Summit Materials, Inc. Reports Third Quarter 2016 Results
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Summit Materials (SUM) Tops Q3 EPS by 2c; Reaffirms
November 2, 2016 8:47 AM EDTSummit Materials (NYSE: SUM) reported Q3 EPS of $0.73, $0.02 better than the analyst estimate of $0.71. Revenue for the quarter came in at $480.2 million versus the consensus estimate of $483.19 million.
Reaffirmed full year 2016 Adjusted EBITDA financial guidance of $360.0 million to $370.0 million.
Sustained organic growth in aggregates and cement pricing, coupled with improved cost discipline and margin capture, contributed to significant year-over-year increases in operating cash flow and net income in the third quarter, stated Tom Hill, CEO of Summit Materials. Materials gross profit increased nearly 30% on a year over year basis, representing more... More
