Summit Materials Inc (SUM) Expected to Announce Quarterly Sales of $596.97 Million

Equities research analysts expect Summit Materials Inc (NYSE:SUM) to report $596.97 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for Summit Materials’ earnings. The highest sales estimate is $635.56 million and the lowest is $574.00 million. Summit Materials reported sales of $549.24 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 8.7%. The company is scheduled to announce its next quarterly earnings results on Wednesday, August 7th.

On average, analysts expect that Summit Materials will report full-year sales of $2.09 billion for the current year, with estimates ranging from $2.01 billion to $2.25 billion. For the next financial year, analysts forecast that the company will post sales of $2.21 billion, with estimates ranging from $2.10 billion to $2.38 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Summit Materials.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, May 8th. The construction company reported ($0.49) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.11. Summit Materials had a net margin of 0.97% and a return on equity of 1.78%. The company had revenue of $305.95 million during the quarter, compared to analyst estimates of $312.42 million. During the same period in the prior year, the firm earned ($0.55) earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis.



SUM has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Summit Materials from a “hold” rating to a “strong sell” rating in a research note on Friday, February 8th. Scotiabank reissued a “hold” rating on shares of Summit Materials in a research report on Thursday, February 14th. JPMorgan Chase & Co. assumed coverage on shares of Summit Materials in a research report on Thursday, March 21st. They issued a “neutral” rating and a $19.00 price target for the company. Finally, Berenberg Bank assumed coverage on shares of Summit Materials in a research report on Wednesday, April 3rd. They issued a “hold” rating and a $18.00 price target for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $21.82.

SUM stock traded down $0.33 during mid-day trading on Friday, reaching $15.93. 961,378 shares of the stock traded hands, compared to its average volume of 1,708,143. The company has a current ratio of 1.97, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. Summit Materials has a 52-week low of $11.25 and a 52-week high of $28.97. The firm has a market capitalization of $1.92 billion, a PE ratio of 106.20, a P/E/G ratio of 2.12 and a beta of 1.92.

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. Pearl River Capital LLC bought a new position in Summit Materials during the fourth quarter valued at approximately $26,000. Ladenburg Thalmann Financial Services Inc. raised its position in Summit Materials by 40.6% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,586 shares of the construction company’s stock valued at $57,000 after acquiring an additional 1,036 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Summit Materials during the fourth quarter valued at approximately $64,000. FCA Corp TX bought a new position in Summit Materials during the fourth quarter valued at approximately $106,000. Finally, Bank of Montreal Can raised its position in Summit Materials by 42.8% during the fourth quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock valued at $136,000 after acquiring an additional 3,275 shares in the last quarter.

About Summit Materials

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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