Summit Materials: 2Q Earnings Snapshot
DENVER (AP) _ Summit Materials Inc. (SUM) on Thursday reported second-quarter profit of $36.4 million.
The Denver-based company said it had net income of 32 cents per share. Earnings, adjusted for non-recurring gains, were 31 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The construction materials producer posted revenue of $600.9 million in the period. Its adjusted revenue was $552.6 million, which also missed Street forecasts. Five analysts surveyed by Zacks expected $597.9 million.
Summit Materials shares have increased 49% since the beginning of the year. The stock has declined 27% in the last 12 months.