Sector: Materials|Industry: Building Materials|Market Cap: $32.74B|Employees: 9.4K
Martin Marietta Materials is a natural resource-based building materials company. They supply aggregates like crushed stone, sand, and gravel through a network of quarries and distribution yards. Additionally, they provide cement and downstream products like ready-mixed concrete and asphalt, focusing on markets where they hold a leading aggregates position. They operate in 28 states, Canada, and the Bahamas.
Net earnings attributable to Martin Marietta were $294 million for the three months ended June 30, 2024, compared to $348 million for the same period in 2023. While revenues were near prior year levels, the net earnings were impacted by several factors including the divestiture of the South Texas business and acquisition costs.
Aggregates gross profit improved 6% to $392 million despite a 2.8% decrease in shipments. This improvement was driven by strong realization of mid-year 2023 and January 1, 2024 pricing actions, as well as contributions from acquired acquisitions and lower organic energy and contract services costs.
Cash provided by operating activities for the six months ended June 30, 2024 was $173 million, compared to $519 million for the same period in 2023. This decrease was primarily driven by significantly higher income tax payments in 2024 resulting from the Divestiture.