weld County, Colo., died when the tail section of a collapsible belt conveyor fell and pinned him between the tail section and middle section. The miner was working as part of a crew to tear down the conveyor in preparation to be moved. This is the fourth fatality reported in 2024, and the third classified as “Powered Haulage.” 

MSHA recommends the following best practices to avoid this type of accident:
Block all equipment against hazardous motion before beginning work.
Stay clear of suspended loads.
Never enter or work in pinch points or Red Zones around equipment.
Identify hazards associated with the task, review those hazards with all miners involved, and implement measures to protect miners.
Train all miners in the safe performance of tasks.

WTI Crude Oil Inventories
5/10/2024: 457.0 million barrels, down 2.5 million barrels from week earlier; down 10.6 million barrels from year earlier.

Natural Gas Inventories
5/10/2024: 2,633 Bcf, up 70 Bcf from week earlier; up 421 Bcf from year earlier.

Retail Diesel
5/13/2024: $5.183/gal., down $0.032 from week earlier; up $0.298 from year earlier.

2/20/2024: Average price to industrial customers 7.81 cents/kilowatt hour; down from 8.10 cents/kilowatt hour from year earlier.

Source: U.S. Energy Information Administration

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