p strong Martin Marietta Reports Second Quarter Financial Results strongpp em RALEIGH NC Aug 8 202
Intellectia.AI Updated: 1970-01-01
Martin Marietta Reports Second Quarter Financial Results
RALEIGH, N.C., Aug. 8, 2024 – Martin Marietta Materials, Inc. (NYSE:MLM), a leading national supplier of aggregates and heavy building materials, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|
| Total Revenue | $1.7 billion | $1.75 billion | -3% | -3% | $1.84 billion |
| Gross Profit | $501 million | $539 million | -7% | -7% | Not provided |
Despite a challenging quarter impacted by historic precipitation in Texas and the Midwest and restrictive monetary policy, Martin Marietta managed to maintain resilient financial performance. The company’s revenue and gross profit experienced slight declines year-over-year, falling short of Wall Street’s revenue estimates.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | QoQ Change | Comments |
|---|---|---|---|---|
| Building Materials Business | $1.7 billion | $1.75 billion | -3% | Revenue impacted by weather and softening demand |
| Aggregates | $392 million | $370 million | +6% | 11.6% increase in ASP despite lower shipments |
| Cement and Downstream Businesses | $261 million | $414 million | -37% | Impacted by divestiture and weather |
| Asphalt and Paving | $245 million | Not provided | Not provided | Increased modestly, both records |
| Magnesia Specialties | $81 million | $81 million | 0% | Higher pricing offset lower shipments |
The Building Materials Business revenue saw a 3% drop primarily due to weather-related slowdown and weaker demand in certain segments. However, the Aggregates segment's performance was bolstered by an increase in ASP, demonstrating strong operational resilience.
Comments from Company Officers
Ward Nye, Chairman, and CEO of Martin Marietta, noted, "Despite interim challenges, we made substantial progress during the period with record aggregates profitability and the best safety performance in our Company's history."
Dividends and Share Repurchase Program
During the first six months of 2024, Martin Marietta returned $542 million to shareholders through dividend payments and share repurchases. As of June 30, 2024, 11.9 million shares remained under the current repurchase authorization.
Forward Guidance
Martin Marietta revised its full-year Adjusted EBITDA guidance to $2.2 billion at the midpoint, citing expected short-lived rate-driven construction softness and anticipated more accommodative monetary conditions beginning in September.
Stock Price Movement
Following the earnings release, Martin Marietta's stock saw a decrease of 3.69%.
For more information, please visit Martin Marietta’s website.
