Summit Materials, Inc. (NYSE:SUM) Q4 2017 Earnings Conference Call - Preliminary Transcript

Feb 14, 2018 • 11:00 am ET


Summit Materials, Inc. (NYSE:SUM) Q4 2017 Earnings Conference Call - Preliminary Transcript


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Greetings and welcome to the Summit Materials' Fourth Quarter and Full Year 2017 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Noel Ryan, Vice President of Investor Relations for Summit Materials. Thank you. You may begin.

Noel Ryan

Good morning and welcome to Summit Materials' fourth quarter and full year 2017 results conference call. Leading today's call are Summit CEO, Tom Hill; and CFO, Brian Harris.

We issued a press release before the market opened this morning detailing our fourth quarter and full year results. We also published an updated supplemental workbook highlighting key financial and operating data, which can be found in the Investors section of our website at This call will be accompanied by our fourth quarter and full year 2017 investor presentation, which is available on the Investors section of our website.

I would like to remind you that 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 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 filed with the SEC. Additionally, you can find reconciliations of the historical non-GAAP financial measures discussed in today's call in this morning's press release.

Today's call will begin with remarks from Tom Hill, who will provide an update on our business and market conditions entering 2018, followed by a financial review and outlook from Brian Harris. At the exclusion of these remarks, we will open the call for questions.

With that, I'll turn the call over to Tom.Thank you, Noel and welcome to today's call. Before we get into the discussion of our 2017 results, I want to introduce our new Executive Vice President and Chief Operating Officer, Paul Watson Jr. who joined our senior leadership team on January 8th. Paul is a proven operator, a strategic thinker and experienced leader. He has all of the attributes to help lead our company into the next growth phase.

Most recently, Paul was the President of Cement & Southwest Ready Mix at Martin Marietta. Previously, he served as President of Cemex USA. While at Cemex, Paul had turned around their multi-million dollar U.S. operations, grown EBITDA from an annualized loss in 2011 to nearly $600 million by year end 2015. On a personal level, I've known Paul for many years and have a great deal of respect for him and I'm excited for what he brings to the Summit.

With that introduction, please turn to slide five through nine of the accompanying presentation deck. While 2017 was a record year on many levels, no achievement