Summit Materials (NYSE: SUM) reported Q1 EPS of ($0.49), $0.09 better than the analyst estimate of ($0.58). Revenue for the quarter came in at $332.64 million versus the consensus estimate of $317.91 million. Net Revenue Growth of 5.5% in First Quarter 2019

• Organic aggregates volumes increased 6.6%
• Organic aggregates price increased 6.3%
• Reaffirmed 2019 Adjusted EBITDA Guidance Range For The Full-Year 2019 at $430 - $470 million

Tom Hill, CEO of Summit Materials, stated, "We were very pleased to see our organic average sales prices for aggregates increased by 6.3% in the first quarter as compared to a year ago. We continue to believe end market fundamentals remain intact for the construction industry going into 2019." Hill commented, "Cement sales volumes were up slightly in the first quarter of 2019 as compared to 2018 despite challenging weather conditions. However, an extended annual maintenance shutdown and record flooding on the Mississippi River that has continued into the second quarter has negatively impacted our Cement business."

Summit reaffirmed its 2019 full year Adjusted EBITDA guidance. Hill continued, "We are pleased to confirm our previously announced Adjusted EBITDA guidance of approximately $430 million to $470 million for 2019."

“Underlying demand conditions in most of our markets remain favorable and are expected to remain so during the remainder of 2019,” continued Hill.

Brian Harris, CFO of Summit Materials, stated, “We were very pleased with both of those transactions, which increased our overall liquidity position and lowers our cash interest outlays in the future. Further, we are pleased to reaffirm our guidance for 2019 capital expenditures of approximately $160 million to $175 million." As expected, given the seasonal decrease in cash balances, Summit\'s leverage ratio increased over year-end levels. However, Summit continues to expect increased levels of cash flow generated from operations less capital expenditures in 2019 as compared to 2018, which we expect will allow Summit to reduce its leverage ratio by the end of 2019.

Financial Outlook

For the full-year 2019, the Company estimates its Adjusted EBITDA to be in the range of $430 million to $470 million. For the full-year 2019, the Company estimates its capital expenditures to be in the range of $160 million to $175 million.

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