April 29, 2020 – While COVID-19 is not having a major impact – yet – on current business conditions, companies are certainly putting future plans on hold and evaluating expansion opportunities. Summit Materials in its first-quarter report noted, “Summit is withdrawing its previously announced 2020 Adjusted EBITDA guidance until the company has better visibility into the extent of economic disruption related to COVID-19 and the ultimate resumption of normal business conditions. The company is reducing its 2020 capital expenditure guidance to $145-$160 million, including $50 million to $60 million estimated for greenfield projects, from its prior 2020 capital expenditure guidance of $185 to $205 million, including $65 to $80 million for greenfield projects, as certain items have been deferred at Summit’s option to later periods.” We will learn more as additional first-quarter reports hit the news wire.
Related posts
-
Martin Marietta Down 8% in First Quarter
Martin Marietta Materials Inc. released results for the first... -
SRM Materials Acquires Texas Quarry from Summit Materials
SRM Materials has acquired XIT Sand & Gravel in... -
CRH Highlights Positive 2023 Results
CRH delivered a strong performance in 2023 supported by...