NEW YORK (TheStreet) -- Shares of Summit Materials (SUM) - Get Report were gaining on heavy trading volume Wednesday afternoon after the company posted better-than-expected earnings for the 2016 third quarter.
Before today's opening bell, the Denver-based construction materials company reported adjusted earnings of 73 cents per diluted share, higher than Wall Street's projections of 71 cents per share.
Revenue for the quarter was $480.2 million, below analysts' forecasts of $483.2 million.
"Sustained organic growth in aggregates and cement pricing, coupled with improved cost discipline and margin capture, contributed to significant year-over-year increases in operating cash flow and net income in the third quarter," CEO Tom Hill said in a statement.
More than 2.34 million of the company's shares changed hands so far today, well above its average 30-day volume of 985,868 shares.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SUM