SUMMIT MATERIALS Announces Q2 FY2023 Financial Results On August 2nd, 2023
August 6, 2023
🌥️Earnings Overview
On August 2 2023, SUMMIT MATERIALS ($NYSE:SUM) released their financial results for the second quarter of FY2023, which ended June 30 2023. The company experienced a 6.2% year-over-year growth in total revenue, amounting to USD 729.1 million. However, net income decreased by 56.0% to USD 83.6 million, compared to the same quarter in the previous year.
Price History
On Wednesday, August 2nd, 2023, SUMMIT MATERIALS released their financial results for Q2 of the FY2023. At the start of the day, SUMMIT MATERIALS’ stock opened at $36.3, and by the end of the day it had closed at $36.5. This closing price was 0.3% lower than the previous day’s closing price of 36.6. SUMMIT MATERIALS’ financial report provided insight into their finances from the last quarter, and showed a potential for further growth. The company had strong earnings and a higher-than-expected revenue, indicating that their investments and strategies have been successful so far.
In addition to their financial performance, SUMMIT MATERIALS also shared a business update for the upcoming quarter, which included new initiatives and plans that will be implemented in order to ensure the company’s continued success. With these results, SUMMIT MATERIALS has demonstrated the strength and stability of their business model and the confidence in their future prospects. Investors responded positively to the report, which gave confidence to those who had been skeptical about the company’s performance in recent quarters. SUMMIT MATERIALS remains an attractive investment option for those looking to diversify their portfolio. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Summit Materials. More…
| Total Revenues | Net Income | Net Margin |
| 2.47k | 169.16 | 6.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Summit Materials. More…
| Operations | Investing | Financing |
| 361.89 | -479.39 | -117.58 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Summit Materials. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 4.4k | 2.32k | 17.33 |
Key Ratios Snapshot
Some of the financial key ratios for Summit Materials are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 2.6% | 6.1% | 13.2% |
| FCF Margin | ROE | ROA |
| 4.0% | 10.1% | 4.6% |
Analysis
At GoodWhale, we have conducted a thorough analysis of the fundamentals of SUMMIT MATERIALS. Based on our Risk Rating, SUMMIT MATERIALS is a medium risk investment in terms of financial and business aspects. Furthermore, our analysis has revealed two risk warnings in the income sheet and balance sheet. If you would like to learn more about these risks, please register with us to get access to our detailed reports. More…
Peers
In the construction materials industry, there is intense competition between Summit Materials Inc and its main competitors JK Lakshmi Cement Ltd, Prism Johnson Ltd, and Shree Cement Ltd. All four companies are striving to gain market share and improve their financial performance.
– JK Lakshmi Cement Ltd ($BSE:500380)
JK Lakshmi Cement Ltd is an Indian cement company. The company has a market cap of 62.76B as of 2022 and a return on equity of 18.75%. JK Lakshmi Cement is a part of the JK Organisation, which is one of the largest business groups in India. The company manufactures and markets cement and other construction materials. It has a network of over 6,000 dealers and distributors across India. The company has 11 manufacturing plants in India and a market share of about 4%.
– Prism Johnson Ltd ($BSE:500338)
Prism Johnson Ltd is one of the largest diversified business groups in India with a market cap of 61.99B as of 2022. The company has a Return on Equity of 11.43%. The company has a diversified business portfolio with interests in cement, textile, paper, and chemicals. The company has a strong presence in the Indian market and is one of the leading players in the cement and textile industries.
– Shree Cement Ltd ($BSE:500387)
Shree Cement Ltd. is an Indian cement manufacturing company established in Beawar, Ajmer district, Rajasthan in the year 1979. The company has a market cap of 755.51B as of 2022 and a Return on Equity of 7.65%. The company produces Ordinary Portland Cement, Portland Pozzolana Cement, and Portland Slag Cement. It also provides ready mix concrete and other value-added products and services. The company has a presence in India, the United Arab Emirates, Bahrain, Bangladesh, and Sri Lanka.
Summary
SUMMIT MATERIALS reported strong overall financial results for the second quarter of FY2023, with total revenue increasing 6.2% year over year to USD 729.1 million. Despite this, net income declined significantly by 56.0% to USD 83.6 million. Investors should watch for key indicators such as earnings per share and cash flow development to gain further insight into the company’s financial performance over the past quarter. Additionally, investors should analyze the impact of the pandemic on the company’s business operations, liquidity, and outlook to assess SUMMIT MATERIALS’ potential performance in the near term.
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