North / South America
Martin Marietta CEO says increase in homebuilding is driving sales of aggregate materials
May, 02 2012
Martin Marietta Materials Inc. reported higher sales of aggregate materials in the first quarter as a result of an uptick in construction activity. However, the company still posted a loss for the quarter.
Martin Marietta reported a net loss of $36.7 million, or 81 cents per diluted share, on revenues of $394 million for the quarter ended March 31, 2012. This compares to a net loss of $17.4 million, or 39 cents per diluted share, on revenues of $327.9 million to the same period last year.
Still, Martin Marietta Materials President and CEO Ward Nye says he is increasingly optimistic about the company’s outlook for the remainder of 2012. In San Antonio, in particular, the company experienced higher sales of aggregate materials due to increased single-family housing activity. As more military and civilian jobs were moved to San Antonio as a result of military base realignment and closure activity, Martin Marietta supplied more aggregate materials for homebuilding.
Raleigh, N.C.-based Martin Marietta Materials, which is in the midst of combining its business with Vulcan Materials Co., is a leading producer of granite, sandstone, limestone, sand and gravel.
Vulcan produces crushed stone, sand and gravel, asphalt, ready mix concrete, railroad ballast, and agricultural limestone for construction firms.
Both Martin Marietta Materials and Vulcan have sizable operations in San Antonio.
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