Martin Marietta Raises Revenue View After Strong 2Q

Dow Jones
07/30
 

Martin Marietta Materials lifted its revenue outlook for the year after a strong organic performance combined with acquisition contributions.

The Raleigh, N.C., producer of aggregates and other building materials now expects $7.2 billion to $7.4 billion in revenue for the year, up from a previous target of $7 billion to $7.32 billion.

The raise comes after a strong second quarter for the top line, Chief Executive Ward Nye said. Infrastructure and heavy nonresidential construction activity supported the positive shipment trends, Nye said.

Revenue jumped 21% to $1.95 billion, ahead of analyst forecasts for $1.87 billion, according to FactSet.

Aggregate shipments were up 17% at 61.6 million tons, though their average selling price per tone was down 2%.

The company posted a profit of $251 million, or $4.17 a share, compared with $328 million, or $5.43 a share, in the same quarter a year earlier.

 
 

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