Martin Marietta Materials-Martin Marietta Reports Fourth-Quarter and Full-Year 2024 Results

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].