Summit Materials Q1 2024 Adj EPS $(0.12) Beats $(0.23) Estimate, Sales $773.229M Miss $833.603M Estimate
Portfolio Pulse from Benzinga Newsdesk
Summit Materials (NYSE:SUM) reported Q1 2024 adjusted EPS of $(0.12), surpassing the $(0.23) estimate, indicating a 47.83% beat and a 53.85% improvement from last year's $(0.26) per share loss. However, their Q1 sales of $773.229M fell short of the $833.603M estimate by 7.24%, despite being an 89.86% increase from the previous year's $407.270M.
May 01, 2024 | 8:30 pm
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Summit Materials reported a significant beat on EPS estimates but missed on sales forecasts for Q1 2024, showing both strong earnings improvement and substantial year-over-year sales growth.
The EPS beat is likely to be viewed positively by investors, indicating operational efficiency and cost management. However, the sales miss could raise concerns about demand and market share, potentially offsetting some of the positive sentiment from the earnings beat. The significant year-over-year sales growth indicates strong market demand, which could mitigate concerns about the sales miss to some extent.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100