TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, all the major asset classes posted positive returns except fixed income assets outside the US. The strategy returned 4.00% (gross) and 3.78% (net) compared to a 2.78% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 20 ...

Identifies additional potential resources of 15 million to 30 million tonnes of mineralization at an estimated range of 0.9 to 1.1 gram per tonne gold1Launches largest single drill program in Juby’s history TORONTO, Dec. 11, 2025 (GLOBE NEWSWIRE) -- McFarlane Lake Mining Limited (“McFarlane” or the “Company”) (CSE: MLM, OTC: MLMLF) is pleased to announce the 2025–2026 Diamond Drilling Exploration Program of 12,000 to 13,000 metres at its 100%-owned Juby Gold Project, located west of Gowganda, Ontario, with ...

Raleigh, North Carolina-based Martin Marietta Materials, Inc. (MLM) is a natural resource-based building materials company. The company supplies aggregates and building materials to the construction industry. With a market cap of $37.3 billion, Martin Marietta’s operations span the United States and internationally. Companies worth $10 billion or more are generally classified as “large-cap stocks.” MLM fits right into that category, reflecting its substantial size, dominance, and influence in the material ...

Company Overview - Martin Marietta Materials, Inc. (MLM) has a market cap of approximately $36 billion and is a leading provider of natural resource-based building materials, including aggregates, cement, concrete, asphalt, and paving services, both in the U.S. and internationally [1] Stock Performance - Over the past 52 weeks, MLM shares have risen by over 2%, underperforming the S&P 500 Index, which gained 10.5%. However, on a year-to-date basis, MLM shares increased by 15.6%, surpassing the S&P 500's 11.2% return [2] - Compared to the Materials Select Sector SPDR Fund (XLB), which saw an 8.6% dip over the past 52 weeks, MLM shares have outperformed [3] Financial Performance - In Q3 2025, Martin Marietta reported adjusted EPS of $5.97 and revenue of $1.85 billion, which were weaker than expected. Despite this, shares rose nearly 1% on November 4. The company raised its full-year adjusted EBITDA forecast to a midpoint of $2.32 billion and reported an 8% increase in aggregates shipments, indicating strong demand and pricing supported by infrastructure spending and data-center-driven construction activity [4] Earnings Expectations - For the fiscal year ending December 2025, analysts project a 44.1% year-over-year decline in adjusted EPS to $18.11. The company's earnings surprise history is mixed, with two beats and two misses in the last four quarters. Among 21 analysts covering the stock, the consensus rating is a "Moderate Buy," consisting of 12 "Strong Buy" ratings, one "Moderate Buy," and eight "Holds" [5] Analyst Ratings - Stifel analyst Brian Brophy raised the price target for Martin Marietta to $681 while maintaining a "Buy" rating. The mean price target of $672.79 suggests a 12.7% premium to current price levels, while the highest price target of $754 indicates a potential upside of 26.3% [6]

Industry Overview - The Zacks Building Products - Concrete & Aggregates industry is poised for steady multi-year growth, driven by strong federal and state infrastructure spending and a rebound in private nonresidential construction [1] - The industry consists of manufacturers, distributors, and sellers of construction materials like aggregates and concrete, serving public infrastructure, residential, and non-residential markets [3] Current Trends - Infrastructure revitalization is a key focus, supported by significant investments from the Infrastructure Investment and Jobs Act and other legislation aimed at enhancing American competitiveness [4] - The industry is experiencing solid pricing power due to limited quarry supply, high barriers to entry, and tight local markets, despite challenges like cost inflation and labor constraints [2][5] Financial Performance - The industry has a Zacks Industry Rank of 87, placing it in the top 36% of over 250 Zacks industries, indicating solid near-term prospects [7][8] - The industry's earnings estimates for 2025 have increased from $2.20 to $2.30 per share, reflecting growing analyst confidence in earnings growth potential [9] Market Performance - Over the past year, the industry has gained 6.8%, outperforming the broader Zacks Construction sector, which declined by 6.9%, but lagging behind the S&P 500's 17.5% gain [11] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-earnings ratio of 24.06X, compared to the S&P 500's 23.74X and the sector's 19.87X [14] Company Highlights - **Vulcan Materials Company**: This company benefits from resilient end-market demand and disciplined execution, with a projected EPS growth of 11.8% and 16.5% for 2025 and 2026, respectively [18][19] - **Martin Marietta**: The company is experiencing growth driven by strong infrastructure funding and improving residential trends, with a three-to-five-year expected EPS growth rate of 5.8% [22][24]

Core Insights - Martin Marietta reported revenue of $1.85 billion for the quarter ended September 2025, a decrease of 2.3% year-over-year, and an EPS of $5.97, slightly up from $5.91 in the previous year [1] - The revenue fell short of the Zacks Consensus Estimate of $2.05 billion, resulting in a surprise of -9.92%, while the EPS also missed the consensus estimate of $6.65 by -10.23% [1] Financial Performance Metrics - Total shipments of aggregates were 57,900 KTon, exceeding the average estimate of 55,358.71 KTon from four analysts [4] - The average unit sales price for aggregates was $23.24 per ton, slightly below the estimated $23.30 per ton [4] - Total revenues from building materials aggregates reached $1.46 billion, surpassing the average estimate of $1.38 billion, reflecting a year-over-year increase of 16.6% [4] - Total revenues for all building materials were $1.72 billion, lower than the average estimate of $1.96 billion, indicating a year-over-year decline of 5.1% [4] - Interproduct sales in building materials reported a loss of $94 million, slightly worse than the average estimate of $-89.34 million, but showing a year-over-year improvement of 14.6% [4] - Gross profit for total building materials was $585 million, below the average estimate of $641.29 million [4] - Gross profit for building materials aggregates was $531 million, exceeding the average estimate of $493.48 million [4] Stock Performance - Martin Marietta's shares have returned -4% over the past month, contrasting with the Zacks S&P 500 composite's increase of +1.3% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Core Insights - Martin Marietta achieved record performance in Q3 2025, with significant growth in both Aggregates and Specialties businesses, reflecting a strong aggregates-led business model and strategic execution [5][6][22] - The company raised its full-year 2025 consolidated adjusted EBITDA guidance to $2.32 billion, driven by robust performance in core aggregates and positive October shipment trends [8][22] Financial Performance - Q3 revenues from continuing operations were $1.8 billion, a 12% increase year-over-year, while total revenues, including discontinued operations, reached $2.1 billion, a 10% increase [7][8] - Adjusted EBITDA from continuing operations increased by 22% to $667 million, with consolidated adjusted EBITDA per diluted share rising by 23% to $5.97 [7][8] - Aggregates revenues were $1.5 billion, a 17% increase, with gross profit rising 21% to $531 million, and gross margin expanding to 36% [5][17] Business Segments - The Specialties business reported record quarterly revenues of $131 million, a 60% increase, and gross profit of $34 million, a 20% increase, benefiting from the Premier Magnesia acquisition [6][19] - The Building Materials business, which includes aggregates, asphalt, and paving, posted revenues of $1.7 billion, a 10% increase, with gross profit increasing 16% to $585 million [17][20] Market Trends - Infrastructure investment remains strong, with state and local government contract awards for highways, bridges, and tunnels increasing by 10% year-over-year to $128 billion [11][12] - Heavy nonresidential construction demand is supported by data center development, particularly in Texas, and a recovery in warehousing and distribution [12][13] - The company anticipates low single-digit aggregates volume growth and mid-single-digit pricing gains for 2026, driven by sustained infrastructure investment and a recovery in residential construction [10][22] Strategic Initiatives - Martin Marietta is engaged in a portfolio-shaping transaction with Quickrete Holdings, expected to close in 2025, which will enhance its operational capacity and financial flexibility [8][9][20] - The company emphasizes a disciplined approach to capital allocation, maintaining a strong balance sheet while returning capital to shareholders through dividends and share repurchases [21][20] Safety and Operational Excellence - The company reported its best year-to-date safety performance in history, reflecting a commitment to operational excellence and safety standards [7][22]

Financial Performance - Revenues for Q3 2025 reached $1,846 million, a 12.4% increase from $1,642 million in Q3 2024[11] - Gross profit for the nine months ended September 30, 2025, was $1,422 million, up 17.4% from $1,211 million in the same period of 2024[11] - The company reported a consolidated net earnings of $414 million for Q3 2025, a 14.1% increase from $363 million in Q3 2024[11] - Basic earnings per share from continuing operations for Q3 2025 was $5.98, compared to $4.86 in Q3 2024, representing a 23.0% increase[11] - Consolidated net earnings for the quarter ended September 30, 2025, were $414 million, compared to $858 million for the same quarter in the previous year[15] - Consolidated comprehensive earnings attributable to Martin Marietta for the nine months ended September 30, 2025, were $866 million, up from $1,704 million in the same period of 2024[27] - The company reported a total of $1,096 million in consolidated earnings from continuing operations before income tax expense for the nine months ended September 30, 2025, compared to $2,073 million for the same period in 2024[79] - Adjusted EBITDA from continuing operations for Q3 2025 was $667 million, up from $547 million in Q3 2024, reflecting a 21.9% growth[130] - Consolidated Adjusted EBITDA for the nine months ended September 30, 2025, was $1.725 billion, compared to $1.521 billion for the same period in 2024, indicating a 13.4% increase[130] Cash Flow and Liquidity - Net cash provided by operating activities for the nine months ended September 30, 2025, was $1,156 million, compared to $773 million in 2024, reflecting a 49.5% increase[13] - Cash, cash equivalents, and restricted cash at the end of the period were $70 million, up from $52 million at the end of Q3 2024[13] - Total cash, cash equivalents, and restricted cash amounted to $70 million as of September 30, 2025, a decrease from $670 million at December 31, 2024[25] - The company had $1.1 billion of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility as of September 30, 2025[140] - The company received pretax cash proceeds of $2.1 billion from a divestiture in February 2024, which was used to fund acquisitions[135] Assets and Liabilities - Total assets increased to $18,653 million as of September 30, 2025, from $18,170 million at the end of 2024, marking a growth of 2.7%[9] - Total liabilities rose to $8,915 million as of September 30, 2025, compared to $8,714 million at the end of 2024, an increase of 2.3%[9] - As of September 30, 2025, Martin Marietta's total equity reached $9,738 million, an increase from $9,366 million at June 30, 2025[15] - Total debt as of September 30, 2025, is $5.522 billion, an increase from $5.413 billion on December 31, 2024[52] - Long-term debt stands at $5.292 billion as of September 30, 2025, compared to $5.288 billion at the end of 2024[52] Segment Performance - Segment revenues for the three months ended September 30, 2025, totaled $1,846 million, an increase from $1,642 million in the same period of 2024, representing a growth of 12.4%[77] - Segment earnings from operations for the three months ended September 30, 2025, were $505 million, compared to $406 million for the same period in 2024, reflecting a year-over-year increase of 24.4%[78] - The East Group segment reported revenues of $953 million for the three months ended September 30, 2025, up from $849 million in the same period of 2024, representing a growth of 12.3%[77] - Revenues for the Building Materials business for the three months ended September 30, 2025, were $1,715 million, up from $1,560 million in 2024, representing a 9.9% increase[85] - Specialties segment revenues for the three months ended September 30, 2025, were $131 million, an increase from $82 million in 2024, marking a 60% growth[85] Acquisitions and Divestitures - The Company acquired Premier Magnesia, LLC on July 25, 2025, enhancing its Specialties business and expanding product offerings[36] - The Company completed the acquisition of Blue Water Industries LLC for $2.05 billion on April 5, 2024, expanding its geographic footprint in the southeast region[39] - The divestiture of the South Texas cement business on February 9, 2024, generated proceeds of $2.1 billion and resulted in a pretax gain of $1.3 billion[44] - The company incurred $577 million in acquisitions during the nine months ended September 30, 2025, down from $2,538 million in the same period of 2024[13] Operational Highlights - Martin Marietta operates approximately 390 quarries, mines, and distribution yards across 28 states, Canada, and The Bahamas[17] - The company's Building Materials business includes two reportable segments: East Group and West Group, focusing on aggregates and asphalt[19] - The Specialties business produces high-purity magnesia-based products and dolomitic lime, with manufacturing facilities in multiple states[20] - The infrastructure market accounted for 39% of third-quarter aggregates shipments, with a 10% increase driven by large highway projects[106] Risks and Challenges - The Company faces risks related to construction labor shortages, supply chain challenges, and increased raw material costs, which could affect production and profitability[145] - The Company is currently navigating risks associated with the pending QUIKRETE transaction, including integration challenges and the realization of acquisition synergies[145] - The Company's earnings are affected by changes in short-term interest rates and tax laws, which could materially impact effective tax rates and cash flow[153][156] - The Company’s outlook is subject to various risks, including economic uncertainties, regulatory changes, and potential impacts from geopolitical tensions[145] Compliance and Certifications - The report includes certifications from the Chief Executive Officer and Chief Financial Officer dated November 4, 2025, in compliance with the Sarbanes-Oxley Act[31.01][31.02]. - The document contains written statements required by 18 U.S.C. 1350 from both the Chief Executive Officer and Chief Financial Officer, also dated November 4, 2025[32.01][32.02]. - The report is filed in accordance with the Securities Exchange Act of 1934, ensuring compliance and proper authorization[168].

Core Insights - Martin Marietta Materials, Inc. (MLM) reported lower-than-expected results for Q3 2025, with earnings and revenues missing the Zacks Consensus Estimate but showing year-over-year growth [2][5][11] - The stock inched up 0.2% during pre-market trading following the results [2] Financial Performance - Q3 EPS from continuing operations was $5.97, missing the estimate of $6.65 by 10.2%, but grew 23% from $4.84 in the same quarter last year [5] - Revenues were $1.85 billion, missing the consensus mark of $2.05 billion by 9.8%, but increased 12% from $1.64 billion year-over-year [5] - Consolidated gross margin expanded 190 basis points to 33.1%, while adjusted EBITDA from continuing operations was $667 million, up 22% year-over-year [6] Segment Analysis - Building Materials segment reported revenues of $1.72 billion, growing 10% year-over-year, but below the predicted $1.95 billion [7] - Aggregates revenues grew 17% to $1.46 billion, with shipments increasing 8% to 57.9 million tons and average selling price per ton rising 8% to $23.24 [8] - Specialties reported record revenues of $131 million, up 59.8% from $82 million a year ago, although gross margin decreased by 900 basis points to 26% [12] Market Trends - Strong infrastructure activity and booming nonresidential construction were key drivers of performance, despite weak residential demand in the near term [3][4] - Long-term prospects are optimistic due to anticipated Fed rate cuts and moderating mortgage rates [4] Guidance Revision - Martin Marietta revised its 2025 guidance, expecting total revenues between $6.075 billion and $6.25 billion, with adjusted EBITDA projected between $2.055 billion and $2.095 billion [17] - Aggregate shipment is now expected to increase by about 4%, with total aggregate pricing per ton anticipated to rise between 6.8% and 7.8% [18] Financial Position - As of September 30, 2025, cash and cash equivalents were $57 million, down from $670 million at the end of 2024, with $1.1 billion of unused borrowing capacity [13] - The company returned $597 million to shareholders through dividends and share repurchases during the first nine months of 2025 [14] Strategic Moves - The company entered into an agreement to sell its Midlothian cement plant and related assets to Quikrete Holdings, receiving aggregates operations in exchange [15][16]

Core Insights - Investors are evaluating Cemex (CX) and Martin Marietta (MLM) for potential undervalued stock opportunities [1] - Both companies currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook [3] Valuation Metrics - CX has a forward P/E ratio of 11.03, significantly lower than MLM's forward P/E of 32.61 [5] - CX's PEG ratio is 1.16, while MLM's PEG ratio stands at 5.59, suggesting CX is more reasonably valued considering its expected EPS growth [5] - CX's P/B ratio is 1.06, compared to MLM's P/B ratio of 3.99, further indicating that CX is undervalued relative to its book value [6] Value Grades - Based on various valuation metrics, CX holds a Value grade of B, while MLM has a Value grade of D, suggesting that CX is the superior value option at this time [6]