Martin Marietta Q1 2023 Earnings Report
Key Takeaways
Martin Marietta reported a remarkable start to the year with record first-quarter results across various measures. The company saw robust margin expansion due to prior pricing actions, despite inflationary pressures and slightly lower aggregates shipments. They achieved a record for aggregates pricing growth and a substantial increase in aggregates gross profit per ton.
Achieved record first-quarter revenues, profitability, and unit margins.
Aggregates gross profit per ton increased significantly due to pricing actions.
Solid near-term product demand driven by infrastructure and heavy nonresidential projects.
Confident in expanding margins throughout the year and delivering compelling full-year financial results.
Martin Marietta
Martin Marietta
Martin Marietta Revenue by Segment
Martin Marietta Revenue by Geographic Location
Forward Guidance
The Company’s 2023 guidance excludes businesses classified as discontinued operations. Forecasting $1.9 Billion of 2023 Adjusted EBITDA Consistent with the High End of Guidance Range.
Positive Outlook
- Consolidated Total revenues between $6,600 and $6,815 millions
- Aggregates Volume % growth between (2.0)% and 2.0 %
- ASP % growth between 13.0 % and 15.0 %
- Gross profit between $1,225 and $1,295 millions
- Adjusted EBITDA between $1,800 and $1,900 millions
Challenges Ahead
- Interest expense between $165 and $170 millions
- Estimated tax rate (excluding discrete events) between 21 % and 22 %
- Net earnings from continuing operations attributable to Martin Marietta between $880 and $990 millions
- Capital expenditures between $575 and $625 millions
- Cement, Ready Mixed Concrete and Asphalt and Paving Gross profit between $380 and $420 millions