Pricing and Margin Improvements Carry Summit in Solid Third Quarter; Shares Look Fairly Valued
Similar to the other U.S. aggregates companies we cover, Summit’s organic shipment volume growth suffered from adverse weather. Year over year, third-quarter aggregates shipments fell more than 3%, excluding acquisitions. In addition, the company cited challenging year-on-year comps in its Vancouver market as a result of the lumpy timing of large construction projects. However, we believe these circumstances cloud an otherwise strong construction market. As evidence, aggregates pricing improved ...Summit Materials is a holding company. Through its subsidiaries, the company is a construction materials company. The company produces and sells aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. The company is engaged in paving and related services. The company has operations in various states across the United States and in British Columbia, Canada. The company operates a municipal waste landfill in its East segment, and has construction and demolition debris landfills and liquid asphalt terminal operations in its West and East segments.
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