Summit Materials sees revenue fall 3% in 3Q20

USA-based Summit Materials saw its net revenue decrease 3.1 per cent YoY in the 3Q20 to US$645.2m, compared to US$665.8m in the corresponding period of last year.

For the three months ended 26 September 2020, sales volumes increased 3.1 per cent YoY in aggregates but decreased one per cent in ready-mix concrete, 6.4 per cent in asphalt and 11.3 per cent in cement. Average selling prices fell 2.2 per cent YoY for aggregates, and edged up 0.5 per cent in cement and 4.6 per cent in ready-mix concrete but were flat in asphalt.

"Our West segment performance was the highlight of the quarter, delivering 16.5 per cent growth in adjusted EBITDA in the 3Q, as migration trends favour certain US central and western suburban and exurban markets that we serve. Company-wide, our adjusted cash gross profit margin has held steady," said Anne Noonan, CEO.

The company’s cement segment net revenues decreased 14.3 per cent YoY to US$84.9m in the third quarter of 2020, due to the lower sales volumes.