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    Summit Materials, Inc. Reports Third Quarter 2024 Results

    10/30/24 4:15:00 PM ET
    $SUM
    Mining & Quarrying of Nonmetallic Minerals (No Fuels)
    Industrials
    Get the next $SUM alert in real time by email

    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.

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





    Three months ended

    ($ in thousands, except per share amounts)



    September 28,

    2024



    September 30,

    2023



    % Chg vs. PY

    Net revenue



    $ 1,111,846



    $     741,960



    49.9 %

    Operating income



    194,651



    127,983



    52.1 %

    Net income



    105,178



    232,725



    (54.8) %

    Basic EPS



    $           0.60



    $           1.93



    (68.9) %















    Adjusted Cash Gross Profit



    382,827



    251,638



    52.1 %

    Adjusted EBITDA



    314,672



    208,519



    50.9 %

    Adjusted Diluted EPS



    $           0.75



    $           0.81



    (7.4) %

    "Our materials-led portfolio delivered another resilient quarter of financial results, even amid significant rainfall and severe weather events that impacted many of our key markets," commented Anne Noonan, Summit Materials President and CEO. "I'm incredibly proud of our teams that responded safely and with agility to produce an Elevate-era record for EBITDA margins and take valuable steps towards achieving our strategic agenda. Today, due to volumes below prior expectations and including valuable self-help offsets, we are refining the mid-point of our full year guide to $985 million. Concurrently and thanks to strong execution, we are increasing our Adjusted EBITDA margin expectations to at least 24% in 2024. Without question, our Summit team has successfully navigated a dynamic environment to strengthen our business, improve our commercial and operational capabilities, and critically, build momentum as we focus on the fourth quarter and our path forward in 2025."

    Scott Anderson, Executive Vice President and CFO of Summit Materials added, "Our capital allocation strategy is designed to unlock growth in a disciplined, returns-focused manner. With nearly $740 million in cash on hand and a capable balance sheet, Summit is well-equipped to invest in top growth prospects, both organic and inorganic, driving long-term sustainable returns for our shareholders." 

    2024 Guidance

    For the full year 2024, Summit is refining its Adjusted EBITDA guidance to incorporate performance over the first nine months, including the impact of unfavorable weather conditions. The Company is now projecting Adjusted EBITDA of approximately $970 million to $1 billion. Summit also currently projects 2024 capital expenditures of approximately $390 million to $410 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.

    Third Quarter 2024 | Total Company Results

    Net revenue increased $369.9 million, or 49.9%, in the third quarter to $1,111.8 million. In the quarter, $403.4 million of net revenue was due to acquisitions, primarily the Argos USA transaction. Divestitures decreased net revenue by $43.6 million in the period. All lines of business experienced organic pricing growth.

    Operating income increased in the third quarter by 52.1%  to $194.7 million largely due to the Argos USA transaction. Summit's operating margin percentage for the three months ended September 28, 2024, increased to 17.5% from 17.2%.

    Net income attributable to Summit Inc. decreased to $105.2 million, or $0.60 per basic share, compared to $230.0 million, or $1.93 per basic share in the prior year period. The decrease is due primarily to the tax receivable benefit recognized in the third quarter of 2023 of $153.1 million. Summit reported adjusted diluted net income of $131.2 million, or $0.75 per adjusted diluted share, compared to an adjusted diluted net income of $97.5 million, or $0.81 per adjusted diluted share, in the prior year period. 

    Adjusted EBITDA increased $106.2 million, or 50.9%, to $314.7 million reflecting the contribution from the Argos USA assets, continued pricing gains, and operational improvements across the enterprise, including integration synergies.

    Third Quarter 2024 | Results by Line of Business

    Aggregates Business: Aggregates net revenues increased by $12.5 million to $192.3 million in the third quarter. Aggregates adjusted cash gross profit margin decreased to 58.5% in the third quarter as compared to 59.0% in the prior year period. Aggregates sales volume decreased 1.8% in the third quarter as a result of divestitures. Organic aggregates sales volumes increased 0.7% primarily driven by Utah, British Columbia, and the Carolinas. Average selling prices for aggregates increased 7.4%, with organic pricing growth of 6.9%. Pricing growth was strong throughout the footprint and led by the East Segment, which increased 8.3% versus the prior year period.  

    Cement Business: Cement Segment net revenues increased to $323.2 million in the third quarter. Cement Segment adjusted cash gross profit margin increased to 47.2% in the third quarter, compared to 46.3% in the prior year period. Sales volume of cement increased 203.1% while organic sales volumes decreased 11.3% due to a combination of adverse weather conditions and moderating demand leading to, in part, lower imported volumes versus the prior year period. Organic average selling prices increased 3.9% in the third quarter, primarily reflecting increases implemented earlier in the year. 

    Products Business: Products net revenues were $516.4 million in the third quarter, up 48.9% versus the prior year period. Products adjusted cash gross profit margin decreased to 17.8% in the third quarter. Organic average sales price for ready-mix concrete increased 5.5%, with pricing growth in both segments. Organic sales volumes of ready-mix concrete decreased 10.0% due to unfavorable weather conditions and subdued private end-market activity. Organic average selling prices for asphalt increased 4.5%. Organic sales volume increased 0.4%, driven by growth in North Texas. 

    Third Quarter 2024 | Results By Reporting Segment

    West Segment: The West Segment operating income increased $6.2 million to $95.8 million. Adjusted EBITDA increased $10.5 million, or 8.9%, to $128.4 million in the third quarter. Aggregates revenue increased 1.5%, driven by continued pricing growth. Pricing grew 6.2% over the prior period led by double-digit growth in certain Texas markets, as well as Arizona. Ready-mix concrete revenue increased 10.6% on 3.3% pricing growth and 7.1% volume growth. Organic ready-mix pricing increased 5.4%. Restrained private construction activity and weather headwinds drove organic ready-mix volumes down 10.4% in the period. Asphalt revenue increased 4.9% reflecting a volume increase of 0.4% and pricing growth of 4.5%.

    East Segment: The East Segment operating income increased $16.5 million to $50.7 million and Adjusted EBITDA increased $20.2 million to $70.3 million. Aggregates revenue increased 9.5% versus the prior year period. Organic Aggregates volumes increased 1.1%, with the Carolinas and Missouri markets offsetting softness in Kansas. Aggregates pricing increased 8.3% with most markets realizing high single-digit or double-digit growth. Ready-mix concrete revenue increased $142.3 million to $165.4 million due to the acquisition of the Argos USA ready-mix concrete operations in Florida, Georgia, and the Carolinas. Asphalt revenue decreased $7.8 million versus the prior year period due to divestiture of asphalt assets.   

    Cement Segment: The Cement Segment operating income increased 142.5% to $92.8 million. Adjusted EBITDA increased $89.7 million, primarily from the Argos USA transaction. Adjusted EBITDA margin increased to 43.3% from 41.5%. As noted above, the Cement Segment reported an organic volume decrease of 11.3% and organic selling price growth of 3.9%.

    Liquidity and Capital Resources

    As of September 28, 2024, the Company had $737.5 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 nine months ended  September 28, 2024, cash flow provided by operations was $344.2 million and cash paid for capital expenditures was $275.1 million.

    As of September 28, 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 Thursday, October 31, 2024, at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review the Company's third 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/353405932 

    To participate in the live teleconference for third 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 November 7, 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



    Nine months ended





    September 28,



    September 30,



    September 28,



    September 30,





    2024



    2023



    2024



    2023

    Revenue:

















    Product



    $    1,013,646



    $       641,778



    $    2,736,081



    $    1,609,664

    Service



    98,200



    100,182



    224,465



    219,939

    Net revenue



    1,111,846



    741,960



    2,960,546



    1,829,603

    Delivery and subcontract revenue



    59,291



    52,837



    133,868



    129,732

    Total revenue



    1,171,137



    794,797



    3,094,414



    1,959,335

    Cost of revenue (excluding items shown separately below):

















    Product



    658,901



    412,784



    1,865,009



    1,086,299

    Service



    70,118



    77,538



    163,453



    173,568

    Net cost of revenue



    729,019



    490,322



    2,028,462



    1,259,867

    Delivery and subcontract cost



    59,291



    52,837



    133,868



    129,732

    Total cost of revenue



    788,310



    543,159



    2,162,330



    1,389,599

    General and administrative expenses



    78,916



    50,895



    231,317



    150,731

    Depreciation, depletion, amortization and accretion



    99,159



    57,452



    299,527



    163,133

    Transaction and integration costs



    13,656



    17,442



    86,129



    19,518

    Gain on sale of property, plant and equipment



    (3,555)



    (2,134)



    (7,583)



    (5,787)

    Operating income



    194,651



    127,983



    322,694



    242,141

    Interest expense



    50,916



    28,013



    155,657



    83,335

    Loss on debt financings



    7,157



    —



    12,610



    493

    Tax receivable agreement benefit



    —



    (153,080)



    —



    (153,080)

    Loss (gain) on sale of businesses



    7,083



    —



    (11,660)



    —

    Other income, net



    (9,224)



    (3,583)



    (26,188)



    (14,771)

    Income from operations before taxes



    138,719



    256,633



    192,275



    326,164

    Income tax expense



    33,541



    23,908



    48,292



    39,923

    Net income



    105,178



    232,725



    143,983



    286,241

    Net income attributable to Summit Holdings (1)



    —



    2,680



    (404)



    3,363

    Net income attributable to Summit Inc.



    $       105,178



    $       230,045



    $       144,387



    $       282,878

    Earnings per share of Class A common stock:

















    Basic



    $              0.60



    $              1.93



    $              0.84



    $              2.38

    Diluted



    $              0.60



    $              1.92



    $              0.83



    $              2.37

    Weighted average shares of Class A common stock:

















    Basic



    175,635,388



    119,013,331



    172,899,150



    118,874,967

    Diluted



    176,287,257



    119,725,693



    173,649,453



    119,558,974

    ________________________________________________________

    (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)

     





    September 28,



    December 30,





    2024



    2023





    (unaudited)



    (audited)

    Assets









    Current assets:









    Cash and cash equivalents



    $     737,541



    $     374,162

    Restricted cash



    —



    800,000

    Accounts receivable, net



    570,917



    287,252

    Costs and estimated earnings in excess of billings



    35,263



    10,289

    Inventories



    345,215



    241,350

    Other current assets



    24,964



    17,937

    Current assets held for sale



    1,495



    1,134

    Total current assets



    1,715,395



    1,732,124

    Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 28, 2024 - $1,568,591 and December 30, 2023 - $1,399,468)



    4,293,472



    1,976,820

    Goodwill



    2,069,495



    1,224,861

    Intangible assets, less accumulated amortization (September 28, 2024 - $50,670 and December 30, 2023 - $18,972)



    157,269



    68,081

    Deferred tax assets, less valuation allowance (September 28, 2024 - $1,113 and December 30, 2023 - $1,113)



    —



    52,009

    Operating lease right-of-use assets



    83,012



    36,553

    Other assets



    108,543



    59,134

    Total assets



    $ 8,427,186



    $ 5,149,582

    Liabilities and Stockholders' Equity









    Current liabilities:









    Current portion of debt



    $       10,100



    $         3,822

    Current portion of acquisition-related liabilities



    8,996



    7,007

    Accounts payable



    274,957



    123,621

    Accrued expenses



    226,310



    171,691

    Current operating lease liabilities



    17,134



    8,596

    Billings in excess of costs and estimated earnings



    15,334



    8,228

    Total current liabilities



    552,831



    322,965

    Long-term debt



    2,776,918



    2,283,639

    Acquisition-related liabilities



    21,230



    28,021

    Tax receivable agreement liability



    47,667



    41,276

    Deferred tax liabilities



    206,168



    15,854

    Noncurrent operating lease liabilities



    75,287



    33,230

    Other noncurrent liabilities



    300,459



    108,017

    Total liabilities



    3,980,560



    2,833,002

    Stockholders' equity:









    Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 175,596,314 and 119,529,380 shares issued and outstanding as of September 28, 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 September 28, 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 September 28, 2024 and December 30, 2023, respectively



    —



    —

    Additional paid-in capital



    3,419,477



    1,421,813

    Accumulated earnings



    1,021,138



    876,751

    Accumulated other comprehensive income



    4,254



    7,275

    Stockholders' equity



    4,446,626



    2,307,035

    Noncontrolling interest in Summit Holdings



    —



    9,545

    Total stockholders' equity



    4,446,626



    2,316,580

    Total liabilities and stockholders' equity



    $ 8,427,186



    $ 5,149,582

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Consolidated Statements of Cash Flows

    ($ in thousands)

     





    Nine months ended





    September 28,



    September 30,





    2024



    2023

    Cash flows from operating activities:









    Net income



    $     143,983



    $     286,241

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









    Depreciation, depletion, amortization and accretion



    310,216



    168,758

    Share-based compensation expense



    20,862



    15,116

    Net gain on asset and business disposals



    (19,246)



    (5,790)

    Non-cash loss on debt financings



    12,439



    161

    Change in deferred tax asset, net



    31,055



    23,540

    Other



    1,801



    (105)

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









    Accounts receivable, net



    (129,153)



    (107,349)

    Inventories



    (10,422)



    (23,935)

    Costs and estimated earnings in excess of billings



    (25,366)



    (34,463)

    Other current assets



    6,994



    4,438

    Other assets



    6,395



    2,208

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









    Accounts payable



    24,999



    48,524

    Accrued expenses



    (26,846)



    19,034

    Billings in excess of costs and estimated earnings



    7,541



    2,812

    Tax receivable agreement (benefit) expense



    6,227



    (153,080)

    Other liabilities



    (17,279)



    (2,486)

    Net cash provided by operating activities



    344,200



    243,624

    Cash flows from investing activities:









    Acquisitions, net of cash acquired



    (1,064,987)



    (239,508)

    Purchases of property, plant and equipment



    (275,137)



    (182,182)

    Purchase of intellectual property



    (21,400)



    —

    Proceeds from the sale of property, plant and equipment



    21,041



    9,760

    Proceeds from sale of businesses



    98,868



    —

    Other



    (2,959)



    (3,602)

    Net cash used in investing activities



    (1,244,574)



    (415,532)

    Cash flows from financing activities:









    Proceeds from debt issuances



    1,007,475



    —

    Debt issuance costs



    (17,933)



    (1,566)

    Payments on debt



    (511,181)



    (8,520)

    Purchase of tax receivable agreement interests



    —



    (122,935)

    Payments on acquisition-related liabilities



    (6,938)



    (12,203)

    Distributions from partnership



    —



    (60)

    Proceeds from stock option exercises



    1,601



    112

    Other



    (8,238)



    (6,011)

    Net cash provided by (used in) financing activities



    464,786



    (151,183)

    Impact of foreign currency on cash



    (1,033)



    115

    Net decrease in cash and cash equivalents and restricted cash



    (436,621)



    (322,976)

    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



    $     737,541



    $     197,475

     

    SUMMIT MATERIALS, INC. AND SUBSIDIARIES

    Unaudited Revenue Data by Segment and Line of Business

    ($ in thousands)

     





    Three months ended



    Nine months ended





    September 28,



    September 30,



    September 28,



    September 30,





    2024



    2023



    2024



    2023

    Segment Net Revenue:

















    West



    $   492,006



    $   461,094



    $  1,199,291



    $  1,095,502

    East



    296,616



    159,547



    881,427



    446,790

    Cement



    323,224



    121,319



    879,828



    287,311

    Net Revenue



    $  1,111,846



    $   741,960



    $  2,960,546



    $  1,829,603



















    Line of Business - Net Revenue:

















    Materials

















    Aggregates



    $   192,312



    $   179,819



    $   524,923



    $   505,984

    Cement (1)



    304,953



    115,135



    840,238



    267,755

    Products



    516,381



    346,824



    1,370,920



    835,925

    Total Materials and Products



    1,013,646



    641,778



    2,736,081



    1,609,664

    Services



    98,200



    100,182



    224,465



    219,939

    Net Revenue



    $  1,111,846



    $   741,960



    $  2,960,546



    $  1,829,603



















    Line of Business - Net Cost of Revenue:

















    Materials

















    Aggregates



    $      79,867



    $      73,733



    $   252,226



    $   251,781

    Cement



    152,379



    58,997



    456,298



    147,400

    Products



    424,590



    277,498



    1,149,193



    678,593

    Total Materials and Products



    656,836



    410,228



    1,857,717



    1,077,774

    Services



    72,183



    80,094



    170,745



    182,093

    Net Cost of Revenue



    $   729,019



    $   490,322



    $  2,028,462



    $  1,259,867



















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

















    Materials

















    Aggregates



    $   112,445



    $   106,086



    $   272,697



    $   254,203

    Cement (3)



    152,574



    56,138



    383,940



    120,355

    Products



    91,791



    69,326



    221,727



    157,332

    Total Materials and Products



    356,810



    231,550



    878,364



    531,890

    Services



    26,017



    20,088



    53,720



    37,846

    Adjusted Cash Gross Profit



    $   382,827



    $   251,638



    $   932,084



    $   569,736



















    Adjusted Cash Gross Profit Margin (2)

















    Materials

















    Aggregates



    58.5 %



    59.0 %



    51.9 %



    50.2 %

    Cement (3)



    47.2 %



    46.3 %



    43.6 %



    41.9 %

    Products



    17.8 %



    20.0 %



    16.2 %



    18.8 %

    Services



    26.5 %



    20.1 %



    23.9 %



    17.2 %

    Total Adjusted Cash Gross Profit Margin



    34.4 %



    33.9 %



    31.5 %



    31.1 %

    ________________________________________________________

    (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



    Nine months ended

    Total Volume



    September 28,

    2024



    September 30,

    2023



    September 28,

    2024



    September 30,

    2023

    Aggregates (tons)



    15,368



    15,654



    41,780



    44,622

    Cement (tons)



    2,261



    746



    6,375



    1,787

    Ready-mix concrete (cubic yards)



    2,254



    1,383



    6,527



    3,667

    Asphalt (tons)



    1,292



    1,385



    2,523



    2,805























    Three months ended



    Nine months ended

    Pricing



    September 28,

    2024



    September 30,

    2023



    September 28,

    2024



    September 30,

    2023

    Aggregates (per ton)



    $     15.34



    $     14.28



    $     15.18



    $     13.81

    Cement (per ton)



    155.76



    155.79



    153.89



    151.58

    Ready-mix concrete (per cubic yards)



    166.85



    154.39



    165.71



    150.66

    Asphalt (per ton)



    89.47



    85.20



    87.77



    84.36























    Three months ended



    Nine months ended





    Percentage Change in



    Percentage Change in

    Year over Year Comparison



    Volume



    Pricing



    Volume



    Pricing

    Aggregates (per ton)



    (1.8) %



    7.4 %



    (6.4) %



    9.9 %

    Cement (per ton)



    203.1 %



    — %



    256.7 %



    1.5 %

    Ready-mix concrete (per cubic yards)



    63.0 %



    8.1 %



    78.0 %



    10.0 %

    Asphalt (per ton)



    (6.7) %



    5.0 %



    (10.1) %



    4.0 %























    Three months ended



    Nine months ended





    Percentage Change in



    Percentage Change in

    Year over Year Comparison (Excluding acquisitions & divestitures)



    Volume



    Pricing



    Volume



    Pricing

    Aggregates (per ton)



    0.7 %



    6.9 %



    (5.5) %



    9.3 %

    Cement (per ton)



    (11.3) %



    3.9 %



    (11.8) %



    5.6 %

    Ready-mix concrete (per cubic yards)



    (10.0) %



    5.5 %



    (13.0) %



    6.3 %

    Asphalt (per ton)



    0.4 %



    4.5 %



    (1.1) %



    3.1 %

     

    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 September 28, 2024













    Gross Revenue



    Intercompany



    Net





    Volumes



    Pricing



    by Product 



    Elimination/Delivery 



    Revenue 

    Aggregates



    15,368



    $       15.34



    $            235,718



    $                           (43,406)



    $               192,312

    Cement



    2,261



    155.76



    352,146



    (47,193)



    304,953

    Materials











    $            587,864



    $                           (90,599)



    $               497,265

    Ready-mix concrete



    2,254



    166.85



    376,081



    (87)



    375,994

    Asphalt



    1,292



    89.47



    115,607



    (69)



    115,538

    Other Products











    85,997



    (61,148)



    24,849

    Products











    $            577,685



    $                           (61,304)



    $               516,381

















































    Nine months ended September 28, 2024













    Gross Revenue



    Intercompany



    Net





    Volumes



    Pricing



    by Product 



    Elimination/Delivery 



    Revenue 

    Aggregates



    41,780



    $       15.18



    $            634,363



    $                         (109,440)



    $               524,923

    Cement



    6,375



    153.89



    981,115



    (140,877)



    840,238

    Materials











    $         1,615,478



    $                         (250,317)



    $            1,365,161

    Ready-mix concrete



    6,527



    165.71



    1,081,530



    (211)



    1,081,319

    Asphalt



    2,523



    87.77



    221,427



    (280)



    221,147

    Other Products











    240,465



    (172,011)



    68,454

    Products











    $         1,543,422



    $                         (172,502)



    $            1,370,920

     

    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 nine months ended September 28, 2024 and September 30, 2023.



    Reconciliation of Net Income (Loss) to Adjusted EBITDA



    Three months ended September 28, 2024

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income (loss)



    $   103,334



    $    49,444



    $     99,531



    $  (147,131)



    $   105,178

    Interest (income) expense



    (8,330)



    (5,597)



    (6,563)



    71,406



    50,916

    Income tax expense



    1,611



    —



    —



    31,930



    33,541

    Depreciation, depletion and amortization



    31,766



    18,284



    46,044



    1,922



    98,016

    EBITDA



    $   128,381



    $    62,131



    $   139,012



    $ (41,873)



    $   287,651

    Accretion



    452



    656



    35



    —



    1,143

    Loss on debt financings



    —



    —



    —



    7,157



    7,157

    Loss on sale of businesses



    59



    7,024



    —



    —



    7,083

    Non-cash compensation



    —



    —



    —



    6,729



    6,729

    Argos USA acquisition and integration costs (2)



    —



    261



    1,032



    11,529



    12,822

    Other (3)



    (511)



    244



    —



    (7,646)



    (7,913)

    Adjusted EBITDA



    $   128,381



    $    70,316



    $   140,079



    $ (24,104)



    $   314,672

    Adjusted EBITDA Margin (1)



    26.1 %



    23.7 %



    43.3 %







    28.3 %























    Reconciliation of Net Income to Adjusted EBITDA



    Three months ended September 30, 2023

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income



    $     92,652



    $    37,350



    $     43,347



    $    59,376



    $   232,725

    Interest (income) expense



    (4,068)



    (3,055)



    (5,135)



    40,271



    28,013

    Income tax expense



    1,644



    —



    —



    22,264



    23,908

    Depreciation, depletion and amortization



    28,443



    15,103



    12,123



    1,022



    56,691

    EBITDA



    $   118,671



    $    49,398



    $     50,335



    $  122,933



    $   341,337

    Accretion



    258



    483



    20



    —



    761

    Tax receivable agreement benefit



    —



    —



    —



    (153,080)



    (153,080)

    Non-cash compensation



    —



    —



    —



    5,192



    5,192

    Argos USA acquisition and integration costs



    —



    —



    —



    17,859



    17,859

    Other (3)



    (1,083)



    208



    —



    (2,675)



    (3,550)

    Adjusted EBITDA



    $   117,846



    $    50,089



    $     50,355



    $   (9,771)



    $   208,519

    Adjusted EBITDA Margin (1)



    25.6 %



    31.4 %



    41.5 %







    28.1 %























    Reconciliation of Net Income (Loss) to Adjusted EBITDA



    Nine months ended September 28, 2024

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income (loss)



    $   205,223



    $  135,369



    $   223,311



    $  (419,920)



    $   143,983

    Interest (income) expense



    (22,827)



    (15,577)



    (19,203)



    213,264



    155,657

    Income tax expense (benefit)



    3,420



    —



    —



    44,872



    48,292

    Depreciation, depletion and amortization



    91,484



    63,684



    134,931



    6,259



    296,358

    EBITDA



    $   277,300



    $  183,476



    $   339,039



    $  (155,525)



    $   644,290

    Accretion



    1,342



    1,706



    121



    —



    3,169

    Loss on debt financings



    —



    —



    —



    12,610



    12,610

    Gain on sale of businesses



    (3,769)



    (7,891)



    —



    —



    (11,660)

    Non-cash compensation



    —



    —



    —



    20,862



    20,862

    Argos USA acquisition and integration costs (2)



    —



    323



    1,142



    82,388



    83,853

    Other (3)



    (1,507)



    732



    —



    (20,286)



    (21,061)

    Adjusted EBITDA



    $   273,366



    $  178,346



    $   340,302



    $ (59,951)



    $   732,063

    Adjusted EBITDA Margin (1)



    22.8 %



    20.2 %



    38.7 %







    24.7 %























    Reconciliation of Net Income (Loss) to Adjusted EBITDA



    Nine months ended September 30, 2023

    by Segment



    West



    East



    Cement



    Corporate



    Consolidated

    ($ in thousands)





















    Net income (loss)



    $   179,928



    $    77,936



    $     88,193



    $ (59,816)



    $   286,241

    Interest (income) expense



    (10,777)



    (8,707)



    (14,988)



    117,807



    83,335

    Income tax expense



    3,861



    —



    —



    36,062



    39,923

    Depreciation, depletion and amortization



    82,450



    45,454



    29,973



    3,044



    160,921

    EBITDA



    $   255,462



    $  114,683



    $   103,178



    $    97,097



    $   570,420

    Accretion



    768



    1,385



    59



    —



    2,212

    Loss on debt financings



    —



    —



    —



    493



    493

    Tax receivable agreement benefit



    —



    —



    —



    (153,080)



    (153,080)

    Non-cash compensation



    —



    —



    —



    15,116



    15,116

    Argos USA acquisition and integration costs (2)



    —



    —



    —



    17,859



    17,859

    Other (3)



    (1,189)



    490



    —



    (10,856)



    (11,555)

    Adjusted EBITDA



    $   255,041



    $  116,558



    $   103,237



    $ (33,371)



    $   441,465

    Adjusted EBITDA Margin (1)



    23.3 %



    26.1 %



    35.9 %







    24.1 %

    ________________________________________________

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

    (2)   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.

    (3)   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 nine months ended September 28, 2024 and September 30, 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



    Nine months ended





    September 28, 2024



    September 30, 2023



    September 28, 2024



    September 30, 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.



    $    105,178



    $        0.60



    $    230,045



    $        1.91



    $    144,387



    $        0.83



    $    282,878



    $        2.36

    Adjustments:

































    Net income (loss) attributable to noncontrolling interest



    —



    —



    2,680



    0.02



    (404)



    —



    3,363



    0.03

    Argos USA acquisition and integration costs, net of tax



    11,181



    0.07



    17,859



    0.15



    69,487



    0.41



    17,859



    0.15

    Loss on sale of businesses, net of tax



    7,728



    0.04



    —



    —



    395



    —



    —



    —

    Loss on debt financings



    7,157



    0.04



    —



    —



    12,610



    0.07



    493



    —

    Adjusted diluted net income before tax related adjustments



    131,244



    0.75



    250,584



    2.08



    226,475



    1.31



    304,593



    2.54

    Tax receivable agreement (benefit) expense, net of tax



    —



    —



    (153,080)



    (1.27)



    —



    —



    (153,080)



    (1.28)

    Adjusted diluted net income



    $    131,244



    $        0.75



    $      97,504



    $        0.81



    $    226,475



    $        1.31



    $    151,513



    $        1.26

    Weighted-average shares:

































    Basic Class A common stock



    175,588,180







    118,928,799







    172,848,097







    118,780,523





    LP Units outstanding



    —







    1,303,990







    170,522







    1,308,417





    Total equity units



    175,588,180







    120,232,789







    173,018,619







    120,088,940





     

    The following table reconciles operating income to Adjusted Cash Gross Profit and Adjusted Cash Gross Profit Margin for the three and nine months ended September 28, 2024 and September 30, 2023.  

     





    Three months ended



    Nine months ended





    September 28,



    September 30,



    September 28,



    September 30,

    Reconciliation of Operating Income to Adjusted Cash Gross Profit



    2024



    2023



    2024



    2023

    ($ in thousands)

















    Operating income



    $   194,651



    $   127,983



    $   322,694



    $   242,141

    General and administrative expenses



    78,916



    50,895



    231,317



    150,731

    Depreciation, depletion, amortization and accretion



    99,159



    57,452



    299,527



    163,133

    Transaction and integration costs



    13,656



    17,442



    86,129



    19,518

    Gain on sale of property, plant and equipment



    (3,555)



    (2,134)



    (7,583)



    (5,787)

    Adjusted Cash Gross Profit (exclusive of items shown separately)



    $   382,827



    $   251,638



    $   932,084



    $   569,736

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



    34.4 %



    33.9 %



    31.5 %



    31.1 %

    _______________________________________________________

    (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 nine months ended September 28, 2024 and September 30, 2023. 

     





    Three months ended



    Nine months ended





    September 28,



    September 30,



    September 28,



    September 30,

    ($ in thousands)



    2024



    2023



    2024



    2023

    Net income



    $     105,178



    $     232,725



    $     143,983



    $     286,241

    Non-cash items



    149,507



    75,262



    357,127



    201,680

    Net income adjusted for non-cash items



    254,685



    307,987



    501,110



    487,921

    Change in working capital accounts



    (21,889)



    (158,405)



    (156,910)



    (244,297)

    Net cash provided by operating activities



    232,796



    149,582



    344,200



    243,624

    Capital expenditures, net of asset sales



    (92,353)



    (51,289)



    (254,096)



    (172,422)

    Free cash flow



    $     140,443



    $       98,293



    $       90,104



    $       71,202

     

    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-third-quarter-2024-results-302291784.html

    SOURCE Summit Materials, Inc.

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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)

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    • 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

    $SUM
    Press Releases

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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
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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

    $SUM
    Leadership Updates

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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
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      Other Pharmaceuticals
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    • Summit Materials Enters into Definitive Agreement to be Acquired by Quikrete for $52.50 Per Share in Cash

      Compelling Premium Maximizes Value to Shareholders DENVER, Nov. 25, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE:SUM), ("Summit," "Summit Materials," "Summit Inc." or the "Company") a leading producer of aggregates and cement, today announced it has entered into a 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. The transaction price represents an approximately 36% premium to Summit's unaffected 90-day volume weighted average price (VWAP)1 and an approximately 29% premium to Summit's unaffected share price2. The combination has been unanimously approved b

      11/25/24 6:55:00 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Astec Industries, Inc. (NASDAQ: ASTE) Announces Brian J. Harris as New Chief Financial Officer

      CHATTANOOGA, Tenn., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (NASDAQ:ASTE) ("Astec" or the "Company") today announced the appointment of Brian J. Harris as its Chief Financial Officer, effective immediately. In connection with the appointment of Mr. Harris, Heinrich Jonker will step down from his role as Interim Chief Financial Officer and will continue to serve as Vice President Finance – Infrastructure Solutions of the Company. Mr. Harris previously served as Executive Vice President and Chief Financial Officer of Summit Materials, Inc. (NYSE:SUM) ("Summit"), a leading producer of aggregates and cement, from October 2013 to February 2023. Prior to his role at Summit, Mr.

      10/7/24 9:00:00 AM ET
      $ASTE
      $SUM
      Construction/Ag Equipment/Trucks
      Industrials
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)

    $SUM
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    • 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

    $SUM
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    • Summit Materials downgraded by Jefferies with a new price target

      Jefferies downgraded Summit Materials from Buy to Hold and set a new price target of $52.50 from $58.00 previously

      12/16/24 6:37:11 AM ET
      $SUM
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      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

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    SEC Filings

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    • 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

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    Large Ownership Changes

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    • 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