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, Inc. (NYSE: SUM) plans to release its third quarter 2021 financial results on November 3, 2021, after the market closes. A conference call is scheduled for November 4, 2021, at 11:00 a.m. ET to discuss these results and recent developments. Interested parties can access a live teleconference or listen to the replay until November 11, 2021. Summit is a leading construction materials provider in the U.S. and Canada, specializing in aggregates and ready-mix concrete.
Continental Cement Company, a subsidiary of Summit Materials (NYSE: SUM), has signed the Portland Cement Association's Roadmap to Carbon Neutrality, aiming for sustainability in the cement and concrete industry. This initiative will address climate change, reduce greenhouse gases, and enhance environmental practices across the industry. The Company is already recognized for its use of alternative fuels, sourcing 40-45% from such resources. It also promotes Portland Limestone Cement, which lowers concrete's carbon footprint by 10%. The roadmap aligns with global goals to achieve carbon neutrality by 2050.
Summit Materials reported Q2 2021 net income of $56.7 million, down slightly from $57.1 million year-over-year. Adjusted EBITDA rose to $163.8 million, while net revenue increased 7.5% to $618.5 million due to strong demand for aggregates, ready-mix concrete, and cement. Operating income fell 4.1% to $95.9 million, impacted by higher costs and fewer working days in Texas. The company maintains its full-year Adjusted EBITDA guidance of $490 million to $520 million and continues to focus on reducing leverage as part of its Elevate Summit strategy.
Summit Materials (NYSE: SUM) will release its second quarter 2021 financial results on August 4, 2021, post-market. A conference call is scheduled for August 5, 2021, at 11:00 a.m. ET to discuss the results and answer questions. Investors can access the call via the company's website and through provided phone lines. Summit Materials is a leading supplier of construction materials in the U.S. and Canada, specializing in aggregates, cement, ready-mix concrete, and asphalt.
Continental Cement Company, a subsidiary of Summit Materials (NYSE:SUM), announced a $6.00 price increase per short ton for cement sold at terminals in Louisiana and Memphis, effective August 1, 2021. This adjustment comes in response to rising operating and logistics costs affecting the cement industry. The price change will reflect increases in freight rates, fuel surcharges, and taxes at the time of shipment. Continental Cement's operations span several sites along the Mississippi River, supplying high-quality cement for various construction projects.
Summit Materials (NYSE: SUM) has appointed Tamla Oates-Forney as a new independent director on its board, expanding the board to nine members. Oates-Forney brings over 25 years of HR experience from her roles at Waste Management and General Electric. The leadership emphasizes her strategic contributions to the company's growth and human capital management, aligning with the company's Elevate Summit strategy focusing on safety, talent management, and recruitment.
Summit Materials (NYSE: SUM) reported a net loss of $22.5 million, or $(0.19) per share, for Q1 2021, an improvement from a net loss of $45.0 million a year ago. Revenue rose 16.4% to $398.5 million, supported by increased demand across aggregates, ready-mix concrete, and asphalt. Adjusted EBITDA surged 166.5% to $41.7 million. Operating loss improved by 39.9% to $25.1 million, with an operating margin of (6.3)%. The company maintains its 2021 Adjusted EBITDA outlook of $490-$520 million. Cash on hand is $359.7 million, with $1.9 billion in debt.
Summit Materials (NYSE: SUM) announced it will release its first quarter 2021 financial results on May 10, 2021, post-market close. A conference call is scheduled for May 11, 2021, at 11:00 a.m. ET to discuss these results and engage in a Q&A session. Additionally, a replay of the teleconference will be available until May 18, 2021. Summit is a key player in the construction materials sector, providing aggregates, cement, ready-mix concrete, and asphalt across the U.S. and British Columbia. For more details, visit summit-materials.com.
Summit Materials, Inc. (NYSE: SUM) has appointed three new senior leaders to enhance its strategic direction under newly named CEO Anne Noonan. Karli Anderson is now Executive VP and Chief ESG Officer, focusing on sustainability and governance initiatives. Chris Gaskill takes over as Executive VP, Chief Legal Officer, ensuring alignment with legal and compliance standards. Deon MacMillan joins as Chief People Officer, emphasizing culture and employee experience. These changes aim to strengthen Summit's position in the construction materials market.
Summit Materials (NYSE: SUM) will host a virtual investor day on March 16, 2021, at 11:00 a.m. MT to discuss its strategic outlook. The event includes a presentation and a Q&A session, expected to conclude by 1:00 p.m. MT. Interested participants can access the webcast on Summit's investors site or via this link. For teleconference access, dial 877-823-8690 (US) or 825-312-2236 (International) with Conference ID 8853923.
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