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Summit Evaluates Direction Forward


RR103119 SummitLogoApril 29, 2020 – While COVID-19 is not having a major impact – yet – on current business conditions, companies are certainly putting future plans on hold and evaluating expansion opportunities. Summit Materials in its first-quarter report noted, "Summit is withdrawing its previously announced 2020 Adjusted EBITDA guidance until the company has better visibility into the extent of economic disruption related to COVID-19 and the ultimate resumption of normal business conditions. The company is reducing its 2020 capital expenditure guidance to $145-$160 million, including $50 million to $60 million estimated for greenfield projects, from its prior 2020 capital expenditure guidance of $185 to $205 million, including $65 to $80 million for greenfield projects, as certain items have been deferred at Summit's option to later periods." We will learn more as additional first-quarter reports hit the news wire.