Summit Materials announces 13% increase in revenue

USA-based Summit Materials has reported a 13 per cent YoY increase in net revenue for the final quarter of 2020 to US$571.9m, compared to US$506.3m in the 4Q19. Net income remained fairly consistent YoY at US$35.2m from US$35.7m.

Adjusted EBITDA increased 7.8 per cent YoY in the 4Q20 to US$130.6m against US$121.1m in the year-ago period.

Sales volumes increased 24.7 per cent YoY in aggregates, 4.5 per cent in cement and 6.4 per cent in ready-mix concrete for the 4Q20. Inclusive of acquisitions, average selling prices decreased 6.2 per cent in aggregates, increased 2.8 per cent in cement and 3.2 per cent in ready-mix concrete.

"Summit delivered a strong finish to 2020 as migration trends continued to favour 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,” said Anne Noonan, CEO.

In the full-year 2020 period, attributable net income rose 133.5 per cent YoY to US$138m from US$59.1m. The company also a saw a record adjusted EBITDA of US$485m, up 5.1 per cent from US$461.5m in 2019.