Martin Marietta Materials Reports SecondQuarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Martin Marietta Materials Reports Second-Quarter 2024 Financial Results
Martin Marietta Materials, Inc. (NYSE: MLM) has reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 Actual | Q2 2023 Actual | YoY Change | Q1 2024 Actual | QoQ Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $1.7 billion | $1.75 billion | -3% | $1.84 billion | -7.61% | $1.84 billion |
| Earnings Per Share (EPS) | Not Provided | Not Provided | - | Not Provided | - | $5.38 |
Brief Interpretation: Martin Marietta's total revenue for Q2 2024 fell slightly by 3% year-over-year, influenced by historic precipitation and restrictive monetary policies impacting product shipments. The company missed the consensus revenue estimate of $1.84 billion. Despite these challenges, adjusted EBITDA margin expanded, and the aggregates gross profit per ton increased by 9%.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change | Guidance (if provided) |
|---|---|---|---|---|
| Aggregates | $1.7 billion | $1.75 billion | -2.8% | Not Provided |
| Cement & Ready Mixed | $261 million | $414 million | -37% | Not Provided |
| Asphalt and Paving | $245 million | Not Provided | Not Provided | Not Provided |
| Magnesia Specialties | $81 million | $81 million | 0% | Not Provided |
Brief Interpretation: - Aggregates segment saw a slight decline of 2.8% in revenue, impacted by poor weather and softening demand. - Cement and Ready Mixed Concrete saw a 37% decline primarily due to the divestiture of South Texas operations. - Asphalt and Paving revenues rose modestly, marking second-quarter records. - Magnesia Specialties segment maintained steady revenue year-over-year.
Comments from Officers
Ward Nye, Chairman and CEO, remarked on the temporary negative impacts of weather and monetary policies on product shipments but highlighted the company's resiliency and strong performance in aggregates profitability. He also emphasized the positive impact of the Blue Water Industries acquisition and long-term confidence in navigating macroeconomic cycles.
Dividends and Share Repurchase Program
The company returned $542 million to shareholders through dividends and share repurchases during the six months ended June 30, 2024. As of June 30, 2024, 11.9 million shares remained under the current repurchase authorization.
Forward Guidance
Revised full-year 2024 guidance now projects adjusted EBITDA of $2.2 billion at the midpoint, reflecting reduced expectations due to the current macroeconomic environment and weather-related disruptions.
Stock Price Movement
Following the earnings release, Martin Marietta’s stock experienced a price decrease of approximately 1.37%.
For further information, please refer to Martin Marietta's full earnings release and conference call webcast.
