Martin Marietta Materials Inc

Latest Results (17.12.2024):

Revenue and Profit Decline

In the third quarter of 2024, Martin Marietta Materials Inc. reported a decrease in revenues and gross profit compared to the same period in 2023. Revenues fell by 5% to $1,889 million, while gross profit decreased by 11% to $599 million. This decline was attributed to weather-related disruptions and softer demand in certain markets.

Earnings and EBITDA

Martin Marietta's earnings from operations for the third quarter of 2024 were $489 million, a 14% decrease from the previous year. Net earnings from continuing operations attributable to the company also fell by 16% to $363 million. Adjusted EBITDA, a non-GAAP measure, decreased by 8% to $646 million, reflecting the challenging operating environment.

Aggregates Performance

The aggregates product line saw a 3.9% decline in shipments to 53.7 million tons during the third quarter of 2024. Despite this, the average selling price per ton increased by 7.7% to $21.52, contributing to a 3% rise in gross profit per ton to a record $8.16. The company attributed these results to strategic acquisitions and pricing growth.

Cash Flow and Capital Allocation

Martin Marietta generated $601 million in cash from operating activities in the third quarter of 2024, marking a 32% increase from the prior year. This improvement was driven by better working capital management. The company returned $591 million to shareholders through dividends and share repurchases during the first nine months of 2024.

Revised 2024 Outlook

Due to the impacts of adverse weather and market conditions, Martin Marietta revised its full-year 2024 guidance. The company now expects adjusted EBITDA to range between $2,015 million and $2,115 million. Despite challenges, Martin Marietta remains optimistic about future growth, supported by federal and state infrastructure investments and strategic acquisitions.