Categories Earnings, Industrials

Earnings Summary:  Martin Marietta reports Q3 2023 financial results

Martin Marietta Materials, Inc. (NYSE: MLM), a supplier of aggregates and heavy building materials, has reported financial results for the third quarter of 2023.

  • The company generated record revenues of $1.9 billion in Q3, which is up 10.5% from the prior-year period
  • Third-quarter gross profit increased 38.4% year-over-year to a record of $649.5 million
  • Aggregate shipments decreased by 7.3% percent; demand in certain Midwest and Southwest markets was soft, while some key Southeast markets experienced strong demand
  • Cement shipments were 1.1 million tons in Q3, which is relatively flat; pricing increased 18.9 percent, or 18.6 percent on a mix-adjusted basis
  • Operating cash flow for the nine months ended September 30 was $972.5 million, compared with $560.7 million last year
  • The company returned $278.2 million to shareholders through dividend payments and share repurchases in the third quarter
  • For fiscal 2023, the management expects total revenues to be in the range of $ 6.735 billion to $ 6.855 billion

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