Double-Digit-Growth in Consolidated Revenues, Gross Profit and Net Earnings
Shipments and Pricing Increased for Aggregates, Cement and Ready Mixed Concrete
Cement Product Gross Margin Expanded 210 Basis Points
Magnesia Specialties Business Posted Record Revenues and Gross Profit
2018 Guidance Updated to Reflect Impact of Weather-Related Events
RALEIGH, North Carolina (November 6, 2018) - Martin Marietta Materials, Inc. (NYSE:MLM) today reported results for the third quarter ended September 30, 2018.
Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “Our record third-quarter results demonstrate Martin Marietta’s strong execution as we capitalized on the improving strength of the current construction cycle while successfully managing through near-term challenges. Aggregates, cement and ready mixed concrete shipments meaningfully accelerated in July and August under normal operating conditions. Pricing also improved, highlighting robust product demand across our geographic footprint. In September, extraordinary weather challenges, including record Texas rainfall and devastation from Hurricane Florence, mostly in the Carolinas, adversely impacted our third quarter. As a result, Texas, our largest state by revenues, and North Carolina, our third-largest state by revenues and leading state by unit profitability, were disproportionately negatively affected during the industry’s busiest and most profitable period. Despite these short-term disruptions, we remain on track to once again deliver record revenues and EBITDA (Earnings Before Interest, Taxes, and Depreciation and Amortization) for the full year, and we are well-positioned to continue our growth trajectory in 2019.
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