Welcome to our dedicated page for Summit Materials news (Ticker: SUM), a resource for investors and traders seeking the latest updates and insights on Summit Materials stock.
Summit Materials, Inc. (NYSE: SUM) is a leading vertically integrated construction materials company. Founded by CEO Tom Hill and a small group of investors in 2009, including Blackstone Capital Partners and Silverhawk Capital Partners, Summit quickly grew through more than 30 acquisitions, leading to the establishment of ten operating companies spread across three geographic regions in the U.S. and Canada.
Core Business Operations:
- Aggregates: Summit Materials produces critical construction materials like crushed stone, sand, and gravel, sourced from its owned and operated quarries and sand and gravel pits.
- Cement: The company owns two cement plants and multiple cement distribution terminals, ensuring a steady supply to their clients.
- Ready-Mix Concrete and Asphalt: Summit operates ready-mix concrete plants and asphalt plants, providing comprehensive paving and other related services.
- Landfill Sites: The company also manages landfill sites, contributing to its diversified operational portfolio.
Geographic Reach:
Summit Materials operates in 21 U.S. states and British Columbia, Canada. This extensive footprint allows the company to serve a variety of public infrastructure, residential, and non-residential markets.
Recent Achievements and Projects:
In 2023 and early 2024, Summit Materials undertook significant projects to bolster its market presence and financial health:
- $800M Senior Notes Offering: Completed in December 2023, the offering aims to fund the acquisition of Argos North America Corp., repay existing loans, and cover associated expenses. This transaction is expected to close soon, enhancing Summit's operational scale.
- Acquisition of Argos North America Corp.: Set to complete on January 12, 2024, this deal will create the fourth-largest cement platform in the U.S. The acquisition is projected to generate annual synergies of at least $100 million, with significant benefits expected within the first 24 months.
- Investor Day 2024 Highlights: The company reiterated its 2024 guidance with an expected Adjusted EBITDA range of $950 million to $1,010 million, showcasing its commitment to growth and shareholder value.
Financial Condition:
Summit Materials reported significant financial results for 2023, with a net revenue increase to $2.4 billion and operating income reaching $310.6 million. The company's robust financial health is further supported by a positive outlook for 2024, expecting Adjusted EBITDA between $970 million and $1,010 million.
Commitment to Sustainability:
Summit Materials emphasizes environmental and social responsibilities, ensuring that best practices are implemented across its operations. The company is dedicated to providing a safe work environment while striving to exceed environmental regulations.
For more information, visit www.summit-materials.com.
Rhea-AI Summary
Summit Materials, Inc. reiterates its Elevate Summit Strategy to reach financial goals, upgrades Argos Synergy target to at least $130 million, and eliminates Up-C corporate structure. The company focuses on strategic priorities, sustainability, integration, portfolio optimization, and growth-oriented capital allocation.
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Summit Materials, Inc. (NYSE: SUM) will host a hybrid investor day to discuss strategic imperatives, financial targets, and future roadmap. The event will focus on Argos USA integration, growth strategy, and capital allocation priorities.
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Summit Materials, Inc. achieves record revenue and profitability in 2023 with significant growth in net revenue, operating income, and Adjusted EBITDA. The company's positive outlook for 2024 includes projected Adjusted EBITDA of $950 million to $1,010 million and capital expenditures of $430 million to $470 million.
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Summit Materials, Inc. (NYSE: SUM) will release its fourth quarter and full year 2023 financial results on February 14, 2024, followed by a conference call on February 15, 2024. The webcast and presentation materials will be available on Summit's website. Participants can join the live teleconference or listen to a replay by using the provided dial-in numbers and conference ID.
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Summit Materials, Inc. (SUM) has appointed Jason Kilgore, Charles DePriest, and David Loomes as Executive Vice Presidents of the reporting segments. The company aims to integrate Argos USA assets and accelerate strategic progress, expressing confidence in the new leadership's ability to advance the business both strategically and financially. Kilgore, DePriest, and Loomes bring extensive industry expertise and a commitment to developing the organization's people. Summit believes this executive team will deliver on financial commitments and create superior value for shareholders, employees, and stakeholders.
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Summit Materials, Inc. (SUM) has appointed Jorge Mario Velasquez, Irene Moshouris, and Juan Esteban Calle to its Board of Directors. Jorge Velasquez, president of Grupo Argos, and Irene Moshouris, former senior VP of United Rentals, bring extensive experience in the infrastructure and industrial sectors. Juan Calle, CEO of Cementos Argos, has a strong background in investment banking and international finance. The addition of these seasoned professionals is expected to drive growth and value creation for Summit Materials.
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Summit Materials, Inc. (SUM) has completed a $3.2 billion combination with Argos North America Corp., creating an unrivaled, materials dominant platform with national scale. Shareholders approved the Transaction Agreement, and the company is now focused on delivering synergy commitments and industry-leading returns for shareholders.
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Summit Materials, Inc. (NYSE: SUM) announced shareholder approval for the Transaction Agreement with Argos North America Corp. The agreement involves issuing shares to Cementos Argos and its affiliates, with the transaction expected to close on January 12, 2024. The combined business is projected to create annual synergies of at least $100 million and increase free cash flow per share by 15-25%.
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Summit Materials, Inc. (NYSE: SUM) announces the appointment of Marshall Moore as EVP, Chief Operations Officer, bringing 35 years of experience in manufacturing and supply chain management, business process, operational excellence, product innovation, and business development. Moore's role is crucial in accelerating Summit's growth and value creation, particularly through larger contributions from aggregates and cement. His responsibilities include enhancing operational excellence, integrating acquisitions, and driving synergies to achieve the company's Elevate Strategy goals.
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CemAI, Inc. (NYSE: CEM) partners with Continental Cement Company L.L.C.'s Hannibal, MO plant to implement predictive and prescriptive maintenance solution using machine learning and AI, aiming to enhance cement manufacturing performance.
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FAQ
What is the current stock price of Summit Materials (SUM)?
The current stock price of Summit Materials (SUM) is $50.5 as of December 20, 2024.
What is the market cap of Summit Materials (SUM)?
The market cap of Summit Materials (SUM) is approximately 8.8B.
What does Summit Materials, Inc. do?
Summit Materials, Inc. is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete, and asphalt. The company also provides paving and other related services.
Where does Summit Materials operate?
Summit Materials operates in 21 U.S. states and British Columbia, Canada.
What are Summit Materials' core business operations?
Summit Materials' core operations include the production and sale of aggregates, cement, ready-mix concrete, and asphalt. They also manage landfill sites and provide paving services.
What recent acquisitions has Summit Materials made?
Summit Materials completed the acquisition of Argos North America Corp. in January 2024, creating the fourth-largest cement platform in the U.S.
How did Summit Materials perform financially in 2023?
In 2023, Summit Materials reported a net revenue increase to $2.4 billion and an operating income of $310.6 million.
What is Summit Materials' outlook for 2024?
Summit Materials projects an Adjusted EBITDA of approximately $970 million to $1,010 million for the full year 2024.
What sustainability initiatives does Summit Materials have?
Summit Materials is committed to environmental and social responsibilities, ensuring best practices across its operations and exceeding environmental regulations.
Who are the founders of Summit Materials?
Summit Materials was founded by CEO Tom Hill and a group of investors including Blackstone Capital Partners and Silverhawk Capital Partners.
What significant projects were undertaken by Summit Materials in 2023?
In 2023, Summit Materials completed a $800 million senior notes offering to fund the acquisition of Argos North America Corp. and other financial obligations.
Where can I find more information about Summit Materials?
For more information about Summit Materials, visit their official website at www.summit-materials.com.
Summit Materials, Inc.
NYSE:SUM
SUM Rankings
SUM Stock Data
8.84B
119.61M
31.92%
71.17%
1.82%
Building Materials
Mining & Quarrying of Nonmetallic Minerals (no Fuels)
United States of America
DENVER