Martin Marietta (MLM) Tops On Q4 Earnings, Issues '18 View
Zacks Investment Research | Feb 12, 2018 09:47PM ET
Martin Marietta Materials, Inc. (NYSE:MLM) posted impressive fourth-quarter 2017 results, with earnings and revenues beating the Zacks Consensus Estimate.
Adjusted earnings per share of $1.88 surpassed the Zacks Consensus Estimate of $1.42 by 32.4%. Earnings also improved 21.3% from the prior-year quarter.
Consolidated revenues of $970.5 million rose 2.3% year over year. Freight and delivery revenues totaled $59.2 million, down 1% year over year.
Segment Discussion
The Building Materials business includes aggregates, cement, ready mixed concrete, asphalt and paving product lines.
The segment’s total revenues were up 2.1% to $903 million. Aggregates total revenues grew 2.4% to $565.2 million. Ready Mixed Concrete total revenues fell nearly 2.3% to $231.9 million. Cement revenues rose 6.5% to $93.6 million. Asphalt and paving product lines revenues improved 9.6% to $77.7 million.
Shipments (volume) in the aggregates product line declined 0.9% due to lower shipments, thanks to government uncertainty, labor constraints and ongoing project delays, particularly in the Mid-America and West Groups.
Geographically, West Groups’ aggregate volumes dropped 1.5%. The Southeast Group reported a 5.6% increase in volumes on strong nonresidential construction and higher public construction activity.
The Magnesia Specialties segment — which includes magnesium oxide, magnesium hydroxide and dolomite lime products — reported total revenues of $67.5 million, up 5.3% year over year.
Martin Marietta Materials, Inc. Price, Consensus and EPS Surprise
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