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Summit Materials (SUM) investor relations material

Summit Materials Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary31 Oct, 2024

Executive summary

  • Net revenue rose 49.9% to $1.11 billion, driven by the Argos USA acquisition, portfolio optimization, and organic pricing growth.

  • Adjusted EBITDA grew 50.9% to $314.7 million, with margin reaching a record 28.3% for Q3, supported by integration synergies and pricing momentum.

  • Operating income increased 52.1% to $194.7 million, while net income fell to $105.2 million due to higher interest expense and a prior-year tax benefit.

  • Four asset divestitures and two bolt-on acquisitions completed in 2024, enhancing aggregates and cement positions.

  • Maintained a safety-first approach during severe weather, resulting in zero safety incidents at affected facilities.

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 expense.

  • Operating margin for Q3: 17.5% (up from 17.2% year-over-year); Adjusted cash gross profit margin: 34.4%.

  • Free cash flow for Q3: $140.4 million, up from $98.3 million year-over-year; nine months: $90.1 million.

  • 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 expected to decrease mid-single digits; cement volumes projected at 8.6 million tons.

  • Double-digit aggregates pricing and mid-single digit cement pricing growth reaffirmed for 2024 and 2025.

  • CapEx for 2024 set at $390–$410 million, maintaining a 10% of net revenue commitment.

  • 2025 framework targets Adjusted EBITDA margin of 25%–27%, with $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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