In the United States, about 12 million tons of shingles are taken off roofs, and wind up in landfills every year. However, Northstar Clean Technologies (TSXV: ROOF) (OTCQB: ROOOF), which is focused on the sustainable recovery and reprocessing of asphalt shingles, is diverting asphalt shingles from landfills, extracting the liquid asphalt, fiber and aggregate for re-purposed usage. In fact, the company’s clean technology solution is expected to have a significant impact on the environment by reducing landfill usage, reducing the CO2 impact of asphalt.
Also, 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.”
Aside from Northstar Clean Technologies, companies such as Owens Corning (NYSE: OC), Builders FirstSource Inc. (NYSE: BLDR), Lowe’s Companies Inc. (NYSE: LOW), and Home Depot Inc. (NYSE: HD) are also set to benefit.
Look Closer at Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF)
Northstar Clean Technologies Inc. announced that it has signed a non-binding letter of intent (with Great Lakes Port Management Inc., a subsidiary of the Hamilton-Oshawa Port Authority, for a long-term lease for an industrial zoned property located in Hamilton, Ontario as the site for the Company’s planned facility in southwestern Ontario.
The LOI is for an initial term of 15 years, with three extension options of five years each. Commercial terms are based on GLPM providing a suitable operating building for Northstar in addition to a 4-acre site.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, “We are excited to make our first public announcement regarding our expansion into Ontario. The future site of the Empower Hamilton Facility, with our long-term landlord, HOPA, is an ideal location for our first commercial facility in Ontario and we look forward to making a meaningful difference to southern Ontario’s landfills by diverting between 40,000 to 80,000 tonnes of asphalt shingle waste every year. It has been a true pleasure collaborating with HOPA to secure this site, and we look forward to establishing a long-term partnership that brings mutual benefits for many years to come.”
“HOPA is proud to be enabling this circular economy innovation in Southern Ontario’s housing and construction sector,” said Ian Hamilton, President & CEO, HOPA Ports. “This new facility will be located on repurposed industrial lands, supported by HOPA’s extensive multimodal transportation assets.”
Mr. Mills added, “While our primary focus remains on completing construction at the Empower Calgary Facility, we are happy to have completed our business development initiatives in southern Ontario. Having a location secured allows us to now commence permitting and government grant applications in early 2025, and to enter into advanced negotiations for feedstock and off-take agreements for the future Empower Hamilton Facility.”
The Company selected the HOPA site in Hamilton, ON for the following reasons:
● Strong partner (HOPA) with a significant development track record of supporting innovative investment opportunities
● Close proximity to major industry partners
● Favourable industrial land option with easy access to the ports and rail through Hamilton Container Terminals
● Significant feedstock supply from Hamilton (est. pop. 785,000) and greater than 7 million in the Greater Toronto Area, which is Canada’s largest metropolitan area by population and the 7th largest metropolitan area in North America
Investor Webinar
The Company will host a virtual investor webcast to discuss its third quarter 2024 results and to provide a business update to the investment community later today, Monday, December 2, 2024 at 14:00 PDT / 17:00 EDT. Details are provided below.
Topic: Northstar Clean Technologies Third Quarter Financial Results Webcast Date: Monday, December 2, 2024 Time: 14:00 PDT / 17:00 EDT Registration: https://us06web.zoom.us/webinar/register/2017330069420/WN_htnUetiTQGeulGFcjrV9mg
Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.
Other related developments from around the markets include:
Owens Corning, a residential and commercial building products leader, reported third-quarter 2024 results. "Our third-quarter results demonstrate the impact of the strategic choices and structural improvements we have made to strengthen Owens Corning and build a company that continues to deliver strong free cash flow and sustainably higher margins despite a challenging market environment. The strong execution of our team, combined with the key initiatives and investments we are undertaking, is accelerating our growth, strengthening our earnings power, and reshaping the company,” said Chair and Chief Executive Officer Brian Chambers. “As we finish 2024, we remain focused on sustaining our strong financial performance while executing our strategic agenda to sharpen our product and geographic focus where we can create unique value for our customers and shareholders."
Builders FirstSource reported its results for the third quarter ended September 30, 2024. Net sales were $4.2 billion, a 6.7% decrease, driven by lower core organic sales and commodity deflation, partially offset by growth from acquisitions and one additional selling day.
Gross profit margin percentage decreased 210 basis points to 32.8%, primarily driven by ongoing Multi-Family and core organic normalization. Net income decreased 36.9% to $284.8 million, or $2.44 per diluted share compared to $3.59 per diluted share in the prior year period, which is a 32.0% decline in net income per diluted share. Net income as a percent of net sales decreased by 323 basis points to 6.7%. Adjusted EBITDA decreased 23.0% to $626.5 million, primarily driven by lower gross profit, partially offset by lower operating expenses after adjustments. Adjusted EBITDA margin declined by 310 basis points to 14.8%. Adjusted EBITDA margin has remained in the mid-teens or better for 14 consecutive quarters. Cash provided by operating activities was $730.0 million, up $80.5 million compared to the prior year period, while free cash flow increased 18.0% to $634.7 million, compared to $537.8 million in the prior year period.
Lowe's Companies reported net earnings of $1.7 billion and diluted earnings per share (EPS) of $2.99 for the quarter ended Nov. 1, 2024, compared to diluted EPS of $3.06 in the third quarter of 2023. During the third quarter, the company recognized a $54 million pre-tax gain associated with the 2022 sale of the Canadian retail business. This positively impacted third quarter diluted EPS by $0.10. Excluding this gain, third quarter 2024 adjusted diluted EPS1 was $2.89. Total sales for the quarter were $20.2 billion, compared to $20.5 billion in the prior-year quarter. Comparable sales for the quarter decreased 1.1%, driven by continued softness in DIY bigger-ticket discretionary demand, which was partly offset by storm-related sales and positive comparable sales in Pro and online.
Home Depot, the world's largest home improvement retailer, reported sales of $40.2 billion for the third quarter of fiscal 2024, an increase of 6.6% from the third quarter of fiscal 2023. Comparable sales for the third quarter of fiscal 2024 decreased 1.3%, and comparable sales in the U.S. decreased 1.2%. Operating income for the third quarter of fiscal 2024 was $5.4 billion and operating margin was 13.5%, compared with operating income of $5.4 billion and an operating margin of 14.3% for the third quarter of fiscal 2023. Adjusted operating income for the third quarter of fiscal 2024 was $5.6 billion and adjusted1) operating margin was 13.8%, compared with adjusted operating income of $5.5 billion and an adjusted operating margin of 14.5% for the third quarter of fiscal 2023. Net earnings for the third quarter of fiscal 2024 were $3.6 billion, or $3.67 per diluted share, compared with net earnings of $3.8 billion, or $3.81 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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