RALEIGH, N.C. - Martin Marietta Materials, Inc. (NYSE:MLM) reported third-quarter earnings that fell short of analyst expectations, as severe weather events negatively impacted shipments and operations.
The building materials supplier posted adjusted earnings per share of $5.91, missing the consensus estimate of $6.45. Revenue came in at $1.89 billion, below analyst projections of $1.96 billion and down 5% YoY.
Martin Marietta said significant precipitation in July along with tropical storms and hurricanes across its Southeast footprint adversely affected third-quarter product shipments, geographic mix and financial results.
Despite the weather challenges, the company achieved record quarterly aggregates gross profit per ton of $8.16, up 3% YoY. Aggregates shipments declined 3.9% to 53.7 million tons, while average selling price increased 7.7% to $21.52 per ton.
"While these events are short-term and temporary, they nonetheless adversely impacted our third-quarter product shipments, geographic mix and financial results," said Ward Nye, Chairman and CEO of Martin Marietta.
The company revised its full-year 2024 adjusted EBITDA guidance to $2.1 billion at the midpoint, down from previous expectations. For the full year, Martin Marietta now sees revenue of $6.45-6.71 billion, compared to the consensus of $6.64 billion.
Looking ahead, Nye said the company expects to benefit from "record levels of federal and state investments in highways, streets and bridges" as well as growth in aggregates-intensive end markets related to reshoring and artificial intelligence infrastructure build-out.
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