Summit Materials (SUM) Misses Q1 EPS by 2c, Beat on Revenues; Raises FY17 Adj. EBITDA Guidance

Summit Materials (NYSE: SUM) reported Q1 EPS of ($0.50), $0.02 worse than the analyst estimate of ($0.48). Revenue for the quarter came in at $259 million versus the consensus estimate of $232.95 million.

2017 Financial Guidance & Outlook

The Company is raising its full-year 2017 Adjusted EBITDA guidance from a range of $410.0 million to $425.0 million to a range of $430 million to $445 million. The upwardly revised Adjusted EBITDA outlook assumes organic improvement, coupled with the partial-year impact of the six acquisitions announced since the beginning of 2017. No additional potential acquisitions are included within the Company’s full-year 2017 Adjusted EBITDA guidance.

Including the impact of six acquisitions completed on a year-to-date basis, the Company is raising its gross capital expenditure guidance by $5 million to a range of $140 million to $160 million for the full-year 2017. Revised capital expenditure guidance includes several maintenance and profit-improvement projects. Longer-term, the Company expects gross capital expenditures to approximate 7-8% of net revenue per annum.

Highlights:

• Net Revenue Increased 24.5% Y/Y to $259.0 million
• Generated Positive Organic Price and Volume Growth in Aggregates and Cement
• Raising Full-Year 2017 Adjusted EBITDA Guidance to a Range of $430 million to $445 million

For earnings history and earnings-related data on Summit Materials (SUM) click here.

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