A naturally noncombustible insulation
Johns Manville launched JM CladStone Water & Fire Block Insulation, a noncombustible continuous insulation mineral wool product.
Described as a “premium mineral wool product,” insulation allows for the effective drainage of water from an exterior wall cavity system, while offering exceptional thermal efficiency, fire resistance and acoustical performance. With the launch, the company says it is providing the market a rain screen product that works with a variety of exterior cladding systems.
Made from basalt, a volcanic rock, JM CladStone Water & Fire Block is naturally noncombustible, moisture repellent, non-deteriorating, and will not mildew or support corrosion, the company claims.
“We are committed to providing our customers with an array of products to meet the needs of any project, and that’s why we’re introducing JM CladStone Water & Fire Block Insulation, a noncombustible product designed to aid in managing moisture in continuous insulation systems,” said Tommy Knappich, VP and general manager of building insulation at Johns Manville.
Knappich added that “increasingly demanding project requirements” at the job site demand this type of innovation.
JM CladStone can be installed with a variety of exterior cladding systems. It’s available in the U.S. and Canada.
Disappointing quarter for Lowe’s
It was another disappointing quarter for Mooresville, North Carolina-based Lowe’s Cos., which on Wednesday reported lower-than-expected earnings and gave notice of slower growth in profit margin for the second half.
The home-improvement company reported revenue of $19.5 billion, which was short of estimates, but reflected a 6.8% increase from the same period last year. Lowe's reported net income for the second quarter of $1.4 billion compared to $1.2 billion a year ago. A bright spot for Lowe’s second quarter was that same-store sales, which rose 4.5%, exceeded Wall Street forecasts.
“While our results were below our expectations in the first half of this year, the team remains focused on making the necessary investments to improve the customer experience and drive sales,” said Robert Niblock, CEO. These investments include consumer messaging and what Niblock called “incremental customer-facing hours” in stores.
Lowe’s, which operates 2,141 stores in North America, announced that it would add 25 home improvement and hardware stores this year.
Product categories that performed above average in the second quarter were appliances, lawn & garden, lumber & building materials, and rough plumbing & electrical. Paint, flooring, and seasonal & outdoor living were among the underperformers.
Shares of Lowe’s were down more than 6% in mid-day trading as the company missing both its top and bottom line numbers spooked investors.The news comes a week after Home Depot reported its highest quarterly revenue in company history.
To boost profits and play catch up to Depot, Lowe’s has been investing in its Pro business. It has also restructured parts of the company, including layoffs of more than 120 corporate tech workers this summer.
New home sales sink 9.4%
Sales of new single-family homes fell dramatically in July, according to stats released Wednesday morning by the U.S. Census department.
New home sales declined 9.4% to a seasonally adjusted annual rate of 571,000. That’s below the upwardly revised June rate of 630,000, and also below the year-ago rate of 627,000. The July figures are the lowest since December of 2016, when the SAAR stood at 548,000.
The disappointing data will do nothing to abet concerns over the speed of the housing market’s recovery. The Census data followed by a few days a residential construction report that showed a decline in new residential construction.
Analysts had expected the new sales figures to fall in the 610,000 range.
[See the government release here.]
As sales declined, the median sale price of new houses sold in July increased to $313,700, that’s up from $311,600 in the prior month. The average sales price for a new home was $371,200, which was also up slightly from the previous month.
The August report for new home sales is slated to be released Sept. 26.