Displaying items by tag: US

France: Falls in sales in India, France and Italy since the end of the first quarter of 2020 have negatively affected Vicat’s half year results. However, it noted a rebound at the end of the period, particularly in France, and reported earnings growth in the US and Brazil. Its consolidated sales fell by 2.7% year-on-year to Euro1.30bn in the first half of 2020 from Euro1.34bn in the same period in 2019. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased by 6.7% to Euro213mm.

“We kept our production activities running at almost all our sites to keep pace with market trends and seize any commercial opportunities by remaining close to our customers, which has helped to mitigate the impact of the crisis,” said Guy Sidos, the group’s chairman and chief executive officer (CEO). He added that, “In this unprecedented environment, visibility on our full-year performance remains limited.”

US: Eagle Materials says it has sold over 2Mt of cement in a single quarter for the first time in its history. Sales volumes rose by 35% to 2.09Mt in the first quarter of its financial year to 30 June 2020 from 1.6Mt in the same period in 2019. Sales revenue from its Heavy Materials division grew by 35% to US$274m from US$203m.

“While we are very pleased with our first-quarter performance, we recognise a high level of uncertainty persists in our markets and the overall economy: despite the decline in jobless claims from the March peak, total unemployment remains historically high; state and local governments face ongoing revenue pressure, which could have the potential to constrain infrastructure budgets; and, in some geographic areas important to our business, Covid-19 case numbers continue to escalate,” said Michael Haack, president and chief executive officer (CEO).

The group announced plans in May 2019 to split its Heavy Materials and Light Materials divisions into two independent businesses. However, it says the timing remains ‘uncertain.’

Switzerland: LafargeHolcim says that net sales in each of its five regions ‘returned to prior-year levels by the end of June 2020’ following the easing of coronavirus-related lockdowns. Its net sales fell by 10.8% year-on-year to Euro9.95bn in the first half of 2020 on a like-for-like basis due to the ‘severe’ impact of the lockdowns on construction sites in several of its main operating countries. It also blamed negative currency effects for an additional fall in sales. Its recurring earnings before interest and taxation (EBIT) dropped by 22% to Euro1.11bn. Its net debt decreased by 15.8% to Euro9.91bn from Euro11.8bn. Cement sales volumes fell by 13.1% to 87.2Mt, aggregates by 6% to 114Mt and ready-mix concrete (RMC) by 18.6% to 19.2Mm3.

Group chief executive officer Jan Jenisch said, “Our half-year results demonstrate the great resilience of our business. I’m encouraged by our team’s agility to weather the storm with the rapid execution of our ‘Health, Cost & Cash’ action plan, effectively driving cost savings ahead of expectations, improving net working capital and delivering record free cash flow.” He added, “The peak of the crisis is behind us. We expect a solid second half of the year based on June’s full recovery, the trend of our order book and upcoming government stimulus packages.”

By region the group noted the most severe coronavirus-related disruption in Asia-Pacific despite China delivering a full recovery and growing sales volumes by the end of the second quarter. In Europe lockdowns in the UK and France had a particular impact and it said that, “volumes suggest a V-shaped recovery in June 2020 for the majority of markets, except in the UK.” Significant impacts were noted in Ecuador, Colombia and El Salvador in Latin America. Sales volumes declined in Algeria, Egypt, Iraq and South Africa in the group’s Middle East Africa region but Nigeria delivered a ‘resilient’ performance. Finally, North America was the groups best performing region with slight dips in cement and aggregate sales volumes but a rise in RMX and rising recurring EBIT. This was attributed to, “fast and effective cost management in the US.”

Greece: Titan Group says that cost savings, lower prices for solid fuels and price ‘resilience’ all helped to grow its earnings in the first half of 2020. Its earnings before interest, taxation, depreciation and amortisation (EBTIDA) rose by 12% year-on-year to Euro137m from Euro122m in the same period in 2019. Its revenue remained stable at Euro786m in the first half of 2020. Cement sales volumes fell by 2% to 7.9Mt but ready-mix concrete increased by 1.3% to 2.64Mm³ and aggregates increased by 2.6% to 9.2Mt. Although coronavirus-related lockdowns were mostly blamed for falling cement sales volumes they were also affected lower exports from Greece and the lack of fly ash supply in the US. Its US and Eastern Mediterranean regions contributed the most to its performance, with strong starts to the year in Egypt and Turkey before as the pandemic mounted.

US: Mexico-based Elementia has appointed Tim Kuebler as the leader of Elementia USA. He was already the chief executive officer (CEO) of the company’s cement business in the US and the enlarged role includes responsibility for Allura, the group’s local fibre cement business. Kuebler became the CEO of Elementia’s US-based cement business, Giant Cement, in late 2017. Prior to this he spent most of his 35-year career working at first for Lehigh Cement and then Titan America in locations across the US.

Mexico: Grupo Cementos de Chihuahua’s (GCC) net sales rose by 5% year-on-year to US$424m in the first half of 2020 from US$404m in the same period in 2019. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 16.4% to US$127m from US$109m. Its US cement and ready-mix concrete (RMC) sales volumes increased by 3.6% and 17.2% respectively. However, Mexican cement and RMC sales volumes fell by 7.2% and 23.7% respectively. Although most of GCC’s sales came from the US, it said that Mexican sales were affected by negative currency affects and the local coronavirus-related lockdown.

"Increased concrete and cement volumes in the US demonstrate the construction industry's tailwinds and resiliency on the back of improved weather conditions. EBITDA growth, free cash flow generation and margin expansion reflected the successful execution of a comprehensive plan to reduce costs and expenses,” said Enrique Escalante, GCC's chief executive officer (CEO). He added that since the company was seeing market conditions ‘deteriorate’ and high levels of uncertainty that the company expected ‘additional challenges in the quarters ahead.’ As such it hoped for, ‘further economic stimuli from the governments, including a sizable infrastructure bill.’

US: Komatsu plans to rebrand its underground hard rock equipment, surface wheel loaders and new line of blasthole drills to reflect the company’s focus on growth in these areas. The company will retain its iconic P&H and Joy brands for the products longest associated with those names: P&H for its electric rope shovels, hybrid shovels, draglines and 320XPC blasthole drill; Joy for longwall systems, and room and pillar equipment.

“Building on the growth of our mining portfolio, we’re excited to unite more products under the Komatsu brand, while respecting the history and value of the P&H and Joy brands,” said Jeffrey Dawes, president and chief executive officer (CEO) of Komatsu Mining. “As we approach Komatsu’s 100th anniversary, it’s a great moment to expand the brand in mining and celebrate the growth of these product lines.”

Mexico: Cemex recorded a net income of US$5.61m in the first half of 2020, down by 97% year-on-year from US$218m in the first half of 2019. Net sales fell by 8% to US$6.00bn from US$6.49bn and consolidated cement volumes fell by 5% to 29.2Mt from 30.7Mt. The company increased its US sales by 7% to 1.97Mt from 1.85Mt and cement volumes by 6%, while prices increased by 1%.

Chief executive officer (CEO) Fernando González said, “Despite the unprecedented conditions in which we are operating due to the pandemic, I am pleased with our second quarter performance and our quick reaction to implement cost containment measures across all geographies. In the second quarter of 2020 we saw a rapid V-shaped volume recovery in our core products from trough levels in April, reaching slightly below pre-Covid-19 outbreak volumes in June. Importantly, our health initiatives have helped protect our employees, customers, suppliers and communities, and allowed us and our customers to continue operating in most markets.

US: Switzerland-based LafargeHolcim has announced the start of sales via its local subsidiaries of its ECOPact range of 30 - 100% reduced CO₂ concretes. Chief executive officer (CEO) Jan Jenisch said, “I am proud to introduce ECOPact, the industry’s broadest range of green concrete for high-performing, sustainable and circular construction.”

The company says that, where regulatory conditions allow, ECOPact products integrate upcycled construction and demolition materials, further closing the resource loop. ECOPact concretes will enter the Canadian, Latin American and UK markets in mid-late 2020. “With the roll-out of this Green Concrete, we are accelerating the transition to more sustainable building materials for greener construction,” added Jenisch.

Mexico: Cemex says that it is involved in a working group “focussed on the application of FastCarb aggregates to concrete production” as part of its efforts towards net-zero CO₂ concrete production. FastCarb, administrated by the US-based International Research and Exchanges Board, is a project aimed at the production of aggregates from recycled concrete containing trapped carbon dioxide (CO₂) requisitioned from industrial exhaust streams.

Cemex said, “After completing the first phase of the experimental approach at the laboratory level with promising preliminary results, the project is now entering the second phase seeking to tackle the industrial approach. In this industrial approach phase, Cemex was recently assigned to evaluate the physical and mechanical properties of the carbonated recycled concrete aggregates when used in ready-mix concrete in the laboratory facilities at the Cemex France National Technical Centre.”