Martin Marietta Materials(MLM) - 2024 Q4 - Annual Results

Revenue and Profitability - Fourth-quarter revenues increased by 1% to $1,632 million, while full-year revenues decreased by 4% to$ 6,536 million[2]. - Gross profit for the fourth quarter rose by 1% to $489 million, and for the full year, it decreased by 7% to$ 1,878 million[2]. - Earnings from operations for the fourth quarter increased by 8% to $399 million, and for the full year, it surged by 70% to$ 2,707 million[2]. - Adjusted EBITDA for the fourth quarter grew by 8% to $545 million, while for the full year, it declined by 3% to$ 2,066 million[2]. - Consolidated net earnings for the year ended December 31, 2024, were $1,996 million, significantly up from$ 1,170 million in 2023, marking an increase of 70.7%[41]. Cash Flow and Financial Position - Cash provided by operating activities for the fourth quarter was $685 million, a 23% increase compared to the prior-year quarter[13]. - The company had$ 670 million in cash and cash equivalents and $1.2 billion in unused borrowing capacity as of December 31, 2024[15]. - The company reported a net cash provided by operating activities of$ 1,459 million for the year ended December 31, 2024, compared to $1,528 million in 2023, a decrease of 4.5%[41]. - Cash and cash equivalents decreased to$ 670 million as of December 31, 2024, down from $1,272 million in 2023, reflecting a decrease of 47.4%[39]. - Long-term debt (excluding current maturities) increased to$ 5,288 million as of December 31, 2024, from $3,946 million in 2023, representing a rise of 33.9%[39]. Shipments and Pricing - Aggregates shipments in the fourth quarter increased by 3% to 47.9 million tons, but full-year shipments decreased by 4% to 191.1 million tons[2]. - Average selling price per ton for aggregates rose by 9% to$ 21.95 in the fourth quarter and by 10% to $21.80 for the full year[2]. - Average selling price for the year ended December 31, 2024, was$ 21.80 per ton, compared to $19.84 per ton in 2023[52]. - Reported average selling price increased to$ 21.95 per ton, up 8.6% from the previous year[52]. - The company experienced a 10.7% increase in organic mix-adjusted ASP variance for the year[52]. Dividends and Earnings Per Share - Basic earnings per share from continuing operations for Q4 2024 were $4.81, up from$ 4.65 in Q4 2023, while full-year basic earnings per share rose to $32.50 from$ 19.38[31]. - The company declared dividends per common share of $0.79 for Q4 2024, compared to$ 0.74 in Q4 2023, with full-year dividends increasing to $3.06 from$ 2.80[31]. Risks and Outlook - The company faces various risks including economic conditions, supply chain challenges, and regulatory impacts that could affect future performance[26]. - The company’s outlook for 2025 is subject to uncertainties, including potential declines in construction spending and fluctuations in material costs[27]. - Full-year 2025 Adjusted EBITDA guidance is set at $2.25 billion, representing a 9% improvement compared to the prior year[5]. Acquisitions and Divestitures - The company completed approximately$ 6 billion in aggregates-led acquisitions and non-core asset divestitures in 2024[4]. - The company achieved a $1.3 billion gain from the divestiture of the South Texas cement business during the year ended 2024, partially offset by a$ 50 million noncash asset charge[33].