Cold Winter Not Enough to Stop Summit’s Progress; Management Expects 14%-18% 2018 EBITDA Growth
2018’s colder winter was closer to historical averages than the past couple of years, hurting sales volume. On a year-over-year basis, Summit’s aggregates and cement volumes excluding acquisitions declined 7% and 19%, respectively. Nevertheless, the underlying construction environment remains strong, as evidenced by continued price increases excluding acquisitions of 2% and 3% for aggregates and cement, respectively. Meanwhile, Summit Materials continued to utilize acquisitions to bolster growth...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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