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 released its 2021 Environmental, Social, and Governance (ESG) Report, highlighting progress in its sustainability initiatives. The company's focus on its three North Star Pillars—Human/Social Impact, Land Reclamation, and Carbon Reduction—demonstrates a commitment to social responsibility. Key achievements include a 9% improvement in safety records, Wildlife Habitat Council Gold Certification, and a 4% reduction in carbon emissions. Summit aims to achieve a 25% reduction in emissions by 2030 and net zero by 2050.
Summit Materials (NYSE: SUM) has announced that its Davenport plant has converted 100% of its production to Portland Limestone Cement (PLC) as of
Summit Materials has authorized a share repurchase program for up to
Summit Materials (NYSE: SUM) announced key executive changes effective March 1, 2022. Tom Beck will step into the role of Executive Vice President, while David Loomes becomes President of Continental Cement Company. Beck brings 25 years of experience, including 9 years as President of Continental. Loomes, with over 20 years in the industry, previously served as Senior Vice President at Continental. CEO Anne Noonan emphasized the importance of succession planning for long-term success and highlighted the leadership's commitment to growth and sustainability.
Summit Materials reported record net revenue for 2021 of $2.2 billion, a 4.6% increase year-over-year, and net income attributable to Summit of $152.2 million, rising 10.3%. Adjusted EBITDA also reached a record $520.1 million, up 7.8%.
Despite a 3.2% decline in fourth-quarter net revenue to $553.4 million, the company achieved significant growth in its aggregates and cement segments. Total operating income increased by 12.4% for the year, demonstrating improved execution and performance under the Elevate Summit strategy.
Summit Materials, Inc. (NYSE: SUM) will release its fourth quarter and full year 2021 financial results after market close on February 23, 2022. A conference call to discuss these results will be held on February 24, 2022, at 11:00 a.m. ET.
Investors can access a webcast of the conference call on Summit's website, with replay available until March 3, 2022. Summit is a leading construction materials company in the U.S. and Canada, providing aggregates, cement, concrete, and asphalt.
Summit Materials reported third quarter 2021 net revenue of $662.3 million, up 2.6% from the previous year. The company's net income fell 18.2% to $74.2 million, influenced by the reversal of a tax benefit. Adjusted EBITDA grew 7.3% to $190.3 million. Aggregate volumes surged 9.2%, while cement volumes rose 2.0%. The operating margin increased to 18.9%. Summit maintains its full-year Adjusted EBITDA guidance of $490 million to $520 million, despite challenges in the products segment and an ongoing strategic divestiture process.
Summit Materials, Inc. (NYSE: SUM) plans to release its third quarter 2021 financial results on November 3, 2021, after the market closes. A conference call is scheduled for November 4, 2021, at 11:00 a.m. ET to discuss these results and recent developments. Interested parties can access a live teleconference or listen to the replay until November 11, 2021. Summit is a leading construction materials provider in the U.S. and Canada, specializing in aggregates and ready-mix concrete.
Continental Cement Company, a subsidiary of Summit Materials (NYSE: SUM), has signed the Portland Cement Association's Roadmap to Carbon Neutrality, aiming for sustainability in the cement and concrete industry. This initiative will address climate change, reduce greenhouse gases, and enhance environmental practices across the industry. The Company is already recognized for its use of alternative fuels, sourcing 40-45% from such resources. It also promotes Portland Limestone Cement, which lowers concrete's carbon footprint by 10%. The roadmap aligns with global goals to achieve carbon neutrality by 2050.
Summit Materials reported Q2 2021 net income of $56.7 million, down slightly from $57.1 million year-over-year. Adjusted EBITDA rose to $163.8 million, while net revenue increased 7.5% to $618.5 million due to strong demand for aggregates, ready-mix concrete, and cement. Operating income fell 4.1% to $95.9 million, impacted by higher costs and fewer working days in Texas. The company maintains its full-year Adjusted EBITDA guidance of $490 million to $520 million and continues to focus on reducing leverage as part of its Elevate Summit strategy.
FAQ
What is the current stock price of Summit Matls (SUM)?
What is the market cap of Summit Matls (SUM)?
