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.
Summit Materials has appointed Kekin Ghelani as its first-ever Chief Strategy and Growth Officer. With over 25 years of experience, Ghelani aims to enhance the company's Elevate Summit Strategy, focusing on market leadership and innovation. He previously served in senior roles at DuPont, Celanese, McKesson, and Honeywell. Under his leadership, Summit targets over 30% EBITDA Margin and greater than 10% Return on Invested Capital. Ghelani's appointment signals a strategic shift towards a robust growth strategy that supports Summit's objectives for long-term value creation.
Summit Materials reported Q1 2022 results with net revenue of $392.5 million, a 1.5% decline from the previous year. Operating loss rose to $34.3 million, and net loss increased by 49.7% to $34.8 million, leading to a basic EPS of $(0.29). Adjusted EBITDA fell 44.3% to $23.3 million. Despite these challenges, the company anticipates improved performance due to effective price increases and ongoing divestitures. New EBITDA guidance is set at $529 million to $557 million for 2022, reflecting confidence in future growth.
Summit Materials (NYSE: SUM), a leading construction materials company, will conduct a hybrid investor day on May 24, 2022, at 9:00 AM ET. The event will feature key executives, including CEO Anne Noonan and CFO Brian Harris, discussing the Elevate Summit Strategy, growth drivers, and ESG initiatives.
A live webcast will be available at this link. The event will also offer a toll-free participation number, and a replay will be accessible on Summit's investor website after the event.
Summit Materials, Inc. (NYSE: SUM) announced it will release its first quarter 2022 financial results post-market on
Summit Materials (NYSE: SUM) has released its 2021 Environmental, Social, and Governance (ESG) Report, highlighting progress in its sustainability initiatives. The company's focus on its three North Star Pillars—Human/Social Impact, Land Reclamation, and Carbon Reduction—demonstrates a commitment to social responsibility. Key achievements include a 9% improvement in safety records, Wildlife Habitat Council Gold Certification, and a 4% reduction in carbon emissions. Summit aims to achieve a 25% reduction in emissions by 2030 and net zero by 2050.
Summit Materials (NYSE: SUM) has announced that its Davenport plant has converted 100% of its production to Portland Limestone Cement (PLC) as of
Summit Materials has authorized a share repurchase program for up to
Summit Materials (NYSE: SUM) announced key executive changes effective March 1, 2022. Tom Beck will step into the role of Executive Vice President, while David Loomes becomes President of Continental Cement Company. Beck brings 25 years of experience, including 9 years as President of Continental. Loomes, with over 20 years in the industry, previously served as Senior Vice President at Continental. CEO Anne Noonan emphasized the importance of succession planning for long-term success and highlighted the leadership's commitment to growth and sustainability.
Summit Materials reported record net revenue for 2021 of $2.2 billion, a 4.6% increase year-over-year, and net income attributable to Summit of $152.2 million, rising 10.3%. Adjusted EBITDA also reached a record $520.1 million, up 7.8%.
Despite a 3.2% decline in fourth-quarter net revenue to $553.4 million, the company achieved significant growth in its aggregates and cement segments. Total operating income increased by 12.4% for the year, demonstrating improved execution and performance under the Elevate Summit strategy.
Summit Materials, Inc. (NYSE: SUM) will release its fourth quarter and full year 2021 financial results after market close on February 23, 2022. A conference call to discuss these results will be held on February 24, 2022, at 11:00 a.m. ET.
Investors can access a webcast of the conference call on Summit's website, with replay available until March 3, 2022. Summit is a leading construction materials company in the U.S. and Canada, providing aggregates, cement, concrete, and asphalt.
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