Welcome to our dedicated page for Summit Matls news (Ticker: SUM), a resource for investors and traders seeking the latest updates and insights on Summit Matls stock.
Summit Materials, Inc. (historically NYSE: SUM) generated frequent news as a market-leading producer of aggregates and cement with vertically integrated operations supplying ready-mix concrete and asphalt in select markets. This news page provides an archive of company announcements and media releases from the period when Summit Materials was a publicly traded issuer, as well as coverage of its subsequent acquisition by Quikrete Holdings, Inc.
News about Summit Materials has included transaction updates, such as the definitive agreement to be acquired by Quikrete, stockholder approval of the transaction, regulatory milestones under U.S. and Canadian competition laws, and the final closing of the merger. These items document the progression from an initial non-binding acquisition proposal through to Summit Materials becoming a privately held subsidiary of Quikrete and the cessation of trading of its common stock on the New York Stock Exchange.
Operational and financial updates have also featured prominently in Summit Materials’ news flow. The company reported quarterly financial results, including segment performance for aggregates, cement, and products such as ready-mix concrete and asphalt. It announced conference call dates and webcasts for earnings discussions, providing context on pricing, volumes, and segment trends across its West, East, and Cement reporting segments.
In addition, Summit Materials issued news on sustainability and technology initiatives, including the installation of the FLSmidth FUELFLEX Pyrolyzer system at its Davenport, Iowa cement plant through Green America Recycling. This project was described as expanding the use of non-hazardous alternative fuels and supporting the company’s carbon reduction roadmap. Users interested in the historical evolution of Summit Materials, its strategic transactions, and its role in construction materials markets can review these archived news items for detailed company communications over time.
Summit Materials (NYSE: SUM) has successfully implemented the first global pre-commercial installation of FLSmidth's FUELFLEX™ Pyrolyzer system at its Davenport, Iowa Cement Plant. This $38 million investment expands Summit's Green America Recycling operation, enabling the plant to replace approximately 55% of its fossil fuel usage with non-hazardous waste. The project is expected to cut coal and petcoke consumption by over 50,000 tons annually while delivering significant savings.
This achievement aligns with Summit's sustainability goals and Carbon Reduction roadmap. The company, as the largest US-based cement producer, aims to lead in addressing emission reduction goals while adding value. The FuelFlex technology not only reduces reliance on fossil fuels but also improves plant efficiencies, material flow, and overall throughput.
Summit Materials, Inc. (NYSE: SUM) reported strong Q2 2024 results, with net revenue up 58.1% to $1.08 billion and net income increasing 25.2% to $106.1 million. Despite weather-related disruptions, the company saw positive pricing momentum across all business lines and ongoing cost savings initiatives. Summit reaffirmed its 2024 guidance, projecting Adjusted EBITDA between $970 million and $1,010 million.
Key highlights include:
- Operating income up 33.4% to $172.9 million
- Adjusted EBITDA increased 54.5% to $296.2 million
- On track to generate at least $40 million in Argos USA synergies
- Capital expenditures expected to range from $430 million to $470 million
CEO Anne Noonan expressed confidence in Summit's ability to capitalize on a constructive pricing environment and drive operational improvements to deliver significant shareholder value.
Summit Materials (NYSE: SUM) has announced the date for its second quarter 2024 financial results conference call. The company will release its Q2 2024 results after market close on Monday, August 5, 2024. A conference call to discuss the results is scheduled for Tuesday, August 6, 2024, at 12:00 p.m. eastern time (10:00 a.m. mountain time).
Investors can access the webcast and accompanying presentation materials through Summit's website or via a provided link. For those participating in the live teleconference, domestic and international dial-in numbers are available. A replay of the call will be accessible until August 13, 2024.
Summit Materials, Inc. reported strong first-quarter results for 2024, with significant increases in net revenue, adjusted cash gross profit, and adjusted EBITDA. The company raised its 2024 synergy target to at least $40 million and adjusted its guidance higher for the year. Summit's President and CEO, Anne Noonan, highlighted the positive start to the integration with Argos USA and expressed optimism about pricing momentum, operational improvements, and margin expansion in 2024. The company's balance sheet is in a strong position for potential acquisitions, ensuring continued financial and strategic progress.
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