Earnings Summary: Martin Marietta Materials reports Q4 2023 financial results

Martin Marietta Materials, Inc. (NYSE: MLM), a leading supplier of building materials, announced financial results for the fourth quarter of 2023, reporting a 9% increase in revenues.

• The company generated revenues of $1.61 billion in Q4, which is up 9% from the prior-year period
• Fourth-quarter gross profit increased 37% year-over-year to $483.5 million
• Aggregate shipments decreased by 2.1%, reflecting the company’s value‐over‐volume strategy and moderating demand
• Cement shipments were 0.9 million tons in Q4, which is down 8.1% year-over-year; total pricing increased 15%, or 14.3% on a mix-adjusted basis
• Operating cash flow for fiscal 2023 was $1.53 billion, compared with $991.2 million last year
• The company returned $324 million to shareholders through dividend payments and share repurchases in the whole of 2023
• For fiscal 2024, the management expects total revenues to be in the range of $ 6.745 billion to $ 7.185 billion