Summit Materials (SUM) Tops Q4 EPS by 14c, Revenues Beat

Summit Materials (NYSE: SUM) reported Q4 EPS of $0.31, $0.14 better than the analyst estimate of $0.17. Revenue for the quarter came in at $571.9 million versus the consensus estimate of $513.52 million.

• Record 2020 Net Income Attributable to Summit Inc of $138.0 million
• 4Q Net Income Attributable to Summit Inc. of $35.2 million
• Leverage ratio improved to 3.2x
• Record Full Year 2020 Adjusted EBITDA of $485.0 million, an increase of 5.1%

Anne Noonan, CEO of Summit Materials, commented, "Summit delivered a strong finish to 2020 as migration trends continued to favor our rural and exurban markets, which directly benefited residential construction activity. In many of our key states, public spending activity was resilient and we had more working days. We are reporting record annual net income, Adjusted EBITDA and free cash flow. We are focused on sustainable growth with investments in greenfields and end markets that are underpinned by strong growth fundamentals. Our leverage ratio declined to 3.2x at year end, down from 3.6x a year ago. Most importantly, we continue to vigilantly practice safety and distancing protocols in response to the COVID-19 outbreak."

Financial Outlook

For the full year 2021, Summit is currently projecting Adjusted EBITDA of approximately $490 million to $520 million.

The Company is announcing 2021 capital expenditure guidance of $200 million to $220 million including approximately $25 million to $35 million for greenfield projects.

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

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