Martin Marietta cuts FY earnings outlook on Blue Water deal impact

Martin Marietta Materials

08/08/2024 12:31

Aug 8 (Reuters) - Building material supplier Martin
Marietta  MLM.N  cut its forecast for full-year 2024 revenue and
net earnings on Thursday to account for a charge related to its
acquisition of Blue Water Industries' units.
    Earlier this year, Martin Marietta said it would acquire 20
active aggregates operations of Blue Water for $2.05 billion in
cash, as it sought to boost its construction supply.
    The company now expects full-year revenue between $6.5
billion and $6.94 billion, compared to a prior range of $6.9
billion to $7.3 billion.
    For the full year, it expects net earnings between $2.03
billion and $2.17 billion, compared with its prior expectation
of $2.21 billion and $2.30 billion.
    Additionally, adverse weather conditions in Texas and parts
of the Midwest, coupled with ongoing restrictive monetary
policy, curtailed the North Carolina-based company's volumes
during the second quarter.
    The company earned a profit of $4.76 per share in the
reported quarter, lower than analysts' estimates of $5.36 per
share, according to LSEG data.  

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