Martin Marietta Materials profit up, earnings down

Martin Marietta Materials Tuesday reported its third-quarter profit soared and revenue grew to beat analyst forecasts, helped by the sale of its California cement business, but earnings missed expectations.

Shares were down 6.6% in midday trading.

Revenue was dented in the previous quarter by record rainfall that significantly hurt results in the Texas market. Pent-up demand padded the most recent quarter’s results.

The Raleigh, NC, manufacturing company, which was forced to consolidate business units when sales plunged 40% during the recession, has been benefiting from the recovering economy and getting a boost from its acquisition of Texas Industries Inc.

The company also said it completed the sale of its California cement business for $420 million.

Chief executive Ward Nye said the company expects to use the proceeds from the sale to repurchase additional shares of stock. During the third quarter Martin Marietta repurchased 917,000 shares for $158 million.

Over all, Martin Marietta posted a profit of $117.5 million, or $1.75 a share, compared with a year-earlier profit of $53.7 million, or 80 cents a share. Adjusted earnings were $2.04. Revenue grew 7.9% to $1.08 billion.

Analysts polled by Thomson Reuters had expected adjusted earnings of $2.15 a share on revenue of $1.05 billion.

Sales in the aggregates business rose to $1 billion from $917.9 million a year earlier.

Source

(Visited 66 times, 1 visits today)

Get involved

Register

As a member of this site you will be able to receive aggregates news relating only to those categories that are most relevant to you, submit job listings for FREE, post questions in the Q&A, and more.

Register Now

Feature your company

The Feature Your Company listing is your custom-made (by us) profile page that allows you to add any of the following content: text, videos, links, images. The page will also be listed on the Featured Company landing page. Over 560 unique aggregates users visit the site per day! Complete the enquiry form now to contact us.

Contact us

Jobs

Are you looking for an aggregate related job? Click here to see our jobs listing supplied by industry experts United Employment.

See Jobs

Advertise

Reach thousands of budget holders and decision makers by promoting your company on the longest established aggregate website in the US & Canada. Or advertise in our emails which are sent to opted-in subscribers according to their chosen categories. All advertising will display correctly on tablets and mobiles as this site is responsive.