Summit Materials reports Q3 adjusted EPS 81c, consensus 75c

Reports Q3 revenue $741.96M, consensus $781.16M. “Once again I’m pleased to report we delivered record financial results this quarter as our sharp executional focus along with a more powerful, materials-led portfolio drove significant growth across the P&L,” commented CEO Anne Noonan. “Year-to-date performance and enduring pricing trends allows us to again increase our 2023 Adjusted EBITDA guidance and carry strong momentum into 2024…We look forward to our announced combination with Argos USA, which accelerates our materials-led strategy, enhances our scale and reach in cement, and bolsters our cash flow generation to fuel further Aggregates-oriented organic and inorganic growth opportunities. Importantly, we have cleared HSR review and are now on pace to close the transaction before the end of Q1 of next year. When completed, we will be better positioned to capitalize on strong and durable demand tailwinds while leveraging proven expertise to materially upgrade profitability through synergy generation”.