Summit Materials Inc (SUM) Releases Earnings Results, Beats Expectations By $0.08 EPS

Summit Materials Inc (SUM) reported quarterly earnings results on Wednesday, May-4-2016. The company said it had a profit of $-0.42 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.08. Analysts had a consensus of $-0.50. The company posted revenue of $228.40 million in the period, compared to analysts expectations of $228.81 million. The company’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.38 EPS.

Many Wall Street Analysts have commented on Summit Materials Inc. Company shares were Reiterated by RBC Capital Mkts on Apr 1, 2016 to “Outperform”, Firm has raised the Price Target to $ 23 from a previous price target of $18 .Company shares were Reiterated by Barclays on Mar 22, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 20 from a previous price target of $19 .Summit Materials Inc was Upgraded by Citigroup to ” Buy” on Feb 17, 2016.

Summit Materials Inc opened for trading at $21.03 and hit $21.65 on the upside on Monday, eventually ending the session at $21.58, with a gain of 3.25% or 0.68 points. The heightened volatility saw the trading volume jump to 11,67,820 shares. Company has a market cap of $2,241 M.

In a different news, on Apr 28, 2016, Thomas W. Hill (President and CEO) sold 10,000 shares at $21.45 per share price. According to the SEC, on Apr 21, 2016, Ted A Gardner (director) sold 572,804 shares at $20.00 per share price. On Apr 21, 2016, Kevin A Gill (officer ) sold 4,602 shares at $20.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Summit Materials Inc. is a construction material company. The Company offers construction materials and related downstream products. The Company’s materials include aggregates which it supplies across the country with a focus on Texas Kansas Kentucky Utah and Missouri and cement which the Company supplies in Missouri Iowa and Illinois. In addition to supplying aggregates it uses its materials to produce ready-mixed concrete and asphalt paving mix. The Company operates through three segments: West Central and East. The Company’s West region includes operations in Texas the Mountain states of Utah Colorado Idaho and Wyoming and in British Columbia Canada. The Company’s Central region extends across the Midwestern United States including Kansas Missouri Nebraska Iowa and Illinois. The Company’s East region serves markets in Kentucky South Carolina North Carolina Tennessee and Virginia.

Summit Materials Inc

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