Martin Marietta Materials, Inc. Reports Third-Quarter Earnings

RALEIGH, N.C. – Martin Marietta Materials, Inc. (NYSE: MLM) reported third-quarter earnings that fell short of analyst expectations due to severe weather events affecting shipments and operations.

The building materials supplier posted adjusted earnings per share of $5.91, missing the consensus estimate of $6.45. Revenue came in at $1.89 billion, below analyst projections of $1.96 billion and down 5% YoY.

Martin Marietta indicated that significant precipitation in July, combined with tropical storms and hurricanes across its Southeast footprint, adversely affected third-quarter product shipments, geographic mix, and financial results.

Despite these challenges, the company achieved record quarterly aggregates gross profit per ton of $8.16, an increase of 3% YoY. Aggregates shipments declined 3.9% to 53.7 million tons, while the average selling price increased 7.7% to $21.52 per ton.

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

The company revised its full-year 2024 adjusted EBITDA guidance to $2.1 billion at the midpoint, down from previous expectations. For the full year, Martin Marietta now estimates revenue between $6.45 billion and $6.71 billion, compared to the consensus of $6.64 billion.

Looking ahead, Nye mentioned that the company expects to benefit from "record levels of federal and state investments in highways, streets, and bridges" as well as growth in aggregates-intensive end markets related to reshoring and artificial intelligence infrastructure build-out.

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