Summit Materials sees record adjusted EBITDA

USA-based Summit Materials has reported a US$25.5m net loss in the first quarter of 2021, compared to the US$45m in the year-ago period. Its net revenue advanced 16.4 per cent YoY to US$398.5m from US$342.4m in the 1Q20.

The adjusted EBITDA also surged 166 per cent YoY to US$41.7m from US$15.7m in the January-March 2020 period.

Sales volumes increased 20.7 per cent in aggregates, 13.7 per cent in cement, 7.6 per cent in ready-mix concrete and 15.9 per cent in asphalt, on the back of strong demand in most of its markets. Average cement selling prices also saw a marginal improvement of 0.4 per cent YoY.

"After a strong finish to 2020, Summit has accelerated into 2021 with record first-quarter adjusted EBITDA. Migration activity continues to favour our rural and exurban markets and most of the state Departments of Transportation that we serve are on solid financial footing. We are in full implementation mode on our Elevate Summit strategy, and we are seeing early signs of success. In the first quarter we completed one strategic divestiture and made progress on others. We remain focussed on sustainable growth with investments in greenfield and end markets that are underpinned by strong growth fundamentals," said Anne Noonan, CEO.