Summit Matls Inc Stock Price, News & Analysis

Summit Materials has authorized a share repurchase program for up to $250 million of its Class A common stock. This move aims to enhance shareholder value and complements the company's M&A strategy. CEO Anne Noonan stated that the company’s strong financial performance, highlighted by record results in 2021, supports this capital allocation decision. CFO Brian Harris emphasized that the firm’s low leverage and strong cash position allow for various strategic investments, including acquisitions and debt repayment, alongside the buyback program.

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.

Summit Materials (NYSE: SUM) will release its second quarter 2021 financial results on August 4, 2021, post-market. A conference call is scheduled for August 5, 2021, at 11:00 a.m. ET to discuss the results and answer questions. Investors can access the call via the company's website and through provided phone lines. Summit Materials is a leading supplier of construction materials in the U.S. and Canada, specializing in aggregates, cement, ready-mix concrete, and asphalt.