TOP NEWS
Vulcan Materials
Vulcan Materials Co. announced results for the quarter ended Sept. 30, reporting total revenues of $2,004 billion, versus $2,186 in the third quarter of 2023. Year-to-date, the company is reporting revenues of $5,564 billion versus $5,948 billion for the same period in 2023.
Martin Marietta Materials
Martin Marietta Materials Inc. reported results for the third quarter ended Sept. 30, noting revenues of $1,889 billion versus $1,994 in the third quarter of 2023, a 5% decline. Third-quarter aggregates shipments declined 3.9% to 53.7 million tons, largely due to historically wet weather in the company’s East Division and softer warehouse and residential demand across the company’s footprint, partially offset by acquisitions.
Summit Materials
Summit Materials Inc. announced results for the third quarter ended Sept. 28, reporting that net revenue increased $369.9 million, or 49.9%, in the third quarter to $1,111.8 million. In the quarter, $403.4 million of net revenue was due to acquisitions, primarily the Argos USA transaction. Divestitures decreased net revenue by $43.6 million in the period. All lines of business experienced organic pricing growth.
MSHA WATCH
The Mine Safety and Health Administration (MSHA) completed impact inspections in September 2024 at eight mines in Indiana, Kentucky, New Hampshire, Pennsylvania, Virginia, West Virginia and Wisconsin and issued 112 violations. Since 2023, MSHA’s impact inspections have identified 4,679 violations, including 1,285 S&S and 87 unwarrantable failure findings. An S&S violation is one that is reasonably likely to cause a reasonably serious injury or illness. Violations designated as unwarrantable failures occur when an inspector finds aggravated conduct that constitutes more than ordinary negligence.
USGS STATS
The U.S. Geological Survey reported that the estimated U.S. output of construction sand and gravel produced and shipped for consumption in the second quarter of 2024 was 241 Mt, a decrease of 7% compared with that in the second quarter of 2023. Production for consumption in the first six months of 2024 decreased by 6% compared with that in the same period of 2023. The five leading states in descending order of production for consumption were California, Texas, Michigan, Arizona and Minnesota.
ECONOMIC INDICATORS
The AVP Pulse Index this month rose 0.9% month-over-month, while increasing 8.1% year-over-year; and 12% over the past 36 months. The proprietary AVP Pulse Index – a joint effort between mergers and acquisition advisors Allen-Villere Partners and Rock Products – illustrates the health of the industry in one single trend line, using relevant data that is updated monthly or quarterly.
According to the U.S. Census Bureau, construction spending during September 2024 was estimated at a seasonally adjusted annual rate of $2,148.8 billion, 0.1% (±1.0%) above the revised August estimate of $2,146.0 billion.
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, decreased 5.3% in October to 197.2 (2000=100) from the revised September reading of 208.2. Over the month, commercial planning fell 6.7%, and institutional planning declined 2.0%.
ENERGY
Brent Spot Prices
11/08/2024: $74.04/barrel, up $0.41/barrel from week earlier; down $9.62/barrel from year earlier.
Natural Gas Spot Prices
11/12/2024: $1.92/million Btu, up $0.301/ million Btu from week earlier; down $0.764/ million Btu from year earlier.
Retail Diesel
11/18/2024: $3.491/gal.; down $0.030/gal. from week earlier; down $0.718/gal. from year earlier.
Electricity
8/20/2024: Average price to industrial customers 8.72 cents/kilowatt hour; down from 8.90 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/.