01—Abstract
Summary
Summary of the 8-K filed April 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Martin Marietta Materials, Inc. filed this Form 8-K on April 10, 2025 with two main disclosures.
First, it announced preliminary, unaudited first quarter 2025 results, expecting Revenues of $1.353 billiona, Net Earnings Attributable to Martin Marietta of $116 million, and adjusted EBITDA of $351 million. The company noted these figures are estimates based on information available as of the filing date and remain subject to change after the quarter-end close. Adjusted EBITDA is a non-GAAP measure, and Exhibit A reconciles it to net earnings: $116 million net earnings, plus $51 million of net interest expense, $31 million of income tax expense for controlling interests, and $153 million of depreciation, depletion and amortization and equity affiliate earnings/loss.
Second, the filing reports a leadership change in finance. James A.J. Nickolas resigned as Executive Vice President and Chief Financial Officer effective April 11, 2025, to join another publicly traded company as its CFO, citing personal reasons related to relocating his family to Chicago.
The filing states his departure did not arise from any disagreement regarding operations, policies, financial results or accounting practices. Robert J. Cardin, the Company's Senior Vice President, Controller and Chief Accounting Officer since 2019, was appointed Interim Chief Financial Officer effective the same date.
The Company has begun a search for a permanent CFO with an executive search firm. The company will release full first quarter 2025 results and its full-year outlook on April 30, 2025, during an earnings conference call at 11:00 a.m. Eastern Time.
02—Key points
Key Highlights
- Preliminary Q1 2025 Revenues of $1.353 billion, Net Earnings Attributable to Martin Marietta of $116 million, and adjusted EBITDA of $351 million, all subject to change after quarter-end close.
- Adjusted EBITDA reconciliation shows $51 million of net interest expense, $31 million of income tax expense for controlling interests, and $153 million of depreciation, depletion, amortization and equity affiliate earnings/loss added back.
- CFO James A.J. Nickolas resigned as Executive Vice President and Chief Financial Officer effective April 11, 2025, to join another publicly traded company as its CFO; the filing cites personal reasons and no disagreement with the Company.
- Robert J. Cardin, Senior Vice President, Controller and Chief Accounting Officer, was appointed Interim Chief Financial Officer effective April 11, 2025, while retaining his current role.
- The Company has initiated a search, with an executive search firm, for a permanent Chief Financial Officer.
- Full first quarter 2025 results and full-year outlook will be released April 30, 2025, with an earnings conference call at 11:00 a.m. Eastern Time.
03—Questions
Frequently Asked Questions
What were Martin Marietta's preliminary first quarter 2025 results?
The Company expects to report Revenues of $1.353 billion, Net Earnings Attributable to Martin Marietta of $116 million, and adjusted EBITDA of $351 million. These are preliminary, unaudited estimates that may change after the quarter-end close.
Why did the Chief Financial Officer leave?
James A.J. Nickolas resigned to join a publicly traded equipment, technology and services company as its Chief Financial Officer. He cited personal reasons, specifically a family relocation to Chicago, and the filing states the resignation did not involve any disagreement about the Company's operations, policies, financial results or accounting practices.
Who is leading finance in the interim?
Robert J. Cardin, age 61, was appointed Interim Chief Financial Officer effective April 11, 2025, and will serve until a successor is chosen and qualified. He continues as Senior Vice President, Controller and Chief Accounting Officer, a role he has held since 2019. He is a Certified Public Accountant.
When will full first quarter 2025 results be released?
The Company will release full results for the quarter ended March 31, 2025, before the market opens on April 30, 2025, and will discuss them during a conference call at 11:00 a.m. Eastern Time that day. A live webcast will be available on the Investors section of the Company's website.
04—Continue