Summit Materials, Inc.

Third-quarter adjusted EBITDA margin was 28.3%, a record for the company’s Elevate era, and trailing 12-month adjusted EBITDA margin was 24.3%. Scott Anderson said adjusted diluted EPS was $0.75, down $0.06 year over year, mainly due to higher noncash DD&A and higher interest expense. In aggregates, Q3 volumes were 15.4 million tons, up 0.7% organically, with average selling price of $15.34, up 7.4% year over year; adjusted cash gross profit margin was 58.5%, down 50 bps. In cement, organic volumes fell 11.3%, average selling price was $155.76 per ton, up $2.33 sequentially, and adjusted EBITDA margin increased 180 bps year over year. Management estimated about $15 million of foregone EBITDA from Q3 weather events and about $5 million of Q4 impact from Hurricane Milton, with 2024 weather headwinds exceeding $20 million. Full-year 2024 adjusted EBITDA guidance was updated to $970 million at the low end and $1 billion at the high end, with a midpoint of $985 million; aggregates volume is now expected to be down mid-single digits, cement volumes about 8.6 million tons, G&A at or below $330 million, and CapEx around $400 million at the midpoint. For 2025, management said it is planning for pricing strength, cautious volume assumptions, and horizon 2 adjusted EBITDA margins of 25% to 27%.

Anne Noonan said the quarter showed “tremendous resiliency” in very difficult operating conditions and emphasized that Summit is executing its Elevate strategy with better pricing, portfolio optimization, and operational excellence. She highlighted progress in cement integration, including Green America Recycling expansion planning, and said the company is using divestitures and bolt-on acquisitions to strengthen market positions, especially in aggregates. Her tone was confident and upbeat, but grounded in cautious volume planning and weather-related uncertainty.

Scott Anderson said pricing stayed healthy across the portfolio, while volumes remained subdued, and he pointed to improving profitability metrics: adjusted cash gross profit margin rose about 50 bps year over year, adjusted EBITDA margin rose 20 bps reported and more than 200 bps pro forma, and year-to-date adjusted EBITDA margin improved 60 bps. He cited aggregates productivity savings of nearly $15 million to date and said cost inflation is moderating from mid-single digits toward low single digits next year, helped by operational improvements and fuel hedging. He also noted SG&A should come in below the $330 million guide, CapEx was reduced from a prior $430 million to $470 million range to $390 million to $410 million, and the company remains disciplined around its 10% of net revenue CapEx commitment and balance sheet optionality, with nearly $740 million in cash and net leverage at 2.2x.

Analysts focused on 2025 demand, price increases, cost inflation, and the impact of weather and the nonbinding acquisition proposal. Management said aggregates pricing should be 6% to 9% in 2025, cement should see strong pricing with potential midyear increases, and 2025 volumes are being planned cautiously because private markets remain choppy while public demand is stronger. On costs, Scott said diesel hedges and moderation in inflation could help and flagged natural gas as a modest headwind, while Anne repeatedly stressed that Summit will not lean into volume growth prematurely and is still evaluating the acquisition proposal through the Board and advisors.