Summit Materials Inc. has entered into a definitive agreement to be acquired by Quikrete Holdings Inc. for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt. The transaction price represents an approximately 36% premium to Summit’s unaffected 90-day volume weighted average price and an approximately 29% premium to Summit’s unaffected share price. The…
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Summit Materials Grows Aggregates Revenues in Third Quarter
Summit Materials Inc. announced results for the third quarter ended Sept. 28, reporting that net revenue increased $369.9 million, or 49.9%, in the third quarter to $1,111.8 million. In the quarter, $403.4 million of net revenue was due to acquisitions, primarily the Argos USA transaction. Divestitures decreased net revenue by $43.6 million in the period. All lines of business experienced organic…
Read MoreFormer Summit Exec Hill Joins Knife River Board
Knife River Corp. announced today that Thomas W. Hill has been elected by Knife River’s stockholders at the 2024 annual meeting of stockholders to serve on its board of directors. Hill brings deep construction materials knowledge and decades of corporate leadership experience to the Knife River board. He previously served on the boards for CRH plc and Summit Materials Inc., and…
Read MoreSummit Materials Revenues Up; Aggregates Volume Down
Summit Materials Inc. announced results for the second quarter ended July 1, reporting net revenue of $680.4 billion versus $631.9 billion in the second quarter of 2022, a 7.7% increase. Operating income increased $18.4 million, or 16.5% in the second quarter to $129.6 million, driven by a combination of increases in average sales price that more than offset inflationary increases in cost…
Read MoreSummit Materials First Quarter Revenues Rise 3.8%
Summit Materials Inc. announced results for the first quarter ended April 1, reporting net revenue of $407.3 million, versus $392.5 million in the first quarter of 2022, a 3.8% increase. Aggregates Segment net revenues increased by $20.3 million to $143.7 million in the first quarter. Aggregates adjusted cash gross profit margin decreased to 35.0% in the first quarter as compared to 36.3%…
Read MoreSummit Materials 2022 Aggregates, Cement Revenues Spike Higher
Summit Materials Inc. announced results for the fourth quarter and full year ended Dec. 31, 2022. All comparisons are versus the quarter ended Jan. 1, 2022 unless noted otherwise. Net revenue decreased $41.8 million, or 7.5% in the fourth quarter to $511.7 million, as increases in average sales prices across all lines of business were more than offset by lower…
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