Summit Materials net revenue rises to US$686m in 3Q22

Summit Materials' reported net revenue rose by US$23.8m to US$686m in the 3Q22, up 3.6 per cent on the 3Q21. Adjusted EBITDA declined US$5.4m to US$184.9m over the same period, reflecting the impact of divestitures and inflationary cost of revenue conditions. 

The company saw 3Q22 cement net revenues of US$119.9m, an increase of 29.6 per cent compared to 3Q21. Sales volumes of cement rose by 12.4 per cent in the 3Q22 driven by compounding price actions taken in 2022 and a focus on value pricing.

Aggregate net revenue reached US$163.5m in the 3Q22, a rise of US$3.2m from the 3Q21. Aggregate sales volumes fell by 3.5 per cent on the back of unfavourable weather conditions and supply chain related disruptions. Average selling prices for aggregates rose by 10.2 per cent YoY in the 3Q22.

The company’s products segment revenue was US$311.1m, compared to US$314m in the 3Q21. Organic sales prices for ready-mix concrete rose 18.8 per cent driven by pricing growth across all markets and double-digit growth in the Intermountain west and south Texas. Organic sales volumes of ready-mix concrete decreased by 1.3 per cent in the 3Q22 due to cement supply constraints. Organic average selling prices for asphalt rose by 17.8 per cent in the 3Q22, supported by pricing gains in Texas and the Intermountain west market. Organic asphalt sales volumes fell by 0.9 per cent including lower sales volumes in north Texas and Virginia.