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    Summit Materials, Inc. Reports Second Quarter 2024 Results

    8/5/24 4:15:00 PM ET
    $SUM
    Mining & Quarrying of Nonmetallic Minerals (No Fuels)
    Industrials
    Get the next $SUM alert in real time by email

    Argos USA Synergies On Track

    Sustained Aggregates Growth

    Reaffirming 2024 Guidance Range

    DENVER, Aug. 5, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE:SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company"), a market-leading producer of aggregates and cement company, today announced results for the second quarter ended June 29, 2024. All comparisons are versus the quarter ended July 1, 2023 unless noted otherwise.

    (PRNewsfoto/Summit Materials, Inc.) (PRNewsfoto/Summit Materials, Inc.)





    Three months ended

    ($ in thousands, except per share amounts)



    June 29, 2024



    July 1, 2023



    % Chg vs. PY

    Net revenue



    $ 1,075,471



    $     680,373



    58.1 %

    Operating income



    172,896



    129,633



    33.4 %

    Net income



    106,075



    84,728



    25.2 %

    Basic EPS



    $           0.60



    $           0.70



    (14.3) %















    Adjusted Cash Gross Profit



    368,253



    236,747



    55.5 %

    Adjusted EBITDA



    296,166



    191,745



    54.5 %

    Adjusted Diluted EPS



    $           0.66



    $           0.71



    (7.0) %

    "We are pleased and proud to report that our teams safely and successfully managed through weather-related disruptions to deliver a strong quarter of strategic execution and solid financial results," remarked Anne Noonan, Summit Materials President and CEO. "Our resilient performance was supported by positive pricing momentum across all lines of business, ongoing cost savings initiatives underway across our network, and a more durable portfolio. As a result, our 2024 financial targets are virtually unchanged. Namely, we are still on track to generate at least $40 million dollars of Argos USA synergies, drive significant pro forma margin expansion this year, and confidently deliver 2024 Adjusted EBITDA within our previous guidance range. Without question, Summit Materials is well positioned to capitalize on a constructive pricing environment and tap operation improvements across our enterprise to profitably grow in an uneven demand environment.  This growth, together with a fortified and capable balance sheet will help generate significant shareholder value this year and the years ahead. Our team remains focused on controlling what we can, acting with agility, and delivering on all of our 2024 stakeholder commitments." 

    2024 Guidance

    For the full year 2024, Summit is reaffirming its Adjusted EBITDA range of approximately $970 million to $1,010 million and its 2024 capital expenditures range of approximately $430 million to $470 million.

    Adjusted EBITDA is a non-GAAP measure. Refer to the "Non-GAAP Financial Measures" section for more information. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

    Second Quarter 2024 | Total Company Results

    Net revenue increased $395.1 million, or 58.1%, in the second quarter to $1,075.5 million. In the quarter, $464.0 million of net revenue was due to acquisitions, primarily the Argos USA transaction. Divestitures decreased net revenue by $46.6 million in the period. All lines of business experienced organic pricing growth.

    Operating income increased in the second quarter by 33.4%  to $172.9 million largely due to the Argos USA transaction. Summit's operating margin percentage for the three months ended June 29, 2024, decreased to 16.1% from 19.1%.

    Net income attributable to Summit Inc. increased to $106.1 million, or $0.60 per basic share, compared to $83.6 million, or $0.70 per basic share in the prior year period. Summit reported adjusted diluted net income of $115.2 million, or $0.66 per adjusted diluted share, compared to an adjusted diluted net income of $84.7 million, or $0.71 per adjusted diluted share, in the prior year period. 

    Adjusted EBITDA increased $104.4 million, or 54.5%, to $296.2 million reflecting the contribution from the Argos USA assets, continued pricing gains, and operational improvements across the enterprise, including integration synergies.

    Second Quarter 2024 | Results by Line of Business

    Aggregates Business: Aggregates net revenues increased by $4.6 million to $187.1 million in the second quarter. Aggregates adjusted cash gross profit margin expanded to 54.1% in the second quarter as compared to 53.6% in the prior year period, reflecting strong commercial and operational execution. Aggregates sales volume decreased 10.0% in the second quarter. Organic aggregates sales volumes decreased 9.4% as a result of wet weather conditions and restrained private end-market activity. Average selling prices for aggregates increased 11.8%, with organic pricing increasing 10.8%. Pricing growth was strong throughout the footprint and led by the East Segment, which increased 14.8% versus the prior year period.  

    Cement Business: Cement Segment net revenues increased to $324.8 million in the second quarter. Cement Segment adjusted cash gross profit margin decreased to 49.4% in the second quarter, compared to 52.8% in the prior year period, due primarily to margin mix impacts from inclusion of the Argos USA assets. Sales volume of cement increased 238.0%. Organic sales volumes decreased 16.5% due to reduced import volume in the River Markets and moderating demand conditions. Organic average selling prices increased 7.3% in the second quarter, primarily reflecting traction from increases implemented earlier in the year. 

    Products Business: Products net revenues were $495.5 million in the second quarter, up 60.0% versus the prior year period. Products adjusted cash gross profit margin decreased to 17.3% in the second quarter. Organic average sales price for ready-mix concrete increased 5.6%, with pricing growth in both segments. Organic sales volumes of ready-mix concrete decreased 14.9% due to adverse weather conditions in Houston and restrained private end-market activity. Organic average selling prices for asphalt increased 0.5%. Organic sales volume decreased 6.6%, driven, in part, by unfavorable timing on activity. 

    Second Quarter 2024 | Results By Reporting Segment

    West Segment: The West Segment operating income decreased $3.9 million to $70.7 million. Adjusted EBITDA decreased $2.9 million, or  2.8%, to $101.6 million in the second quarter largely reflecting unfavorable weather conditions in the Houston market. Aggregates revenue decreased 4.9%, driven by a volume decline of 12.2%. Pricing grew 8.3% over the prior period led by double-digit growth in Houston and Arizona markets. Ready-mix concrete revenue increased 16.7% on 3.8% pricing growth and 12.4% volume growth. Organic ready-mix pricing increased 5.3%. Subdued private construction activity drove organic ready-mix volumes down 13.9% in the period. Asphalt revenue decreased 6.1% reflecting a volume decline of 6.6% while pricing remained relatively flat.

    East Segment: The East Segment operating income increased $15.3 million to $46.9 million and Adjusted EBITDA increased $22.9 million to $70.6 million. Aggregates revenue increased 6.0% versus the prior year period driven by strong pricing. Organic aggregates volumes decreased 8.9%, with softness in Kansas and Missouri markets that more than offset growth in Georgia and the Carolinas. Aggregates pricing increased 14.8% with most markets realizing double-digit growth. Ready-mix concrete revenue increased $164.7 million to $191.9 million due to the acquisition of the Argos USA ready-mix concrete operations in Florida, Georgia, and the Carolinas. Asphalt revenue decreased $9.2 million versus the prior year period due to divestiture of certain asphalt assets.   

    Cement Segment: The Cement Segment operating income increased 113.8% to $92.0 million. Adjusted EBITDA increased $87.9 million, primarily from the Argos USA transaction. Adjusted EBITDA margin decreased to 43.3% from 47.3% in the year-ago period due to margin mix from inclusion of the Argos USA cement assets and planned maintenance at certain cement plants. As noted above, the Cement Segment reported an organic volume decrease of 16.5% and organic selling price growth of 7.3%.

    Liquidity and Capital Resources

    As of June 29, 2024, the Company had $538.7 million in cash and $2.8 billion in debt outstanding. The Company's $625 million revolving credit facility has $592.7 million available after outstanding letters of credit. 

    For the six months ended  June 29, 2024, cash flow provided by operations was $111.4 million and cash paid for capital expenditures was $176.0 million.

    As of June 29, 2024, approximately $149.0 million remained available for share repurchases under the share repurchase program.

    Webcast and Conference Call Information

    Summit Materials will conduct a conference call on Tuesday, August 6, 2024, at 12:00 p.m. eastern time (10:00 a.m. mountain time) to review the Company's second quarter 2024 financial results, discuss recent events and conduct a question-and-answer session.

    A webcast of the conference call and accompanying presentation materials will be available in the Investors section of Summit's website at investors.summit-materials.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

    A webcast of the conference call and accompanying presentation materials will be available in the Investors section of Summit's website at investors.summit-materials.com or at the following link: 

    https://events.q4inc.com/attendee/766164594 

    To participate in the live teleconference for second quarter 2024 financial results:

    North America Toll-Free:                 1-888-330-3416

    International Toll:                              1-646-960-0820  

    Conference ID:                                   1542153

    Password:                                            Summit

    To listen to a replay of the teleconference, which will be available through August 13, 2024:

    US & Canada Toll-Free:                     1-800-770-2030

    Conference ID:                                   1542153

    About Summit Materials

    Summit Materials is a market-leading producer of aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Summit is a geographically diverse, materials-led business of scale that offers customers in the United States and British Columbia, Canada high quality products and services for the public infrastructure, residential and non-residential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue high-return growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.

    Non-GAAP Financial Measures

    The Securities and Exchange Commission ("SEC") regulates the use of "non-GAAP financial measures," such as Adjusted Net Income (Loss), Adjusted Diluted Net Income (Loss), Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, and Free Cash Flow which are derived on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We have provided these measures because, among other things, we believe that they provide investors with additional information to measure our performance, evaluate our ability to service our debt and evaluate certain flexibility under our restrictive covenants. Our Adjusted Net Income (Loss), Adjusted Diluted Net Income (Loss), Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, and Free Cash Flow may vary from the use of such terms by others and should not be considered as alternatives to or more important than net income (loss), operating income (loss), revenue or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or to cash flows as measures of liquidity.

    Adjusted EBITDA, Adjusted EBITDA Margin, and other non-GAAP measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of the limitations of Adjusted EBITDA, Adjusted EBITDA Margin and other non-GAAP measures are that these measures do not reflect: (i) our cash expenditures or future requirements for capital expenditures or contractual commitments; (ii) changes in, or cash requirements for, our working capital needs; (iii) interest expense or cash requirements necessary to service interest and principal payments on our debt; and (iv) income tax payments we are required to make. Because of these limitations, we rely primarily on our U.S. GAAP results and use Adjusted EBITDA, Adjusted EBITDA Margin and other non-GAAP measures on a supplemental basis.

    Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Adjusted Net Income (Loss), Adjusted Diluted Net Income (Loss), Adjusted Diluted EPS, and Free Cash Flow reflect additional ways of viewing aspects of our business that, when viewed with our GAAP results and the accompanying reconciliations to U.S. GAAP financial measures included in the tables attached to this press release, may provide a more complete understanding of factors and trends affecting our business. We strongly encourage investors to review our consolidated financial statements in their entirety and not rely on any single financial measure. Reconciliations of the non-GAAP measures used in this press release are included in the attached tables. 

    Cautionary Statement Regarding Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "outlook," "should," "seeks," "intends," "trends," "plans," "estimates," "projects" or "anticipates" or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled "Risk Factors" in Summit Inc.'s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, and Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2024, each as filed with the SEC, and any factors discussed in the section entitled "Risk Factors" in any of our subsequently filed SEC filings; and the following:

    • our dependence on the construction industry and the strength of the local economies in which we operate, including residential;
    • the cyclical nature of our business;
    • risks related to weather and seasonality;
    • risks associated with our capital-intensive business;
    • competition within our local markets;
    • risks related to the integration of Argos USA and realization of intended benefits within the intended timeframe;
    • our ability to execute on our acquisition strategy and portfolio optimization strategy and, successfully integrate acquisitions with our existing operations;
    • our dependence on securing and permitting aggregate reserves in strategically located areas;
    • the impact of rising interest rates;
    • declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities, the federal government and other state agencies particularly;
    • our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation and recession;
    • environmental, health and safety laws or governmental requirements or policies concerning zoning and land use;
    • rising prices for, or more limited availability of, commodities, labor and other production and delivery inputs as a result of inflation, supply chain challenges or otherwise;
    • our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us;
    • material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications;
    • cancellation of a significant number of contracts or our disqualification from bidding for new contracts;
    • special hazards related to our operations that may cause personal injury or property damage not covered by insurance;
    • unexpected factors affecting self-insurance claims and reserve estimates;
    • our current level of indebtedness, including our exposure to variable interest rate risk;
    • potential incurrence of substantially more debt;
    • restrictive covenants in the instruments governing our debt obligations;
    • our dependence on senior management and other key personnel, and our ability to retain qualified personnel;
    • supply constraints or significant price fluctuations in the electricity and petroleum-based resources that we use, including diesel and liquid asphalt;
    • climate change and climate change legislation or other regulations;
    • evolving corporate governance and corporate disclosure regulations and expectations, including with respect to environmental, social and governance matters;
    • unexpected operational failures or difficulties;
    • costs associated with pending and future litigation;
    • interruptions in our information technology systems and infrastructure; including cybersecurity and data leakage risks;
    • potential labor disputes, strikes, other forms of work stoppage or other union activities; and
    • material or adverse effects related to the Argos USA combination.

    All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. Any forward-looking statement that we make herein speaks only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Consolidated Statements of Operations

    ($ in thousands, except share and per share amounts)







    Three months ended



    Six months ended





    June 29,



    July 1,



    June 29,



    July 1,





    2024



    2023



    2024



    2023

    Revenue:

















    Product



    $       993,741



    $       595,714



    $    1,722,435



    $       967,886

    Service



    81,730



    84,659



    126,265



    119,757

    Net revenue



    1,075,471



    680,373



    1,848,700



    1,087,643

    Delivery and subcontract revenue



    42,791



    48,777



    74,577



    76,895

    Total revenue



    1,118,262



    729,150



    1,923,277



    1,164,538

    Cost of revenue (excluding items shown separately below):

















    Product



    650,088



    377,634



    1,206,108



    673,515

    Service



    57,130



    65,992



    93,335



    96,030

    Net cost of revenue



    707,218



    443,626



    1,299,443



    769,545

    Delivery and subcontract cost



    42,791



    48,777



    74,577



    76,895

    Total cost of revenue



    750,009



    492,403



    1,374,020



    846,440

    General and administrative expenses



    83,875



    53,838



    152,401



    99,836

    Depreciation, depletion, amortization and accretion



    104,397



    54,787



    200,368



    105,681

    Transaction and integration costs



    10,265



    1,712



    72,473



    2,076

    Gain on sale of property, plant and equipment



    (3,180)



    (3,223)



    (4,028)



    (3,653)

    Operating income



    172,896



    129,633



    128,043



    114,158

    Interest expense



    52,849



    27,902



    104,741



    55,322

    Loss on debt financings



    —



    —



    5,453



    493

    Gain on sale of businesses



    (3,758)



    —



    (18,743)



    —

    Other income, net



    (8,086)



    (5,478)



    (16,964)



    (11,188)

    Income from operations before taxes



    131,891



    107,209



    53,556



    69,531

    Income tax expense



    25,816



    22,481



    14,751



    16,015

    Net income



    106,075



    84,728



    38,805



    53,516

    Net income attributable to Summit Holdings (1)



    —



    1,091



    (404)



    683

    Net income attributable to Summit Inc.



    $       106,075



    $         83,637



    $         39,209



    $         52,833

    Earnings per share of Class A common stock:

















    Basic



    $              0.60



    $              0.70



    $              0.23



    $              0.44

    Diluted



    $              0.60



    $              0.70



    $              0.23



    $              0.44

    Weighted average shares of Class A common stock:

















    Basic



    175,550,487



    118,931,914



    171,531,031



    118,805,785

    Diluted



    176,132,001



    119,393,709



    172,308,044



    119,431,604

    ________________________________________________________

    (1)

    Represents portion of business owned by pre-IPO investors rather than by Summit.

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Consolidated Balance Sheets

    ($ in thousands, except share and per share amounts)







    June 29,



    December 30,





    2024



    2023





    (unaudited)



    (audited)

    Assets









    Current assets:









    Cash and cash equivalents



    $     538,708



    $     374,162

    Restricted cash



    —



    800,000

    Accounts receivable, net



    550,093



    287,252

    Costs and estimated earnings in excess of billings



    33,948



    10,289

    Inventories



    349,099



    241,350

    Other current assets



    28,461



    17,937

    Current assets held for sale



    446



    1,134

    Total current assets



    1,500,755



    1,732,124

    Property, plant and equipment, less accumulated depreciation, depletion and amortization (June

    29, 2024 - $1,509,453 and December 30, 2023 - $1,399,468)



    4,354,088



    1,976,820

    Goodwill



    2,093,010



    1,224,861

    Intangible assets, less accumulated amortization (June 29, 2024 - $39,586 and December 30,

    2023 - $18,972)



    168,282



    68,081

    Deferred tax assets, less valuation allowance (June 29, 2024 - $1,113 and December 30, 2023 -

    $1,113)



    —



    52,009

    Operating lease right-of-use assets



    89,360



    36,553

    Other assets



    108,497



    59,134

    Total assets



    $ 8,313,992



    $ 5,149,582

    Liabilities and Stockholders' Equity









    Current liabilities:









    Current portion of debt



    $         7,575



    $         3,822

    Current portion of acquisition-related liabilities



    8,987



    7,007

    Accounts payable



    282,091



    123,621

    Accrued expenses



    250,355



    171,691

    Current operating lease liabilities



    17,217



    8,596

    Billings in excess of costs and estimated earnings



    7,635



    8,228

    Total current liabilities



    573,860



    322,965

    Long-term debt



    2,771,463



    2,283,639

    Acquisition-related liabilities



    21,217



    28,021

    Tax receivable agreement liability



    47,667



    41,276

    Deferred tax liabilities



    189,138



    15,854

    Noncurrent operating lease liabilities



    77,326



    33,230

    Other noncurrent liabilities



    300,577



    108,017

    Total liabilities



    3,981,248



    2,833,002

    Stockholders' equity:









    Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized,

    175,586,471 and 119,529,380 shares issued and outstanding as of June 29, 2024 and

    December 30, 2023, respectively



    1,757



    1,196

    Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 0 and 99

    shares issued and outstanding as of June 29, 2024 and December 30, 2023, respectively



    —



    —

    Preferred Stock, par value $0.01 per share; 250,000,000 shares authorized, 1 and 0 shares

    issued and outstanding as of June 29, 2024 and December 30, 2023, respectively



    —



    —

    Additional paid-in capital



    3,412,879



    1,421,813

    Accumulated earnings



    915,960



    876,751

    Accumulated other comprehensive income



    2,148



    7,275

    Stockholders' equity



    4,332,744



    2,307,035

    Noncontrolling interest in Summit Holdings



    —



    9,545

    Total stockholders' equity



    4,332,744



    2,316,580

    Total liabilities and stockholders' equity



    $ 8,313,992



    $ 5,149,582

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Consolidated Statements of Cash Flows

    ($ in thousands)







    Six months ended





    June 29,



    July 1,





    2024



    2023

    Cash flows from operating activities:









    Net income



    $       38,805



    $       53,516

    Adjustments to reconcile net income to net cash provided by operating activities:









    Depreciation, depletion, amortization and accretion



    206,668



    110,659

    Share-based compensation expense



    14,133



    9,924

    Net gain on asset and business disposals



    (22,773)



    (3,655)

    Non-cash loss on debt financings



    5,453



    161

    Change in deferred tax asset, net



    2,976



    9,350

    Other



    1,163



    (21)

    Decrease (increase) in operating assets, net of acquisitions and dispositions:









    Accounts receivable, net



    (104,579)



    (101,119)

    Inventories



    (11,552)



    (27,115)

    Costs and estimated earnings in excess of billings



    (24,076)



    (28,760)

    Other current assets



    2,509



    (1,070)

    Other assets



    3,922



    1,732

    (Decrease) increase in operating liabilities, net of acquisitions and dispositions:









    Accounts payable



    7,700



    52,157

    Accrued expenses



    (4,584)



    19,048

    Billings in excess of costs and estimated earnings



    (144)



    1,299

    Tax receivable agreement (benefit) expense



    6,227



    (531)

    Other liabilities



    (10,444)



    (1,533)

    Net cash provided by operating activities



    111,404



    94,042

    Cash flows from investing activities:









    Acquisitions, net of cash acquired



    (1,113,267)



    (237,666)

    Purchase of intellectual property



    (21,400)



    —

    Purchases of property, plant and equipment



    (175,960)



    (126,893)

    Proceeds from the sale of property, plant and equipment



    14,217



    5,760

    Proceeds from sale of businesses



    86,031



    —

    Other



    (2,070)



    (1,852)

    Net cash used in investing activities



    (1,212,449)



    (360,651)

    Cash flows from financing activities:









    Proceeds from debt issuances



    1,007,475



    —

    Debt issuance costs



    (17,731)



    (1,566)

    Payments on debt



    (509,765)



    (6,720)

    Payments on acquisition-related liabilities



    (6,289)



    (11,539)

    Proceeds from stock option exercises



    1,580



    84

    Other



    (8,088)



    (4,838)

    Net cash provided by (used in) financing activities



    467,182



    (24,579)

    Impact of foreign currency on cash



    (1,591)



    747

    Net decrease in cash and cash equivalents and restricted cash



    (635,454)



    (290,441)

    Cash and cash equivalents and restricted cash—beginning of period



    1,174,162



    520,451

    Cash and cash equivalents and restricted cash—end of period



    $     538,708



    $     230,010

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Revenue Data by Segment and Line of Business

    ($ in thousands)







    Three months ended



    Six months ended





    June 29,



    July 1,



    June 29,



    July 1,





    2024



    2023



    2024



    2023

    Segment Net Revenue:

















    West



    $   423,680



    $   400,038



    $   707,285



    $   634,408

    East



    326,970



    168,460



    584,811



    287,243

    Cement



    324,821



    111,875



    556,604



    165,992

    Net Revenue



    $  1,075,471



    $   680,373



    $  1,848,700



    $  1,087,643



















    Line of Business - Net Revenue:

















    Materials

















    Aggregates



    $   187,100



    $   182,512



    $   332,611



    $   326,165

    Cement (1)



    311,188



    103,607



    535,285



    152,620

    Products



    495,453



    309,595



    854,539



    489,101

    Total Materials and Products



    993,741



    595,714



    1,722,435



    967,886

    Services



    81,730



    84,659



    126,265



    119,757

    Net Revenue



    $  1,075,471



    $   680,373



    $  1,848,700



    $  1,087,643



















    Line of Business - Net Cost of Revenue:

















    Materials

















    Aggregates



    $      85,845



    $      84,713



    $   172,359



    $   178,048

    Cement



    150,727



    44,568



    303,919



    88,403

    Products



    409,658



    243,854



    724,603



    401,095

    Total Materials and Products



    646,230



    373,135



    1,200,881



    667,546

    Services



    60,988



    70,491



    98,562



    101,999

    Net Cost of Revenue



    $   707,218



    $   443,626



    $  1,299,443



    $   769,545



















    Line of Business - Adjusted Cash Gross Profit (2):

















    Materials

















    Aggregates



    $   101,255



    $      97,799



    $   160,252



    $   148,117

    Cement (3)



    160,461



    59,039



    231,366



    64,217

    Products



    85,795



    65,741



    129,936



    88,006

    Total Materials and Products



    347,511



    222,579



    521,554



    300,340

    Services



    20,742



    14,168



    27,703



    17,758

    Adjusted Cash Gross Profit



    $   368,253



    $   236,747



    $   549,257



    $   318,098



















    Adjusted Cash Gross Profit Margin (2)

















    Materials

















    Aggregates



    54.1 %



    53.6 %



    48.2 %



    45.4 %

    Cement (3)



    49.4 %



    52.8 %



    41.6 %



    38.7 %

    Products



    17.3 %



    21.2 %



    15.2 %



    18.0 %

    Services



    25.4 %



    16.7 %



    21.9 %



    14.8 %

    Total Adjusted Cash Gross Profit Margin



    34.2 %



    34.8 %



    29.7 %



    29.2 %

    ________________________________________________________

    (1)

    Net revenue for the cement line of business excludes revenue associated with hazardous and non-hazardous waste, which is processed into fuel and used in the cement plants and is included in services net revenue. Additionally, net revenue from cement swaps and other cement-related products are included in products net revenue.

    (2)

    Adjusted cash gross profit is calculated as net revenue by line of business less net cost of revenue by line of business.  Adjusted cash gross profit margin is defined as adjusted cash gross profit divided by net revenue.

    (3)

    The cement adjusted cash gross profit includes the earnings from the waste processing operations, cement swaps and other products. Cement line of business adjusted cash gross profit margin is defined as cement adjusted cash gross profit divided by cement segment net revenue.

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Volume and Price Statistics

    (Units in thousands)







    Three months ended



    Six months ended

    Total Volume



    June 29, 2024



    July 1, 2023



    June 29, 2024



    July 1, 2023

    Aggregates (tons)



    14,758



    16,396



    26,412



    28,968

    Cement (tons)



    2,376



    703



    4,114



    1,041

    Ready-mix concrete (cubic yards)



    2,376



    1,333



    4,273



    2,284

    Asphalt (tons)



    911



    1,096



    1,231



    1,420























    Three months ended



    Six months ended

    Pricing



    June 29, 2024



    July 1, 2023



    June 29, 2024



    July 1, 2023

    Aggregates (per ton)



    $     15.26



    $     13.65



    $     15.09



    $     13.56

    Cement (per ton)



    153.43



    149.10



    152.87



    148.55

    Ready-mix concrete (per cubic yards)



    165.51



    149.91



    165.10



    148.41

    Asphalt (per ton)



    85.25



    83.90



    85.99



    83.54























    Three months ended



    Six months ended





    Percentage Change in



    Percentage Change in

    Year over Year Comparison



    Volume



    Pricing



    Volume



    Pricing

    Aggregates (per ton)



    (10.0) %



    11.8 %



    (8.8) %



    11.3 %

    Cement (per ton)



    238.0 %



    2.9 %



    295.2 %



    2.9 %

    Ready-mix concrete (per cubic yards)



    78.2 %



    10.4 %



    87.1 %



    11.2 %

    Asphalt (per ton)



    (16.9) %



    1.6 %



    (13.3) %



    2.9 %























    Three months ended



    Six months ended





    Percentage Change in



    Percentage Change in

    Year over Year Comparison (Excluding acquisitions & divestitures)



    Volume



    Pricing



    Volume



    Pricing

    Aggregates (per ton)



    (9.4) %



    10.8 %



    (8.8) %



    10.6 %

    Cement (per ton)



    (16.5) %



    7.3 %



    (12.2) %



    6.8 %

    Ready-mix concrete (per cubic yards)



    (14.9) %



    5.6 %



    (14.9) %



    6.7 %

    Asphalt (per ton)



    (6.6) %



    0.5 %



    (2.8) %



    1.6 %

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Reconciliations of Gross Revenue to Net Revenue by Line of Business

    ($ and Units in thousands, except pricing information)







    Three months ended June 29, 2024













    Gross Revenue



    Intercompany



    Net





    Volumes



    Pricing



    by Product 



    Elimination/Delivery 



    Revenue 

    Aggregates



    14,758



    $       15.26



    $            225,148



    $                           (38,048)



    $               187,100

    Cement



    2,376



    153.43



    364,477



    (53,289)



    311,188

    Materials











    $            589,625



    $                           (91,337)



    $               498,288

    Ready-mix concrete



    2,376



    165.51



    393,294



    (16)



    393,278

    Asphalt



    911



    85.25



    77,701



    (77)



    77,624

    Other Products











    82,714



    (58,163)



    24,551

    Products











    $            553,709



    $                           (58,256)



    $               495,453

















































    Six months ended June 29, 2024













    Gross Revenue



    Intercompany



    Net





    Volumes



    Pricing



    by Product 



    Elimination/Delivery 



    Revenue 

    Aggregates



    26,412



    $       15.09



    $            398,645



    $                           (66,034)



    $               332,611

    Cement



    4,114



    152.87



    628,969



    (93,684)



    535,285

    Materials











    $         1,027,614



    $                         (159,718)



    $               867,896

    Ready-mix concrete



    4,273



    165.10



    705,449



    (124)



    705,325

    Asphalt



    1,231



    85.99



    105,820



    (211)



    105,609

    Other Products











    154,468



    (110,863)



    43,605

    Products











    $            965,737



    $                         (111,198)



    $               854,539

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Reconciliations of Non-GAAP Financial Measures

    ($ in thousands, except share and per share amounts)



    The tables below reconcile our net income to Adjusted EBITDA and Adjusted EBITDA Margin by segment and on a

    consolidated basis for the three and six months ended June 29, 2024 and July 1, 2023.



    Reconciliation of Net Income (Loss) to Adjusted EBITDA



    Three months ended June 29, 2024

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income (loss)



    $     82,939



    $    51,434



    $     98,787



    $  (127,085)



    $   106,075

    Interest (income) expense



    (7,734)



    (5,408)



    (6,286)



    72,277



    52,849

    Income tax expense



    1,300



    —



    —



    24,516



    25,816

    Depreciation, depletion and amortization



    29,824



    22,841



    48,224



    2,490



    103,379

    EBITDA



    $   106,329



    $    68,867



    $   140,725



    $ (27,802)



    $   288,119

    Accretion



    446



    528



    44



    —



    1,018

    (Gain) loss on sale of businesses



    (4,672)



    914



    —



    —



    (3,758)

    Non-cash compensation



    —



    —



    —



    7,413



    7,413

    Argos USA acquisition and integration costs (2)



    —



    —



    —



    9,737



    9,737

    Other (3)



    (518)



    245



    —



    (6,090)



    (6,363)

    Adjusted EBITDA



    $   101,585



    $    70,554



    $   140,769



    $ (16,742)



    $   296,166

    Adjusted EBITDA Margin (1)



    24.0 %



    21.6 %



    43.3 %







    27.5 %























    Reconciliation of Net Income (Loss) to Adjusted EBITDA



    Three months ended July 1, 2023

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income (loss)



    $     78,354



    $    34,648



    $     47,871



    $ (76,145)



    $     84,728

    Interest (income) expense



    (3,378)



    (2,890)



    (4,890)



    39,060



    27,902

    Income tax expense



    1,478



    —



    —



    21,003



    22,481

    Depreciation, depletion and amortization



    27,884



    15,254



    9,870



    1,034



    54,042

    EBITDA



    $   104,338



    $    47,012



    $     52,851



    $ (15,048)



    $   189,153

    Accretion



    260



    464



    21



    —



    745

    Non-cash compensation



    —



    —



    —



    5,216



    5,216

    Other (3)



    (81)



    141



    —



    (3,429)



    (3,369)

    Adjusted EBITDA



    $   104,517



    $    47,617



    $     52,872



    $ (13,261)



    $   191,745

    Adjusted EBITDA Margin (1)



    26.1 %



    28.3 %



    47.3 %







    28.2 %























    Reconciliation of Net Income (Loss) to Adjusted EBITDA



    Six months ended June 29, 2024

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income (loss)



    $   101,889



    $    85,925



    $   123,780



    $  (272,789)



    $     38,805

    Interest (income) expense



    (14,497)



    (9,980)



    (12,640)



    141,858



    104,741

    Income tax expense (benefit)



    1,809



    —



    —



    12,942



    14,751

    Depreciation, depletion and amortization



    59,718



    45,400



    88,887



    4,337



    198,342

    EBITDA



    $   148,919



    $  121,345



    $   200,027



    $  (113,652)



    $   356,639

    Accretion



    890



    1,050



    86



    —



    2,026

    Loss on debt financings



    —



    —



    —



    5,453



    5,453

    Gain on sale of businesses



    (3,828)



    (14,915)



    —



    —



    (18,743)

    Non-cash compensation



    —



    —



    —



    14,133



    14,133

    Argos USA acquisition and integration costs (2)



    —



    62



    110



    70,859



    71,031

    Other (3) 



    (996)



    488



    —



    (12,640)



    (13,148)

    Adjusted EBITDA



    $   144,985



    $  108,030



    $   200,223



    $ (35,847)



    $   417,391

    Adjusted EBITDA Margin (1)



    20.5 %



    18.5 %



    36.0 %







    22.6 %























    Reconciliation of Net Income (Loss) to Adjusted EBITDA



    Six months ended July 1, 2023

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income (loss)



    $     87,276



    $    40,586



    $     44,846



    $  (119,192)



    $     53,516

    Interest (income) expense



    (6,709)



    (5,652)



    (9,853)



    77,536



    55,322

    Income tax expense



    2,217



    —



    —



    13,798



    16,015

    Depreciation, depletion and amortization



    54,007



    30,351



    17,850



    2,022



    104,230

    EBITDA



    $   136,791



    $    65,285



    $     52,843



    $ (25,836)



    $   229,083

    Accretion



    510



    902



    39



    —



    1,451

    Loss on debt financings



    —



    —



    —



    493



    493

    Non-cash compensation



    —



    —



    —



    9,924



    9,924

    Other (3) 



    (106)



    282



    —



    (8,181)



    (8,005)

    Adjusted EBITDA



    $   137,195



    $    66,469



    $     52,882



    $ (23,600)



    $   232,946

    Adjusted EBITDA Margin (1)



    21.6 %



    23.1 %



    31.9 %







    21.4 %

    ________________________________________________

    (1)

    (2)

    (3)

    Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue.

    The adjustment for acquisition and integration costs related to the Transaction is comprised of finder's fees, advisory, legal and professional fees incurred relating to the Transaction.

    Consists primarily of interest income earned on cash balances.

    The table below reconciles our net income attributable to Summit Materials, Inc. to adjusted diluted net income per share for the three and six months ended June 29, 2024 and July 1, 2023. The per share amount of the net income attributable to Summit Materials, Inc. presented in the table is calculated using the total equity interests for the purpose of reconciling to adjusted diluted net income per share.





    Three months ended



    Six months ended





    June 29, 2024



    July 1, 2023



    June 29, 2024



    July 1, 2023

    Reconciliation of Net Income Per Share to Adjusted Diluted EPS



    Net Income



    Per Equity

    Unit



    Net Income



    Per Equity

    Unit



    Net Income



    Per Equity

    Unit



    Net Income



    Per Equity

    Unit

    Net income attributable to Summit Materials, Inc.



    $    106,075



    $        0.60



    $      83,637



    $        0.70



    $      39,209



    $        0.23



    $      52,833



    $        0.44

    Adjustments:

































    Net income (loss) attributable to noncontrolling interest



    —



    —



    1,091



    0.01



    (404)



    —



    683



    0.01

    Argos USA acquisition and integration costs, net of tax



    6,723



    0.05



    —



    —



    58,306



    0.33



    —



    —

    Loss (gain) on sale of businesses, net of tax



    2,366



    0.01



    —



    —



    (7,333)



    (0.04)



    —



    —

    Loss on debt financings



    —



    —



    —



    —



    5,453



    0.03



    493



    —

    Adjusted diluted net income



    $    115,164



    $        0.66



    $      84,728



    $        0.71



    $      95,231



    $        0.55



    $      54,009



    $        0.45

    Weighted-average shares:

































    Basic Class A common stock



    175,510,071







    118,848,214







    171,478,056







    118,706,385





    LP Units outstanding



    —







    1,310,004







    255,783







    1,310,630





    Total equity units



    175,510,071







    120,158,218







    171,733,839







    120,017,015





    The following table reconciles operating income to Adjusted Cash Gross Profit and Adjusted Cash Gross Profit Margin for the three and six months ended June 29, 2024 and July 1, 2023.  





    Three months ended



    Six months ended





    June 29,



    July 1,



    June 29,



    July 1,

    Reconciliation of Operating Income to Adjusted Cash Gross Profit



    2024



    2023



    2024



    2023

    ($ in thousands)

















    Operating income



    $   172,896



    $   129,633



    $   128,043



    $   114,158

    General and administrative expenses



    83,875



    53,838



    152,401



    99,836

    Depreciation, depletion, amortization and accretion



    104,397



    54,787



    200,368



    105,681

    Transaction and integration costs



    10,265



    1,712



    72,473



    2,076

    Gain on sale of property, plant and equipment



    (3,180)



    (3,223)



    (4,028)



    (3,653)

    Adjusted Cash Gross Profit (exclusive of items shown separately)



    $   368,253



    $   236,747



    $   549,257



    $   318,098

    Adjusted Cash Gross Profit Margin (exclusive of items shown separately) (1)



    34.2 %



    34.8 %



    29.7 %



    29.2 %

    _______________________________________________________

    (1)

    Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit as a percentage of net revenue.

    The following table reconciles net cash provided by operating activities to free cash flow for the three and six months ended June 29, 2024 and July 1, 2023. 





    Three months ended



    Six months ended





    June 29,



    July 1,



    June 29,



    July 1,

    ($ in thousands)



    2024



    2023



    2024



    2023

    Net income



    $     106,075



    $       84,728



    $       38,805



    $       53,516

    Non-cash items



    123,233



    75,986



    207,620



    126,418

    Net income adjusted for non-cash items



    229,308



    160,714



    246,425



    179,934

    Change in working capital accounts



    (77,659)



    (67,007)



    (135,021)



    (85,892)

    Net cash provided by operating activities



    151,649



    93,707



    111,404



    94,042

    Capital expenditures, net of asset sales



    (105,888)



    (59,326)



    (161,743)



    (121,133)

    Free cash flow



    $       45,761



    $       34,381



    $     (50,339)



    $     (27,091)

    Contact:

    Andy Larkin

    VP, Investor Relations

    [email protected]

    720-618-6013

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-materials-inc-reports-second-quarter-2024-results-302214732.html

    SOURCE Summit Materials, Inc.

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      Industrials
    • Summit Materials upgraded by Barclays with a new price target

      Barclays upgraded Summit Materials from Equal Weight to Overweight and set a new price target of $52.00 from $45.00 previously

      10/29/24 6:29:51 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Summit Materials upgraded by RBC Capital Mkts with a new price target

      RBC Capital Mkts upgraded Summit Materials from Sector Perform to Outperform and set a new price target of $53.00 from $45.00 previously

      10/25/24 9:59:32 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials

    $SUM
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    • Director Ellerbusch Susan A returned $1,227,765 worth of shares to the company (23,386 units at $52.50), closing all direct ownership in the company (SEC Form 4)

      4 - Summit Materials, Inc. (0001621563) (Issuer)

      2/10/25 5:50:52 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Director Cooney Anne M returned $709,012 worth of shares to the company (13,505 units at $52.50), closing all direct ownership in the company (SEC Form 4)

      4 - Summit Materials, Inc. (0001621563) (Issuer)

      2/10/25 5:49:41 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Director Wade Anne K. returned $1,161,352 worth of shares to the company (22,121 units at $52.50), closing all direct ownership in the company (SEC Form 4)

      4 - Summit Materials, Inc. (0001621563) (Issuer)

      2/10/25 5:49:38 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • SEC Form 15-12G filed by Summit Materials Inc.

      15-12G - Summit Materials, Inc. (0001621563) (Filer)

      2/21/25 6:11:38 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Amendment: SEC Form SCHEDULE 13G/A filed by Summit Materials Inc.

      SCHEDULE 13G/A - Summit Materials, Inc. (0001621563) (Subject)

      2/14/25 9:44:10 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • SEC Form 25-NSE filed by Summit Materials Inc.

      25-NSE - Summit Materials, Inc. (0001621563) (Subject)

      2/11/25 9:51:10 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Summit Materials, Inc. Reports Third Quarter 2024 Results

      Pricing Momentum Continues Sets ELEVATE Summit Record for Quality of Earnings Refining 2024 Guidance DENVER, Oct. 30, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE:SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company"), a market-leading producer of aggregates and cement company, today announced results for the third quarter ended September 28, 2024. All comparisons are versus the quarter ended September 30, 2023 unless noted otherwise. Three months ended ($ in thousands, except per share amounts) September 28, 2024 September 30, 2023 % Chg vs. PY Net revenue $

      10/30/24 4:15:00 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Summit Materials Announces Third Quarter 2024 Results Conference Call Date

      DENVER, Oct. 15, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE:SUM, ", Summit", or the ", Company", ))), a leading vertically integrated construction materials company, today announced that it will release third quarter 2024 financial results after the market closes on Wednesday, October 30, 2024. A conference call will be held on Thursday, October 31, 2024, at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review Summit's financial results, discuss recent events and conduct a question-and-answer session. A webcast of the third quarter results conference call and acc

      10/15/24 6:30:00 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Summit Materials, Inc. Reports Second Quarter 2024 Results

      Argos USA Synergies On Track Sustained Aggregates Growth Reaffirming 2024 Guidance Range DENVER, Aug. 5, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE:SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company"), a market-leading producer of aggregates and cement company, today announced results for the second quarter ended June 29, 2024. All comparisons are versus the quarter ended July 1, 2023 unless noted otherwise. Three months ended ($ in thousands, except per share amounts) June 29, 2024 July 1, 2023 % Chg vs. PY Net revenue $ 1,075,471 $     680,373 58.1 % O

      8/5/24 4:15:00 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Amendment: SEC Form SC 13D/A filed by Summit Materials Inc.

      SC 13D/A - Summit Materials, Inc. (0001621563) (Subject)

      11/25/24 9:19:55 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Amendment: SEC Form SC 13G/A filed by Summit Materials Inc.

      SC 13G/A - Summit Materials, Inc. (0001621563) (Subject)

      11/14/24 1:22:36 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Amendment: SEC Form SC 13G/A filed by Summit Materials Inc.

      SC 13G/A - Summit Materials, Inc. (0001621563) (Subject)

      11/12/24 5:49:59 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials

    $SUM
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    • Carlisle Companies Announces Leadership Appointments

      Carlisle Companies Incorporated (NYSE:CSL) today announced the appointment of Christopher B. Gaskill as Vice President & General Counsel for the Company. In conjunction with this appointment, Scott C. Selbach will transition to a new role as Executive Vice President, Government Relations for the Company. Mr. Selbach will also remain Secretary of the Company. Both Mr. Gaskill and Mr. Selbach will report to Chris Koch, Carlisle's Chair, President & Chief Executive Officer. Prior to joining Carlisle, Mr. Gaskill served as Executive Vice President, Chief Legal Officer, and Secretary at Summit Materials, Inc. (NYSE:SUM), where he was responsible for the company's global legal functions and ensu

      5/16/25 4:05:00 PM ET
      $CAH
      $CSL
      $SUM
      $WU
      Other Pharmaceuticals
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    • Summit Materials Completes Merger with Quikrete

      DENVER, Feb. 10, 2025 /PRNewswire/ -- Summit Materials, Inc. (NYSE:SUM) ("Summit," "Summit Materials" or the "Company"), a leading producer of aggregates and cement, today announced the closing of its previously announced definitive agreement to be acquired by Quikrete Holdings, Inc. ("Quikrete") for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt. Summit's common stock has ceased trading on the NYSE and will no longer be listed on any public market. Additionally, the Company has become a privately held subsidiary of Quikre

      2/10/25 12:26:00 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Summit Materials Announces Stockholder Approval of Quikrete Transaction

      DENVER, Feb. 5, 2025 /PRNewswire/ -- Summit Materials, Inc. (NYSE:SUM) ("Summit," "Summit Materials" or the "Company"), a leading producer of aggregates and cement, today announced that the Company has obtained all requisite stockholder approvals in connection with the proposed acquisition by Quikrete Holdings, Inc. ("Quikrete"). Summit will disclose the final, certified voting results on a Form 8-K with the U.S. Securities and Exchange Commission ("SEC"). As previously announced, the proposed transaction is expected to close within the first quarter of 2025, subject to the sa

      2/5/25 12:00:00 PM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials