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Recap: Summit Materials Q3 Earnings

Benzinga Insights
·1 min read

Shares of Summit Materials (NYSE:SUM) moved lower by 1.8% in after-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share were up 10.00% over the past year to $0.55, which missed the estimate of $0.65.

Revenue of $645,246,000 declined by 3.09% year over year, which missed the estimate of $681,510,000.

Outlook

Earnings guidance hasn't been issued by the company for now.

View more earnings on SUM

Revenue guidance hasn't been issued by the company for now.

Technicals

Company's 52-week high was at $25.22

Company's 52-week low was at $7.51

Price action over last quarter: Up 6.38%

Company Profile

Summit Materials is a top-10 aggregates supplier and top-15 cement producer in the U.S. Founded as a roll-up strategy in 2009, the company has grown through a very active acquisition strategy. While cement and aggregates constituted about 36% of the firm's revenue in 2019, these higher-margin businesses constituted nearly 60% of gross profit. Summit's downstream businesses and services include asphalt, ready-mix concrete, and paving. While these constitute about 64% of revenue, their lower margins lead to gross profit contribution of roughly 43%.

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