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Summit by Segment

Mark Kuhar

Aug. 7, 2024 – Summit Materials’ net revenue increased $395.1 million, or 58.1%, in the second quarter to $1,075.5 million. In the quarter, $464.0 million of net revenue was due to acquisitions, primarily the Argos USA transaction. Geographically, the West Segment operating income decreased $3.9 million to $70.7 million. Adjusted EBITDA decreased $2.9 million, or  2.8%, to $101.6 million in the second quarter largely reflecting unfavorable weather conditions in the Houston market. Aggregates revenue decreased 4.9%, driven by a volume decline of 12.2%. Pricing grew 8.3% over the prior period led by double-digit growth in Houston and Arizona markets. Ready-mix concrete revenue increased 16.7% on 3.8% pricing growth and 12.4% volume growth. Organic ready-mix pricing increased 5.3%. Subdued private construction activity drove organic ready-mix volumes down 13.9% in the period. Asphalt revenue decreased 6.1% reflecting a volume decline of 6.6% while pricing remained relatively flat. The East Segment operating income increased $15.3 million to $46.9 million and Adjusted EBITDA increased $22.9 million to $70.6 million. Aggregates revenue increased 6.0% versus the prior-year period driven by strong pricing. Organic aggregates volumes decreased 8.9%, with softness in Kansas and Missouri markets that more than offset growth in Georgia and the Carolinas. Aggregates pricing increased 14.8% with most markets realizing double-digit growth. Ready-mix concrete revenue increased $164.7 million to $191.9 million due to the acquisition of the Argos USA ready-mix concrete operations in Florida, Georgia, and the Carolinas. Asphalt revenue decreased $9.2 million versus the prior-year period due to divestiture of certain asphalt assets.

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