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) announced the opening of the largest cement storage dome in North America, located in Davenport, IA, on March 20, 2023. This $30 million investment will enhance operational safety and efficiency by replacing winter storage barges. The new facility aligns with the company's sustainability efforts, as Continental Cement has shifted all production to low carbon cement. Additionally, a $32 million investment for expanding Green America Recycling operations is underway, aiming to reduce fossil fuel reliance by 55%. This commitment boosts Summit's environmental initiatives while promising improved service capabilities.
Summit Materials, Inc. (NYSE: SUM) announced a new Collective Bargaining Agreement (CBA) with the United Steelworkers Local 11-205 for its subsidiary, Continental Cement Company, at the Hannibal, Missouri plant. This five-year CBA, effective until April 2027, includes annual wage increases of 5% for the first three years and 4% for the last two, alongside a ratification bonus for employees. The agreement aims to enhance job classification efficiency and reduce reliance on third-party contractors, improving the plant's reliability. The plant produced over 1 million tons of cement in 2021 and transitioned to lower-emitting Portland Limestone Cement in August 2022.
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
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.
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