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