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Summit Materials
Summit Materials (SUM) investor relations material
Summit Materials has been acquired
Summit Materials Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary31 Oct, 2024
Executive summary
Net revenue rose 49.9% to $1.11 billion, driven by the Argos USA acquisition and organic pricing growth, with Adjusted EBITDA up 50.9% to $314.7 million and margin reaching a record 28.3%.
Completed $3.1 billion Argos USA acquisition, adding four cement plants and 140 ready-mix plants, funded by $1.1 billion cash and 54.7 million shares.
Portfolio optimization included four non-strategic asset divestitures and two bolt-on acquisitions, strengthening market positions in Phoenix and Florida.
Maintained a safety-first approach, with zero safety incidents during major hurricanes and storms.
Pricing momentum continued across all business lines despite severe weather and volume headwinds.
Financial highlights
Q3 2024 net revenue: $1.11 billion (up 49.9% year-over-year); Adjusted EBITDA: $314.7 million (up 50.9% year-over-year); Adjusted EBITDA margin: 28.3%.
Adjusted diluted EPS was $0.75, down from $0.81 year-over-year due to higher share count and interest expenses.
Operating income increased 52.1% to $194.7 million; operating margin up to 17.5%.
Free cash flow for Q3 2024 was $140.4 million, up from $98.3 million in Q3 2023.
Working capital at September 28, 2024: $1.16 billion; cash and equivalents: $737.5 million.
Outlook and guidance
2024 Adjusted EBITDA guidance refined to $970 million–$1 billion, with margin expected at least 24%.
Aggregates organic volumes projected down mid-single digits for 2024; cement volumes expected at 8.6 million tons.
Double-digit aggregates pricing and mid-single digit cement pricing reaffirmed for 2024; similar pricing strength expected in 2025.
CapEx for 2024 recalibrated to $390–$410 million, maintaining a 10% of net revenue commitment.
2025 expected to deliver further margin expansion, with adjusted EBITDA margin guidance of 25%-27% and $80 million in run-rate synergies from Argos integration.
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Frequently asked questions
Summit Materials Inc. is a construction materials company specializing in the production and distribution of aggregates, cement, ready-mix concrete, and asphalt. The company serves a range of customers in the construction industry, including contractors and infrastructure developers, across residential, commercial, and public works projects. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE (New York Stock Exchange).
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