Summit Materials
Net revenues, sales volumes and pricing were all up within Summit Materials’ aggregate business in the fourth quarter.
Summit’s net revenue was also up companywide in the fourth quarter, as was the company’s adjusted EBITDA.
Aggregate net revenues were up by $22 million in the fourth quarter to $157.6 million. Aggregate sales volumes increased 5.7 percent in the quarter, and average selling prices for aggregates increased 9.2 percent.
“Summit is at an exciting and pivotal point in our company’s history,” says Anne Noonan, president and CEO of Summit Materials. “Our team has effectively capitalized on dynamic, yet constructive market conditions to drive record revenue and profitability.”
Continue reading: How Summit Materials’ aggregate business is performing
Knife River
Knife River made a variety of gains in its aggregate business late last year and throughout 2023.
In the fourth quarter, revenue produced by Knife River’s aggregate business was up 12.1 percent to $124.3 million, with gross profit related to aggregates increasing 24 percent to $19.1 million.
Companywide, Knife River reported consolidated revenue in the fourth quarter of $646.9 million – a 20 percent increase from the prior-year period. Price increases across all core product lines and an extended construction season throughout Knife River’s footprint drove the gains.
Additionally, Knife River says strong market fundamentals provided the backdrop to support pricing improvements and the company’s disciplined bidding strategy, contributing to a 15 percent year-over-year increase in net income to $20.7 million – and a 10 percent year-over-year increase in adjusted EBITDA to $72.4 million.
Knife River reported full-year 2023 consolidated revenue of $2.8 billion, a 12 percent increase from the prior-year period. Net income was $182.9 million, up 57 percent from the prior-year period. Adjusted EBITDA was $432.4 million, an increase of 38 percent versus the prior-year period, and adjusted EBITDA margin increased 290 basis points on a year-over-year basis to 15.3 percent in 2023.
Continue reading: Knife River makes ‘strong finish to a historic year’
USLM
Lime and limestone revenues and gross profit were up in the fourth quarter at United States Lime & Minerals (USLM).
Those marks were also up at USLM for the entirety of 2023, the company says.
“While we are pleased with our financial performance in the fourth quarter and full-year 2023, reduced demand in the fourth quarter from our industrial and construction customers continued to generate headwinds for us,” says Timothy Byrne, president and CEO of USLM. “Increased demand from our roofing and oil and gas customers was an encouraging offset to overall decreases in volume.”
USLM’s lime and limestone revenues were up 13.1 percent in the fourth quarter of 2023 to $65.4 million. For the year, USLM’s lime and limestone revenues were $280.2 million versus $233.4 million for the entirety of 2022. That mark is up 20 percent.
As USLM describes, the increases in revenues in the fourth quarter and across 2023 resulted from increases in average selling prices for its lime and limestone products that were partially offset by decreased sales volumes.
Continue reading: Elevated pricing boosts USLM in fourth quarter
Eagle Materials
Eagle Materials reported a pair of quarterly records related to its fiscal third quarter ending Dec. 31, including a record revenue ($558.8 million) and record net earnings ($129.1 million).
The revenue mark was up 9 percent over the prior-year quarter, Eagle Materials says, while its net earnings were up 10 percent.
Revenue in Eagle Materials’ heavy materials sector, which includes cement, concrete and aggregates, as well as joint-venture and intersegment cement revenue, was up 18 percent to $366.4 million. Heavy materials operating earnings increased 43 percent to $107.3 million, primarily because of higher cement net sales prices and sales volumes.
“Eagle’s heartland geographic footprint remains well-positioned for long-term growth, supported by trends in population growth, well-documented housing production deficits and supply shortages, and a multiyear federal highway bill further enhanced by state-level infrastructure spending,” says Michael Haack, president and CEO of Eagle Materials.
Continue reading: How Eagle Materials finished 2023
Featured photo: P&Q Staff
