Martin Marietta beats first-quarter profit estimates

Martin Marietta Materials

30/04/2024 13:19

April 30 (Reuters) - Construction material firm Martin
Marietta Materials  MLM.N  on Tuesday topped first-quarter
profit estimates after cost cuts helped offset a hit from a
slowdown in housing activity.
    "Despite near-term interest rate uncertainty, single-family
housing remains historically under built, particularly in key
Martin Marietta markets with notable population growth," said
CEO Ward Nye.
    The Raleigh, North Carolina-based company tightened its
full-year revenue forecast to between $6.9 billion and $7.3
billion, from its previous view of $6.75 billion and $7.18
billion. 
    The new range is, however, below analysts' estimates of
$7.06 billion, according to LSEG data.
    Sales of its Aggregates, which consists of certain
medium-grained particulate material used in construction, fell
about 3% to $885 million during the reported quarter from a year
ago, as adverse weather impacted its east and southwest
divisions coupled with softening demand in warehouses.
    It posted an adjusted net income of $1.93 per share for the
quarter ended March 31, compared with estimates of $1.83 per
share.
    Overall revenue in the first-quarter, however, dipped about
8% to $1.25 billion, falling short of estimates of about $1.32
billion. 

 (Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh
Kuber)
 ((Nathan.Gomes@thomsonreuters.com;))