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Mar 31, 2024
Martin Marietta Q1 2024 Earnings Report
Martin Marietta's first quarter was marked by portfolio enhancements and increased aggregates gross profit per ton.
Key Takeaways
Martin Marietta reported a decrease in total revenues and gross profit for the first quarter of 2024. However, the company completed significant portfolio-enhancing transactions, increased aggregates gross profit per ton, and achieved record quarterly gross profit in the Magnesia Specialties business. The company has raised its full-year 2024 Adjusted EBITDA guidance.
Completed over $4.5 billion of portfolio-enhancing transactions in 2024.
Increased aggregates gross profit per ton by over 14 percent for the quarter.
Achieved record quarterly gross profit in the Magnesia Specialties business.
Increased full-year 2024 Adjusted EBITDA guidance to $2.37 billion at the midpoint.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company has revised its full-year 2024 guidance to reflect the AFS and BWI Southeast acquisitions and the South Texas cement and related concrete operations divestiture. The revised guidance for net earnings from continuing operations attributable to Martin Marietta and aggregates gross profit is burdened with an estimated $30 million purchase accounting impact for the fair market value write-up of inventory related to the BWI Southeast acquisition.
Positive Outlook
- Consolidated Total revenues between $6,900 million and $7,300 million
- Aggregates Volume % change between 2.0% and 6.0%
- ASP % change between 11.0% and 13.0%
- Cement, Ready Mixed Concrete and Asphalt and Paving Gross profit between $405 million and $445 million
- Magnesia Specialties Business Gross profit between $100 million and $110 million
Challenges Ahead
- Interest expense, net of interest income between $105 million and $115 million
- Estimated tax rate between 22.5% and 23.5%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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