Martin Marietta Faces Headwinds: Q3 Revenue Declines Amid Severe Weather Impacts, Revises Outlook

Martin Marietta Materials Inc (NYSE:MLM) reported a third-quarter revenue decline of 5% to $1.889 billion, missing the consensus of $1.934 billion.

Gross profit was $599 million (-11%), and the margin contracted to 32% from 34% a year ago. 

Building Materials business revenue was $1.8 billion (-6%), and the corresponding gross profit was $588 million (-9%).

Aggregate shipments decreased by 3.9% to 53.7 million tons, while the average selling price increased by 7.7% (or 8.9% on an organic mix-adjusted basis) to $21.52 per ton.

Adjusted EBITDA declined 8% to $646 million in the quarter. EPS fell 15% to $5.91, missing the consensus of $6.32.

Martin Marietta’s operating cash flow for the nine months stood at $773 million, compared with $973 million for the prior year.

The company held $52 million of cash and cash equivalents and $1.1 billion of unused borrowing capacity on its existing credit facilities as of September 30, 2024.

The company returned $591 million to ...