SUM - Summit Materials Inc. (SUM) Q4 2023 Earnings Call Transcript

2024-02-15 20:39:09 ET

Summit Materials, Inc. (SUM)

Q4 2023 Earnings Conference Call

February 15, 2024 11:00 AM ET

Company Participants

Andy Larkin - Vice President, Investor Relations

Anne Noonan - Chief Executive Officer

Scott Anderson - Chief Financial Officer

Conference Call Participants

Stanley Elliott - Stifel

Garik Shmois - Loop Capital Research

Phil Ng - Jefferies

Adam Thalhimer - Thompson Davis

Anthony Pettinari - Citigroup

Brent Thielman - D.A. Davidson

Keith Hughes - Truist

Joe Nolan - Longbow Research

Noah Merkousko - Stephens

Kathryn Thompson - Thompson Research Group

Jerry Revich - Goldman Sachs

Mike Dahl - RBC Capital Markets

Presentation

Operator

Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Summit Materials' Fourth Quarter of 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I will now turn the call over to Andy Larkin, Vice President of Investor Relations. Andy, you may begin your conference.

Andy Larkin

Hello and welcome to the Summit Materials' fourth quarter and full year 2023 results conference call. Yesterday afternoon, we issued a press release detailing our financial and operating results. Today's call is accompanied by an investor presentation and supplemental workbook, highlighting key financial and operating data. All of these materials can be found on our Investor Relations website.

Management's commentary and responses to questions on today's call may include forward-looking statements, which by their nature are uncertain and outside of Summit Materials' control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ in a material way. For a discussion of some of the factors that could cause actual results to differ, please see the risk factors section of Summit Materials' latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q as updated from time to time in our subsequent filings with the SEC. You can find reconciliations of historical non-GAAP financial measures discussed in today's call in our press release.

Today, Anne Noonan, Summit's CEO, will begin with high-level commentary. Scott Anderson, our Chief Financial Officer, will then review our financial performance. Anne will return to close our prepared remarks with a more detailed discussion on our outlook for 2024. After that, we will open the line for questions. At respect for other analysts and the time we have allotted, please limit yourself to one question and then return to the queue, so we can accommodate as many analysts as possible in the time we have available.

With that, let me turn the call over to Anne.

Anne Noonan

Thanks, Andy, and welcome to everyone joining the call today. Summit stands at a very exciting and pivotal point in our Company's history. Our team achieved record financial performance in 2023, accelerated our Elevate Summit strategy across all dimensions, and is embarking on integrating the Argos USA assets into the Summit family. Scott and I will take you through specifics here shortly, but we have a lot to be proud of, not the least of which is our emphasis on safety.

The combined enterprise has a shared commitment to being an industry-leader in safety. We are investing in people, processes, and tools and as a result, we are putting the health and well-being of our employees and our communities at the forefront of everything we do....

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