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 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.
Summit Materials announces a full conversion of its Hannibal and Davenport plants to Portland Limestone Cement (PLC), reducing carbon emissions by up to 10% compared to traditional cement. This move supports Summit’s 2030 and 2050 decarbonization targets. In 2021, these plants produced 2.1 million tons of cement. The transition to PLC reflects Summit’s commitment to sustainability and its goal of becoming the leading sustainable construction materials provider.
Summit Materials reported record quarterly net income of $192.8 million, up 233.7% year-over-year, with net revenue increasing 2.2% to $631.9 million for Q2 2022. Operating income rose to $111.2 million, reflecting a 16.0% increase. Basic EPS surged 235.4% to $1.61. The company's net leverage ratio remains below target, with a strong balance sheet supporting investment opportunities. Summit reiterated its Adjusted EBITDA guidance for 2022 at $500-$530 million. Divestitures in the East segment generated $293.9 million in cash, contributing to strategic growth and market leadership initiatives.
Summit Materials, Inc. (NYSE: SUM) will release its second quarter 2022 financial results on August 3, 2022, after market close. A conference call to discuss the results is scheduled for August 4, 2022, at 11:00 a.m. ET. Interested parties can access the live teleconference by calling 1-888-330-3416 domestically or 1-646-960-0820 internationally, using conference ID 1542153. A replay will be available until August 11, 2022.
Summit Materials (NYSE: SUM) announced significant progress on its Elevate Strategy during its Investor Day. The company achieved key Horizon One targets, with a net debt to EBITDA ratio of 2.5, an 8.8% ROIC, and a 23.3% adjusted EBITDA margin. Additionally, it completed 10 divestitures generating approximately $470 million in proceeds. Summit has updated its 2022 adjusted EBITDA guidance to $500-$530 million, down from $529-$557 million. The company plans to utilize divestiture proceeds to repay $100 million on its Term Loan and has a share repurchase program in place with $202.5 million remaining.
Summit Materials (NYSE: SUM) has divested Hinkle Contracting Company to CRH Americas Materials for an attractive valuation over 10x 2021 Adjusted EBITDA, enhancing value for stakeholders. This sale aligns with Summit's Elevate Summit Strategy, aimed at optimizing its portfolio to focus on high-return downstream businesses. The divestiture marks Summit's tenth since the launch of this strategy. With a commitment to future growth through acquisitions and greenfield investments, Summit's financial performance has shown record net revenue and adjusted EBITDA in 2021.
Summit Materials has appointed Kekin Ghelani as its first-ever Chief Strategy and Growth Officer. With over 25 years of experience, Ghelani aims to enhance the company's Elevate Summit Strategy, focusing on market leadership and innovation. He previously served in senior roles at DuPont, Celanese, McKesson, and Honeywell. Under his leadership, Summit targets over 30% EBITDA Margin and greater than 10% Return on Invested Capital. Ghelani's appointment signals a strategic shift towards a robust growth strategy that supports Summit's objectives for long-term value creation.
Summit Materials reported Q1 2022 results with net revenue of $392.5 million, a 1.5% decline from the previous year. Operating loss rose to $34.3 million, and net loss increased by 49.7% to $34.8 million, leading to a basic EPS of $(0.29). Adjusted EBITDA fell 44.3% to $23.3 million. Despite these challenges, the company anticipates improved performance due to effective price increases and ongoing divestitures. New EBITDA guidance is set at $529 million to $557 million for 2022, reflecting confidence in future growth.
Summit Materials (NYSE: SUM), a leading construction materials company, will conduct a hybrid investor day on May 24, 2022, at 9:00 AM ET. The event will feature key executives, including CEO Anne Noonan and CFO Brian Harris, discussing the Elevate Summit Strategy, growth drivers, and ESG initiatives.
A live webcast will be available at this link. The event will also offer a toll-free participation number, and a replay will be accessible on Summit's investor website after the event.
Summit Materials, Inc. (NYSE: SUM) announced it will release its first quarter 2022 financial results post-market on
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