Reports Q1 revenue $407.27M, consensus $420.91M. "It’s clear by our record first quarter results that we have a solid head start as we enter the prime construction season," commented CEO Anne Noonan. "As expected and due to January pricing actions, we witnessed significant pricing momentum across each of our lines of business and in all of our markets. Those pricing gains, coupled with demand resiliency and solid operational execution, fueled our second consecutive quarter of year over year margin growth. This early performance, together with stronger pricing and improved demand expectations gives us the confidence to raise our full year Adjusted EBITDA outlook. And while second half visibility is challenging, particularly when it comes to residential demand, supply chain constraints, and uncertain cost trends, we feel we have enough within our control to deliver on these upgraded financial commitments for 2023." CFO Scott Anderson added, "On top of our Q1 financial progress, we continue to press forward on our strategic goals. Our commercial and operational excellence initiatives are well underway and expected to produce margin-enhancing results this year. Consistent with our Elevate Summit plan, we are pursuing a capital allocation strategy that prioritizes growth. Organically, that means continued investment in high-growth greenfields and capital projects with attractive return profiles. Inorganically, that means leveraging a fortified balance sheet to strengthen the portfolio via M&A in an approach I’d characterize as price-disciplined and value-creative. These avenues, I believe, represent our greatest growth opportunities and alongside solid execution can drive attractive returns for Summit shareholders."
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