Summit Materials, Inc. (NYSE:SUM) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET

Company Participants

Karli Anderson - Investor Relations

Anne Noonan - Chief Executive Officer

Brian Harris - Chief Financial Officer

Conference Call Participants

Stanley Elliott - Stifel

Trey Grooms - Stephens Inc.

Collin Verron - Jefferies

Brent Thielman - D.A. Davidson

Kathryn Thompson - Thompson Research Group

Asher Sohnen - Citigroup

Jerry Revich - Goldman Sachs

Adam Thalhimer - Thompson Davis

David MacGregor - Longbow Research

Garik Shmois - Loop Capital

Operator

Good day and welcome to Summit Materials Third Quarter 2022 Earnings Conference Call. Please note, today’s conference is being recorded. [Operator Instructions] Thank you. At this time, I would like to turn the conference over to Karli Anderson, Executive Vice President of ESG and IR.

Karli Anderson

Hello and welcome to Summit Materials third quarter 2022 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 a 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, which is filed with the SEC. You can find reconciliations of the historical non-GAAP financial measures discussed in today’s call in our press release.

We will begin today’s presentation with a business update from Summit’s CEO, Anne Noonan. Brian Harris, our CFO, will then review our financial performance and will conclude prepared remarks with our view on the path ahead. After that, we will open the line for questions. [Operator Instructions]

With that, I will turn the call over to Anne.

Anne Noonan

Thank you, Karli and good morning to everyone joining today’s call. Keeping with our promise to put safety first, I’d like to start with an update on our safety trends. Through September, we are tracking ahead of both internal expectations and prior year for virtually all of our key safety performance indicators. Our recordable incident rate, for example, is 45% better than 2021 levels. A critical catalyst for our improvements is a greater emphasis on leading indicators that help to prevent safety incidents before they happen. Led by our safety leadership teams, some of employees around the country have truly embraced our safety first culture as we continue our journey towards being a zero harm organization.