Martin Marietta reports strong earnings as private sector construction picks up
11/07/2013 9:13 AM
11/07/2013 9:14 AM
Martin Marietta Materials revenue increased 12 percent in the third quarter as the Raleigh company continues to be helped by an uptick in private sector construction activity.
Revenues totaled $665.3 million in the quarter. Net sales increased also increased 12 percent to a record $600.4 million, and the company reported earnings per diluted share of $1.55 cents, compared with $1.36 cents per share in the third quarter of 2012.
The company's earnings per share and sales beat Wall Street estimates, which had forecast earnings per share of $1.45 and sales of $639.7 million.
“Our performance was driven largely by the ongoing recovery in private-sector construction activity, as well as solid execution of our long-term strategic plans and diligent management of our cost structure,” CEO Ward Nye said in a statement. “I am especially proud of the fact that our company achieved these strong results despite the continued public-sector construction headwinds.”
Martin Marietta produces rock, gravel and other materials used to build roads, subdivisions and commercial buildings. About 55 percent of Martin Marietta's sales are for federal and state infrastructure projects.
The company shipped 8.1 percent more materials in the third quarter than it did during the same period in 2012. Pricing increased 2.3 percent.
Martin Marietta shares closed Thursday at $100.94, up $1.41. The stock is up 7 percent this year.
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