Rock Products

AUG 2019

Rock Products is the aggregates industry's leading source for market analysis and technology solutions, delivering critical content focusing on aggregates-processing equipment; operational efficiencies; management best practices; comprehensive market

Issue link:

Contents of this Issue


Page 60 of 159 ROCK products • August 2019 • 59 Aggregates Industry Almanac Publicly Traded Companies The residential market accounted for 23% of first-quarter aggregates shipments. Ward Nye, chairman, president and CEO of Martin Marietta, stated, "Our company delivered strong operating and financial performance for the first three months of 2019, including first-quarter records for revenues and Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA). Driven by improved ship- ments, pricing and cost management, we are off to a promising start to what we expect to be another record year for Martin Marietta. Notably, the Building Materials business benefit- ted from robust pent-up demand as well as modestly improved weather across portions of our geographic footprint, which allowed for an early beginning to the construction season. These encouraging trends, combined with favorable pricing momentum and growing contractor backlogs, reaffirm our confidence in our full- year outlook. "Consistent with our expectations, construction activity in our key regions, supported by strengthening public- and private-sector spending, is outpacing the nation as a whole. Infrastructure construction has begun in earnest on several transportation projects in North Carolina, Georgia and Florida following the recent accel- eration in public lettings and contract awards in these key states," Nye said. "Additionally, notable employment gains and population growth continue to support private-sector strength in our leading markets. These favor- able dynamics bode well for a busy construction season throughout the remainder of the year." Nye concluded, "This year, Martin Marietta celebrates 25 years as a public company. We have established a proven record of value creation and will continue to build upon our suc- cess by focusing on price discipline, strategic geographic positioning and prudent capital allocation. We remain committed to the diligent execution of our strategic plan and further enhancement of the world-class attri- butes of our business – including safety, cost discipline and operational excel- lence. We believe Martin Marietta is firmly positioned for continued growth and enhanced shareholder value in 2019 and beyond." Summit Materials Aggregates Revenue Rises in First Quarter Summit Materials Inc. reported a first-quarter 2019 net loss of $68.8 million, compared to a net loss of $53.7 million in the comparable prior-year period. Summit's net revenue increased 5.5% in the first quarter of 2019 compared to the comparable 2018 period, while net income and earnings per share decreased in 2019 as compared to the comparable 2018 period, primarily due to the $14.6 million loss on debt financ- ing to redeem the 8.5% senior notes in March 2019. Tom Hill, CEO of Summit Materials, stated, "We were very pleased to see our organic average sales prices for aggregates increased by 6.3% in the first quarter as compared to a year ago. We continue to believe end market fundamentals remain intact for the con- struction industry going into 2019." Hill commented, "Cement sales volumes were up slightly in the first quarter of 2019 as compared to 2018 despite challenging weather conditions. How- ever, an extended annual maintenance shutdown and record flooding on the Mississippi River that has continued into the second quarter has negatively impacted our Cement business. "Underlying demand conditions in most of our markets remain favorable and are expected to remain so during the remainder of 2019," continued Hill. In Summit's public markets, state trans- portation funding measures in Texas, coupled with steady increases in federal Stop Dangerous Tramp Metals | 814.835.6000 Eriez' Susp ended Magn ets and Metal Detecto rs remove tramp metals befo re th ey damage yo ur valu able crush ers and downstream equ ipment. Q U I C K S H I P P R O G R A M ! Now Available in

Articles in this issue

Links on this page

Archives of this issue

view archives of Rock Products - AUG 2019