Martin Marietta Faces Headwinds: Q3 Revenue Declines Amid Severe Weather Impacts, Revises Outlook
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
Third-Quarter Financial Performance: Martin Marietta Materials Inc reported a 5% decline in third-quarter revenue to $1.889 billion, missing expectations, with gross profit down 11% and adjusted EBITDA declining by 8%. The company faced challenges due to adverse weather conditions impacting product shipments.
Revised 2024 Guidance and Future Outlook: The company has lowered its revenue and adjusted EBITDA guidance for 2024 while projecting a 9% to 11% growth in average selling prices for aggregates. CEO Ward Nye expressed optimism about future growth driven by federal investments and potential interest rate cuts supporting housing recovery.
Analyst Views on SUPP
Wall Street analysts forecast SUPP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SUPP is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 72.758
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
