Governments all over the world are pushing for a greener future. The U.S. wants to cut emissions by up to 52%, according to CNBC. Europe says it’ll cut emission by up to 55%, according to the BBC. China says it will stop releasing CO2 in the next 40 years, as noted by Scientific American. To help, President Biden signed a climate bill into law, which will see $375 billion worth of federal investment over the next decade. While electric vehicles, hydrogen, solar, and other forms of green energy will benefit from the bill, it could also have a positive impact on the construction materials industry, including stocks such as Northstar Clean Technologies (TSXV: ROOF) (OTCQB: ROOOF), which is focused on the sustainable recovery and reprocessing of asphalt shingles. Other companies that could benefit include Owens Corning (NYSE: OC), Builders FirstSource Inc. (NYSE: BLDR), Lowe’s Companies Inc. (NYSE: LOW), and Home Depot Inc. (NYSE: HD).
In addition, as noted by Future Market Insights, the global asphalt shingles market could reach nearly $9.2 billion this year and $13.3 billion over the next 10 years. “The asphalt shingle industry is set to rise due to the growing awareness of energy efficiency, as reflective coatings or cool roof technologies reduce energy use. Building rules and regulations that emphasize safety, durability, and energy efficiency can influence the acceptance of these roofing materials,” they added.
Look at Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) For Example
Northstar Clean Technologies Inc. confirmed the closing of the previously announced $14.0 million royalty transaction with CVW CleanTech Inc announced on August 7, 2024. The Transaction funded as a five-year 10.0% second secured convertible debenture convertible into revenue royalties on two Northstar facilities and will accelerate the development of Northstar’s next two shingle reprocessing facilities following the completion of its first asphalt shingle reprocessing facility in Calgary, Alberta. For additional details regarding the Transaction and the terms of the Royalty Debenture, please refer to the Company’s news release dated August 7, 2024, which is available under the Company’s profile on www.sedarplus.ca.
Mr. Aidan Mills, President & CEO of Northstar, stated, “We are thrilled to finalize this transformative transaction with CVW CleanTech. Adding CVW as a strategic partner for the Northstar business strengthens our ability to execute our growth plan, provides financial flexibility and preserves shareholder value. The funds will allow us to move swiftly on our next two facilities, building on the anticipated success of the Empower Calgary Facility. The transaction strengthens Northstar’s capital structure, reduces Northstar’s near-term equity financing needs, and provides flexibility for future financing.”
Mr. Akshay Dubey, CEO of CVW CleanTech, added, “We are pleased to have successfully closed our first royalty transaction and look forward to a mutually rewarding partnership with Northstar Clean Technologies. Our investment reflects our confidence in Northstar’s leadership and their ability to execute on their growth strategy and deliver positive returns which was supported by the overwhelmingly positive feedback from our investors.”
Other related developments from around the markets include:
Owens Corning, a global residential and commercial building products leader, today reported second-quarter 2024 results. These results include performance of the company’s newly added Doors segment, which was established following the May 15 acquisition of Masonite International Corporation, a leading provider of doors and door systems. Reported Net Sales of $2.8 Billion, a 9% Increase from Prior Year, with Newly Acquired Doors Business Contributing $311 Million in Revenue; Generated Net Earnings Margin of 10%, Adjusted EBIT Margin of 21%, and Adjusted EBITDA Margin of 27%; Delivered Diluted EPS of $3.24 and Adjusted Diluted EPS of $4.64; Produced Operating Cash Flow of $493 Million and Free Cash Flow of $336 Million; Returned $52 Million to Shareholders through Dividends.
Builders FirstSource Inc., announced that on August 5, 2024, its Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s outstanding shares of common stock. “After completing nearly $1 billion of share repurchases in the second quarter, the Board’s announcement of a new share repurchase authorization reflects our strong conviction in the Company’s strategy, operating model, and fortress balance sheet underpinned by robust free cash flow generation, especially considering our confidence in the strength of the housing industry due to being underbuilt and favorable demographic trends,” said Paul S. Levy, Chairman of Builders FirstSource. “The Company’s industry-leading value-added solutions and digital tools, operational excellence, and prudent capital deployment will continue to compound growth and value for our shareholders.”
Lowe’s declared a quarterly cash dividend of one dollar and 15 cents ($1.15) per share, payable Nov. 6, 2024, to shareholders of record as of Oct. 23, 2024. In addition, in August, the company reported net earnings of $2.4 billion and diluted earnings per share (EPS) of $4.17 for the quarter ended Aug. 2, 2024, compared to diluted EPS of $4.56 in the second quarter of 2023. During the second quarter, the Company recognized a $43 million pre-tax gain associated with the 2022 sale of the Canadian retail business. This positively impacted second quarter diluted EPS by $0.07. Excluding this gain, second quarter 2024 adjusted diluted EPS was $4.10.
Home Depot, the world’s largest home improvement retailer, reported sales of $43.2 billion for the second quarter of fiscal 2024, an increase of 0.6% from the second quarter of fiscal 2023. Total sales include $1.3 billion from the recent acquisition of SRS Distribution Inc. (SRS), which represents approximately six weeks of sales in the quarter. Comparable sales for the second quarter of fiscal 2024 decreased 3.3%, and comparable sales in the U.S. decreased 3.6%. Operating income for the second quarter of fiscal 2024 was $6.5 billion and operating margin was 15.1%, compared with operating income of $6.6 billion and an operating margin of 15.4% for the second quarter of fiscal 2023. Adjusted operating income for the second quarter of fiscal 2024 was $6.6 billion and adjusted operating margin was 15.3%, compared with adjusted operating income of $6.6 billion and an adjusted operating margin of 15.5% for the second quarter of fiscal 2023. Net earnings for the second quarter of fiscal 2024 were $4.6 billion, or $4.60 per diluted share, compared with net earnings of $4.7 billion, or $4.65 per diluted share, in the same period of fiscal 2023.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Northstar Clean Technologies Inc by Northstar Clean Technologies Inc. We own ZERO shares of Northstar Clean Technologies Inc Please click here for disclaimer.
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