Summit’s Pricing Increases Point to Healthy Construction Demand, but Shares Leave Little Upside
Tough year-over-year comparisons and the lumpiness of large construction projects reduced volumes in 2016, excluding acquisitions, for Summit Materials. Nevertheless, evidence of strong construction markets remains in place, as pricing grew in the mid- to high single digits. Because of Summit's acquisitiveness, year-over-year financial results are not entirely comparable. Still, adjusted EBITDA grew almost 30% from 2015 to more than $370 million in 2016. For 2017, management expects this to grow...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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