Martin Marietta Materials Q4 Adj. Profit Declines; Issues FY23 Outlook

(RTTNews) - Martin Marietta Materials, Inc. (MLM) reported fourth quarter net earnings from continuing operations attributable to company of $187.4 million compared to $156.3 million, prior year. Earnings per share from continuing operations increased to $3.01 from $2.49. Adjusted EBITDA declined to $391.7 million from $393.7 million. Adjusted earnings per share from continuing operations was $3.04 compared to $3.15.

On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $3.07, for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $1.48 billion compared to $1.50 billion, prior year. Products and services revenues declined to $1.38 billion from $1.41 billion. Analysts on average had estimated $1.44 billion in revenue.

For 2023, the company expects: adjusted EBITDA of $1.80 billion to $1.90 billion. Net earnings from continuing operations attributable to Martin Marietta is projected in a range of $880 million to $990 million. Products and services revenues are estimated to be in a range of $6.18 billion to $6.37 billion.

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