Pilbara Minerals Ord Shs T.PLS

MLM Q2 (Record sales, earnings expansion)

[aggman]

Nothing about MLM's Q2 release I did not like.

Volumes and prices increasing.

Costs per unit declining.

Margins expanding.

All regions and end-use segments improving.

Noted strength in Texas, Colorado, California, Florida, the Carolinas, Iowa, Georgia.

Mid year price increases implemented.

Forward looking commentary said a $10/ton cement price increase in TX and CA on 1 October.

My read:

- Industry momentum is good.
- Public funding picture good and getting better
- pricing increasing
- private construction improving
- managemet has a framework for capital management: increase dividend, share buy-back
- all positive (and this excludes the integration of TXI!)

Read through for Polaris
- appreciate the general health of the industry, cement, RMX and aggregate pricing is increasing
- confidence to push the pricing needle again in SoCal
- Surely Polaris must be getting greater pricing leverage
- the funding picture is good - am sure this extends to CA