Summit Materials Q1: net loss $67.3M on $773M revenue; raises FY guidance & synergy target

Summit Materials, Inc.

Net revenue $773.2M (up 89.9%), net loss $67.3M (Basic EPS -$0.40); Adjusted Diluted EPS -$0.12.
Adjusted EBITDA $121.2M (up 194.2%) amid 'better than anticipated' quarter and Argos USA integration.
Raises 2024 synergy target to at least $40M; Adjusted EBITDA guidance raised to ~$970M-$1,010M.
Full-year capex guidance $430M-$470M.
CEO cites pricing momentum, cost headwinds decelerating, and demand accommodating margin expansion.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Summit Materials, Inc. reported the fiscal quarter ended March 30, 2024 results: revenue $ 773,229, net income $ (67,270), EPS $ (0.40). Guidance raised.

Period: the fiscal quarter ended March 30, 2024
Revenue: $ 773,229
Net income: $ (67,270)
EPS: $ (0.40)
Guidance: raised
Result: reported results

Exact text from the filing

the quarter ended April 1, 2023 unless noted otherwise. Three months ended ($ in thousands, except per share amounts) March 30, 2024 April 1, 2023 % Chg vs. PY Net revenue $ 773,229 $ 407,270 89.9 % Operating loss (44,853) (15,475) (189.8) % Net loss (67,270) (31,212) (115.5) % Basic EPS $ (0.40) $ (0.26) (53.8) % Adjusted Cash Gross Profit 181,004 81,351

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Source: SEC EDGAR

accession 0001628280-24-019631

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