Summit Materials, Inc. - SUM STOCK NEWS

Summit Materials reported third quarter 2021 net revenue of $662.3 million, up 2.6% from the previous year. The company's net income fell 18.2% to $74.2 million, influenced by the reversal of a tax benefit. Adjusted EBITDA grew 7.3% to $190.3 million. Aggregate volumes surged 9.2%, while cement volumes rose 2.0%. The operating margin increased to 18.9%. Summit maintains its full-year Adjusted EBITDA guidance of $490 million to $520 million, despite challenges in the products segment and an ongoing strategic divestiture process.

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.