Core Insights - Martin Marietta Materials, Inc. reported a return to earnings growth and margin expansion in the fourth quarter of 2024, achieving full-year records for aggregates revenues, gross profit, and unit profitability [1][7][8]. Financial Performance - Fourth-quarter revenues increased by 1% to $1.632 billion compared to $1.608 billion in 2023, while full-year revenues decreased by 4% to $6.536 billion from $6.777 billion [3][32]. - Gross profit for the fourth quarter rose by 1% to $489 million, and for the full year, it decreased by 7% to $1.878 billion [3][32]. - Earnings from operations increased by 8% in the fourth quarter to $399 million and surged by 70% for the full year to $2.707 billion [3][32]. - Net earnings from continuing operations attributable to Martin Marietta rose by 2% in the fourth quarter to $294 million and increased by 66% for the full year to $1.995 billion [3][32]. - Adjusted EBITDA for the fourth quarter was $545 million, an 8% increase, while for the full year, it decreased by 3% to $2.066 billion [3][32]. Aggregates Segment - Fourth-quarter aggregates shipments increased by 3% to 47.9 million tons, while full-year shipments decreased by 4% to 191.1 million tons [3][11][45]. - The average selling price per ton for aggregates rose by 9% in the fourth quarter to $21.95 and by 10% for the full year to $21.80 [3][11]. - Aggregates gross profit increased by 16% in the fourth quarter to $379 million, with gross profit per ton rising by 12% to $7.92 [3][12]. Strategic Actions - The company completed approximately $6 billion in aggregates-led acquisitions and non-core asset divestitures in 2024, enhancing its portfolio and margin profile [8][9]. - The strategic actions taken in 2024 are expected to support a strong demand outlook for infrastructure and data centers, offsetting ongoing softness in residential construction demand [9]. Cash Generation and Capital Allocation - Cash provided by operating activities for the year was $1.5 billion, with a fourth-quarter increase of 23% to $685 million compared to the prior year [18][19]. - The company returned $639 million to shareholders through dividends and share repurchases in 2024 [19]. - As of December 31, 2024, Martin Marietta had $670 million in cash and cash equivalents and $1.2 billion in unused borrowing capacity [20]. 2025 Guidance - For 2025, the company anticipates total revenues between $6.830 billion and $7.230 billion, with Adjusted EBITDA expected to range from $2.150 billion to $2.350 billion [21][22].

Core Viewpoint - Martin Marietta Materials, Inc. is expected to report its fourth-quarter 2024 results on February 12, with mixed expectations for earnings and revenues based on recent performance and market conditions [1][2]. Financial Performance - In the last reported quarter, the company's earnings and revenues missed the Zacks Consensus Estimate by 7.8% and 1.7%, respectively, with year-over-year declines of 15% in earnings and 5.3% in revenues [2]. - The Zacks Consensus Estimate for fourth-quarter earnings is $4.60 per share, a decrease from $4.65 in the past 30 days, indicating a 0.7% decline from the previous year's figure of $4.63 per share [3]. - The consensus estimate for net sales is $1.65 billion, reflecting a 2.8% increase from the prior year's $1.61 billion [3]. Revenue Drivers - Fourth-quarter revenues are expected to improve year-over-year due to strong pricing gains in aggregates, robust public construction activity, and accretive acquisitions [4]. - The company anticipates a 5% increase in shipments, recovering from a 4% decline in the previous quarter, based on observed trends and reasonable estimations [6]. - Aggregates pricing is projected to rise to $22.24 per ton, marking a 10% year-over-year growth, with aggregates revenues expected to increase to $1.20 billion from $1.02 billion a year ago [6]. Segment Performance - The Building Material segment, which comprised 95.7% of total revenues in Q3 2024, is expected to see a 4.3% year-over-year revenue increase to $1.60 billion, with gross profit estimated at $470.8 million compared to $461.3 million a year ago [7]. - Magnesia Specialties revenues are expected to rise 4.2% year-over-year to $79.2 million, with gross profit projected at $21.9 million, down from $23 million reported a year ago [8]. Challenges - Adverse weather conditions, including severe storms and hurricanes, have negatively impacted aggregates volumes, particularly in the East Division, and may have affected construction activity [9]. - Cement revenues are expected to decline 32.5% year-over-year to $108.8 million, with cement volume pegged at 0.6 million tons, down 37% from a year ago, although cement pricing is anticipated to rise 7.1% to $191.88 per ton [10]. - Elevated operating costs, including higher inflation, transportation, insurance, and labor costs, are likely to pressure the bottom line in the fourth quarter [11]. Earnings Prediction - The current model does not predict an earnings beat for Martin Marietta, with an Earnings ESP of -1.90% and a Zacks Rank of 4 (Sell) [12][13].

Core Viewpoint - Analysts project that Martin Marietta (MLM) will report quarterly earnings of $4.58 per share, reflecting a year-over-year decline of 1.1%, while revenues are expected to reach $1.65 billion, an increase of 2.8% from the same quarter last year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been revised downward by 1.9%, indicating a collective reassessment by analysts of their initial forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Total Revenues from Building Materials - Asphalt and paving are expected to reach $237.19 million, marking a year-over-year increase of 3.9% [5]. - Total Revenues from Magnesia Specialties are projected at $78.33 million, reflecting a 3.1% increase from the prior-year quarter [5]. - Total Revenues from Building Materials - Aggregates are anticipated to be $1.17 billion, indicating a significant year-over-year increase of 14.2% [6]. - The average prediction for Total Revenues from Total Building Materials is $1.57 billion, representing a 2.6% increase from the prior-year quarter [6]. Shipment Estimates - Total Shipments of Aggregates are forecasted to reach 49,453.22 KTon, compared to 46,600 KTon in the previous year [7]. - Total Shipments of Cement are estimated at 541.50 KTon, down from 900 KTon year-over-year [7]. - Total Shipments of Asphalt are projected at 2,444.69 KTon, slightly up from 2,400 KTon in the same quarter last year [8]. - Total Shipments of Ready mixed concrete are expected to be 1,140.66 KCuYd, down from 1,500 KCuYd year-over-year [8]. Profit Estimates - Gross profit from Building Materials - Aggregates is expected to reach $380.97 million, compared to $328.60 million in the same quarter last year [9]. - Gross profit from Building Materials - Asphalt and paving is projected at $28.45 million, up from $26.90 million year-over-year [9]. - Total Gross profit from Building Materials is anticipated to be $483.08 million, compared to $461.30 million in the previous year [10]. Stock Performance - Over the past month, shares of Martin Marietta have returned +5.5%, outperforming the Zacks S&P 500 composite's +1.9% change [10]. - Currently, MLM holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the overall market in the near future [11].

Wall Street expects a year-over-year decline in earnings on higher revenues when Martin Marietta (MLM) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 12, 2025, might help the stock move higher if these key numbers are better th ...

Core Viewpoint - Martin Marietta Materials, Inc. will host its fourth-quarter and full-year 2024 earnings conference call on February 12, 2025, with results released before market opens [1]. Company Overview - Martin Marietta is a leading supplier of building materials, including aggregates, cement, ready mixed concrete, and asphalt, operating across 28 states, Canada, and The Bahamas [3]. - The company is a member of the S&P 500 Index and has a dedicated team that supplies essential resources for community infrastructure [3]. - Martin Marietta's Magnesia Specialties business produces high-purity magnesia and dolomitic lime products for various applications globally [3]. Investor Information - A live webcast and supplemental information will be available on the company's website, with a dial-in option for the conference call [2]. - An on-demand replay of the call will be accessible on the company's website approximately two hours after the live broadcast and will remain available for one year [2]. - Investor contact information is provided for further inquiries [4].

RALEIGH, N.C., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) (“Martin Marietta” or the “Company”) announced today the pricing of its offering of $750 million aggregate principal amount of 5.150% Senior Notes due 2034 (the “2034 Notes”) and $750 million aggregate principal amount of 5.500% Senior Notes due 2054 (the “2054 Notes” and, together with the 2034 Notes, the “Notes”). The 2034 Notes will mature on December 1, 2034, will have an interest rate of 5.150% per annum and wil ...

October 30th was a really good day for shareholders of aggregates and building materials company Martin Marietta Materials (NYSE: MLM ). Shares of the business, as of midday on October 30th, were up 4.3%. This move higher came afterCrude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model account, in-depth cash f ...

Financial Data and Key Metrics - The company revised its full year 2024 adjusted EBITDA guidance to $2.07 billion at the midpoint due to weather-related project delays and inefficiencies [8] - Building Materials business generated revenues of $1.8 billion, a 6% decrease, and gross profit of $588 million, a 9% decrease in Q3 2024 [16] - Cement and concrete revenues decreased 30% to $296 million, and gross profit decreased 37% to $89 million in Q3 2024 [17] - Asphalt and paving revenues decreased 5% to $343 million, and gross profit decreased 8% to $61 million in Q3 2024 [18] - Magnesia Specialties posted record Q3 revenues and gross profit of $82 million and $29 million, respectively [19] - Record Q3 cash flows from operations of $601 million, a 32% increase compared to the prior year quarter [20] Business Line Data and Key Metrics - Aggregates gross profit per ton improved 3% to a quarterly record of $8.16, with pricing increasing 7.7% or 8.9% on an organic mix-adjusted basis [16] - Cement shipments declined by 18% in Q2 due to significant precipitation in Dallas-Fort Worth, but improved in Q3 as weather conditions normalized [8] - The company completed the construction of a new finished mill at Midlothian, providing approximately 450,000 tons of incremental high-margin annual production capacity [18] Market Data and Key Metrics - The company acquired pure aggregate assets in South Florida and Southern California, both attractive and growing markets [10] - The combined reserves of the new acquisitions are over 150 million tons in areas with notable reserve shortages [31] - The company expects 2025 overall aggregate shipments to increase by low single-digits and aggregates pricing to increase by mid to high single-digits [12] Company Strategy and Industry Competition - The company remains focused on long-term aspects such as world-class safety, disciplined execution of its strategic plan, and prudent cost management [12] - The company is strategically positioned in the nation's fastest-growing markets, enhancing its resilience and cash flow generation [23] - The company expects product shipments to recover due to more normal weather patterns and an expected improvement in warehouse and residential construction [12] Management Commentary on Operating Environment and Future Outlook - The company highlighted the impact of extreme weather events on Q3 results, particularly in the Southeast and East regions [26] - Management expects multiyear public construction activity, reshoring, AI infrastructure build-out, and residential recovery to support durable aggregate shipment growth and attractive pricing momentum [16] - The company anticipates a ramp-up period for the new Midlothian capacity, with a thoughtful and methodical approach to market penetration [45] Other Important Information - The company deployed over $2.5 billion on pure-play aggregates assets, invested $622 million of capital back into the business, and returned $591 million to shareholders through dividend payments and share repurchases in the first nine months of 2024 [20] - The Board of Directors approved a 7% increase to the quarterly cash dividend paid in September, reaffirming confidence in the company's future growth and free cash flow generation [21] - The company's net debt-to-EBITDA ratio was 2.0 times for the trailing 12 months ended September 30, 2024, at the low end of the targeted range [22] Q&A Session Question: Impact of weather on Q3 results and shipment trends into October [25] - Weather significantly impacted Q3 shipments and profitability, particularly in high-margin regions [26] - October has seen more normal weather, driving a 5% increase in aggregate shipments forecast for Q4 [26] Question: Recovery efforts in Western North Carolina post-Hurricane Helene [28] - NCDOT estimates Helene recovery expenses between $5 billion and $6 billion, with North Carolina's share around $2 billion [29] - The company is well-positioned to support rebuilding efforts in Western North Carolina and Eastern Tennessee [29] Question: Details on acquisitions in South Florida and Southern California [31] - Both acquisitions are pure aggregate bolt-ons, with combined reserves over 150 million tons [31] - Integration will be completed quickly, with new pricing effective January 1, 2025 [31] Question: Pricing revision and outlook for 2025 [32] - Weather and geographic mix impacted midyear price increases in 2024, leading to a smaller carryover for 2025 [33] - The company expects mid to high single-digit pricing increases in 2025, with an emphasis on the high end [33] Question: Backlog trends and visibility into 2025 volumes [35] - Backlogs are up mid-single-digits year-over-year and sequentially, indicating a much-improved year for volumes in 2025 [36] - Public construction activity, reshoring, and AI infrastructure build-out are expected to drive volume growth [36] Question: Cost inflation and price/cost dynamics for 2025 [37] - Underlying inflation for Q3 was around 5%, with mid-single-digit cost inflation expected for 2025 [39] - The price/cost spread is expected to continue trending favorably [39] Question: Impact of recent acquisitions on Q4 and 2025 volume guidance [40] - Q4 volume guidance does not include contributions from recent acquisitions, which will be factored into 2025 guidance [41] - 2025 volume growth is expected to be low single-digits on an organic basis [41] Question: Increase in CapEx and outlook for 2025 [42] - The increase in CapEx is largely due to the two recent acquisitions, with one structured as an operational acquisition [43] - CapEx for 2025 is expected to be around 9% to 9.5% of revenues [43] Question: Supply-demand dynamics and ramp-up of Midlothian capacity [45] - The company expects a ramp-up period for the new Midlothian capacity, with a thoughtful approach to market penetration [45] Question: Tariffs and cement pricing in DFW [48] - DFW benefits from its location, with limited import activity and a strong local economy [49] - Tariffs could further enhance the already strong market conditions in DFW [49] Question: Geographic outlook for 2025 volume and pricing [50] - Southern California, Texas, Florida, North Carolina, Indiana, Georgia, Colorado, and Arizona are expected to be bright spots for volume and pricing in 2025 [51] Question: End market outlook, particularly data centers and infrastructure [53] - Data centers and AI infrastructure build-out are driving significant aggregates demand, with notable projects in Kansas City, Western North Carolina, and South Carolina [55] - Infrastructure spending is expected to accelerate in 2025, with IIJA funds continuing to support public construction activity [57] Question: Weather impact on 2024 shipments and 2025 volume growth [58] - Weather had a significant negative impact on 2024 shipments, with a return to normal weather expected to drive volume growth in 2025 [59] - The company's preliminary 2025 volume guidance is cautious, with potential upside if weather conditions normalize [59] Question: Pricing trajectory for 2025 [60] - The company expects mid to high single-digit pricing increases in 2025, with potential tailwinds from midyear price increases [61]

| --- | --- | --- | --- | --- | |------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | Q3 2024 | | | | | | SUPPLEMENTAL INFORMATION* | | | | | | October 30, 2024 | | | | | Company's filings with the | * All information provided in these slides is qualified in its entirety by refe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12744 MARTIN MARIETTA MATERIALS, INC. (Exact Name of Registrant as Specified in its Charter) North Carolina 56-1848578 (State o ...