Summit's Dismal 2Q Points to Gloomier Long-Term Outlook; Cutting FVE by 16%
Summit Materials’ second quarter was disappointing. Although revenue grew 15% to $549 million, most of this was fueled by acquisition. Organic volume growth was just 2% for aggregates and fell nearly 5% for cement. Organic pricing growth was lacking as well, with cement prices up just 2%. In addition, variable production costs spiked unexpectedly and Summit’s Houston operations saw a slow start to the construction season. As a result, despite double-digit revenue growth, adjusted EBITDA was flat...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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