Martin Marietta Cuts Forecast and Reports Lower Quarterly Results

(Reuters) – Martin Marietta has reduced its annual sales forecast and reported lower quarterly results on Wednesday after experiencing operational challenges due to storms and extreme weather conditions.

The company detailed that its operations in the quarter were impacted by heavy rains in July, Tropical Storm Debby in North Carolina, and hurricanes Beryl and Helene in Texas.

> "Although these events are short-term and temporary, they nonetheless adversely impacted our third-quarter product shipments, geographic mix, and financial results," said Martin Marietta CEO Ward Nye.

Despite these difficulties, the company remains optimistic about future federal and state investments in highways, streets, bridges, and AI-related infrastructure spending set for 2025.

> "Although higher interest rates continue to affect residential construction activity, we are encouraged by recent Federal Reserve policy actions and the likelihood of more interest rate cuts later this year," Nye added.

For the full year, Martin Marietta expects its annual revenue to be between $6.45 billion and $6.7 billion, a decrease from its previous range of $6.5 billion to $6.94 billion.

In the third quarter, net earnings fell to $363 million, or $5.91 per share, down from $430 million, or $6.94 per share a year ago. Overall revenue for the quarter ended Sept. 30 dropped 5% to $1.89 billion.