Summit Materials reports Q1 adjusted EPS (12c), consensus (23c)

Reports Q1 revenue $773.2M, consensus $833.6M. “I am delighted to report that our transformative combination with Argos USA is off to a strong start as we effectively, swiftly, and safely move to integrate our two businesses,” remarked Anne Noonan, Summit Materials President and CEO. “This progress, together with a better than anticipated first quarter, improved synergy visibility, and a positive outlook allows us to increase the lower end of our full year 2024 guidance range. Today’s updated outlook reflects our view that pricing momentum is healthy and persistent across our businesses, cost headwinds are decelerating, and demand conditions, in general, are accommodating of material margin expansion in 2024. We expect this, combined with meaningful synergies, self-help operational improvements, and a more profitable portfolio will catalyze superior value creation for Summit shareholders. Moreover, with our leverage well below target we have a balance sheet that complements a promising pipeline of accretive, aggregates-oriented acquisition targets and the organization is well positioned to continue its financial and strategic progress in the year ahead.”