Martin Marietta Materials, Inc. is a natural resource-based building materials company that supplies aggregates (crushed stone, sand, and gravel) through a network of approximately 360 quarries, mines, and distribution yards in 28 states, Canada, and The Bahamas. Aggregates gross profit accounts for 68% of the company's consolidated total gross profit. The company also provides cement and downstream products, namely ready mixed concrete, asphalt, and paving services, in targeted markets where it has a leading aggregates position. The company's heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The company also operates a Magnesia Specialties business with production facilities in Michigan and Ohio, producing magnesia-based chemical products and dolomitic lime. The company's products are shipped to customers domestically and worldwide.

• Employees: 9,400 (as of January 31, 2024)
• Geographic Footprint: 28 states, Canada and The Bahamas
• Headquarters: Raleigh, North Carolina
• Founded: Not explicitly stated in the 10K
• Number of locations/facilities: Approximately 360 quarries, mines, and distribution yards
• Revenue: $6.78 billion (FY2023)
• Market Capitalization: $30.1 billion (as of February 20, 2024)
• Key Subsidiaries/Brands: Magnesia Specialties

• CEO: C. Howard Nye
• CFO: James A. J. Nickolas
• Executive Vice President, General Counsel and Corporate Secretary: Roselyn R. Bar
• Senior Vice President, Chief Human Resource Officer: Kelly G. Bennett
• Senior Vice President, Enterprise Excellence: Oliver W. Brooks
• Senior Vice President, Controller and Chief Accounting Officer: Robert J. Cardin
• Senior Vice President, Strategy & Development: Michael J. Petro

The executive team has a mix of long-tenured and recently appointed members.

• Annual Revenue: $6.78 billion (FY2023)
• Net Income: $1.20 billion (FY2023)
• Market Cap: $30.1 billion (as of February 20, 2024)
• Total Assets: $15.12 billion (as of December 31, 2023)
• Number of Employees: 9,400 (as of January 31, 2024)
• Key Financial Highlights: Record revenues, gross profit, diluted earnings per share and Adjusted EBITDA in 2023; 10% increase in total revenues; 42.1% increase in gross profit; 40.1% increase in net earnings from continuing operations.

The company's main product categories and services include:

• Aggregates: Crushed stone, sand and gravel used in construction, agriculture, utility, environmental applications, and as railroad ballast.
• Cement: Portland and specialty cements used in infrastructure, nonresidential and residential construction.
• Ready Mixed Concrete: Specifically batched concrete produced for customer's construction projects.
• Asphalt: Liquid asphalt and aggregates used in surfacing roads and parking lots.
• Paving Services: Paving services offered in California and Colorado.
• Magnesia-based Chemical Products: Products used in industrial, agricultural and environmental applications.
• Dolomitic Lime: Sold primarily to customers for steel production and soil stabilization.

The company operates through three reportable segments:

• East Group: Provides aggregates and asphalt products.
• West Group: Provides aggregates, cement, downstream products and paving services.
• Magnesia Specialties: Includes magnesia-based chemicals and dolomitic lime businesses.

The ten largest revenue-generating states (Texas, North Carolina, Colorado, California, Georgia, Minnesota, Arizona, Iowa, Florida and Indiana) accounted for 82% of the Building Materials business' total revenues in 2023.

The company's strategy includes ongoing evaluation of aggregates-led opportunities of scale in new domestic markets and expansion through acquisitions that complement existing operations. The company aims to preserve financial flexibility and focuses on markets with strong underlying growth fundamentals. The company also identifies potential divestitures of assets that are not consistent with strategic goals. The company focuses on markets with strong, underlying growth fundamentals where it can sustain or achieve a leading market position. The company is also investing in sustainability practices.

• Key Strategic Initiatives: Portfolio optimization, strategic acquisitions, investment in internal expansion projects, and divestitures of non-core assets.
• Growth Drivers: Infrastructure spending, nonresidential construction, and residential construction.
• Investment Priorities: Pure-play aggregates acquisitions and expansion of existing operations.

The company operates in a fragmented industry with large public companies and numerous smaller, privately held companies. Key competitors include:

• Market Position: The company is a leading producer of aggregates in the United States.
• Key Competitors: Arcosa, Inc., CEMEX S.A.B. de C.V., CRH plc, Heidelberg Materials AG, Holcim Ltd., Knife River Corporation, Summit Materials, Inc., and Vulcan Materials Company.
• Industry Trends: The construction aggregates industry is consolidating. The profitability of the Building Materials business is sensitive to national, regional and local economic conditions and construction cyclicality.

• Industry Risks: Cyclicality of the construction industry, economic and political uncertainty, weather-related impacts, and competition.
• Operational Risks: Dependence on the availability of quality aggregates reserves, dependence on rail transportation, and potential for equipment failures.
• Financial Risks: Dependence on funding from federal, state and local sources, impact of rising interest rates, increases in effective income tax rate, and potential for impairment charges.
• Regulatory Risks: Changes in environmental regulations, zoning and land use laws, and climate change-related regulations.
• Technology Risks: Risks related to cybersecurity and data leakage.