Martin Marietta Materials(MLM)

Search documents
Martin Marietta Materials(MLM) - 2023 Q4 - Earnings Call Transcript
2024-02-14 22:08
Financial Data and Key Metrics - Consolidated total revenues for 2023 reached $6.8 billion, a 10% increase year-over-year [8] - Consolidated gross profit for 2023 was $2 billion, a 42.1% increase year-over-year [8] - Adjusted EBITDA for 2023 was $2.1 billion, a 33% increase year-over-year [277] - Aggregates gross profit per ton increased by 46.4% to $6.93 in 2023 [277] - Earnings per diluted share from continuing operations increased by 41% to $19.32 in 2023 [277] Business Line Performance - Aggregates business achieved record revenues of $4.3 billion in 2023, a 10.9% increase, with gross profit up 40.1% to $1.4 billion and gross margin increasing by 660 basis points to 32% [12] - Asphalt and paving revenues increased by 12.6% to $887.1 million, with gross profit up 34.7% to $109 million due to strong demand and lower bitumen costs [13] - Concrete revenues increased by 5.9% to $1 billion, with gross profit up 44.2% to $102 million, driven by pricing gains and mega project contributions [278] - Texas Cement revenues increased by 17% to $725.5 million, with gross profit up 64.6% to $333.6 million, driven by favorable supply/demand dynamics in the Dallas-Fort Worth Metroplex [225] Market Performance - Aggregate shipments declined by 4.3% in 2023 due to softer demand in certain Midwest and Southwest markets, partially offset by strength in Southeast markets [9] - Aggregates pricing increased by 18.9% (17.2% mix-adjusted) in 2023, reflecting strong pricing fundamentals [9] - Infrastructure volumes were up 6% in Q4 2023, despite overall volumes being down 2% [126] - Texas, Florida, North Carolina, and Minnesota saw significant increases in Department of Transportation budgets, supporting public infrastructure demand [75] Strategic Direction and Industry Competition - The company completed several portfolio-enhancing transactions, including the acquisition of Blue Water Industries, which strengthens its position in attractive Southeast markets [5][6] - The company expects double-digit aggregates pricing growth to overcome inflationary pressures and lead to expanded gross margins and unit profitability growth [18] - The company's value-over-volume strategy has been successful, with pricing growth more than offsetting lower shipments [187] - The company anticipates healthy demand in public and heavy non-residential construction to offset softness in the residential sector and light non-residential construction [15] Management Commentary on Operating Environment and Future Outlook - Management expects 2024 to be another record year, with flat aggregate shipments as infrastructure and large-scale non-residential projects offset softness in residential and light non-residential sectors [189] - The company expects consolidated adjusted EBITDA of $2.24 billion at the midpoint for 2024, driven by strong pricing growth and contributions from recent acquisitions [186] - Management highlighted the bipartisan support for infrastructure investment, with 88% of transportation-related state and local ballot initiatives approved in November 2023, representing approximately $7 billion in additional funding [16] - The company anticipates a recovery in single-family residential demand as interest rates decline and mortgage payments become more affordable [31] Other Important Information - The company returned $2.6 billion to shareholders through dividends and share repurchases since the repurchase authorization announcement in February 2015 [14] - The company achieved a world-class total injury incident rate for the third consecutive year and a world-class lost-time incident rate for the seventh consecutive year in 2023 [190] - The company expects the new finish mill at its Midlothian, Texas plant to be fully operational in Q3 2024, adding approximately 450,000 tons of incremental high-margin production capacity [210] Q&A Session Summary Question: Impact of January weather on Q1 performance [22] - Management noted that Q1 2023 had unseasonably good weather, contributing to 15% of gross profit for the year, but expects Q1 2024 to be impacted by challenging weather conditions, with gross profit likely to be around 11.5% of the full year [37][38] Question: Capital expenditure guidance for 2024 [61] - The company expects CapEx to be between 8% to 10% of sales, with a midpoint of 9%, driven by large projects such as the Beckman plant upgrade in San Antonio and real estate purchases [79][80][81] Question: M&A pipeline and capital allocation [268] - Management expects 2024 to be an active year for M&A, with a focus on pure-play aggregates transactions, and remains open to tapping capital markets for the right deal [269][128] Question: Pricing dynamics and inflation [286] - Management believes the industry has learned from the hyperinflation period and expects pricing to remain disciplined, with long-term reserves becoming more valuable over time [287][288] Question: Infrastructure Investment and Jobs Act (IIJA) impact [105] - Management expects the IIJA to drive steady, multi-year demand for aggregates, with 2024 being the first year of significant stone demand related to the act [179][112] Question: Volume guidance for 2024 [165] - Management expects flat aggregate shipments for 2024, with potential upside in the second half of the year driven by infrastructure and large-scale non-residential projects [273][274]
Martin Marietta Materials(MLM) - 2023 Q3 - Quarterly Report
2023-11-01 19:06
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, 2023 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 ...
Martin Marietta Materials(MLM) - 2023 Q3 - Earnings Call Transcript
2023-11-01 17:52
Martin Marietta Materials, Inc. (NYSE:MLM) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET Company Participants Jacklyn Rooker - Director-Investor Relations Ward Nye - Chairman, President & Chief Executive Officer Jim Nickolas - Executive Vice President & Chief Financial Officer Conference Call Participants Kathryn Thompson - Thompson Research Group Trey Grooms - Stephens Stanley Elliott - Stifel Jerry Revich - Goldman Sachs Anthony Pettinari - Citi Phil Ng - Jefferies Timna Tanners - Wolfe Re ...
Martin Marietta Materials(MLM) - 2023 Q3 - Earnings Call Presentation
2023-11-01 15:57
| --- | --- | --- | --- | --- | --- | |------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | Q3 2023 | | | | | | | SUPPLEMENTAL INFORMATION* | | | | | | | November 1, 2023 | | | | | | Company's filings with the | * All information provided in these slides is qualified ...
Martin Marietta Materials(MLM) - 2023 Q2 - Quarterly Report
2023-07-27 19:12
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 June 30, 2023 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 MARTIN MARIETTA MATERIALS, INC. (Exact Name of Registrant as Specified in its Charter) North Carolina 56-1848578 (State or oth ...
Martin Marietta Materials(MLM) - 2023 Q2 - Earnings Call Presentation
2023-07-27 18:11
| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | Q2 2023 | | | | | | SUPPLEMENTAL INFORMATION* | | | | | | July 27, 2023 | | | | | | * All information provided in these slides is qualified in its entirety by reference to the Company's ...
Martin Marietta Materials(MLM) - 2023 Q2 - Earnings Call Transcript
2023-07-27 18:10
Martin Marietta Materials, Inc (NYSE:MLM) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants Jennifer Park - Vice President, Investor Relations Ward Nye - Chairman and Chief Executive Officer Jim Nickolas - Senior Vice President and Chief Financial Officer Conference Call Participants Trey Grooms - Stephens Stanley Elliott - Stifel Kathryn Thompson - Thompson Research David MacGregor - Longbow Research Jerry Revich - Goldman Sachs Garik Shmois - Loop Capital Keith Hughes - Truis ...
Martin Marietta Materials(MLM) - 2023 Q1 - Earnings Call Transcript
2023-05-04 21:45
Martin Marietta Materials, Inc. (NYSE:MLM) Q1 2023 Results Conference Call May 4, 2023 10:00 AM ET Company Participants Jennifer Park - VP, IR Ward Nye - Chairman and CEO Jim Nickolas - SVP and CFO Conference Call Participants Adam Thalhimer - Thompson, Davis. Kathryn Thompson - Thompson Research Group Trey Grooms - Stephens Stanley Elliott - Stifel Jerry Revich - Goldman Sachs Michael Feniger - Bank of America Timna Tanners - Wolfe Research David McGregor - Longbow Research Rohit Seth - Seaport Research Ad ...
Martin Marietta Materials(MLM) - 2023 Q1 - Quarterly Report
2023-05-04 19:03
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☐ 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 or ot ...
Martin Marietta Materials(MLM) - 2022 Q4 - Annual Report
2023-02-24 20:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 or other ...