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The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (ICE Data or the Index Provider) compiles and maintains the Underlying Index, which is composed of common stocks of U.S. building and construction companies. These companies are engaged principally in providing construction and related engineering services for building and remodeling residential properties, commercial or industrial buildings, or working on large-scale infrastructure projects, such as highways, tunnels, bridges, dams, power lines and airports.

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Martin Marietta Materials Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLM#NYSE">MLM</a>) shares are trading lower after the company reported a&nbsp;fourth-quarter&nbsp;revenue increase of&nbsp;1%&nbsp;year over year (Y/Y) to&nbsp;$1.632 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/g43652460/martin-marietta-reports-fourth-quarter-and-full-year-2024-results" rel="noreferrer noopener">missing the&nbsp;consensus of&nbsp;$1.65 billion</a>.
<ul>
<li>Gross profit was&nbsp;$489 million&nbsp;(+1% Y/Y), and the margin remained flat Y/Y at 30%.</li>
<li>Building Materials business revenue was&nbsp;$1.6&nbsp;billion, with a gross profit of $472 million in the quarter.</li>
<li>Aggregate shipments increased by 2.7% Y/Y to 47.9 million tons, while the average selling price rose by 8.6% Y/Y (or 7.6% Y/Y on an organic mix-adjusted basis) to $21.95 per ton.</li>
<li>Adjusted EBITDA upped 8% Y/Y&nbsp;to&nbsp;$545 million&nbsp;in the quarter. EPS&nbsp;rose&nbsp;3%&nbsp;Y/Y to&nbsp;$4.79,&nbsp;<a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">beating the consensus of&nbsp;$4.59</a>.</li>
<li>Operating cash flow for the year stood at $1.5 billion.</li>
<li>$670 million of cash and cash equivalents on hand</li>
<li>$1.2 billion of unused borrowing capacity on its existing credit facilities as of Dec. 31, 2024.</li>
<li>$639 million returned to shareholders through dividend payments and share repurchases during the year. </li>
<li>As of Dec. 31, there were 11.9 million shares remaining under the current repurchase authorization.</li>
</ul>
&#8220;In 2024, we faced several challenging dynamics beyond our control, including inclement weather, softening construction demand in both nonresidential and residential sectors, and tighter-than-expected monetary policy,&#8221; Martin Marietta CEO Ward Nye said.
Despite these headwinds, Martin Marietta concluded the year with a return to earnings growth and margin expansion, resulting in record fourth-quarter profits, Nye added. 
Strong infrastructure and data center demand &#8220;should more than offset ongoing softness in residential construction demand,&#8221; Nye said. 
2025 Guidance: Martin Marietta Materials sees revenues of $6.830 billion-$7.230 billion vs. (consensus of $7.23 billion). It expects adjusted EBITDA <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">of $2.150 billion-$2.350 billion</a>.
The company now expects average selling price growth of&nbsp;5.5%&nbsp;–&nbsp;7.5%&nbsp;for Aggregates.&nbsp;
Investors can gain exposure to the stock via two exchange-traded funds:
<ul>
<li>TCW Transform Supply Chain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUPP#NYSE">SUPP</a>)</li>
<li>Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>)</li>
</ul>
Price Action:&nbsp;MLM shares are down 2.08% at $518.00 premarket at the last check Wednesday.
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Martin Marietta Increases Revenue, Expands Margins: CEO Expects 'Data Center Demand To Offset Ongoing Softness'

Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) reported fourth-quarter revenue growth of 10% year-over-year <a href="https://www.benzinga.com/earnings">to $4.87 billion</a>. 
The company surpassed the consensus of $4.79 billion.
Bookings increased&nbsp;3% Y/Y to&nbsp;$4.67 billion&nbsp;in the quarter. Enterprise reported a&nbsp;10% Y/Y increase in both revenues and organic revenues.
The backlog totaled&nbsp;$6.75 billion at the end of 2024. Adjusted EBITDA rose&nbsp;17% Y/Y to&nbsp;$894 million, with a margin expansion of 110&nbsp;bps Y/Y to&nbsp;18.3%.
Adjusted&nbsp;EPS of&nbsp;$2.61 (+20% Y/Y) surpassed&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the street view of&nbsp;$2.54</a>.
As of Dec. 31, 2024: 
<ul>
<li>Operating cash flow from continuing operating activities reached $3.178 billion</li>
<li>Free cash flow amounted to $2.8 billion.</li>
<li>Cash and equivalents stood at $1.59 billion.</li>
<li>In 2024, the Swords, Ireland-based company deployed or committed $2.5 billion in capital. </li>
<li>The deployment includes $760 million for dividends and $1.3 billion for share repurchases.</li>
</ul>
Trane Technologies plans to deploy 100% of excess cash to shareholders over time.
2025 Outlook: Trane Technologies expects an FY25 organic revenue growth outlook of 7%-8% and adjusted EPS of<a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener"> $12.70-$12.90 (vs. street view of $12.69)</a>.
Dave Regnery, chair and CEO of Trane Technologies said, &#8220;We achieved record financial results with strong organic revenue growth of 12%, powerful free cash flow conversion of 109% and adjusted earnings per share growth of 24% – our fourth consecutive year of earnings per share growth of 20% or more.&#8221;
&#8221;Since launching Trane Technologies in 2020, we have delivered a compound annual revenue growth rate of 12%, realized free cash flow conversion of 108% of adjusted net earnings, expanded EBITDA margins by 400 basis points and deployed approximately $12 billion of capital.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco Building &amp; Construction ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) and&nbsp;TCW Transform Supply Chain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUPP#NYSE">SUPP</a>).
Price Action: Trane Technologies shares are down 0.49% at $362.22 premarket at the last check Thursday.
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Trane Technologies Reports Strong Q4, Backlog Reaches $6.75 Billion As Demand Remains Robust

EMCOR Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EME#NYSE">EME</a>) shares are trading higher on Tuesday after the company disclosed a deal to acquire Miller Electric Company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42972703/emcor-group-inc-announces-agreement-to-acquire-miller-electric-company" rel="noreferrer noopener">for $865 million in cash</a>.
Miller Electric provides design, installation, maintenance, and upgrades for complex electrical systems across the Southeast, serving over 1,000 clients in sectors like data centers, manufacturing, and healthcare.
The deal, unanimously approved by both boards, is subject to customary adjustments.
EMCOR expects the deal to close in the first half of 2025, subject to customary conditions.
The acquisition is anticipated to be modestly accretive to EMCOR&#8217;s EPS in 2025, with further accretion in subsequent years.
EMCOR expects Miller Electric to generate around $805 million in revenue and $80 million in Adjusted EBITDA in 2024.
Miller Electric, with a strong growth and cash flow profile, generates about 90% of its revenue from Florida and the Southeastern U.S., regions where EMCOR has a limited presence.
As of November 2024, Miller Electric had $755 million in remaining performance obligations.
Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, said, &#8220;The addition of Miller Electric expands EMCOR&#8217;s electrical capabilities through their suite of comprehensive, mission-critical services and bolsters our already strong presence in high-growth areas including data centers, manufacturing, and healthcare.&#8221;
&#8221;With a complementary geographic footprint, this transaction enables us to enhance our ‘local execution, national reach&#8217; strategy as we broaden our overall construction services platform.&#8221;
EMCOR expects to fund the transaction through cash on hand. As of September 30, cash and equivalents<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41649417/emcor-group-inc-reports-third-quarter-2024-results" rel="noreferrer noopener"> stood at $1.04 billion</a>.
Investors can gain exposure to the stock via Invesco Building &amp; Construction ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) and Invesco S&amp;P MidCap Quality ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XMHQ#NYSE">XMHQ</a>).
Price Action: EME shares are up 3.42% at $483.76 at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/01/42798998/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s &#8216;Stock Whisper&#8217; Index: 5 Stocks Investors Secretly Monitor But Don&#8217;t Talk About Yet</a></li>
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Photo via Shutterstock.

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XMHQ

EMCOR Expands Southeast Footprint With $865 Million Miller Electric Deal

Fixed-rate mortgage rates have steadily declined, marking a third consecutive week of decrease. Freddie Mac's data shows that 30-year <a href="https://www.benzinga.com/money/mortgages">fixed-rate mortgage</a> now averages 6.60%, significantly lower than the 6.95% rate from a year ago.
"The combination of mortgage rate declines, firm consumer income growth, and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds," <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-continue-drop-3">noted</a> Sam Khater, Freddie Mac's chief economist.
Fixed-rate mortgages are crucial for many homebuyers, particularly first-time buyers because they offer predictability. Since the interest rate remains constant throughout the loan term, borrowers know their monthly payments regardless of market conditions, making for easier financial planning and buying peace of mind. If these rates continue to drop, this development could make homeownership more accessible, stimulating sales.
<a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales">Recent data</a> reveals that the U.S. housing market is showing signs of recovery. Existing home sales rose 3.5% in October 2024, rebounding from a 14-year low and surpassing market expectations.
However, the median home sales price increased by 4% to $407,200, outpacing November&#8217;s 2.7% inflation rate. While Khater warned about these dynamics, home prices typically rise faster than inflation, which is one reason they were excluded from the Consumer Price Index (CPI) calculation in 1983.
Falling mortgage rates support optimism for the market, which suffered high borrowing costs earlier this year. Furthermore, the National Association of Realtors Chief Economist Lawrence Yun noted increased inventory could further bolster home sales, with job growth and economic expansion supporting growing housing demand.
Still, the home construction market offered mixed results, as shown by broad market ETFs. The iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) returned 14.66% year-to-date, while the SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) fared better at 23.06%. The Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) outperformed with 31.86% — however, it is worth noting that it is by far the smallest and most expensive of the group.
Two notable stocks in the sector performed similarly. KB Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>) has clocked a solid yet underperforming 18.52% return year-to-date. It trades at 8.9x its earnings, significantly lagging the peer average 21.1x.  Meanwhile, Toll Brothers Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) outperformed, climbing 37.39% year-to-date. Still, the firm trades cheaper than its peers at 8.8x its earnings. Following the <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/12/42418066/toll-brothers-investors-may-be-disappointed-with-guidance-analysts-say-after-q4-earnings">latest earnings results</a>, Oppenheimer and JPMorgan reiterated an Outperform and Overweight rating, citing robust demand but warning about the gross-margin guidance for the first quarter of fiscal 2025.
Read Next: • <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42471357/egg-hyperinflation-could-spike-grocery-prices-why-cal-maine-vital-farms-are-soaring">Egg Hyperinflation Could Spike Grocery Prices: Why Cal-Maine, Vital Farms Are Soaring</a>
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Mortgage Rates Drop Present Opportunities For Homebuilders

Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) shares are trading higher after the company reported third-quarter&nbsp;financial <a target="_blank" href="https://benzinga.com/pressreleases/24/10/b41619984/trane-technologies-reports-strong-third-quarter-results-and-raises-2024-revenue-and-eps-guidance" rel="noreferrer noopener">results and&nbsp;raised its FY24&nbsp;guidance</a>.
Revenues grew&nbsp;11%&nbsp;year-over-year to&nbsp;$5.44 billion, surpassing the consensus of&nbsp;$5.32 billion. Bookings increased&nbsp;5%&nbsp;to $5.213 billion in the quarter.
Enterprise reported an&nbsp;11%&nbsp;increase in both revenues and organic revenues. The backlog totaled&nbsp;$7.2 billion, versus $6.9 billion at year-end 2023.
Adjusted EBITDA rose 18%&nbsp;to&nbsp;$1.127 billion, with margin expansion of 120&nbsp;bps Y/Y to&nbsp;20.7%. Adjusted&nbsp;EPS of&nbsp;$3.37 surpassed&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the street view of&nbsp;$3.24</a>.
As of September 30, 2024, operating cash flow from continuing operating activities reached $2.3 billion, while free cash flow amounted to $2 billion. As of September&nbsp;30, cash and equivalents stood at&nbsp;$1.93 billion.
Year-to-date through October, the company deployed or committed around&nbsp;$2.0 billion&nbsp;in capital, including&nbsp;$800 million&nbsp;for dividends and&nbsp;$1 billion&nbsp;for share repurchases.
Trane Technologies plans to maintain a competitive and growing dividend while deploying&nbsp;100%&nbsp;of excess cash to shareholders over time.
<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Outlook</a>: Trane Technologies raised FY24 organic revenue growth&nbsp;outlook to&nbsp;11%&nbsp;(prior view&nbsp;10%) and adjusted the EPS&nbsp;outlook to&nbsp;$11.10&nbsp;(from <a target="_blank" href="https://www.benzinga.com//node/40075367" rel="noreferrer noopener">$10.80) vs.&nbsp;consensus of&nbsp;$10.90</a>.
Investors can gain exposure to the stock via&nbsp;Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) and&nbsp;AdvisorShares Gerber Kawasaki ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GK#NYSE">GK</a>).
Price Action: TT shares are down 4.58% at $372.72 at the last check Wednesday.
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</ul>

Trane Technologies Delivers Strong Q3: Revenue And EPS Outpace Expectations Amid Rising Demand

Martin Marietta Materials Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLM#NYSE">MLM</a>) reported a&nbsp;third-quarter revenue decline of&nbsp;5% to&nbsp;$1.889 billion,&nbsp;missing the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41620752/martin-marietta-reports-third-quarter-2024-results" rel="noreferrer noopener">consensus of&nbsp;$1.934 billion</a>.
Gross profit was&nbsp;$599 million (-11%), and the margin contracted to&nbsp;32%&nbsp;from&nbsp;34% a year ago.&nbsp;
Building Materials business revenue was&nbsp;$1.8 billion (-6%), and the corresponding gross profit was&nbsp;$588&nbsp;million (-9%).
Aggregate shipments decreased by&nbsp;3.9%&nbsp;to 53.7&nbsp;million tons, while the average selling price increased by&nbsp;7.7% (or&nbsp;8.9%&nbsp;on an organic mix-adjusted basis) to $21.52 per ton.
Adjusted EBITDA declined&nbsp;8% to&nbsp;$646 million in the quarter. EPS&nbsp;fell 15% to&nbsp;$5.91, <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">missing the consensus of&nbsp;$6.32</a>.
Martin Marietta&#8217;s operating cash flow for the nine months stood at&nbsp;$773&nbsp;million, compared with&nbsp;$973&nbsp;million for the prior year.
The company held&nbsp;$52&nbsp;million of cash and cash equivalents and&nbsp;$1.1 billion of unused borrowing capacity on its existing credit facilities as of September&nbsp;30, 2024.
The company returned&nbsp;$591&nbsp;million to shareholders through dividend payments and share repurchases during the nine-months. As of September&nbsp;30, there were 11.9 million shares remaining under the current repurchase authorization.
Martin Marietta CEO&nbsp;Ward Nye said, &#8220;Significant July precipitation together with Tropical Storm Debby in North Carolina, Hurricane Beryl in Texas and Hurricane Helene across much of our Southeast footprint all occurred during the quarter.&#8221;
&#8220;Although these events are short-term and temporary, they nonetheless adversely impacted our&nbsp;third-quarter&nbsp;product shipments, geographic mix and financial results..,&#8221; Nye added.
<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">2024&nbsp;Guidance Revised</a>: Martin Marietta Materials lowered revenues to&nbsp;$6.450 billion -$6.705 billion (from $6.50 billion &#8211; $6.94 billion)&nbsp;vs. consensus&nbsp;$6.61 billion and adjusted EBITDA to&nbsp;$2.015 billion-$2.115 billion <a target="_blank" href="https://www.benzinga.com//node/40252844" rel="noreferrer noopener">(from&nbsp;$2.10 billion &#8211; $2.30&nbsp;billion prior)</a>.
The company now expects average selling price growth of&nbsp;9.0% &#8211; 11.0% for Aggregates.&nbsp;
Nye added, &#8220;Looking ahead to 2025 and beyond, we expect to benefit from record levels of federal and state investments in highways, streets and bridges. Additionally, reshoring and the build-out of artificial intelligence infrastructure should provide steady growth in these aggregates-intensive end markets for years to come.&#8221;
&#8220;Further, although higher interest rates continue to affect residential construction activity, we are encouraged by recent Federal Reserve policy actions and the likelihood of more interest rate cuts later this year, which should support a recovery in housing and, subsequently, light nonresidential construction activity.&#8221;
&#8220;Importantly, we fully expect our aggregates price/cost spread to continue to expand over time, driving improvement in unit profitability through macroeconomic cycles.&#8221;
Investors can gain exposure to the stock via&nbsp;TCW Transform Supply Chain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUPP#NYSE">SUPP</a>) and&nbsp;Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>).
Price Action: MLM shares are up 2.62% at $599.15 at the last check Wednesday.
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</ul>

Martin Marietta Faces Headwinds: Q3 Revenue Declines Amid Severe Weather Impacts, Revises Outlook

D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) shares are trading lower after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41594448/d-r-horton-inc-americas-builder-reports-fourth-quarter-and-fiscal-2024-earnings-and-increases-quar" rel="noreferrer noopener">fourth-quarter results</a>.
Sales fell 5% year-over-year to&nbsp;$10.0 billion, missing the consensus of&nbsp;$10.2 billion.
Net sales orders increased&nbsp;1%&nbsp;to 19,035&nbsp;homes and&nbsp;decreased 2% in value at&nbsp;$7.1 billion.
Homebuilding revenue increased 2% to $9.0 billion. Homes closed in the quarter rose 3% to 23,647 homes.
Sales order backlog of homes under contract as of September 30, 2024, decreased&nbsp;20% to 12,180&nbsp;homes and&nbsp;19% in value to&nbsp;$4.8 billion.
D.R. Horton had 37,400&nbsp;homes in inventory, of which 25,700&nbsp;were unsold as of September 30, 2024.
EPS was&nbsp;$3.92,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">missing the consensus of&nbsp;$4.17.</a>
Return on equity (ROE) was&nbsp;19.9% for FY24, and homebuilding pre-tax return on inventory (ROI) was 27.8%.
The company&#8217;s operating cash flow totaled&nbsp;$2.2 billion in FY24. As of September 30, 2024, the cash balance was&nbsp;$4.5 billion, and the available capacity on its credit facilities was $3.1 billion, for a total liquidity of&nbsp;$7.6 billion.
D.R. Horton repurchased 3.4 million shares for&nbsp;$561.2&nbsp;million during the quarter. The company&#8217;s remaining stock repurchase authorization as of September 30, 2024,&nbsp;was&nbsp;$3.6 billion.
Subsequent to year-end, the company raised the quarterly dividend by 33% to $0.40 per share. The dividend is payable on November 19, 2024, to shareholders of record as of November 12, 2024.
FY25 Outlook: D.R. Horton expects revenue of $36.0 billion &#8211; $37.5 billion versus the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of&nbsp;$39.4 billion</a>.
It expects homes closed to be 90,000 homes-92,000 homes for the year. DHI projects FY25 operating cash flow to be greater than fiscal 2024
The company expects&nbsp;dividend payments of around&nbsp;$500 million and share repurchases of ~$2.4 billion.
David Auld, Executive Chairman, said, &#8220;While mortgage rates have decreased from their highs earlier this year, many potential homebuyers expect rates to be lower in 2025. We believe that rate volatility and uncertainty are causing some buyers to stay on the sidelines in the near term.&#8221;
&#8220;To help spur demand and address affordability, we are continuing to use incentives such as mortgage rate buydowns, and we have continued to start and sell more of our homes with smaller floor plans.&#8221;
&#8220;The supply of both new and existing homes at affordable price points is still generally limited, and demographics supporting housing demand are favorable. With a focus on affordable product offerings, 37,400 homes in inventory and continued improvement in our construction cycle times, we are well positioned for fiscal 2025.&#8221;
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>).
Price Action:&nbsp;DHI shares are down 10.2% at $162.00 premarket at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317881/hurricane-milton-to-deliver-2-5b-blow-to-floridas-homebuilding-sector-goldman-sachs" target="_blank" rel="noreferrer noopener">Hurricane Milton To Deliver $2.5B Blow To Florida&#8217;s Homebuilding Sector, Goldman Sachs Says</a></li>
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Buybacks

D.R. Horton Misses Q4 Estimates: Rising Inventory, FY25 Outlook Below Consensus Amid Cautious Homebuyers

CRH PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRH#NYSE">CRH</a>) company disclosed that its CEO Albert Manifold <a href="https://www.benzinga.com/pressreleases/24/09/b40995127/crh-announces-ceo-succession" target="_blank" rel="noreferrer noopener">will retire at the end of 2024</a>.
Manifold will be succeeded by Jim Mintern, CRH&#8217;s Chief Financial Officer and board director since June 2021.
Manifold, who joined CRH in 1998 and became CEO in January 2014, will step down from the board and his executive responsibilities on December 31, 2024.
Richie Boucher, Chairman of CRH, said, &#8220;The Board has a significant focus on succession planning throughout CRH. With the support of independent advisors, we have followed best practice, including a review of external candidates, and we have carefully monitored the development plans for potential internal candidates.&#8221;
&#8220;Over recent years we have closely observed Jim&#8217;s character, qualities and abilities, as well as his significant influence on the evolution of CRH. We are very pleased to have a successor of such caliber and are confident that Jim is best positioned to lead the CRH team, building the future of the company for the benefit of our investors, customers, colleagues and communities.&#8221;
Investors can gain exposure to the stock via Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) and Fidelity MSCI Materials Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMAT#NYSE">FMAT</a>).
Price Action: CRH shares are down 0.94% at $91.11 premarket at the last check Tuesday.
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</ul>

Management

FMAT

Big Changes At Building Products Company CRH: CEO Albert Manifold Set To Retire, CFO Jim Mintern Gears Up To Lead In 2025

Martin Marietta Materials Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLM#NYSE">MLM</a>) shares are trading lower after the company reported a second-quarter&nbsp;FY24 revenue decline of&nbsp;3%&nbsp;Y/Y to&nbsp;$1.764 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40246941/martin-marietta-reports-second-quarter-2024-results" rel="noreferrer noopener">missing the consensus of&nbsp;$1.846 billion</a>.
Adjusted EPS&nbsp;of $5.26<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">&nbsp;missed the consensus of&nbsp;$5.40</a>.
Gross profit was&nbsp;$517 million&nbsp;(-8%&nbsp;Y/Y), and the margin contracted to&nbsp;29% from&nbsp;31%&nbsp;a year ago.&nbsp;
Building Materials business revenue was&nbsp;$1.7 billion&nbsp;(-3%&nbsp;Y/Y), and the corresponding gross profit was&nbsp;$501 million&nbsp;(-7%&nbsp;Y/Y).
Aggregate shipments decreased by 2.8% to 53 million tons, while the average selling price increased by 11.6%, or 12% on an organic mix-adjusted basis.
Adjusted EBITDA declined&nbsp;2%&nbsp;Y/Y to&nbsp;$584 million&nbsp;in the quarter. Martin Marietta&#8217;s operating cash flow for the six months stood at&nbsp;$173 million, compared with&nbsp;$519 million&nbsp;for the prior year.
The company held&nbsp;$109 million&nbsp;of unrestricted cash and&nbsp;$1.2 billion&nbsp;of unused borrowing capacity on its existing credit facilities as of June&nbsp;30, 2024.
The company returned&nbsp;$542 million&nbsp;to shareholders through dividend payments and share repurchases during the six-month FY24. As of June 30, 2024, there were 11.9 million shares remaining under the current repurchase authorization.
Martin Marietta CEO Ward Nye said the company experienced &#8220;a series of factors in the second quarter&#8221; impacting product shipments. 
&#8220;Historic precipitation in Texas and in parts of the Midwest, together with ongoing restrictive monetary policy, curtailed volumes for the three-month period,&#8221; he added. 
The quarter also included the April 5 acquisition and subsequent integration of the Blue Water Industries operations. The deal expands Martin Marietta&#8217;s nationwide presence &#8220;into attractive SOAR 2025 target markets including Tennessee and South Florida.&#8221;
2024&nbsp;Guidance&nbsp;Lowered: Martin Marietta Materials lowered revenues to $6.50 billion-$6.94 billion (from&nbsp;$6.9 billion-$7.3 billion)&nbsp;vs. consensus&nbsp;$7.042 billion&nbsp;and adjusted EBITDA to $2.10 billion-$2.30 <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">billion (from&nbsp;$2.3 billion-$2.44 billion)</a>.
The company expects average selling price growth of 11%-13% for Aggregates. 
Nye added, &#8220;Putting the quarter in broader perspective, recent macroeconomic data indicates that the typical lag effects of restrictive monetary policy are slowing product demand in the interest-rate-sensitive private construction sector.&#8221;
The company expects this rate-driven private construction softness will be &#8220;relatively short-lived.&#8221;
Single-family housing remains underbuilt, the company states. Recent inflation and employment data should provide support &#8220;for more accommodative monetary conditions beginning in September.&#8221;
Investors can gain exposure to the stock via&nbsp;TCW Transform Supply Chain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUPP#NYSE">SUPP</a>) and Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>).
Price Action: MLM stock is trading lower by&nbsp;1.54%&nbsp;at&nbsp;$530.00 premarket&nbsp;at the last check Thursday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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</ul>

Legal

Martin Marietta Misses Q2 Earnings Estimates, Lowers Fiscal Outlook After 'Series Of Factors' Impact Shipments

Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) shares are trading higher after the company reported better-than-expected second-quarter financial results and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b40062571/trane-technologies-reports-strong-second-quarter-results-and-raises-2024-revenue-and-eps-guidance" rel="noreferrer noopener">raised its FY24 guidance.</a>
Revenues grew 13% Y/Y to $5.31 billion, surpassing the consensus of $5.13 billion. Bookings increased 19% Y/Y to $5.34 billion in the quarter.
Enterprise reported a 13% Y/Y increase in both revenues and organic revenues. Acquisitions contributed about 1 percentage point, which was offset by a 1 percentage point negative foreign exchange impact.
The backlog totaled $7.5 billion, including about $2.8 billion in Commercial HVAC projects for 2025 and beyond, with $1 billion added in the second quarter.
Adjusted EBITDA rose 21% Y/Y to $1.119 billion, with margin expansion of 140 bps Y/Y to 21.1%. Adjusted&nbsp;EPS of $3.30&nbsp;surpassed <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the street view of&nbsp;$3.08</a>.
For the six months that ended in June, cash flow from continuing operating activities was $959 million, and free cash flow was $810 million. As of June 30, cash and equivalents stood at $1.33 billion.
Year-to-date through July, the company deployed or committed around $1.2 billion in capital, including $379 million for dividends and $731 million for share repurchases.
Trane Technologies plans to maintain a competitive and growing dividend while deploying 100% of excess cash to shareholders over time.
<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Outlook</a>: Trane Technologies raised FY24 organic revenue growth&nbsp;outlook&nbsp;to&nbsp;10% (prior view 8% to&nbsp;9%) and adjusted the EPS&nbsp;outlook&nbsp;to&nbsp;$10.80&nbsp;(vs.&nbsp;consensus of $10.53) <a target="_blank" href="https://www.benzinga.com//node/38513567" rel="noreferrer noopener">from $10.40&nbsp;&#8211;&nbsp;$10.50</a>.
Dave Regnery, chair and CEO said, &#8220;Given our strong first half performance and positive outlook, we are raising our full-year revenue and adjusted EPS guidance well above the high end of our prior range. With our purpose-driven strategy, proven business operating system and uplifting culture, we are well positioned to continue delivering leading growth among industrials and differentiated shareholder returns over the long term.&#8221;
Investors can gain exposure to the stock via Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) and AdvisorShares Gerber Kawasaki ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GK#NYSE">GK</a>).
Price Action: TT shares are up 1.80% at $334.76 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trane Technologies Beats Q2 Expectations, Raises 2024 Guidance Amid Solid Bookings

PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) shares are trading higher after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39901324/pultegroup-reports-second-quarter-2024-financial-results" rel="noreferrer noopener">second-quarter&nbsp;FY24&nbsp;results</a>.
Revenue stood at&nbsp;$4.60 billion, beating the consensus of&nbsp;$4.491 billion.
Reported home sale revenues rose&nbsp;10%&nbsp;Y/Y to&nbsp;$4.4 billion, with higher revenues reflecting an&nbsp;8%&nbsp;Y/Y increase in closings to 8,097 homes and a 2%&nbsp;Y/Y rise in average sales price to $549,000.
The gross margin for home sales stood at&nbsp;29.9%, increasing by 30 basis points Y/Y, in the quarter.
Net new orders fell to 7,649 from 7,947 homes last year. However, the dollar value of net new orders rose 2% year-over-year to $4.4 billion in the second quarter.
GAAP EPS of&nbsp;3.83&nbsp;beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of&nbsp;$3.26</a>.
At the end of the second quarter, the company&#8217;s backlog was 12,982 homes, valued at $8.1 billion. The company ended the year with&nbsp;$1.4 billion&nbsp;of cash and a debt-to-capital ratio of&nbsp;12.8%.
During the quarter, the company repurchased 2.8 million of its common shares for&nbsp;$314 million, or an average price of&nbsp;$113.79&nbsp;per share.
Ryan Marshall, PulteGroup President and CEO, said, &#8220;While interest rate movements can impact short-term homebuying demand, long-term market dynamics continue to benefit from a structural shortage of homes caused by years of underbuilding.&#8221;
&#8220;As demonstrated by our 27.1% return on equity for the past 12 months, we continue to successfully navigate these conditions by actively managing sales price, pace and starts on a community-by-community basis with the goal of realizing high returns on invested capital and equity over time.&#8221;
Yesterday, the company disclosed that Bob O&#8217;Shaughnessy, Executive Vice President, and Chief Financial Officer, plans to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39880849/pultegroup-cfo-bob-oshaughnessy-announces-plan-to-retire-in-2025" rel="noreferrer noopener">retire at the end of 2025</a>.
PulteGroup has appointed Jim Ossowski, currently Senior Vice President of Finance, as the replacement.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;Invesco Building &amp; Construction ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>).
Price Action: PHM shares were up&nbsp;2.61%&nbsp;at&nbsp;$128.92 premarket&nbsp;at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Midjourney

Home Construction Company PulteGroup's Q2 Revenue and Earnings Soar Despite Rising Interest Rates: Details

As <a href="https://www.benzinga.com//node/39583371">cities in the U.S. continue to break their historical heat records</a>, workers, lawmakers and businesses across the country are launching a debate: should the state grant protections for workers in extreme heat conditions?
Most of the country has been under heat alerts since rising temperatures began breaking comfortable levels in early July.
On Tuesday, meteorologists began warning people living in Midwestern and East Coast states. An upcoming heat wave is expected to break records in many cities, putting 140 million Americans under heat alert.
Earlier this month, at least 50 cities saw their historical heat records broken by a heat wave that affected most of the Southwest. Palm Springs, California and Las Vegas reached 124 and 120 degrees Fahrenheit, respectively, <a href="https://www.usatoday.com/story/news/weather/2024/07/11/temperature-records-heat-wave-west/74372547007/">USA Today </a>reported.
Many cities and localities in the East Coast are expected to surpass their historical average highs on this week.
The trend is global, with the last 13 months marking the highest temperatures on record for that month, according to official EU data from the Copernicus Programme.
The upcoming heat wave in the U.S. is expected to be dangerously lethal. At least 28 people have died this summer due to extreme heat events, according to a <a href="https://www.washingtonpost.com/climate-environment/2024/07/10/heat-wave-us-death-toll/">report</a> by the Washington Post.
<h3 class="wp-block-heading">Should Workers Have Federal, State Protections For Heat Risk?</h3>
Rising temperatures across the globe are forcing people to change their living habits, including how many hours of the day they can spend outside without air conditioning.
This has serious consequences for work, especially in sectors that require workers to be exposed to high temperatures under the sun for an extended period of time.
These encompass delivery and postal workers, the construction and agriculture sectors as well as those working in infrastructure repairs and gardening in urban environments, among others.
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Health risks for workers include "heat exhaustion and heat stroke, occupational injuries from high heat exposure such as burns or falls from dizziness, and exacerbation of preexisting conditions such as asthma, kidney disease, or heart disease," according to reports by the Center for Disease Control and the Occupational Safety and Health Administration (OSHA).
Earlier this month, the Biden administration proposed a new rule that, for the first time, could introduce protections for workers exposed to health risks due to rising heat levels, whether outdoors or indoors.
The proposal comes from OSHA, and outlines actions that employers should take to protect their employees from heat risks. If finalized, the rule could add protections for 35 million employees nationwide.
"The purpose of this rule is simple. It is to significantly reduce the number of work-related deaths, injuries and illnesses suffered by workers who are exposed to excessive heat and exposed to these risks while simply doing their jobs," an administration official told reporters on a press call, <a href="https://www.washingtonpost.com/climate-environment/2024/07/02/osha-workers-extreme-heat-protections/">according</a> to the Post.
The rule would introduce actions that employers must fulfill if the weather passes two specific temperature marks. Above 80 degrees Fahrenheit, employers must offer drinking water and break areas, as well as plan out the work schedule in an incremental rhythm for the bodies of workers to adapt to the heat.
At 90 degrees, employees must be monitored for signs of heat illness and take mandatory 15-minute breaks every two hours.
No federal heat protection law is in place, and only five states exercise worker safety precautions: California, Colorado, Minnesota, Oregon and Washington.
The timeline for OSHA's proposal would make it final by 2026. Its rollout will largely <a href="https://www.benzinga.com/general/politics/24/07/39780356/trumps-2024-election-betting-odds-hit-record-high-after-assassination-attempt-payouts-for-ex-pre">depend on who wins the U.S. presidency in November</a>. A victory for Donald Trump would likely threaten its existence.
High-profile Republicans have voiced opposition to worker protections for heat risk. Republicans have traditionally stood against policies related to climate change that are liable to impact businesses or industries.
In Florida, where some of the highest temperatures in the country have registered in recent years, Gov. Ron DeSantis, a Republican, recently signed a piece of legislation barring local governments from raising protections for workers exposed to heat.
Texas had passed a similar bill the previous year, which was dubbed the "Death Star law." The bill was ruled unconstitutional by a judge, after Houston, El Paso and San Antonio presented lawsuits against it.
<h3 class="wp-block-heading">Industry Impacts</h3>
Progressive voices like the Center for American Progress have written that exposing workers to heat risk can have bad consequences for the economy, including "lost worker productivity, increased health care costs and worker compensation claims, and threats to workers' financial stability from missing work."
For conservatives, adding protections for workers can reduce productivity for businesses and lead to a loss in competitiveness.
Business groups lobbying against the OSHA rule argue that trigger temperatures proposed by the rule should not be set as a blanket policy nationwide, as workers from different parts of the country have different tolerance thresholds for heat.
For workers in Florida, "an 80-degree threshold for them isn't going to be considered hot," said Prianka Sharma, vice president and counsel for regulatory affairs for The American Road &amp; Transportation Builders Association.
Multiple ETFs follow industries that can be affected by changes in policy around heat risk.
iShares US Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) is the largest ETF by total assets following the construction industry. It's followed by SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) and the Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>).
Agriculture is another major sector that affected by the heat issue. The Invesco DB Agriculture Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBA#NYSE">DBA</a>) leads the list by total assets, with Teucrium Wheat Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WEAT#NYSE">WEAT</a>) and First Trust Alternative Absolute Return Strat ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAAR#NASDAQ">FAAR</a>) next.
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Shutterstock image.

Politics

Markets

First Trust Alternative Absolute Return Strategy ETF

FAAR

WEAT

Scorching Heat Breaks Records, But 2024 Election Outcome May Hold Worker Protections Hostage

Despite calls for him to step aside after his debate performance, a recent poll shows President Joe Biden gaining ground in seven swing states.&nbsp;
The Bloomberg News/Morning Consult poll found Republican Donald Trump led Democrat Biden by only 2 percentage points, 47% to 45%, in the critical states&nbsp; needed to win the November election.That&#39;s the smallest gap since the poll started last October.
Biden currently holds a lead over Trump in Michigan and Wisconsin. In Arizona, Georgia, Nevada and North Carolina, Biden&#39;s position is within the poll&#39;s margin of error. However, he faces his largest deficit in the crucial state of Pennsylvania.
If Biden does succeed in the November presidential election, his policies and their economic impact could impact several key investment areas.
<h2>ETF Strategies in Focus</h2>
Here are some ETF investment strategies that may be considered if Biden wins again.
<h3>Focus on Infrastructure-Related Stocks</h3>
Biden is in favor of the expansion of infrastructure. Investors can consider stocks of companies that provide products and services for the construction of roads, bridges and other infrastructure projects. iShares U.S. Infrastructure ETF (BATS: <a class="ticker" href="https://www.benzinga.com/stock/ifra#BATS">IFRA</a>) and Invesco Dynamic Building &amp; Construction ETF (ARCA:PKB) should thus be in focus.
<h3>Bet on Renewable Energy Stocks</h3>
Biden had made it clear in the first term itself that he plans to prioritize the fight against climate change. He has set ambitious goals for the country to achieve net-zero emissions by 2050. Investors can bet on renewable energy stocks, such as those involved in solar, wind and hydroelectric power, to benefit from the shift toward clean energy.
Companies involved in clean energy, electric vehicles and green infrastructure should benefit from Biden&#39;s push for a greener economy. This could benefit ETFs like Invesco Solar ETF (ARCA:TAN) and iShares Global Clean Energy ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/icln#NASDAQ">ICLN</a>).
<h3>Cannabis Stocks to Remain on a High?</h3>
President Biden is in favor of gradual legalization of marijuana. Cannabis stocks benefited last year due to the reintroduction of the Secure and Fair Enforcement (SAFE) Banking Act. Biden has demonstrated his commitment to marijuana reform by advocating that no one should face incarceration for using or possessing the substance.
The justice department recommended that cannabis be reclassified as a schedule III drug, indicating a moderate-to-low risk of physical and psychological dependence. Cannabis firms would stand to gain significantly as they would no longer fall under the purview of Section 280E of the U.S. federal tax code, presenting one of the most notable advantages. AdvisorShares Pure US Cannabis ETF (ARCA:MSOS) and ETFMG Alternative Harvest ETF (ARCA:MJ) could be potential winners.
<h3>Consider Defense and Aerospace Stocks</h3>
Biden has also pledged to continue investing in national defense and technology. Investors can consider defense and aerospace stocks that stand to benefit from the government&#39;s focus on improving the country&#39;s national security and technological capabilities. This puts Aerospace &amp; Defense ETFs like iShares U.S. Aerospace &amp; Defense ETF&nbsp;and Invesco Aerospace &amp; Defense ETF&nbsp;in the spotlight.
<h3>Bet on American Industrial Companies </h3>
The Biden administration declared significant tariff hikes on $18 billion worth of Chinese imports this year to safeguard American industries from unfair competition. The new tariffs consider a wide array of products, with major impacts on sectors such as electric vehicles, solar energy, and steel.
The Biden administration highlighted overproduction and potential market flooding by Chinese manufacturers as the key reasons for these increased tariffs. The latest batch of increased tariffs should boost American production and benefit First Trust RBA American Industrial Renaissance ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/airr#NASDAQ">AIRR</a>).
<a href="https://www.zacks.com/stock/news/2299518/etfs-to-track-amid-biden-s-better-showing-in-swing-states?cid=CS-BENZ-FT-etf_news_and_commentary-2299518">To read this article on Zacks.com click here.</a>

Trading Ideas

AIRR

iShares S&P Global Clean Energy Index Fund

ICLN

IFRA

MSOS

ETFs to Track Amid Biden's Better Showing in Swing States

Wall Street is in great shape this year. The S&amp;P 500 has surged 14.5%, the Nasdaq Composite has jumped 18.1% and the Dow Jones has nudged up 3.8%, while the Rusell 2000 is up only 1%. In the ongoing bull market, technology stocks have been at the forefront, driven by an unexpected surge in artificial intelligence interest among investors.
However, with the rally expanding over the last few months, sectors beyond technology have started to reclaim prominence, indicating a widening of the market breadth. Analysts see more gains in the cards for Wall Street. However, many investors have overvaluation concerns after such a stupendous rally.
Against this backdrop, some investors may be a bit clueless about finding sectors that are currently hot. For them, we have presented four sectors that boast an upbeat Zacks Rank. These sectors and their ETFs could be great picks now.
<h3>Sectors &amp; ETFs in Focus</h3>
Against this backdrop, below we highlight a few sectors and their ETFs that could be up for gains in the third quarter. To do so, we depend on the Zacks Sector Rank.&nbsp;The Zacks Sector Rank is determined by calculating the average Zacks Rank for all the stocks in the sector and then assigning an ordinal rank to it.
For example, a sector with an average Zacks Rank of 1.6 is better than a sector with an average Zacks Rank of 2.3. So, the sector with the better average Zacks Rank would get a better Zacks Sector Rank. Zacks classifies all stocks into one of 16 sectors.
If a sector has the best average Zacks Rank, it would be considered the top sector (1 out of 16), which would place it in the top 1% of Zacks Rank Sectors. The top 8 Zacks Ranked Sectors would be in the top 50% of sectors, whereas the bottom 8 Zacks Ranked Sectors would be in the bottom 50% of sectors. The sectors mentioned below have upbeat Zacks ranks.
Let&#39;s find out!
<h3>Industrials &ndash; Zacks Sector Rank #2</h3>
The industrials sector is set to benefit as business conditions have improved and demand seems to be solid. About 70% of the industries fall under the top-ranked category. Electronics, procurement and fabrication, steel-pipe and tube, and engineering-R&amp;D services are some of the industries under this category.
The sector&#39;s forward P/E is currently 17.25X, lower than the S&amp;P 500&#39;s 18.51X. The sector&#39;s projected EPS growth is 8.27% versus 6.12% growth likely to be seen for the S&amp;P 500. Industrial Select Sector SPDR (ARCA:XLI) has a Zacks Rank #2 (Buy).
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ad/70032.jpg?v=1560007933" /> 
Image Source: Zacks Investment Research
<h3>Construction &ndash; Zacks Sector Rank #3</h3>
Thanks to the double whammy of high prices and still high mortgage rates,the U.S. housing sector is in the doldrums currently. But the overall construction sectorlooks attractive given that many of the underlying industries&#39; earnings estimates have seen more positive revisions than negative. Homebuilders, air conditioners and heating, wood, mobile homes and RV builders deserve special mention in this regard.
The construction sector is currently undervalued than the S&amp;P 500 and its projected EPS growth is higher than the S&amp;P 500. Investors can target Invesco Building &amp; Construction ETF (ARCA:PKB) to bet on the sector.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/12/70033.jpg?v=1998333387" /> 
Image Source: Zacks Investment Research
<h3>Aerospace &ndash; Zacks Sector Rank #5</h3>
The sector&#39;s performance has been lackluster in 1H 2024, as it lost by 4.8%. The sector has been disliked by investors probably because it is slightly overvalued than the S&amp;P 500 and its historical EPS growth fell short of the S&amp;P 500.
However, the scenario may change in the coming days as the projected EPS growth rate of the aerospace industry is 18.19% (versus the S&amp;P 500). Currently, the fundamentals behind the sector are positive as the sector tends to benefit from rising geopolitical tensions, which result in increased defense spending worldwide.
The demand profile in the sector is on an upward trajectory. iShares U.S. Aerospace &amp; Defense ETF (BATS: <a class="ticker" href="https://www.benzinga.com/stock/ita#BATS">ITA</a>) has a Zacks Rank #2.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b1/70030.jpg?v=1424789890" /> 
Image Source: Zacks Investment Research
<a href="https://www.zacks.com/stock/news/2296154/3-sector-etfs-to-buy-for-q3?cid=CS-BENZ-FT-etf_news_and_commentary-2296154">To read this article on Zacks.com click here.</a>

Analyst Ratings

iShares Dow Jones US Aerospace & Defense Index Fund

3 Sector ETFs to Buy for Q3

Tractor Supply Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSCO#NASDAQ">TSCO</a>) eliminated DEI roles and retired its current DEI (Diversity, Equity, and Inclusion) goals <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">while ensuring a respectful environment.</a>
The company also withdrew its carbon emission goals to focus on land and water conservation efforts, the company <a target="_blank" href="https://corporate.tractorsupply.com/newsroom/news-releases/news-releases-details/2024/Tractor-Supply-Company-Statement/default.aspx" rel="noreferrer noopener">said </a>in a statement.
&#8220;We have heard from customers that we have disappointed them. We have taken this feedback to heart,&#8221; the company said in the statement.
Tractor Supply is also planning to further focus on rural American priorities, including ag education, animal welfare, veteran causes, and being a good neighbor, and stop sponsoring nonbusiness activities like pride festivals and voting campaigns.
The decisions, following weeks of social media criticism from a prominent conservative political commentator, mark one of the most significant pullbacks by a corporation from progressive initiatives, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/business/tractor-supply-to-cut-carbon-emission-goals-dei-roles-to-meet-customer-values-70213375?mod=business_lead_story" rel="noreferrer noopener">reported</a>. This is because many companies are reassessing their support for various causes.
Tractor Supply&#8217;s customer base primarily consists of individuals from rural areas who are predominantly male.
This demographic differs from the general customer base of big-box retailers like Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), the report read.
Many of Tractor Supply&#8217;s customers reside in regions that typically support conservative political candidates.
Earlier this month, Tractor Supply faced a surge in complaints from conservative activists regarding its DEI efforts, initially on X and subsequently on other social-media platforms.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, TSCO stock has lost over 5% in the past month.
Some critics threatened to boycott the brand, employing tactics aimed at pressuring companies to respond. This campaign was spearheaded by conservative political commentator and filmmaker Robby Starbuck, who urged his followers to patronize alternative businesses.
&#8220;Your trust and confidence in us are of the utmost importance, and we don&#8217;t take that lightly,&#8221; Tractor Supply said.
Investors can gain exposure to the stock via&nbsp;Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) and&nbsp;VictoryShares Nasdaq Next 50 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQN#NASDAQ">QQQN</a>).
Price Action: TSCO shares are trading higher by 0.54% to $269 premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39533919/blackberrys-visibility-to-near-term-profitability-is-starting-to-improve-analyst-ey" target="_blank" rel="noreferrer noopener">Blackberry&#8217;s Visibility To Near-term Profitability Is Starting To Improve &#8211; Analyst Eyes Value-creation Strategies</a>
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Tractor Supply Company Shifts Focus, Retires DEI Goals Amid Backlash, Emphasizes Rural America Priorities

CRH plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRH#NYSE">CRH</a>) shares are trading lower on Friday. The company disclosed that Adbri&#8217;s independent shareholders had approved the Scheme of Arrangement for CRH and the Barro Group to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39326522/scheme-of-arrangement-approval-for-proposed-adbri-acquisition" rel="noreferrer noopener">acquire Adbri Ltd</a>.
The approval was granted at the Scheme Meeting on June 12, 2024, and received Court approval on June 14, 2024.
Under the approved Scheme, CRH will purchase the remaining 57% of Adbri&#8217;s ordinary shares not held by Barro for A$3.20 per share in cash.
In December 2023, the company, along with the Barro Group, disclosed a deal to acquire Adbri at an equity valuation of <a target="_blank" href="https://www.benzinga.com/markets/equities/23/12/36277494/crh-proposes-to-acquire-australias-adbri-in-partnership-with-barro-family-details" rel="noreferrer noopener">$1.4 billion (A$2.1 billion) on a 100% basis</a>.&nbsp;
The deal values the 53% of issued share capital that Partners Barro and CRH do not currently have an interest in and which CRH has agreed to acquire at $0.75 billion (A$1.1 billion).
With Foreign Investment Review Board (FIRB) approval already secured, all conditions for the transaction have now been satisfied. The deal is projected to close on July 1, 2024, based on the current timetable.
Albert Manifold, Chief Executive of CRH, said,&nbsp;&#8220;Adbri is an attractive business with high-quality assets and leading market positions that complement our core competencies in cement, concrete and aggregates while creating additional opportunities for growth and development for our existing Australian business.&#8221;
CRH ended first-quarter FY24 with cash and equivalents of $3.3 billion and $3.8 billion of undrawn <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38760016/why-is-construction-materials-company-crh-stock-up-premarket-friday" rel="noreferrer noopener">committed facilities available until May 2029</a>.
Investors can gain exposure to the stock via Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>) and Fidelity MSCI Materials Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMAT#NYSE">FMAT</a>).
Price Action: CRH shares are down 2.03% at $77.60 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

CRH Acquisition Cleared for Takeoff: A$2.1B Deal Bolsters Australia Presence

The U.S. economy added 175,000 jobs in April, well below Wall Street expectations of 240,000, strengthening bets that the Federal Reserve will be able to cut interest rates in the coming months. Health care and social assistance led the way with a gain of 87,000 jobs.
The unemployment rate ticked higher to 3.9% against expectations it would hold steady at 3.8%. Average hourly earnings rose 0.2% sequentially and 3.9% year over year, both below consensus estimates. The jobless rate tied for the highest level since January 2022. The labor force participation rate, or those actively looking for work, was unchanged at 62.7%.
The slower job growth could be good news on the inflation front but cause economic slowdown. Below, we have highlighted some of the sectors that will likely see smooth trading in the days ahead in light of the April jobs data.
Sectors in Focus
Healthcare
Employment in the healthcare industry increased by 56,000 in jobs, in line with the average monthly gain of 63,000 over the prior 12 months. Considerable job gains occurred in ambulatory health care services (+33,000), hospitals (+14,000), and nursing and residential care facilities (+9,000)
The Zacks Rank #1 (Strong Buy) Health Care Select Sector SPDR ETF (ARCA:XLV) can be played to tap the moderate momentum. Tenet Healthcare (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/thc#NYSE">THC</a>), which has a Zacks Rank #1 deserves a mention. It is an investor-owned health care services company, which owns and operates general hospitals and related health care facilities for urban and rural communities in numerous states, and has offices in California and Florida. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Transportation 
Employment in transportation and warehousing rose by 22,000 in April. In April, employment also increased in couriers and messengers (+8,000) and warehousing and storage (+8,000) were also notable.&nbsp;Zacks Rank #2 (Buy) SPDR S&amp;P Transportation ETF (ARCA:XTN) can thus be considered for a play. Airlines company Alaska Air Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/alk#NYSE">ALK</a>) has a Zacks Rank #2.
Retail 
Retail trade continued to trend up in April (+20,000). Over the prior 12 months, the industry had added an average of 7,000 jobs per month. In April, notable employment was seen in areas like general merchandise retailers (+10,000), building material and garden equipment and supplies dealers (+7,000), and health and personal care retailers (+5,000).
As far as the fund is concerned, SPDR S&amp;P Retail ETF (ARCA:XRT) has a Zacks Rank #2. The Kroger Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kr#NYSE">KR</a>), which operates in the thin-margin grocery industry, also has a Zacks Rank #2.
Construction
In April, employment in construction (+9,000), following an increase of 40,000 in March. Over the prior 12 months, construction had added an average of 22,000 jobs per month. Investors can keep a watch on the price movement of Invesco Dynamic Building &amp; Construction ETF (ARCA:PKB).
The fund PKB is comprised of stocks of U.S. building and construction companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.
As far as the stock is concerned, Zacks Rank #1 Dycom Industries (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dy#NYSE">DY</a>) is a top bet. It is a leading provider of specialty contracting services throughout the United States.
<a href="https://www.zacks.com/stock/news/2269010/4-sector-etfs-stocks-likely-to-benefit-despite-soft-jobs-data?cid=CS-BENZ-FT-etf_news_and_commentary-2269010">To read this article on Zacks.com click here.</a>

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4 Sector ETFs & Stocks Likely to Benefit Despite Soft Jobs Data

PulteGroup, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) shares are trading higher after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38374279/pultegroup-inc-reports-first-quarter-2024-financial-results" rel="noreferrer noopener">first-quarter FY24&nbsp;results</a>.
Revenue stood at $3.95 billion, beating the consensus of $3.58 billion.
Reported home sale revenues rose 10% Y/Y to $3.8 billion, with higher revenues reflecting an 11% increase in closings to 7,095 homes, partly offset by a 1% Y/Y drop in average sales price to $538,000.
The gross margin for home sales stood at&nbsp;29.6%, increasing by 50 basis points Y/Y, benefiting from ongoing strength in homebuyer demand and a favorable geographic mix of homes.
Net new orders increased 14% Y/Y to 8,379 homes. The cancellation rate dropped to 10% of the backlog at the start of the period, a decrease from 13% in the first quarter of the previous year.
GAAP EPS rose 32% Y/Y to $3.10. Adjusted EPS of $2.87 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $2.36</a>.
PulteGroup&#8217;s&nbsp;quarter-end backlog was 13,430 homes, valued at $8.2 billion. The company ended the year with $1.8 billion of cash and a debt-to-capital ratio of&nbsp;15.4%.&nbsp;
During the quarter, the company repurchased 2.3 million of its common shares for $246 million, or an average price of $106.73 per share.
&#8220;Given PulteGroup&#8217;s broad operating platform and deep product portfolio, along with the powerful incentive programs we can offer to help improve the overall affordability equation, we are well positioned to expand our market share while helping to provide much needed new housing stock.&#8221; said Ryan Marshall, PulteGroup President and CEO.
Investors can gain exposure to the stock via IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and Invesco Building &amp; Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>). 
Price Action: PHM shares were up 3.9% at $112.14 at last check Tuesday.
Photo: Shutterstock

Why Homebuilder PulteGroup Shares Are Higher Today

D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) shares are trading higher after the company reported better-than-expected second-quarter FY24 financial results and&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38309418/d-r-horton-inc-americas-builder-reports-fiscal-2024-second-quarter-earnings-and-declares-quarterly" rel="noreferrer noopener">issued guidance above estimates</a>.
Sales grew 14% Y/Y to $9.1 billion, beating the consensus of $8.3 billion. Net sales orders increased 14% Y/Y to 26,456 homes and 17% in value to $10.1 billion.
Homes closed in the quarter increased 15% Y/Y to 22,548 homes and 14% Y/Y in value to $8.5 billion.&nbsp;
EPS was $3.52 (+29% Y/Y),&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of $3.06.</a>
Sales order backlog of homes under contract as of March 31, 2024, decreased 7% to 17,873 homes and 5% in value to $7.0 billion.
D.R. Horton had 45,000 homes in inventory, of which 27,600 were unsold as of March 31, 2024.
Return on equity (ROE) was 22.2% for trailing twelve months ended March 31, 2024, and homebuilding return on inventory (ROI) was 29.9%.
The company's net cash used in operations for the six-months totaled $(470.1) million, compared to the operating cash flow of $1.47 billion a year ago.
Consolidated cash balance was $3.1 billion, and available capacity on its credit facilities was $2.6 billion, for a total liquidity of $5.7 billion.
D.R. Horton repurchased 2.7 million shares of common stock for $402.2 million during the quarter. The company's remaining stock repurchase authorization on March 31, 2024, was $800.5 million.
Dividend: D.R. Horton declared a quarterly cash dividend of $0.30 per common share, payable on May 9, 2024, to stockholders of record on May 2, 2024.
Outlook: D.R. Horton updates FY24 outlook for revenue to $36.7 billion to $37.7 billion (prior view $36 billion-$37.3 billion) vs. the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $36.32 billion</a>.
It now expects Homes closed to be 89,000 homes to 91,000 homes (prior view 87,000 homes-90,000 homes).
DHI reiterated cash provided by operations guidance of around $3 billion and currently expects share repurchases of ~$1.6 billion.
&nbsp;Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;Invesco Building &amp; Construction ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKB#NYSE">PKB</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37855254/are-you-a-housing-market-lock-in-high-mortgage-rates-result-in-people-not-living-in-homes-they-w" rel="noreferrer noopener">Are You A Housing Market Lock-In? High Mortgage Rates Result In &#8216;People Not Living In Homes They Would Prefer&#8217;</a>
Price Action: DHI shares are up 2.65% at $149.60 on the last check Thursday.
Photo via Shutterstock

Why Builder D.R. Horton Shares Are Surging Today

The U.S. economy added 303,000 jobs last month. That data breezed past expectations for 205,000 job gains, according to FactSet consensus estimates, as quoted on CNBC. The unemployment rate in the United States dipped to 3.8% in March 2024 from the previous month&#39;s two-year high of 3.9% and surprising market expectations, which had forecasted the rate to remain unchanged.
Additionally, the labor force participation rate increased to 62.7% from a near one-year low of 62.5% in the preceding periods, and the employment-population ratio climbed to 60.3% from 60.1%. Below, we have highlighted some of the sectors that will likely see smooth trading in the days ahead in light of the strong March jobs data.
<h3>Sectors in Focus</h3>
Healthcare
Employment in the healthcare industry increased by 72,000 in jobs, above the average monthly gain of 60,000 over the prior 12 months. In March, job growth continued in ambulatory health care services (+28,000), hospitals (+27,000), and nursing and residential care facilities (+18,000).
Health Care Select Sector SPDR ETF (ARCA:XLV) can be played to tap the moderate momentum. HCA Healthcare (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hca#NYSE">HCA</a>), which has a Zacks Rank #2 (Buy) deserves a mention. It is the largest non-governmental operator of acute care hospitals in the United States.
Construction
In March, employment in construction (+39,000) was in line with the average monthly gain over the prior 12 months (+19,000). Over the month, employment increased in nonresidential specialty trade contractors (+16,000).
Investors can keep a watch on the price movement of Invesco Dynamic Building &amp; Construction ETF (ARCA:PKB). As far as the stock is concerned, Zacks Rank #2 (Buy) Dycom Industries (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dy#NYSE">DY</a>) can be played. It is a leading provider of specialty contracting services throughout the United States.
Leisure
Employment in leisure and hospitality rose by 49,000. The industry has returned to its pre-pandemic February 2020 level. Over the past one year, job growth in the industry had averaged 37,000 per month.
The data makes Invesco Dynamic Leisure and Entertainment ETF (ARCA:PEJ) a timely investment. The Zacks Rank #2 Brinker International (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eat#NYSE">EAT</a>), owns, operates, develops and franchises various restaurants under Chili&#39;s Grill &amp; Bar (Chili&#39;s) and Maggiano&#39;s Little Italy (Maggiano&#39;s) brands.
<a href="https://www.zacks.com/stock/news/2252356/3-sector-etfs-stocks-to-bet-on-march-jobs-data?cid=CS-BENZ-FT-etf_news_and_commentary-2252356">To read this article on Zacks.com click here.</a>

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