TOP NEWS
Summit Materials
Summit Materials Inc. announced results for the second quarter ended June 29, reporting that net revenue increased $395.1 million, or 58.1%, in the second quarter to $1,075.5 million. In the quarter, $464.0 million of net revenue was due to acquisitions, primarily the Argos USA transaction
Martin Marietta Materials
Martin Marietta Materials Inc. reported results for the second quarter ended June 30, noting revenues of $1.764 billion versus $1.821 billion in the second quarter of 2023, a 3% decline. Second-quarter aggregates shipments decreased 2.8% to 53.0 million tons.
Vulcan Materials
Vulcan Materials Co. announced results for the quarter ended June 30, reporting total revenue of $2.014 billion versus $2.113 billion for the same period in 2023. Year to date, the company is reporting total revenue of $3.560 billion, versus $3.762 billion in the first half of 2023.
USGS STATS
Total shipments of portland and blended cement, including imports, in the United States and Puerto Rico in May 2024 were an estimated 9.56 million metric tons (Mt), an 8.2% decrease from shipments in May 2023, according to the most recent USGS Mineral Industry Survey. Shipments for the year through May totaled an estimated 40.1 Mt, a 3.5% decrease from those in the same time period in 2023. Of total blended tonnage reported year-to-date in 2024, 21.1 Mt (97%) was estimated to be portland-limestone cement (Type IL); the leading destination for Type IL shipments by tonnage was Texas.
ECONOMIC INDICATORS
The AVP Pulse Index for August – brought to you by Rock Products and Allen-Villere Partners – increased 1.1% for the month, with year-over-year growth of 3.3%. Over the past 36 months, the index increased 11.2%.
According to the U.S. Census Bureau, construction spending during June 2024 was estimated at a seasonally adjusted annual rate of $2,148.4 billion, 0.3% (±1.0%) below the revised May estimate of $2,154.8 billion.
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 7.9% in July to 216.3 (2000=100) from the revised June reading of 200.5. Over the month, commercial planning increased by 6.8%, and institutional planning expanded by 11.1%.
MSHA WATCH
MSHA reported that on July 25, a miner died when he was engulfed in material against the stacker belt conveyor’s feed chute. The miner was kneeling and shoveling on the stacker belt conveyor when the belt conveyor unexpectedly rolled back. MSHA recommends the following best practices to avoid this type of accident:
• Evaluate for possible stored energy and other hazards before beginning work.
• Use proper devices and tools to block machinery against hazardous motion before performing repairs or maintenance.
• Task train miners on safe work practices.
ENERGY
WTI Crude Oil Inventories
8/16/2024: 426.0 million barrels, down 4.6 million barrels from week earlier; down 7.5 million barrels from year earlier.
Natural Gas Inventories
8/16/2024: 3,299 Bcf, up 35 Bcf from week earlier; up 221 Bcf from year earlier.
Retail Diesel
8/19/2024: $3.688/gal.; down $0.016 from week earlier; down $0.701 from year earlier.
Electricity
5/20/2024: Average price to industrial customers 7.95 cents/kilowatt hour; up from 7.62 cents/kilowatt hour from year earlier.
Source: U.S. Energy Information Administration
WOMEN IN AGGREGATES
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 www.womeninaggregates.com 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 www.linkedin.com/groups/12717856/.