Martin Marietta Materials shares rose 6 percent Tuesday after the company reported that revenues increased 11 percent in the first quarter.
Excluding one-time expenses, the Raleigh company posted a loss of 35 cents per share, compared to a loss of 61 cents per share in the first quarter of 2013. The consensus among Wall Street analysts who cover the company was a loss of 34 cents per share.
Revenue totaled $428.7 million, up from $383.9 million during the same period last year and above the $398.2 million forecast by analysts. Net sales totaled $379.7 million, up from $344.1 million.
Martin Marietta produces rock, gravel and other materials used to build roads, subdivisions and commercial buildings. The company shipped 8 percent more materials in the first quarter than it did during the same period in 2013, with shipments in March up 13 percent. Pricing for the quarter declined 1.3 percent.
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Martin Marietta is forecasting that shipments will increase between 4 and 5 percent this year, with pricing up 3 to 5 percent.
“Looking ahead, we are encouraged by numerous macro-economic indicators, including employment growth, which suggests increased construction activity,” CEO Ward Nye said in a statement.
Martin Marietta announced in January that it is acquiring Texas Industries for $2.7 billion in a deal that will make the combined company the largest provider of rock, gravel and other construction materials in the country.
The company’s shares closed Tuesday at $124.37, up $7.48. The stock is up 24 percent this year.
Staff writer David Bracken