RALEIGH, N.C.--(BUSINESS WIRE)-- Martin Marietta Materials, Inc. (NYSE:MLM) today reported record results for the fourth quarter and full year ended December 31, 2017.
Ward Nye, Chairman, President and CEO of Martin Marietta, stated, "By nearly all meaningful measures, 2017 was an extraordinary year for Martin Marietta. Among our accomplishments are two significant milestones - the best safety performance in our history and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) exceeding $1.0 billion. We also delivered record revenues, profitability and earnings per diluted share for both the fourth quarter and full year, building on the momentum created by record performance in prior years.
"Even more noteworthy, we achieved these safety and financial results despite externally-driven volume headwinds prevalent throughout much of the year that reduced full-year aggregates volumes by one million tons compared with 2016 and almost nine million tons as measured against our initial 2017 guidance. Our ability to post record results despite these external factors, among them extraordinary weather events, contractor labor constraints, and a slower-than-expected pace of public contract lettings, validates the successful execution of our strategic plan and underpins our optimism for a steady and extended cyclical recovery as we begin 2018.
"Our confidence in our 2018 outlook is particularly strengthened by positive fourth-quarter trends. Once again, we posted solid pricing growth across all product lines and segments. These ongoing pricing improvements, coupled with the benefits from the strategic deployment of capital into our business, contributed in part to a 290-basis-point expansion in fourth-quarter consolidated gross margin compared with the prior-year quarter. Notably, the aggregates product line posted a fourth-quarter incremental gross margin well in excess of management's targeted goal of 60 percent despite lower volumes. These results underscore the comparative strength of our markets and our continued focus on operational excellence.
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