Summit Materials: 3Q Earnings Snapshot
DENVER (AP) _ Summit Materials Inc. (SUM) on Tuesday reported third-quarter profit of $71.3 million.
The Denver-based company said it had profit of 64 cents per share. Earnings, adjusted for non-recurring gains, came to 54 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
The construction materials producer posted revenue of $694.7 million in the period. Its adjusted revenue was $625 million, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $639.2 million.
Summit Materials shares have declined 54 percent since the beginning of the year. The stock has fallen 53 percent in the last 12 months.