Summit Matls Inc Stock Price, News & Analysis

Summit Materials (NYSE: SUM) announces the appointment of Scott Anderson as the new Executive Vice President and Chief Financial Officer, effective March 1, 2023. Anderson, previously the President of the Central Region since 2020, has extensive industry experience and has been pivotal in enhancing operational efficiency. Under his leadership, the Central Region has become more materials-oriented, with approximately 75% of Adjusted EBITDA derived from aggregates. He succeeds Brian Harris, who will transition to an advisory role. Anderson aims to drive growth and profitability for Summit, leveraging his industry knowledge and commitment to the company's strategic plan.

Summit Materials (NYSE: SUM) reported its Q4 and full-year results for 2022, highlighting a 7.5% decline in net revenue, totaling $511.7 million for Q4 and $2.22 billion for the full year. However, operating income increased by 13.7% to $65 million in Q4 and 6.3% for the year, reaching $269 million. Net income saw a significant 31.7% drop in Q4, totaling $30.3 million, though full-year net income rose 78.9% to $275.9 million. EPS decreased by 30.6% to $0.25 in Q4, while annual EPS increased 78.7%. Looking ahead, Summit expects Adjusted EBITDA of $480 million to $520 million for 2023.

Summit Materials (NYSE: SUM) is set to release its fourth quarter and full year 2022 financial results after market close on February 15, 2023. A conference call is scheduled for February 16, 2023 at 1:00 p.m. eastern time to discuss these results and engage in a Q&A session. Investors can access the webcast on Summit's investor relations website. Participants can join the live call by dialing 1-888-330-3416 (domestic) or 1-646-960-0820 (international), using conference ID 1542153. A replay will be available until February 23, 2023.

Summit Materials has declared a special stock dividend of 0.017 shares of Class A common stock for each outstanding share, payable on December 29, 2022, to stockholders of record as of December 15, 2022. This decision is backed by excess cash of approximately $59.5 million from its subsidiary, Summit Holdings. The LP Units will be purchased at a price of $29.94. Cash payments will be made in lieu of fractional shares. The Company's board retains the discretion over future dividends, which cannot be predicted.

Summit Materials has announced that Karli Anderson will expand her role as Executive Vice President, now overseeing human resources and communications functions in addition to her existing responsibilities as Chief ESG Officer and Head of Investor Relations. This strategic move aims to enhance the Company’s ESG initiatives and optimize value for both employees and shareholders. Anderson brings a wealth of experience, having previously held significant roles at Royal Gold and Westwater Resources.

Summit Materials reported its third-quarter results for 2022, with net revenue of $686 million, a 3.6% increase year-over-year. Net income rose by 16.3% to $87.7 million, reflecting a 15.9% rise in basic EPS. The Company achieved record organic pricing growth in aggregates, cement, and ready-mix despite challenges such as divestitures and inflation. Summit's Adjusted EBITDA guidance was revised to $490-$510 million for the year. The acquisition of SCI Materials strengthens its portfolio in the growing Florida market while maintaining the strongest balance sheet in its history.

Summit Materials announced that its subsidiary, Continental Cement, successfully produced a 20% Portland Limestone Cement (IL20), which represents the lowest carbon cement currently available for field applications. This initiative, conducted in partnership with the Minnesota Department of Transportation and the National Road Research Alliance, aims to evaluate the performance of low carbon cement in future transportation infrastructure. The new cement reduces carbon emissions by 18-20% compared to traditional Portland Cement, marking a significant step towards sustainable construction materials.

Summit Materials, Inc. (NYSE: SUM) will release its third quarter 2022 financial results on November 2, 2022, after market close. A conference call is scheduled for November 3, 2022, at 11:00 AM ET to discuss these results and answer questions. The call will be accessible via a live teleconference, with details provided for both domestic and international participants. A replay will be available until November 8, 2022. Summit Materials is a leading supplier of aggregates, cement, and concrete in the U.S. and Canada, focusing on growth opportunities through acquisitions and market expansion.

Summit Materials (NYSE: SUM) announced the planned retirement of CFO Brian J. Harris, who has served for a decade. He will transition to a non-executive role after a successor is appointed and will act as a consultant until his retirement in Q4 2023. Under his leadership, the company achieved record earnings and the lowest net leverage in its history. The Board is currently searching for a successor, considering both internal and external candidates.