What CEOs Are Saying: Industrial Materials and Construction
Three new earnings calls from a sector facing opportunity and crisis simultaneously
The U.S. is in the middle of a construction boom that doesn’t get talked about the way the AI boom does, even though they’re tightly correlated.
Data centers need steel, concrete, and adhesives. They need power plants. The companies whose earnings calls we’re looking at today are the ones building much of this backing. Their results (pretty mixed) reflect a growing opportunity that’s impacted by distructions - inlcluding a Middle East conflict that has sent chemical feedstock prices sharply higher and a persistent shortage of skilled workers.
Let’s get into the details of earnings reports from Commercial Metals Company, H.B. Fuller, and Argan.
Commercial Metals Company (CMC)
Q2 FY2026 Earnings Call
Results: solid, with adjusted EPS of $1.16 beating expectations and core EBITDA growing 114% year over year — though severe winter weather held back what could have been an even stronger quarter
Commercial Metals Company is one of the largest steel manufacturers and recyclers in the U.S., selling primarily into the early-stage construction market: foundations, rebar, structural steel, and now precast concrete.
