News

Martin Marietta Materials Reports Higher Revenue in Q2

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Andrew R. Michaud

• July 30, 2023

Martin Marietta Materials, a leading provider of building materials, has announced higher revenue in the latest quarter. The increase in revenue can be attributed to higher prices despite lower aggregate shipments.

Financial Results

For the second quarter, net income declined to $348.3 million, or $5.60 per share, compared to $366.5 million, or $5.65 per share, in the same period last year. However, revenue saw a significant climb of 11% to reach $1.82 billion.

Building-Materials Business Performance

In the company's core building-materials business, revenue rose from $1.56 billion to $1.74 billion year-over-year. Cement shipments amounted to 1.1 million tons, while pricing experienced a notable increase of 22%.

Ready-Mixed Concrete Revenue

The ready-mixed concrete division also performed well, with revenue surging by 20% to $271.4 million. However, there was a slight decrease of 5.7% in aggregate shipments. On the upside, pricing in this segment rose by 19% overall.

Positive Outlook

Chairman and Chief Executive Ward Nye expressed optimism for future demand: "As record-setting public funds for infrastructure and manufacturing begin to enter the U.S. economy, we continue to expect that aggregates demand will accelerate in the second half of 2023."