Summit Materials Inc records revenue of US$631.9m in 1H22

Summit Materials Inc reported net revenue of US$631.9m in the 1H22, a rise of 2.2 per cent from US$618.5m in the 1H21. This advance is due to increases in average sales prices across all lines of the business which more than offset volume declines due primarily to divestitures.

Net income rose to US$111.2m during this period, up from US$95.9m in the 1H21. Adjusted EBITDA increased by US$0.2m, or 0.1 per cent, to US$164m.

The cement business saw net revenue increase 9.1 per cent to US$93.7m in the 2Q22. Sales volumes fell 0.4 per cent and average selling prices rose 7.5 per cent in the 2Q22.

Aggregate sales volumes fell 1.6 per cent in the 2Q22. Aggregate net revenues rose US$80m to US$161.5m in the 2Q22.