Martin Marietta Materials(MLM) - 2025 Q1 - Quarterly Report

Financial Performance - Revenues for Q1 2025 increased to $1,353 million, up 8.2$1,251 million in Q1 2024[11] - Gross profit rose to $335 million, representing a 23.2$272 million in the same period last year[11] - Consolidated net earnings decreased to $116 million, down 88.9$1,046 million in Q1 2024[11] - Basic earnings per share attributable to common shareholders decreased to $1.91, down from$16.92 in Q1 2024[11] - Consolidated comprehensive earnings for the same period were $117 million, down from$1,045 million in 2024, reflecting a significant decline[24] - Earnings from operations for Q1 2025 were $194 million, a significant decrease from$1.4 billion in Q1 2024, which included a $1.3 billion pretax gain from the divestiture of the South Texas cement business[98] - Net earnings attributable to Martin Marietta were$116 million, or $1.90 per diluted share, in Q1 2025, compared to$1.0 billion, or $16.87 per diluted share, in Q1 2024[100] Assets and Liabilities - Total current assets decreased to$2,103 million, down 17.3% from $2,542 million at the end of 2024[9] - Cash and cash equivalents significantly dropped to$101 million, down 85% from $670 million at the end of 2024[9] - Total liabilities decreased to$8,640 million, down 0.8% from $8,714 million at the end of 2024[9] - Total assets decreased to$17,724 million, down 2.5% from $18,170 million at the end of 2024[9] - The company's total debt as of March 31, 2025, is$5,414 million, with long-term debt at $5,289 million[44] - Goodwill balance as of March 31, 2025, is$3,773 million, with adjustments to purchase price allocations resulting in a slight decrease[42] Cash Flow and Operating Activities - Net cash provided by operating activities increased to $218 million, up 26.7$172 million in Q1 2024[13] - Cash provided by operating activities for Q1 2025 was $218 million, up from$172 million in Q1 2024[101] - The company has an $800 million revolving credit facility with no borrowings outstanding as of March 31, 2025[45] - The company has a$400 million trade receivable securitization facility with no borrowings outstanding as of March 31, 2025[47] Acquisitions and Divestitures - The Company completed the acquisition of 20 active aggregates operations from Blue Water Industries LLC for $2.05 billion in cash on April 5, 2024, enhancing its presence in the southeast region[33] - The company completed the divestiture of its South Texas cement business for$2.1 billion, resulting in a pretax gain of 1.3 billion, which is included in other operating income[40] - The preliminary estimated fair values of assets acquired from Albert Frei & Sons, Inc. total 2,120 million, with net identifiable assets acquired amounting to $1,788 million and goodwill of$262 million[35] - The company recorded preliminary fair values for the acquisition of Youngquist Brothers Rock, LLC, with ongoing purchase accounting adjustments expected[38] Market Performance and Segments - Segment revenues for the East Group were $599 million and for the West Group were$667 million, with the Magnesia Specialties segment contributing $87 million[65] - The Building Materials business generated$1.266 billion in revenues, with aggregates contributing $1.002 billion, cement and ready mixed concrete$233 million, and asphalt and paving services $80 million[69] - The infrastructure market accounted for 33$32 million[124] - Energy costs represent significant production costs, and the company may struggle to pass on increases to customers[124] Tax and Compliance - The effective income tax rate for the three months ended March 31, 2025, is 21.3%, down from 26.0% in the same period of 2024, primarily due to the impact of the February 2024 divestiture[53] - The company deferred income tax payments of $102 million under disaster tax relief provisions as of March 31, 2025[54] - The effective income tax rates for Q1 2025 and Q1 2024 were 21.3$37 million in letters of credit as of March 31, 2025[58] - Property additions for the total reportable segments were $136 million for the three months ended March 31, 2025, down from$578 million in the same period of 2024[67] Shareholder Activities - The company repurchased common stock worth $450 million during the quarter, compared to$150 million in Q1 2024[13] - The company has a share repurchase program authorized for a maximum of 20 million shares, with 11,024,507 shares remaining to be purchased as of March 31, 2025[129]