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MLM · Martin Marietta Materials

50 filings

10-Q

MLM 10-Q Quarterly Reports

Martin Marietta Materials - 50 quarterly reports

Filing record · 2016–202610-K1210-Q328-K141

MLM filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 141 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’17Jun ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Dec ’25Dec ’25
  1. 2026-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2026

    Martin Marietta Materials, Inc. reported second-quarter 2026 revenues of $1.947 billion, up from $1.609 billion a year earlier, and net earnings from continuing operations attributable to Martin Marietta of $256 million, or $4.26 per diluted share, versus $292 million, or $4.84, in the prior-year quarter. Earnings were pressured by $45 million of after-tax charges tied to acquisition, divestiture and integration expenses and the sale of acquired inventory at fair value, along with higher depreciation, depletion and amortization. For the six months, consolidated net earnings were $1.764 billion, driven by a $1.4 billion after-tax gain on the February 23, 2026 divestiture of the Midlothian cement plant and related Texas assets in the asset exchange with QUIKRETE Holdings, Inc. Adjusted EBITDA from continuing operations was $638 million for the quarter versus $565 million a year earlier, and $1.001 billion for the six months versus $883 million. The balance sheet expanded significantly. Total assets rose to $21.305 billion from $18.711 billion at December 31, 2025, and total debt increased to $5.951 billion from $5.323 billion, with $860 million classified as current maturities. Operating cash flow for the six months was $339 million, down from $605 million, and cash used for capital expenditures was $314 million. Shareholders' equity rose to $11.546 billion, and the company repurchased $200 million of common stock during the first half. The most significant subsequent event is the June 27, 2026 agreement to acquire Lhoist North America, Inc. for $13.5 billion, consisting of $7.0 billion in cash and 10,953,543 newly issued shares valued at $6.5 billion. The transaction is expected to close in the second half of 2026 and would leave the seller holding roughly 15% of outstanding common stock. The company secured a $1.5 billion term loan commitment and amended its revolving credit covenant to allow a maximum net debt-to-EBITDA ratio of 4.75x after closing. Moody's has the company's rating under review for downgrade, and S&P has it on CreditWatch Negative.

    Jul 30, 2026
  2. 2026-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2026

    Martin Marietta Materials, Inc. reported first-quarter 2026 results from continuing operations with revenues of $1.362 billion, up from $1.162 billion a year earlier, and gross profit of $310 million versus $315 million. Earnings from continuing operations attributable to Martin Marietta were $79 million, or $1.31 per diluted share, compared with $104 million, or $1.70 per diluted share, in the prior-year quarter. Results included after-tax charges of $37 million, or $0.62 per diluted share, tied to acquisition, integration and divestiture expenses, the inventory markup from acquisition accounting, an asset and portfolio rationalization charge, and a revaluation of deferred tax liabilities that drove the effective tax rate to 32.3% from 21.2%. Adjusted EBITDA from continuing operations was $364 million, versus $319 million. Total net earnings attributable to Martin Marietta were $1.513 billion, or $25.06 per diluted share, driven by discontinued operations of $1.434 billion, which reflect the after-tax gain on the February 23, 2026 divestiture of the Midlothian cement plant, related terminals and Texas ready mixed concrete plants to QUIKRETE Holdings, Inc. in an asset exchange. In that exchange, the company acquired aggregates operations producing approximately 20 million tons annually, an asphalt and paving business in Vancouver, British Columbia, and $450 million in cash. The acquisition added $3.175 billion of total consideration, including $2.0 billion of mineral reserves within property, plant and equipment, and the purchase accounting remains preliminary. Aggregates shipments rose 12.4% to 43.9 million tons, while average selling price of $23.70 per ton was in line with the prior year. Net debt was not stated directly, but total debt was $5.294 billion, cash was $273 million, and the company had $1.2 billion of unused borrowing capacity under its revolving and trade receivable facilities. Operating cash flow was $227 million, and the company repurchased $200 million of stock. A pending agreement to acquire New Frontier Materials, an aggregates business producing over 8 million tons annually near St. Louis, was announced April 19, 2026 and is expected to close in the second half of 2026.

    Apr 30, 2026
  3. 2025-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2025

    Martin Marietta Materials, Inc. reported third-quarter 2025 revenues of $1.846 billion, up from $1.642 billion a year earlier, with earnings from operations of $505 million versus $406 million. Net earnings attributable to Martin Marietta were $414 million, or $6.85 per diluted share, compared with $363 million, or $5.91 per diluted share, in the prior-year quarter. Results from continuing operations were $361 million, or $5.97 per diluted share. For the nine months, revenues were $4.617 billion versus $4.250 billion, and net earnings were $858 million, down from $1.701 billion in 2024, a comparison that includes a $1.3 billion pretax gain on the 2024 South Texas cement divestiture. Aggregates shipments rose 8.0% in the quarter to 57.9 million tons, with average selling price up 8.0% to $23.24 per ton. The balance sheet shows cash and cash equivalents of $57 million at September 30, 2025, total debt of $5.522 billion, and $1.224 billion of current assets held for sale tied to the Midlothian cement plant, related terminals and Texas ready mixed concrete plants. The company agreed on August 3, 2025 to exchange these assets with QUIKRETE Holdings, Inc. for aggregates operations producing approximately 20 million tons annually plus cash, with closing expected in the fourth quarter of 2025. Operating cash flow for the nine months was $1.156 billion, compared with $773 million a year earlier, and the company repurchased 910,831 shares for $455 million during the period. The company acquired Premier Magnesia, LLC on July 25, 2025 for its Specialties business, which reported third-quarter revenues of $131 million and gross profit up 20% to $34 million. Management stated it was in compliance with its leverage ratio covenant at September 30, 2025, and that $1.1 billion of unused borrowing capacity was available under its Revolving Facility and Trade Receivable Facility.

    Nov 4, 2025
  4. 2025-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2025

    Martin Marietta Materials, Inc. reported second-quarter 2025 revenues of $1.811 billion, up from $1.764 billion a year earlier, and net earnings attributable to Martin Marietta of $328 million, or $5.43 per diluted share, versus $294 million, or $4.76 per diluted share, in the prior-year quarter. Gross profit rose to $544 million from $517 million, and Adjusted EBITDA was $630 million compared with $584 million. Aggregates shipments declined 0.6% to 52.7 million tons, as wet weather and residential softness offset acquisition contributions, while aggregates average selling price increased 7.4% to $23.21 per ton. Magnesia Specialties revenues grew 12% to $90 million. For the six months ended June 30, 2025, net earnings attributable to Martin Marietta were $444 million, or $7.31 per diluted share, compared with $1.3 billion, or $21.66 per diluted share, in 2024. The prior-year period included a $1.3 billion pretax gain on the divestiture of the South Texas cement business, so the comparison is distorted. Operating cash flow improved to $605 million from $173 million, and the company repurchased 910,831 shares for $450 million during the period. Subsequent to quarter-end, the company acquired Premier Magnesia, LLC on July 25, 2025, and on August 3, 2025 agreed to exchange certain assets with Quikrete Holdings, Inc. Martin Marietta would receive aggregates operations producing approximately 20 million tons annually plus $450 million in cash, in exchange for its Midlothian cement plant, related cement terminals and North Texas ready mixed concrete assets, with closing expected in the first quarter of 2026. Total debt was $5.416 billion at June 30, 2025, and the company had $1.2 billion of unused borrowing capacity under its revolving and trade receivable facilities.

    Aug 7, 2025
  5. 2025-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2025

    Martin Marietta Materials, Inc. reported first-quarter 2025 revenues of $1,353 million, up from $1,251 million a year earlier, and gross profit of $335 million versus $272 million. Net earnings attributable to Martin Marietta were $116 million, or $1.90 per diluted share, compared with $1.0 billion, or $16.87 per diluted share, in the prior-year quarter. The prior-year figure was inflated by a $1.3 billion pretax gain on the divestiture of the South Texas cement business, so the comparison is not like-for-like. Adjusted EBITDA was $351 million versus $291 million. Aggregates drove the improvement. Aggregates shipments rose 6.6% to 39.0 million tons, aided by acquisitions and partly offset by severe winter weather, and average selling price increased 6.8% to $23.77 per ton. Aggregates gross profit rose 24% to $297 million. Cement and ready mixed concrete revenues fell 12% to $233 million, and Magnesia Specialties revenues rose 8% to $87 million. Cash flow and liquidity remained solid. Operating cash flow was $218 million versus $172 million, and capital expenditures were $233 million. The company repurchased 910,831 shares for $450 million, and cash fell to $101 million from $670 million at year-end. Long-term debt was $5,289 million, and roughly $1.2 billion of unused borrowing capacity remained under its revolving and receivables facilities. The company was in compliance with its leverage covenant at March 31, 2025.

    Apr 30, 2025
  6. 2024-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2024

    Martin Marietta Materials, Inc. reported third-quarter 2024 revenues of $1,889 million, down from $1,994 million a year earlier, and net earnings from continuing operations attributable to Martin Marietta of $363 million, or $5.91 per diluted share, compared with $430 million, or $6.94 per diluted share, in the prior-year quarter. Results were affected by lower aggregates shipments, which the company attributed to weather and softer warehouse and residential demand, and by the divestiture of the South Texas cement business and related ready mixed concrete operations. Cement and ready mixed concrete revenues fell 30% to $296 million, primarily due to that divestiture, while aggregates average selling price per ton rose 7.7% to $21.52. For the nine months ended September 30, 2024, revenues were $4,905 million versus $5,169 million, and earnings from operations were $2.3 billion versus $1.2 billion, reflecting a $1.3 billion pretax gain on the South Texas divestiture, partly offset by a $50 million noncash asset and portfolio rationalization charge. Net earnings from continuing operations attributable to Martin Marietta were $1.7 billion, or $27.60 per diluted share. Operating cash flow was $773 million versus $973 million, with the decrease driven largely by higher income tax payments resulting from the divestiture. The company acquired 20 aggregates operations from Blue Water Industries LLC for $2.05 billion in April 2024 and repaid $400 million of 4.250% Senior Notes at maturity. At September 30, 2024, the company held $52 million of cash and cash equivalents against $4,043 million of total debt, with no borrowings outstanding under its $800 million Revolving Facility. The company repurchased 785,758 shares for $450 million during the first nine months, and $1.10 billion of unused borrowing capacity was available under its Revolving Facility and Trade Receivable Facility. Subsequent to quarter-end, $300 million was outstanding under the Trade Receivable Facility and $400 million under the Revolving Facility as of October 30, 2024.

    Oct 30, 2024
  7. 2024-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2024

    Martin Marietta Materials, Inc. reported second-quarter 2024 revenues of $1,764 million, down from $1,821 million a year earlier, and gross profit of $517 million versus $560 million. Earnings from operations were $398 million, compared with $463 million, and net earnings attributable to Martin Marietta were $294 million. Results were affected by the February 2024 divestiture of the South Texas cement business and related ready mixed concrete operations to CRH Americas Materials, Inc., and by the April 5, 2024 acquisition of 20 active aggregates operations from affiliates of Blue Water Industries LLC for $2.05 billion in cash. Revenue and gross profit declines in the quarter were attributed primarily to the divestiture and extremely wet weather in Texas, while aggregates average selling price rose 11.6% year over year. For the six months ended June 30, 2024, revenues were $3,015 million and earnings from operations were $1,819 million, including a $1.3 billion pretax gain on the divestiture offset by a $50 million noncash asset and portfolio rationalization charge. Net earnings attributable to Martin Marietta were $1,339 million, or $21.66 per diluted share from continuing operations. Operating cash flow fell to $173 million from $519 million, driven largely by significantly higher income tax payments resulting from the divestiture. Cash and cash equivalents were $109 million at June 30, 2024, and the company repaid $400 million of 4.250% Senior Notes on July 2, 2024. The company had $1.20 billion of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility at June 30, 2024.

    Aug 8, 2024
  8. 2024-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2024

    Martin Marietta Materials, Inc. reported first-quarter 2024 total revenues of $1,251 million, down from $1,354 million in the prior-year quarter, while earnings from operations rose to $1,421 million from $196 million, driven largely by a $1.3 billion pretax gain on the February 9, 2024 divestiture of its South Texas cement business and certain ready mixed concrete operations to CRH Americas Materials, Inc. Net earnings from continuing operations attributable to Martin Marietta were $1,045 million, or $16.87 per diluted share, compared with $134 million, or $2.16 per diluted share, a year earlier. The filing states that 2024 results included an after-tax gain of $976 million ($15.75 per diluted share) on the divestiture and an after-tax loss of $37 million ($0.59 per diluted share) on a $49 million noncash asset and portfolio rationalization charge. Operationally, aggregates shipments fell 12.3% to 36.6 million tons, reflecting weather and softer warehouse, office and retail construction, while aggregates average selling price rose 12.2% to $22.26. Adjusted EBITDA was $291 million versus $324 million a year earlier. Magnesia Specialties revenues declined 3% to $81 million, but gross profit increased 15% to $29 million. Cement and ready mixed concrete revenues fell 22% to $265 million, with gross profit down 47% to $31 million, largely due to the divestiture. On the balance sheet, cash and cash equivalents rose to $2,648 million from $1,272 million at year-end 2023, and long-term debt was $3,947 million plus $400 million of current maturities. After quarter-end, the company closed the acquisition of 20 aggregates operations from affiliates of Blue Water Industries LLC on April 5, 2024, for $2.05 billion of cash on hand. The filing states that $1.20 billion of unused borrowing capacity remained under its revolving and trade receivable facilities at March 31, 2024.

    Apr 30, 2024
  9. 2023-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2023

    Martin Marietta Materials, Inc. reported third-quarter 2023 results with consolidated total revenues of $1.99 billion, up from $1.81 billion, and earnings from operations of $566.6 million versus $405.9 million a year earlier. Net earnings from continuing operations attributable to Martin Marietta were $430.3 million, compared with $291.2 million, and Adjusted EBITDA was $705.2 million, compared with $533.1 million. The filing attributes the growth primarily to higher pricing and lower energy costs. Aggregates pricing rose 20.0% for the quarter, while aggregates shipments decreased 7.3%, and cement gross margin reached a record 54.6%. For the nine months ended September 30, 2023, total revenues were $5.17 billion versus $4.68 billion, and diluted earnings per share from continuing operations were $14.69, compared with $10.69 in the prior-year period, which included a $151.9 million nonrecurring divestiture gain. Net cash provided by operating activities was $972.5 million, versus $560.7 million, and additions to property, plant and equipment were $464.1 million. The company repaid its $700 million 0.650% Senior Notes due 2023 on July 17, 2023, using restricted investments that had been set aside in 2022. Balance sheet cash rose to $647.6 million, and there were no borrowings outstanding under the $800.0 million Revolving Facility or the $400.0 million Trade Receivable Facility at September 30, 2023. The filing also notes the pending sale of the Tehachapi, California cement plant, which the company recorded a $21.9 million charge on in discontinued operations, and states that the sale was completed on October 31, 2023. The company repurchased 381,520 shares for $150.0 million during the first nine months of 2023 and had 12.7 million shares remaining under its repurchase authorization.

    Nov 1, 2023
  10. 2023-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2023

    Martin Marietta Materials, Inc. reported second-quarter 2023 total revenues of $1.82 billion, up from $1.64 billion, and consolidated gross profit of $560.4 million versus $425.2 million. Earnings from operations were $463.3 million compared with $478.6 million, but the prior-year quarter included a $151.7 million nonrecurring gain on a divestiture. Net earnings from continuing operations attributable to Martin Marietta were $347.6 million versus $353.2 million, and diluted EPS from continuing operations was $5.60 versus $5.65. Adjusted EBITDA rose to $596.1 million from $478.3 million. For the six months ended June 30, 2023, total revenues were $3.17 billion versus $2.87 billion, and Adjusted EBITDA was $920.0 million versus $675.5 million. Net cash provided by operating activities was $518.5 million versus $286.2 million. Aggregates pricing rose 18.6% in the quarter (17.0% mix-adjusted) while aggregates shipments fell 5.7%, and cement shipments reached a record 1.1 million tons with pricing up 21.8%. The balance sheet shows cash and cash equivalents of $421.5 million and long-term debt of $4.34 billion. The $700.0 million 2023 Notes were discharged and funded through restricted investments of $702.3 million, and the filing states they were repaid in full on July 17, 2023. At June 30, 2023 there were no borrowings under the $800.0 million Revolving Facility or the $400.0 million Trade Receivable Facility, and the company stated it was in compliance with its leverage ratio covenant. The company repurchased $150.0 million of common stock in the first half of 2023.

    Jul 27, 2023
  11. 2023-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2023

    Martin Marietta Materials, Inc.'s Form 10-Q for the quarter ended March 31, 2023 shows consolidated total revenues of $1.35 billion versus $1.23 billion in the prior-year quarter, and earnings from operations of $196.1 million versus $59.9 million. Net earnings attributable to Martin Marietta were $121.4 million, compared with $21.4 million a year earlier. Net earnings from continuing operations attributable to Martin Marietta were $134.3 million, and Adjusted EBITDA was $323.9 million versus $197.2 million. Diluted earnings per share from continuing operations were $2.16 versus $0.39. The filing attributes the improvement to the cumulative impact of price increases in 2022 and 2023, with aggregates mix-adjusted pricing up 19.6% and reported aggregates average selling price up 22.6%. Aggregates shipments were 41.7 million tons versus 42.1 million tons. The Building Materials business generated $1.27 billion of revenue, and the East Group and West Group reported earnings from operations of $108.9 million and $94.7 million, respectively. Magnesia Specialties revenue rose to $83.4 million from $77.0 million. Ready mixed concrete shipments declined 37.1%, reflecting the divestiture of the Colorado and Central Texas ready mix businesses on April 1, 2022. Net cash provided by operating activities was $160.5 million versus $169.9 million, and additions to property, plant and equipment were $173.9 million versus $139.8 million. Balance-sheet items include $229.4 million of cash and cash equivalents and $4,342.0 million of long-term debt, with $700 million of 0.650% Senior Notes due 2023 satisfied and discharged through restricted investments of $702.3 million. Subsequent to quarter end, the company terminated the agreement to sell its Tehachapi, California cement plant to CalPortland and divested its California cement import operations on May 3, 2023. The company repurchased 203,770 shares for $75.0 million in the quarter and had $1.20 billion of unused borrowing capacity under its revolving and trade receivable facilities.

    May 4, 2023
  12. 2022-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2022

    Martin Marietta Materials, Inc. reported third-quarter 2022 total revenues of $1.81 billion, up from $1.56 billion, and earnings from operations of $405.9 million versus $356.9 million a year earlier. Diluted earnings per share from continuing operations were $4.67 versus $4.07. Adjusted EBITDA was $533.1 million versus $490.0 million. Pricing drove the results: organic aggregates pricing rose 11.9% (11.3% mix-adjusted), while organic aggregates shipments were flat. Aggregates product gross margin declined 170 basis points to 32.5%, mainly from higher energy, internal freight and repairs costs. For the nine months ended September 30, 2022, total revenues were $4.68 billion versus $3.92 billion, and net cash provided by operating activities was $560.7 million versus $780.3 million. Earnings from operations included a $151.9 million pretax gain on the divestiture of Colorado and Central Texas ready mixed concrete operations. Divestitures of California cement and ready mix assets were completed or pending, including a $350.0 million agreement to sell the Tehachapi cement plant. Cash and restricted investments were used to fund the discharge of $700 million of 0.650% Senior Notes due 2023, leaving $704.6 million of restricted investments held in trust. The company had $1,197.4 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility at September 30, 2022, and stated it was in compliance with its leverage covenant. Repurchases totaled $150.0 million for the first nine months of 2022, and the Lehigh West Region acquisition for $2.26 billion, completed in October 2021, continued to contribute to the West Group.

    Nov 2, 2022
  13. 2022-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2022

    Martin Marietta Materials, Inc. reported second-quarter 2022 total revenues of $1.64 billion, up from $1.38 billion a year earlier, and earnings from operations of $478.6 million versus $307.5 million. The increase was driven primarily by a $151.7 million pretax gain on the divestiture of its Colorado and Central Texas ready-mixed concrete operations and by year-over-year price increases, partly offset by higher energy, supplies, freight and personnel costs. Net earnings from continuing operations attributable to Martin Marietta were $353.2 million, or $5.65 per diluted share, compared with $225.8 million, or $3.61, a year earlier. Excluding acquisition and integration expenses and the divestiture gain, adjusted earnings from operations were $329.8 million versus $324.4 million, and adjusted earnings per diluted share from continuing operations were $3.96 versus $3.81. For the six months ended June 30, 2022, total revenues were $2.87 billion and cash provided by operating activities was $286.2 million, compared with $441.2 million a year earlier. The company received $644.4 million of proceeds from divestitures and asset sales, including $235 million from the sale of its Redding, California cement plant and related assets on June 30, 2022. Total debt was $5.04 billion at June 30, 2022, and cash and cash equivalents rose to $772.1 million from $258.4 million at year-end 2021. The company repurchased $50.0 million of common stock and reported $1,197.4 million of unused borrowing capacity under its revolving and trade receivable facilities. Aggregates pricing was a key driver, with organic aggregates pricing up 8.8% in the quarter, while aggregates product gross margin declined 170 basis points to 32.3% due to higher energy, contract services, supplies and internal freight costs. Management noted that the Company is in compliance with its leverage covenant at June 30, 2022, and that the pension plan was remeasured after a plan amendment that increased the pension benefit for eligible hourly employees.

    Jul 28, 2022
  14. 2022-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2022

    Martin Marietta Materials, Inc. reported first-quarter 2022 total revenues of $1.23 billion, up from $982.4 million in the prior-year quarter, but earnings from operations fell to $59.9 million from $99.3 million, driven by higher costs for energy, supplies, freight and personnel that more than offset year-over-year price increases. Net earnings attributable to Martin Marietta were $21.4 million, or $0.34 per diluted share, compared with $65.3 million and $1.04 per diluted share a year earlier. Earnings from continuing operations were $24.5 million, or $0.39 per diluted share. Adjusted EBITDA was $197.2 million versus $205.6 million. Aggregates product gross margin decreased to 14.9% from 21.3%, citing higher diesel fuel costs, contract service costs and other expenses. The company's aggregates shipments grew 13.4% in total, driven largely by West Group shipments (up 32.7%) that included acquired operations, while organic aggregates shipments rose 2.5% and organic pricing rose 6.5%. Net cash provided by operating activities was $169.9 million versus $191.9 million, and capital expenditures were $139.8 million. The company repurchased $50.0 million of common stock and paid $38.9 million in dividends during the quarter. Balance sheet items include long-term debt of $5.10 billion and total equity of $6.43 billion at March 31, 2022. The company agreed on March 1, 2022 to sell its Redding, California cement plant, related terminals and 14 California ready mix operations for $250 million, expected to close in the second half of 2022, and completed the sale of its Colorado and Central Texas ready mixed concrete operations on April 1, 2022. The company had $1,197.4 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility, and reported compliance with its leverage covenant.

    May 3, 2022
  15. 2021-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2021

    Martin Marietta Materials, Inc. reported third-quarter 2021 total revenues of $1,557.3 million, up from $1,321.4 million a year earlier, and net earnings attributable to Martin Marietta of $254.6 million, or $4.07 per diluted share, versus $294.4 million, or $4.71 per diluted share, in the prior-year quarter. Earnings from operations were $356.9 million compared with $400.6 million, and the prior-year quarter included $69.9 million of nonrecurring gains on sales of investment land and divested assets. Adjusted EBITDA was $490.0 million compared with $501.7 million. For the nine months, total revenues were $3.92 billion compared with $3.55 billion, and net earnings attributable to Martin Marietta were $545.7 million compared with $538.0 million. The balance sheet changed substantially during the period. Long-term debt rose to $5,099.4 million from $2,625.8 million at December 31, 2020, following the July 2021 issuance of $700 million of 0.650% Senior Notes due 2023, $900 million of 2.400% Senior Notes due 2031 and $900 million of 3.200% Senior Notes due 2051. Cash and cash equivalents were $2,381.4 million at September 30, 2021. The company acquired Tiller Corporation on April 30, 2021 and Southern Crushed Concrete on July 30, 2021, and it completed the $2.3 billion cash acquisition of the Lehigh West Region business on October 1, 2021, a subsequent event. Nine-month operating cash flow was $780.3 million, and capital expenditures were $321.3 million. The company reported that its revolving facility covenant was met at September 30, 2021, with a trailing-twelve-month net debt-to-EBITDA ratio of 3.49 times against a maximum of 3.50x. As of September 30, 2021, the company had $1,077.4 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility. No shares were repurchased during the first nine months of 2021.

    Nov 2, 2021
  16. 2021-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2021

    Martin Marietta Materials, Inc. reported second-quarter 2021 total revenues of $1.38 billion, up from $1.27 billion, with net earnings attributable to Martin Marietta of $225.8 million compared with $217.6 million, and diluted earnings per share of $3.61 compared with $3.49. For the six months, total revenues were $2.36 billion versus $2.23 billion, net earnings attributable to the company were $291.1 million versus $243.5 million, and Adjusted EBITDA was $644.8 million versus $556.0 million. Aggregates shipments rose 3.3% in the quarter, with East Group shipments up 7.0% and West Group shipments down 3.6%, while pricing rose 2.9% overall. The company's most significant developments were its pending $2.3 billion cash acquisition of Lehigh West Region, expected to close in the second half of 2021, and its April 30, 2021 acquisition of Tiller Corporation, a Minneapolis/St. Paul aggregates and asphalt supplier. On July 2, 2021, the company issued $700 million of 0.650% Senior Notes due 2023, $900 million of 2.400% Senior Notes due 2031 and $900 million of 3.200% Senior Notes due 2051, with the 2031 and 2051 proceeds earmarked for the Lehigh West Region purchase. Total debt stood at $2.87 billion at June 30, 2021, including a $240 million outstanding balance under the trade receivable facility, and the company reported a 1.95 times consolidated net debt-to-EBITDA ratio under its revolving facility covenant. Operating cash flow for the six months was $441.2 million, versus $373.2 million a year earlier, while capital expenditures were $213.0 million and acquisitions, net of cash acquired, were $653.2 million. Cash and cash equivalents fell to $53.1 million at June 30, 2021 from $207.3 million at December 31, 2020, reflecting the Tiller acquisition and investment activity.

    Jul 29, 2021
  17. 2021-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2021

    Martin Marietta Materials, Inc. reported first-quarter 2021 total revenues of $982.4 million, up from $958.2 million in the prior-year quarter, and net earnings attributable to Martin Marietta of $65.3 million versus $25.9 million. Earnings from operations rose to $99.3 million from $57.8 million, and gross profit increased to $174.7 million from $142.4 million. Management attributed the aggregates gross profit improvement mainly to pricing gains and lower costs, with aggregates pricing up 3.4% (2.5% mix-adjusted) even as aggregates shipments fell 3.0%, partly due to winter weather. Consolidated Adjusted EBITDA was $204.4 million compared with $149.0 million. Cash flow and balance sheet metrics were stable to stronger. Net cash provided by operating activities was $191.9 million versus $106.7 million, while capital expenditures were $110.3 million. The company repurchased no shares in the quarter, and at March 31, 2021 it had $1,097.4 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility. The reported consolidated net debt-to-EBITDA ratio, as defined by the Revolving Facility, was 1.74 times, against a covenant maximum of 3.50x. Long-term debt was $2,626.5 million. A subsequent event disclosed in the filing is the April 30, 2021 acquisition of Tiller Corporation, a leading aggregates and hot mix asphalt supplier in the Minneapolis/St. Paul region, financed with available cash and credit facility borrowings. The filing also notes a $27.6 million CARES Act deferral of employer Social Security taxes, with half due December 31, 2021 and half due December 31, 2022.

    May 4, 2021
  18. 2020-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2020

    Martin Marietta Materials, Inc. reported third-quarter 2020 total revenues of $1,321.4 million, down from $1,420.2 million a year earlier, while net earnings attributable to Martin Marietta rose to $294.4 million from $248.6 million. The increase was helped by $69.9 million of nonrecurring gains on the sales of investment land and divested assets, which the filing says net to $54.1 million, or $0.87 per diluted share. Diluted EPS was $4.71 versus $3.96. Consolidated Adjusted EBITDA was $501.7 million versus $439.1 million. For the nine months, revenues were $3,550.3 million (versus $3,638.7 million), and net earnings were $538.0 million (versus $480.9 million). Volumes were weaker. Aggregates shipments fell 8.7% in the quarter, with East Group shipments down 8.8% and West Group down 8.4%, reflecting COVID-19 effects, weather-delayed projects, and lower energy-sector activity. Aggregates pricing rose 2.7% (4.0% mix-adjusted). Aggregates product gross margin improved 130 basis points to 36.4%. Magnesia Specialties product revenues fell 7% to $55.2 million. The company repaid $300 million of floating rate notes after issuing $500 million of 2.500% Senior Notes due 2030 in March 2020. Cash and restricted cash totaled $193.7 million at quarter end, and $1,097.7 million of unused borrowing capacity was available under its revolving and receivables facilities. The filing states the debt-to-EBITDA covenant ratio was 1.94 times against a 3.50x maximum. Management stated that the future impact of COVID-19 is not currently quantifiable but that liquidity is sufficient through the foreseeable future. Share repurchases were temporarily paused in March 2020 and remained suspended in the third quarter, with 13,520,952 shares still available under the authorization.

    Oct 29, 2020
  19. 2020-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2020

    Martin Marietta Materials, Inc. reported second-quarter 2020 total revenues of $1,270.6 million versus $1,279.5 million a year earlier, with earnings from operations of $306.4 million (versus $285.9 million) and net earnings attributable to the company of $217.6 million (versus $189.5 million). Diluted earnings per share were $3.49 compared with $3.01. For the six months ended June 30, 2020, total revenues were $2,228.9 million, net earnings were $243.5 million, and consolidated Adjusted EBITDA was $556.0 million compared with $536.7 million. Management attributed the period's results to weather, the COVID-19 pandemic and mixed end-market trends. Mid-America Group aggregates shipments fell 7.2% in the quarter on near-record rainfall, while Southeast and West Group shipments rose 3.0% and declined 1.0%, respectively. Balance sheet and liquidity remained solid. Cash and cash equivalents rose to $70.1 million from $21.0 million at December 31, 2019, and long-term debt was $2,624.5 million. In March 2020 the company issued $500 million of 2.500% Senior Notes due 2030 and used the proceeds to repay $300 million of floating rate notes at maturity. At June 30, 2020, $967.7 million of unused borrowing capacity was available under the Revolving Facility and Trade Receivable Facility, and the company reported a 2.11 times consolidated debt-to-EBITDA ratio against a 3.50x covenant maximum. Share repurchases were temporarily paused in March 2020 because of COVID-19, and the company repurchased $50.0 million of stock in the first half of 2020. Subsequent to the quarter, the company reorganized its operating divisions effective July 1, 2020, combining divisions into East, Southwest, Central and West divisions, and agreed in July 2020 to sell investment land for gross proceeds of $97 million. Management stated that COVID-19 is not currently quantifiable in its effect on the business but that liquidity is sufficient through the foreseeable future.

    Jul 28, 2020
  20. 2020-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2020

    Martin Marietta Materials, Inc. reported first-quarter 2020 total revenues of $958.2 million, up from $939.0 million, while earnings from operations fell to $57.8 million from $69.2 million and net earnings attributable to the company declined to $25.9 million from $42.9 million, or $0.41 per diluted share versus $0.68. Consolidated Adjusted EBITDA was $149.0 million compared with $158.2 million. Building Materials products and services revenues rose to $831.1 million from $809.1 million, while Magnesia Specialties product revenues fell to $59.9 million from $69.2 million. Aggregates product gross profit declined to $93.4 million from $98.0 million, with aggregates gross margin down 160 basis points to 16.4%, while cement gross margin expanded 1,170 basis points to 25.6%. Liquidity was strengthened during the quarter. On March 5, 2020, the company issued $500 million of 2.500% Senior Notes due 2030, primarily to repay $300 million of floating rate notes maturing in May 2020. Cash and cash equivalents rose to $424.0 million from $21.0 million at year-end 2019, and long-term debt was $2,623.9 million. Management stated it had $757.7 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility and that the company was in compliance with its leverage covenant, with a trailing-twelve-month debt-to-EBITDA ratio of 2.56 times. Share repurchases of $50.0 million were made in the quarter but have been temporarily suspended in light of the COVID-19 pandemic. The filing highlights COVID-19 as a material uncertainty. Management said the company's operations have been treated as essential, that the company does not currently expect the virus to have a material adverse effect on liquidity, and that the impact on results cannot be fully predicted. The company expects to defer approximately $25 million of employer Social Security taxes under the CARES Act and deferred the majority of its 2020 estimated income tax payments to July 15, 2020.

    May 5, 2020
  21. 2019-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2019

    Martin Marietta Materials, Inc. reported third-quarter 2019 total revenues of $1.42 billion, up from $1.22 billion a year earlier, and earnings from operations of $345.3 million versus $240.7 million. Net earnings attributable to Martin Marietta were $248.6 million, or $3.96 per diluted share, compared with $180.2 million, or $2.85, in the prior-year quarter. Consolidated Adjusted EBITDA was $439.1 million versus $344.6 million. For the first nine months, total revenues were $3.64 billion, earnings from operations were $700.4 million, and diluted EPS was $7.65 versus $5.93. Aggregates results drove the improvement. Aggregates shipments rose 12.4% in the quarter on a volume basis, with pricing up 5.3%, and aggregates products gross margin expanded 480 basis points to 35.1%. Management raised full-year 2019 guidance, now calling for infrastructure shipments up in the high-single digits and nonresidential and residential shipments each up double digits. Full-year capital spending is expected to range from $375 million to $400 million. The balance sheet remained sound. Total debt was $2.92 billion at September 30, 2019, and the trailing-twelve-month debt-to-EBITDA ratio, as defined by the Revolving Facility, was 2.32 times against a covenant maximum of 3.50 times. Operating cash flow for the nine months was $649.8 million, up from $441.5 million, and the company made $50 million of discretionary pension contributions in the quarter. Operating lease right-of-use assets of $484.9 million were recorded upon adoption of ASC 842 on January 1, 2019.

    Oct 30, 2019
  22. 2019-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2019

    Martin Marietta Materials, Inc. reported second-quarter 2019 total revenues of $1.28 billion, up from $1.20 billion a year earlier, and gross profit of $356.9 million versus $315.9 million. Earnings from operations were $285.9 million compared with $264.0 million, and net earnings attributable to Martin Marietta were $189.5 million, compared with $185.4 million. Diluted earnings per share were $3.01, versus $2.92. For the six months ended June 30, 2019, total revenues were $2.22 billion, up from $2.00 billion, and net earnings attributable to the company were $232.3 million, versus $195.4 million. Second-quarter aggregates volume rose 9.9% and pricing rose 3.4%, with the Mid-America and Southeast groups driving much of the volume growth. Second-quarter results also included a $15.7 million out-of-period correction to a nonconsolidated equity affiliate's investment balance, recorded in other nonoperating expense. Balance sheet and cash flow data show total assets of $10.16 billion at June 30, 2019, up from $9.55 billion at December 31, 2018, reflecting the adoption of ASC 842 and the recognition of operating lease right-of-use assets of $487.4 million. Cash provided by operating activities for the six months was $333.7 million, compared with $238.0 million a year earlier. Capital expenditures were $207.5 million for the six months, and full-year capital spending is expected to range from $350 million to $400 million. The company repurchased $50.0 million of common stock in the second quarter and paid $60.6 million in dividends in the first half. Total debt was $3.12 billion, and the company reported $712.7 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility. Management raised its full-year 2019 guidance, projecting high-single-digit growth in infrastructure aggregates shipments, double-digit growth in nonresidential shipments, mid-single-digit growth in residential shipments, and a slight increase in ChemRock/Rail shipments, all compared with 2018 levels.

    Jul 31, 2019
  23. 2019-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2019

    Martin Marietta Materials, Inc. reported first-quarter 2019 total revenues of $938.96 million, up from $802.00 million in the prior-year quarter, with gross profit of $142.91 million versus $110.39 million and earnings from operations of $69.22 million versus $39.08 million. Net earnings attributable to Martin Marietta were $42.85 million, or $0.68 per diluted share, compared with $10.02 million, or $0.16, a year earlier. The company stated that first-quarter results benefited from relatively better weather, with aggregates shipments up 24.2% in total and aggregates pricing up 2.3%. Consolidated EBITDA was $158.9 million compared with $123.3 million. The quarter also included a $13.2 million discrete tax benefit from a change in the tax status of a subsidiary, which resulted in an overall income tax benefit of $5.0 million. The balance sheet reflects the adoption of ASC 842 on January 1, 2019, which added operating lease right-of-use assets of $498.2 million and operating lease liabilities of $496.9 million at March 31, 2019. Total debt was $3.16 billion, and the company reported $667.7 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility. Cash provided by operating activities was $117.9 million, and capital expenditures were $130.1 million. Management reaffirmed full-year 2019 guidance, calling for infrastructure and nonresidential shipments to grow in the mid- to high-single digits or better and residential shipments to rise in the mid-single digits, and expects full-year capital spending of $350 million to $400 million. No shares were repurchased during the quarter, leaving 14,147,751 shares available under the repurchase authorization.

    May 1, 2019
  24. 2018-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2018

    Martin Marietta Materials, Inc. reported results for the quarter ended September 30, 2018 in this Form 10-Q. Total revenues for the third quarter were $1.22 billion versus $1.09 billion in the prior-year quarter, and net earnings attributable to Martin Marietta were $180.2 million, or $2.85 diluted earnings per share, compared with $151.5 million and $2.39 a year earlier. For the nine months, total revenues were $3.22 billion versus $2.99 billion, and net earnings attributable to the company were $375.6 million versus $336.2 million. Earnings from operations were $240.7 million for the quarter and $543.7 million year to date. The most significant balance sheet event was the April 27, 2018 acquisition of Bluegrass Materials Company for a final purchase price of $1,617,357 thousand, financed with senior notes issued in December 2017 and credit facility borrowings. Total debt rose to $3,209,698 thousand at September 30, 2018 from $3,027,203 thousand at December 31, 2017, and cash fell to $53,961 thousand from $1,446,364 thousand. The company reported a consolidated debt-to-EBITDA ratio of 2.72 times under its Revolving Facility, and states it was in compliance with the 3.50x covenant. Management updated full-year 2018 guidance, expecting heritage aggregates average selling price to increase 3% to 4% and heritage aggregates volume to be flat to up 1%. The filing attributes weaker September shipments to extreme weather, including record rainfall in Texas and Hurricane Florence in the Carolinas. Full-year capital spending is expected to approximate $375 million.

    Nov 7, 2018
  25. 2018-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2018

    Martin Marietta Materials, Inc. reported second-quarter 2018 results in this Form 10-Q for the quarter ended June 30, 2018. Total revenues were $1.20 billion for the three months, compared with $1.06 billion a year earlier, and net earnings attributable to Martin Marietta were $185.4 million versus $142.3 million. Diluted EPS was $2.92 compared with $2.25. Adjusted EPS, a non-GAAP measure that excludes acquisition-related items, was $3.25 compared with $2.27. For the six months, total revenues were $2.00 billion, up 5.1% from $1.91 billion, and diluted EPS was $3.08 versus $2.91. The quarter was shaped by the April 27, 2018 acquisition of Bluegrass Materials Company for approximately $1.62 billion in cash, subject to a working capital adjustment. Total assets rose to $9.60 billion at June 30, 2018 from $8.99 billion at December 31, 2017, and long-term debt increased to $2.90 billion from $2.73 billion. Cash fell to $33.8 million from $1.45 billion at year-end, reflecting the acquisition funding. The company repaid $300 million of 6.60% Senior Notes at maturity in April 2018. Management noted the Trade Receivable Facility was increased to $400 million and that the company was in compliance with its 3.50x leverage covenant, with a ratio of 2.75 times at June 30, 2018. Management reiterated full-year 2018 guidance for heritage aggregates, calling for average selling price growth of 3% to 5% and volume growth of 4% to 6%. Full-year capital spending is expected to be approximately $450 million to $500 million. Management also cited railroad, trucking and labor constraints as factors that muted second-quarter volume growth, while expecting these bottlenecks to ease over time.

    Jul 27, 2018
  26. 2018-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2018

    Martin Marietta Materials, Inc. reported first-quarter 2018 results with total revenues of $802.0 million, down from $843.9 million in the prior-year quarter. Earnings from operations fell to $39.1 million from $77.2 million, and net earnings attributable to Martin Marietta were $10.0 million, or $0.16 per diluted share, compared with $42.3 million, or $0.67, a year earlier. The filing attributes the shipment decline largely to weather and to transportation logistics issues, with aggregates shipments down 7.9% and aggregates average selling price up 2.3%. Net cash provided by operating activities rose to $105.0 million from $73.9 million. The balance sheet shows cash of $1.42 billion and total debt of $3.03 billion at March 31, 2018. Subsequent to quarter end, the company completed the acquisition of Bluegrass Materials Company on April 27, 2018 for $1.625 billion in cash, financed with proceeds from senior notes issued in December 2017 and credit facility borrowings. The company also repaid $300 million of 6.60% Senior Notes on April 16, 2018, and it reaffirmed its full-year 2018 guidance for its legacy business, including aggregates average selling price growth of 3% to 5%. Management stated that its debt-to-EBITDA ratio was 1.62 times at March 31, 2018, within the 3.50x covenant limit under its Revolving Facility. The filing also notes that the new lease standard, effective January 1, 2019, is expected to have a material effect on the balance sheet, though the impact has not yet been quantified.

    May 8, 2018
  27. 2017-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2017

    Martin Marietta Materials, Inc. reported third-quarter 2017 consolidated net sales of $1.02 billion compared with $1.04 billion a year earlier, and total revenues of $1.09 billion versus $1.10 billion. Earnings from operations were $227.0 million versus $242.7 million, and net earnings attributable to Martin Marietta were $151.5 million compared with $159.5 million, or $2.39 per diluted share versus $2.49. The company attributed the weaker quarter to near-record precipitation, project delays, and labor and government uncertainty, which drove aggregates volume down 3.2%, partly offset by an aggregates pricing increase of 5.1%. For the nine months, net sales rose 4.6% to $2.81 billion and diluted EPS was $5.30 versus $5.08. The company issued $600 million of senior notes in May 2017 and has a pending $1.625 billion cash acquisition of Bluegrass Materials Company, which the parties expect to close in the first half of 2018 and which is under review by the Department of Justice. Management expects to finance Bluegrass with new senior notes and/or credit facility borrowings. At September 30, 2017, the company reported total debt of $1.72 billion, a consolidated debt-to-EBITDA ratio of 1.74 times against a 3.50x covenant limit, and $918.0 million of unused borrowing capacity. Full-year 2017 guidance was revised: the infrastructure market is expected to decrease in the mid-single digits, the nonresidential market to remain relatively flat, the residential market to increase in the high-single digits, and the ChemRock/Rail market to decrease in the high-double digits. Capital spending for the full year is expected to be $450 million to $500 million.

    Nov 2, 2017
  28. 2017-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2017

    Martin Marietta Materials, Inc. reported net sales of $996.3 million for the second quarter ended June 30, 2017, up from $915.4 million, and earnings from operations of $212.9 million compared with $190.8 million. Net earnings attributable to Martin Marietta were $142.3 million, or $2.25 per diluted share, versus $1.90 a year earlier. For the six months, net sales were $1.79 billion and diluted EPS was $2.91 compared with $2.60. Management cited weather as a drag on Southeast shipments in the quarter, while aggregates pricing rose 3.8% in the quarter and 4.4% for the six months. The company's most significant pending event is the agreement announced June 26, 2017 to acquire Bluegrass Materials Company for $1.625 billion in cash, expected to close in the fourth quarter of 2017, subject to regulatory approvals. To help fund its financing needs, Martin Marietta issued $300 million of Floating Rate Senior Notes due 2020 and $300 million of 3.450% Senior Notes due 2027 on May 22, 2017. The company's debt-to-EBITDA ratio under its Revolving Facility was 1.78 times at June 30, 2017, against a covenant maximum of 3.50x, and it had $857.5 million of unused borrowing capacity. Cash provided by operating activities for the six months was $229.6 million, and capital spending was $216.1 million, with full-year capital spending expected to approximate $450 million to $500 million. The company repurchased $100.0 million of stock in the first half and did not repurchase shares in the second quarter, leaving 14,669,000 shares available under its authorization. Quarterly dividends were $0.42 per share compared with $0.40 a year earlier.

    Aug 1, 2017
  29. 2017-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2017

    Martin Marietta Materials, Inc. reported record consolidated net sales of $791.7 million for the quarter ended March 31, 2017, up from $734.0 million, with total revenues of $843.9 million versus $788.7 million. Earnings from operations were $77.2 million compared with $86.0 million in the prior-year quarter, and net earnings attributable to the company were $42.3 million, or $0.67 per diluted share, versus $0.69 a year earlier. Gross profit reached a record $147.1 million, while gross margin excluding freight and delivery revenues declined to 18.6% from 19.8%, and SG&A rose to 8.8% of net sales from 7.9%. The Building Materials business drove sales growth, with net sales of $728.4 million, and aggregates pricing rose 5.3% while aggregates volume was down 0.2%. Residential volumes increased 27%, while infrastructure accounted for 37% of aggregates volumes and nonresidential declined 5.0%. Operating cash flow was $74.0 million versus $68.3 million, and capital spending was $102.1 million, with full-year capital spending expected at approximately $400 million to $500 million. The balance sheet shows total debt of $1.85 billion at March 31, 2017, and a consolidated debt-to-EBITDA ratio of 1.89 times under the Credit Agreement, which requires a ratio not exceeding 3.50x. The company repurchased 458,000 shares for $100 million during the quarter and had $497.5 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility.

    May 10, 2017
  30. 2016-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2016

    Martin Marietta Materials, Inc. reported third-quarter 2016 total revenues of $1.10 billion and net sales of $1.04 billion, with earnings from operations of $240.4 million versus $179.5 million a year earlier. Net earnings attributable to the company were $159.5 million, or $2.49 per diluted share, compared with $1.74 per diluted share in the prior-year quarter. Results benefited from aggregates pricing: the aggregates product line price increase was 8.5% while volume declined 4.7%. The prior-year quarter included a $0.30 per diluted share impact from the sale of the California cement operations, which the company excludes when presenting adjusted earnings of $2.04 per diluted share. For the nine months ended September 30, 2016, net sales were $2.69 billion and earnings from operations were $511.9 million, with diluted EPS of $5.08. Cash provided by operating activities was $414.1 million, versus $319.6 million a year earlier. The company spent $285.5 million on capital expenditures and $178.7 million on acquisitions, including Rocky Mountain Materials and Asphalt and the remaining interest in Ratliff Ready-Mix. It repurchased 1,244,000 shares for $190 million during the nine months. Debt totaled $1.76 billion at September 30, 2016, and the consolidated debt to EBITDA ratio, as defined, was 1.89 times against a covenant maximum of 3.50x. Management stated that $438 million of unused borrowing capacity remained under its Revolving and Trade Receivable Facilities, subject to the leverage covenant. The Trade Receivable Facility was increased to $300 million and extended to September 27, 2017.

    Nov 2, 2016
  31. 2016-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2016

    Martin Marietta Materials, Inc. reported record second-quarter 2016 results, with consolidated net sales of $915.4 million, up from $850.2 million a year earlier, and earnings from operations of $187.7 million compared with $137.0 million. Diluted earnings per share were $1.90 versus $1.22. Consolidated gross margin excluding freight and delivery revenues was 26.9%, an increase of 340 basis points. For the six months, net sales were $1.65 billion, earnings from operations were $271.5 million, and diluted EPS was $2.60 versus $1.30. Growth was driven largely by aggregates pricing, with the aggregates product line price up 6.8% in the quarter and volume up 1.3%. Cash flow and balance sheet activity were shaped by acquisitions and share repurchases. Net cash provided by operating activities was $203.4 million for the six months, versus $127.1 million a year earlier. Capital expenditures were $210.6 million year to date, with full-year spending expected to approximate $350 million. The company acquired Rocky Mountain Materials and Asphalt, Inc. and Rocky Mountain Premix Inc. in the first quarter, and repurchased 1,244,000 shares for $190 million in the first half. Total debt rose to $1.78 billion at June 30, 2016, and the company reported a consolidated debt to EBITDA ratio of 1.98 times, with the trade receivable facility of $220 million outstanding. The filing notes that the trade receivable facility matures September 30, 2016, and management intends to renew it. The company stated it was in compliance with its leverage covenant, which requires a ratio not exceeding 3.50x. Management described the outlook as encouraged by positive trends in the public, nonresidential and residential markets, while flagging weather, fuel costs and funding risks.

    Aug 4, 2016
  32. 2016-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2016

    Martin Marietta Materials, Inc. reported record first-quarter 2016 consolidated net sales of $733.96 million, up from $631.88 million, and total revenues of $788.73 million versus $691.35 million. Gross profit rose to $144.63 million from $74.26 million, and earnings from operations increased to $83.77 million from $25.57 million. Net earnings attributable to the company were $44.99 million, or $0.69 per diluted share, compared with $6.13 million, or $0.07 per diluted share, a year earlier. Consolidated gross margin excluding freight and delivery revenues was 19.7%, an increase of 790 basis points. Growth was led by the aggregates product line, where volumes rose 13.1% and pricing rose 8.1%, and by the Cement and Magnesia Specialties segments. During the quarter the company acquired Rocky Mountain Materials and Asphalt, Inc. and Rocky Mountain Premix Inc., which the filing says provide more than 500 million tons of mineral reserves along the Colorado Front Range. The company also repurchased 1,028,000 shares for $150 million, leaving 15,686,000 shares authorized. Cash and cash equivalents fell to $27.2 million from $168.4 million at year-end 2015, and total debt rose to $1.75 billion, including a $159.9 million balance on the Trade Receivable Facility and $30 million on the Revolving Facility. Consolidated debt to consolidated EBITDA, as defined by the credit agreement, was 2.09 times at March 31, 2016, against a covenant maximum of 3.50x. Management's outlook expects modest public-sector growth in 2016, with nonresidential and residential construction both expected to grow. Full-year 2016 capital spending is expected to be approximately $350 million.

    May 5, 2016
  33. 2015-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2015

    Martin Marietta Materials, Inc. reported record third-quarter 2015 consolidated net sales of $1.0 billion ($1,005.2 million) versus $917.9 million a year earlier, and total revenues of $1,082.2 million. Earnings from operations rose to $179.5 million from $116.0 million, and reported diluted earnings per share were $1.74 versus $0.79. The quarter included a $25.1 million loss on the September 30, 2015 sale of the California cement operations to CalPortland Cement Company for $420 million, plus $3.6 million of related expenses. Excluding these items, adjusted earnings from operations were $208.2 million and adjusted diluted EPS was $2.04, compared with $153.0 million and $1.45 in the prior-year quarter, which excluded one-time TXI acquisition expenses. For the nine months, net sales were $2.49 billion versus $1.90 billion, and reported diluted EPS was $3.03 versus $1.70. Gross margin excluding freight and delivery revenues improved to 26.1% for the quarter (from 21.3%) and 21.6% for the nine months (from 18.8%). Operating cash flow for the nine months was $319.6 million, compared with $201.6 million a year earlier. The company repurchased 917,376 shares for $157.7 million in the quarter and says it expects to use remaining sale proceeds for further repurchases; 18,412,706 shares remained under its authorization at quarter end. Management cited weather disruptions in the first half of 2015 that deferred an estimated $115 million in net sales, and Hurricane Joaquin-related flooding in South Carolina in late September and October. The full-year 2015 outlook calls for aggregates product line shipments to rise 7% to 10% and pricing to rise 7% to 9% versus 2014, Cement net sales of $375 million to $400 million, and Consolidated EBITDA of $800 million to $820 million, excluding the California cement sale loss. Total debt was $1.71 billion at September 30, 2015, with a consolidated debt to EBITDA ratio of 2.21x under the credit agreement's 3.50x maximum.

    Nov 5, 2015
  34. 2015-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2015

    Martin Marietta Materials, Inc. reported second-quarter 2015 consolidated net sales of $850.2 million, up from $601.9 million, and earnings from operations of $137.0 million versus $96.2 million a year earlier. Diluted earnings per share were $1.22 compared with $1.27, and the quarter absorbed a $0.07 per diluted share charge for TXI acquisition-related business development expenses. The filing attributes the quarter's results to strong pricing, with aggregates product line price up 8.5%, while management says rainfall lowered second-quarter earnings per diluted share by an estimated $0.32 to $0.36 and deferred nearly $100 million in net sales. Heritage gross margin excluding freight and delivery revenues was 26.0%, up 350 basis points. For the six months ended June 30, 2015, net sales were $1.48 billion versus $981.6 million, and diluted earnings per share were $1.30 versus $0.81. Operating cash flow was $127.1 million, compared with $70.4 million, and capital expenditures were $128.0 million. The company repurchased 670,000 shares during the period, and at June 30, 2015 had 19,330,000 shares remaining under its repurchase authorization. Total debt was $1.66 billion, and the consolidated debt-to-EBITDA ratio was 2.36x against a covenant maximum of 3.50x. The company entered into a definitive agreement to sell its California cement business for $420 million, with closing expected in the third quarter of 2015, and expects to use the proceeds to repurchase additional shares. Management's 2015 outlook calls for aggregates shipments to rise 7% to 10% and consolidated EBITDA of $810 million to $850 million, with the significant rainfall expected to push a portion of delayed shipments into 2016.

    Aug 7, 2015
  35. 2015-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2015

    Martin Marietta Materials, Inc. reported first-quarter 2015 net earnings attributable to the company of $6.1 million, or $0.07 per diluted share, compared with a net loss of $21.6 million, or $0.47 per share, in the prior-year quarter. Total revenues rose to $691.3 million from $428.6 million, and net sales rose to $631.9 million from $379.7 million, driven by the July 1, 2014 acquisition of Texas Industries (TXI), which added the Cement segment and acquired aggregates and ready mixed concrete operations. Earnings from operations were $25.6 million compared with a loss of $15.9 million, and the prior-year quarter included $9.5 million of TXI-related business development expenses. Gross margin excluding freight and delivery revenues was 11.8% versus 6.8%. Heritage aggregates product line shipments rose 7.0% excluding divested operations, and heritage aggregates pricing rose 10.5%. Management noted that 1.4 million tons of shipments were deferred to the rest of the year because of severe late-winter weather and Texas rainfall. Operating cash flow was $35.1 million versus $6.6 million a year earlier. Capital expenditures were $56.1 million, and the company expects full-year capital spending of about $320 million, including $80 million for the Medina quarry project. Balance sheet debt totaled $1.58 billion at March 31, 2015, and the company reported a 2.43 times consolidated debt to EBITDA ratio against a 3.50x covenant limit. The company had $600 million of unused borrowing capacity under its Revolving and Trade Receivable Facilities. The filing reiterates 2015 guidance, including aggregates product line shipment growth of 10% to 12%, pricing growth of 7% to 9%, and consolidated EBITDA of $835 million to $875 million.

    May 5, 2015
  36. 2014-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2014

    Martin Marietta Materials, Inc. reported third-quarter 2014 results that reflect the July 1, 2014 acquisition of Texas Industries, Inc. (TXI). Consolidated net sales for the quarter were $917.9 million, compared with $600.5 million in the prior-year quarter, with $644.4 million attributed to heritage operations and $273.6 million to acquisitions. Net earnings attributable to Martin Marietta were $53.7 million, or $0.79 per diluted share, compared with $71.8 million in the prior-year quarter. The filing's non-GAAP adjusted earnings per diluted share, which exclude $26.1 million of TXI-related acquisition expenses and a $10.9 million one-time inventory markup charge, were $1.45, compared with $1.54 in the prior-year quarter. For the nine months, consolidated net sales were $1.90 billion and net earnings attributable to the company were $91.6 million, or $1.70 per diluted share. Total assets rose to $7.34 billion at September 30, 2014 from $3.26 billion at December 31, 2013, driven by goodwill of $2.04 billion and the TXI purchase, and long-term debt increased to $1.60 billion. The company issued $700 million of senior notes in early July to refinance TXI's 9.25% notes, and its consolidated debt-to-EBITDA ratio was 2.91 times, under the 3.75x temporary covenant maximum that reverts to 3.50x at December 31, 2014. The company expects full-year 2014 capital expenditures of $220 million to $230 million and an effective tax rate of approximately 39%. Management's outlook calls for 2014 heritage aggregates shipments to rise 6% to 8% and pricing to rise 3% to 5%. The company also states that TXI operations are expected to essentially break even on earnings per diluted share, excluding nonrecurring costs, and that the acquired businesses will contribute significant incremental growth in 2015.

    Nov 3, 2014
  37. 2014-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2014

    Martin Marietta Materials, Inc. reported record second-quarter 2014 net sales of $601.9 million, up from $507.3 million a year earlier, and total revenues of $669.2 million compared with $561.3 million. Net earnings attributable to the Corporation were $59.5 million, or $1.27 per diluted share, versus $41.3 million, or $0.89, in the prior-year quarter. The filing states that diluted EPS included a $0.07 per-share charge for business development and acquisition integration expenses related to the TXI combination; adjusted EPS was $1.34. Aggregates product line volume rose 12.7% and pricing rose 5.0%, with growth across all end-use markets. Specialty Products posted record quarterly net sales of $61.9 million. The most significant subsequent event was the July 1, 2014 completion of the business combination with Texas Industries, Inc. (TXI), in which each TXI share was converted into 0.70 shares of Martin Marietta common stock. The Corporation issued approximately 20.3 million shares, valued at about $2.68 billion based on its July 1 closing price of $132.00. To fund the redemption of $650 million of TXI's 9.25% notes due 2020, the Corporation issued $300 million of Floating Rate Senior Notes due 2017 and $400 million of 4.25% Senior Notes due 2024, which settled July 2, 2014. The filing also notes that the Corporation agreed with the U.S. Department of Justice to divest an Oklahoma aggregates quarry and two Texas rail yards. Operating cash flow for the six months was $70.4 million, versus $48.5 million, and capital spending was $84.7 million, with full-year 2014 capital expenditures expected to be about $155 million. The Corporation was in compliance with its leverage covenant at June 30, 2014, with a consolidated debt-to-EBITDA ratio of 2.49x against a 3.50x maximum; the covenant was temporarily amended to allow 3.75x at September 30, 2014. Management's outlook, which excludes TXI, calls for heritage aggregates shipments to rise 6% to 8% and pricing to rise 3% to 5% in 2014. The filing identifies federal highway funding under MAP-21, which expires September 30, 2014, as the most significant risk to 2014 performance.

    Aug 4, 2014
  38. 2014-Q1-A

    Martin Marietta Materials Quarterly Report (Amendment) for Q1 Ended Mar 31, 2014

    This Form 10-Q/A (Amendment No. 1) from Martin Marietta Materials, Inc. amends the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014, originally filed May 5, 2014. The amendment was filed solely to correct typographical errors in Exhibits 32.01 and 32.02, which incorrectly referenced the Form 10-Q for the period ended September 30, 2013 instead of March 31, 2014. The corrected Section 906 written statements of the Chief Executive Officer and Chief Financial Officer, dated July 23, 2014, are the only substantive content provided. The amendment states that it does not reflect events after the original filing and does not modify or update the disclosures in the First Quarter 10-Q in any way other than the exhibit correction. Accordingly, it contains no financial results, operating metrics, or business commentary; investors should refer to the original First Quarter 10-Q filed May 5, 2014 for those disclosures. The filing identifies the registrant as a North Carolina corporation headquartered at 2710 Wycliff Road, Raleigh, NC, with 46,358,357 shares of Common Stock, $0.01 par value, outstanding as of April 24, 2014. The Company checked the box for large accelerated filer status.

    Jul 23, 2014
  39. 2014-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2014

    Martin Marietta Materials, Inc. reported a consolidated net loss attributable to the company of $21.6 million, or $0.47 per diluted share, for the quarter ended March 31, 2014, compared with a net loss of $27.8 million, or $0.61 per share, in the prior-year quarter. Consolidated net sales rose to $379.7 million from $344.1 million, and total revenues were $428.6 million. Gross profit improved to $25.8 million from $12.8 million, and the loss from operations narrowed to $15.9 million from $23.3 million. The results include $9.5 million of business development expenses tied to the proposed business combination with Texas Industries, Inc. (TXI). Excluding those costs, the company cites an adjusted loss per diluted share of $0.35 and an adjusted consolidated loss from operations of $6.4 million. Volume and pricing trends were mixed. Aggregates product line volume increased 8.1% while pricing declined 1.3%, reflecting geographic and product mix. The West Group's shipments rose 21.5%, while the Mid-America and Southeast Groups declined. Specialty Products reported record first-quarter net sales of $57.4 million, although its gross margin fell due to higher natural gas costs. Cash provided by operating activities was $6.6 million, down from $18.6 million, and capital expenditures were $36.9 million. Total debt stood at $1.07 billion at March 31, 2014, and the company stated it was in compliance with its leverage covenant, with a ratio of 2.74 times. The filing states that the merger agreement with TXI, under which TXI stockholders will receive 0.700 shares of Martin Marietta common stock per TXI share, is expected to close in the summer, and that repurchases of company stock are prohibited until the closing or termination. Two credit rating agencies placed the company's ratings under review for possible downgrade because of the proposed transaction. The company also reiterated 2014 guidance for aggregates shipments to rise 4% to 5% and aggregates pricing to rise 3% to 5%.

    May 5, 2014
  40. 2013-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2013

    Martin Marietta Materials, Inc. reported third-quarter 2013 results with consolidated net sales of $600.5 million, up 11.7% from $537.5 million, and earnings from operations of $108.8 million versus $91.5 million a year earlier. Diluted earnings per share were $1.54 compared with $1.36. The company attributed the performance to the ongoing recovery in private-sector construction and cost management. Aggregates product line volume rose 8.1% and pricing rose 2.3% in the quarter, and Specialty Products set a third-quarter record with net sales of $55.8 million and earnings from operations of $17.3 million. For the nine months ended September 30, 2013, consolidated net sales were $1.452 billion, up 5.4%, and earnings from operations were $155.2 million compared with $115.9 million, though the prior-year period included $35.1 million of business development costs related to a proposed business combination that was not consummated. Operating cash flow for the nine months was $165.6 million versus $122.0 million, and the company reported total debt of $1.113 billion at September 30, 2013. Management noted that infrastructure shipments were essentially flat in the quarter, citing federal funding uncertainty beyond the September 2014 expiration of MAP-21. Management's full-year 2013 outlook calls for aggregates product line shipments to be flat to slightly up versus 2012, pricing up 2% to 4%, capital expenditures of $155 million, and an effective tax rate of about 26%. The filing states the company was in compliance with its 3.50x debt-to-EBITDA covenant, with a ratio of 3.06 times at September 30, 2013.

    Nov 7, 2013
  41. 2013-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2013

    Martin Marietta Materials, Inc. reported second-quarter 2013 results with total revenues of $562.7 million, up from $545.7 million a year earlier, and net earnings attributable to the company of $41.3 million, compared with $36.8 million. Diluted earnings per share were $0.89 versus $0.80. The prior-year quarter included $9.2 million of business development costs related to a proposed business combination that was not consummated. Consolidated net sales rose 3.6% to $508.7 million, driven by pricing across all aggregates product lines and a record quarter for Specialty Products, while aggregates product line volume fell 1.6% amid excessive rainfall. Earnings from operations were $69.4 million compared with $59.2 million. For the six months ended June 30, 2013, net sales were $853.8 million, up 1.4%, and diluted earnings per share were $0.29 versus breakeven a year earlier. Aggregates product line pricing rose 3.3% while volume declined 4.6%, and operating cash flow improved to $48.5 million from $27.7 million. Management noted that wet weather reduced shipments by an estimated 1.5 million to 1.7 million tons in the quarter. The balance sheet showed long-term debt of $1.087 billion at June 30, 2013, and the company was in compliance with its leverage covenant, with a debt-to-EBITDA ratio of 3.17 times against a temporarily raised 3.75x maximum that returns to 3.50x for September 30, 2013. The company established a $150 million trade receivable facility in April 2013 and acquired three Atlanta-area quarries for $62.0 million on July 1, 2013. For 2013, management expects aggregates product line pricing to rise 2% to 4% and shipments to rise 1% to 3%, with capital expenditures of $155 million.

    Aug 5, 2013
  42. 2013-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2013

    Martin Marietta Materials, Inc. reported a first-quarter 2013 consolidated net loss attributable to the company of $27.8 million, or $0.61 per diluted share, compared with a loss of $0.81 per diluted share in the prior-year quarter, which included $25.9 million of business development costs related to a proposed significant business combination that was not consummated. Total revenues were $385.0 million and net sales were $345.2 million, down 1.5% from $350.5 million. Consolidated gross profit fell to $12.6 million from $23.8 million, primarily because aggregates product line volumes declined 8.8% on a more normal winter weather pattern, partially offset by aggregates pricing up 5.7%. Specialty Products delivered record first-quarter net sales of $55.2 million and gross profit of $19.6 million. Management's full-year 2013 outlook calls for aggregates product line shipments to rise 4% to 6% and pricing to rise 2% to 4%, with infrastructure shipments expected to increase in the mid-single digits and nonresidential in the high-single digits. Capital expenditures are forecast at $155 million and the effective tax rate is expected to approximate 26%, excluding discrete events. Management notes that the most significant risk to 2013 performance is the U.S. economy and its effect on construction activity. Balance-sheet items include cash of $37.3 million, long-term debt of $1.07 billion, and a consolidated debt-to-EBITDA ratio of 3.22 times at March 31, 2013, against a covenant maximum temporarily raised to 3.75x for March and June 2013. In April 2013 the company established a $150 million trade receivable securitization facility to replace its expired AR Credit Facility.

    May 6, 2013
  43. 2012-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2012

    Martin Marietta Materials, Inc. reported third-quarter 2012 total revenues of $593.9 million, up from $502.4 million, and net sales of $539.1 million, compared with $445.0 million a year earlier. Diluted earnings per share were $1.36, compared with $1.07. The Denver, Colorado acquisitions contributed $92 million of quarterly net sales. Heritage aggregates pricing rose 4.1% while heritage aggregates volume fell 3.8%. Specialty Products posted record third-quarter earnings from operations of $17.0 million. For the nine months ended September 30, 2012, earnings from operations fell to $115.0 million from $140.3 million, after $35.1 million of business development costs. Diluted EPS was $1.36 versus $1.46, or $1.82 excluding business development expenses. Net cash provided by operating activities was $122.0 million, compared with $179.9 million a year earlier. Capital expenditures were $105.9 million year to date, and full-year 2012 capital spending is forecast at approximately $155 million. On October 17, 2012, the company amended its maximum debt-to-EBITDA covenant to 3.75x for the December 31, 2012, March 31, 2013 and June 30, 2013 test dates, returning to 3.50x for September 30, 2013. The ratio stood at 3.58 times at September 30, 2012, under the amended covenant. Management's full-year 2012 outlook calls for heritage aggregates shipments to increase 1% to 2% and pricing to rise 2% to 4%.

    Nov 6, 2012
  44. 2012-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2012

    Martin Marietta Materials, Inc. reported second-quarter 2012 total revenues of $545.7 million, up from $462.4 million, and net sales of $491.2 million versus $409.6 million. Earnings from operations fell to $59.3 million from $64.7 million, reflecting $9.2 million of business development costs tied to the proposed business combination with Vulcan Materials Company. Net earnings attributable to the Corporation were $36.8 million, or $0.80 per diluted share, compared with $0.78 a year earlier. Excluding business development expenses, adjusted diluted EPS was $0.92. For the six months ended June 30, 2012, net sales rose to $841.8 million from $700.2 million, but business development costs of $35.1 million reduced earnings from operations to $23.9 million from $60.3 million, leaving net earnings attributable to the Corporation at $18 thousand, or breakeven per diluted share. Heritage aggregates volume grew 5.5% and pricing rose 2.6% for the half. Operating cash flow was $27.7 million versus $56.7 million a year earlier, and total debt rose to $1.14 billion, with long-term debt of $1.14 billion at quarter end. Management noted the Denver acquisition and the Delaware court order that terminated its exchange offer and proxy contest for Vulcan shares. Management reiterated its full-year 2012 outlook, forecasting heritage aggregates shipments up 4% to 5% and pricing up 2% to 4%, capital expenditures of about $155 million, and an effective tax rate near 23%. The filing also disclosed that on July 12, 2012, one of three credit rating agencies lowered its rating to one level below investment grade, leaving the composite rating at investment grade.

    Aug 6, 2012
  45. 2012-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2012

    Martin Marietta Materials, Inc. reported a first-quarter 2012 net loss attributable to the company of $36.7 million, or $0.81 per share, compared with a net loss of $17.4 million, or $0.39 per share, in the first quarter of 2011. Total revenues rose to $393.979 million from $327.943 million, and net sales increased to $350.5 million from $290.6 million. The loss was driven largely by $25.9 million of business development costs tied to the proposed business combination with Vulcan Materials Company. Excluding these costs and the impact of newly acquired operations, adjusted loss per diluted share was $0.30. Heritage aggregates shipments rose 9.6% and heritage aggregates pricing rose 2.8%, and management raised its outlook for heritage aggregates shipments to increase 4% to 5% for the full year. The balance sheet shows cash of $44.9 million, long-term debt of $1.127 billion, and total equity of $1.398 billion at March 31, 2012. Operating cash flow was negative $4.3 million for the quarter, compared with positive $21.3 million a year earlier, and capital expenditures were $37.5 million. The company's leverage ratio was 3.53 times at March 31, 2012, against a covenant maximum that was temporarily raised to 3.95x for March 31 and June 30, 2012. The filing also discloses that on May 4, 2012, the Delaware Court of Chancery issued a post-trial opinion enjoining the company for four months from prosecuting a proxy contest, making an exchange or tender offer, or otherwise taking steps to acquire control of Vulcan shares or assets. On May 7, 2012, the company said it would pursue an appeal and seek a stay of the ruling. Management stated it continues to believe in the strategic merits of a combination with Vulcan.

    May 9, 2012
  46. 2011-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2011

    Martin Marietta Materials, Inc. reported third-quarter 2011 earnings from continuing operations of $50.1 million on total revenues of $534.8 million, compared with $53.2 million on $509.4 million a year earlier. Diluted earnings per share were $1.07 versus $1.13, and adjusted diluted EPS excluding a nonrecurring early retirement benefit ($0.04 per share) was $1.11. Consolidated net sales rose to $464.0 million from $443.7 million, while gross profit fell to $111.5 million from $113.8 million, and earnings from operations declined to $79.0 million from $83.9 million. For the nine months, net earnings attributable to the company were $67.5 million versus $82.2 million, and diluted EPS was $1.46 versus $1.78. Heritage aggregates pricing rose 2.8% in the quarter and volume fell 2.2%, with Specialty Products posting record nine-month net sales of $149.1 million and record nine-month earnings from operations of $50.0 million. Management revised its 2011 aggregates volume guidance to a decrease of 2% to 4%, while keeping its aggregates pricing guidance of a 2% to 4% increase. Diesel fuel averaged $3.00 per gallon versus $2.05 a year earlier, which lowered quarterly diluted EPS by $0.08. The balance sheet shows total debt of $1.045 billion at September 30, 2011, up from $1.031 billion a year earlier, after the company took on a $250 million term loan and borrowed $100 million under its AR Credit Facility to repay $242.1 million of 6.875% notes. The company's consolidated debt to EBITDA ratio, as defined, was 3.07 times against a covenant maximum of 3.5x. The company also signed an agreement on October 12, 2011 to exchange assets with Lafarge North America Inc. for its Denver-area Front Range business, which it expects to close in 2011 subject to regulatory approval.

    Nov 7, 2011
  47. 2011-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2011

    Martin Marietta Materials, Inc. reported second-quarter 2011 net sales of $426.7 million, down from $442.8 million a year earlier, and total revenues of $493.0 million versus $504.6 million. Earnings from operations fell to $63.0 million from $90.7 million, and diluted earnings per share were $0.78 compared with $1.18. For the six months ended June 30, 2011, net sales were $733.0 million and diluted EPS was $0.39 versus $0.65. Management attributed the decline mainly to weather, including record rainfall and Mississippi River flooding, and to lower infrastructure and residential shipments, partly offset by a 2.6% increase in heritage aggregates pricing. Heritage aggregates volume fell 9.3% in the quarter, and gross margin excluding freight and delivery revenues dropped to 22.6% from 26.6%. Specialty Products was a bright spot, posting record quarterly net sales of $49.6 million and earnings from operations of $19.3 million. In the first half, the company refinanced its capital structure: it entered a $250 million term loan and a $350 million revolving facility on March 31, 2011, and borrowed $100 million under its AR Credit Facility to repay $242.1 million of 6.875% Notes. Total debt was $1.09 billion at June 30, 2011, and management reported a consolidated debt-to-EBITDA ratio of 3.09 times against a covenant maximum of 3.5x. Operating cash flow for the six months was $56.7 million, down from $86.3 million. The company acquired construction assets in western San Antonio, Texas, including six aggregates quarries, adding more than 200 million tons of limestone reserves. Management's 2011 outlook calls for aggregates volume from flat to down 3%, aggregates pricing up 2% to 4%, and capital expenditures of about $155 million. It also expects Specialty Products to contribute $54 million to $56 million in pretax earnings and interest expense of about $60 million.

    Aug 8, 2011
  48. 2011-Q1

    Martin Marietta Materials Quarterly Report for Q1 Ended Mar 31, 2011

    Martin Marietta Materials, Inc. reported a first-quarter 2011 consolidated net loss attributable to the company of $17.4 million, or $0.39 per diluted share, compared with a net loss of $24.2 million, or $0.54 per diluted share, in the prior-year quarter. Net sales rose to $306.2 million from $295.6 million, and loss from operations narrowed to $6.1 million from $12.9 million. Management cited a 240-basis-point improvement in consolidated operating margin excluding freight and delivery revenues, and noted that aggregates product line pricing increased for the first time in more than a year, while heritage aggregates volume declined 1.2%. Specialty Products posted record first-quarter earnings from operations of $15.1 million on net sales of $49.1 million. Cash flow from operations was $21.3 million, down from $27.1 million, which the company attributed primarily to the timing of federal income tax refunds. On March 31, 2011, the company entered into a Credit Agreement providing a $250 million senior unsecured term loan and a $350 million revolving facility, borrowed the full $250 million term loan, and used part of the proceeds to prepay the $111.8 million Term Loan due 2012. On April 1, 2011, it borrowed $100 million under its amended AR Credit Facility and, together with term loan proceeds, repaid $242.1 million of 6.875% Notes maturing that day. Management's 2011 outlook assumes continuing resolutions maintaining current federal funding, with flat to a 3% improvement in aggregates volume and flat to a 2% increase in aggregates pricing, and forecasts 2011 capital expenditures of $175 million.

    May 3, 2011
  49. 2010-Q3

    Martin Marietta Materials Quarterly Report for Q3 Ended Sep 30, 2010

    Martin Marietta Materials, Inc. reported third-quarter 2010 net sales of $443.7 million, up from $428.3 million in the prior-year quarter, and diluted earnings per share of $1.13 compared with $1.23. For the nine months ended September 30, 2010, net sales were $1.182 billion, and diluted EPS from continuing operations was $1.78 versus $1.98 a year earlier. Heritage aggregates volume rose 6.3% in the quarter, but aggregates pricing fell 3.1%, and gross margin excluding freight and delivery revenues declined to 25.6% from 27.5%. Operating cash flow for the nine months was $202.6 million, down from $234.6 million, mainly due to a $86.8 million build in accounts receivable. The balance sheet shows total debt of $1.03 billion at September 30, 2010, down from $1.25 billion at December 31, 2009, after the April 2010 repayment of $217.6 million of Floating Rate Senior Notes. Current maturities of long-term debt were $245.4 million, of which $242.1 million is the 6.875% Notes due April 2011, which management says it believes it can refinance. The company reported a consolidated debt to EBITDA ratio of 2.88 times against a covenant maximum of 3.50 to 1.00, and had $423 million of unused borrowing capacity across its credit facilities. For 2010, management expects aggregates volume growth of 4% to 6%, aggregates pricing down 3% to 4%, Specialty Products pretax earnings of $46 million to $48 million, and interest expense of approximately $70 million. The company also disclosed that it acquired a deep-water port operation at Port Canaveral, Florida, during the nine months, and reported a $5.7 million benefit to net earnings from a change in its estimated effective tax rate.

    Nov 2, 2010
  50. 2010-Q2

    Martin Marietta Materials Quarterly Report for Q2 Ended Jun 30, 2010

    Martin Marietta Materials, Inc. reported second-quarter 2010 results with net sales of $442.8 million, up from $410.7 million in the prior-year quarter, and total revenues of $504.6 million. Earnings from operations rose to $90.6 million from $72.9 million, and net earnings attributable to the Corporation were $54.4 million, or $1.18 per diluted share, compared with $0.86 a year earlier. The company credited a 8.6% increase in heritage aggregates volume, which management described as the first quarter in four years with growth in heritage aggregates shipments, while heritage aggregates pricing fell 3.8%. Specialty Products set a record operating margin of 35.1% excluding freight and delivery revenues, and a $5.0 million gain from the Greenwood, Missouri legal settlement also helped results. For the six months ended June 30, 2010, net sales were $738.3 million, down 0.3% from the prior year, and diluted earnings per share were $0.65 versus $0.75. Operating cash flow was $86.3 million, down from $116.7 million, mainly due to a $94.9 million build in accounts receivable. Total debt fell to $1.06 billion from $1.25 billion at December 31, 2009, after the April 2010 repayment of $217.6 million of Floating Rate Senior Notes. Management revised its full-year aggregates volume guidance upward to a 4% to 6% increase, while expecting pricing to decline 1% to 3%, and reported a leverage ratio of 2.84 times against a 3.50 covenant maximum. Investors should note that $244.1 million of debt is classified as current, including $242.1 million of 6.875% Notes due April 2011, which management believes it can refinance. The filing also reports that the 2010 effective tax rate is expected to be about 28%, reflecting the impact of the Patient Protection and Affordable Care Act, which reduced net earnings by $5.4 million year to date.

    Aug 3, 2010