Loading...
Loading...
Loading...
- Martin Marietta Materials, Inc. MLM reported first-quarter FY23 revenue growth of 10% year-over-year to $1.35 billion, beating the consensus of $1.22 billion.
- EPS was $2.16, compared to $0.39 a year ago, beating the consensus of $0.98.
- Gross profit was $302.8 million (+94% Y/Y), and the margin expanded by 968 bps to 22.4%. The operating margin was 14.5%, up by 962 bps from 1Q22.
- Adjusted EBITDA improved 64.3% Y/Y to $323.9 million, margin expanded by 790 bps to 23.9%.
- MLM’s cash provided by operating activities for the quarter was $160.5 million compared with $169.9 million for 1Q22. It held $229.4 million of unrestricted cash and cash equivalents on hand as of March 31, 2023.
- The company returned $116.6 million to shareholders through dividend payments and share repurchases.
- Building Materials business revenue was $1.27 billion (+10.1% Y/Y), and the product gross profit was $257.9 million (+99.4%).
- Cement shipments decreased 6.8% to 1.0 million tons, primarily attributable to wet and cold weather in Texas. Pricing increased 32.2% in Q1, aided by largely sold-out conditions and the compounding effect of price increases in 2022 and 2023.
- FY23 Guidance: Martin Marietta Materials now expects FY23 total revenues of $6.6 billion-$6.815 billion (consensus $6.35 billion) and adjusted EBITDA of $1.8-$1.9 billion.
- The company expects average selling price growth of 13%-15% for Aggregates.
- Price Action: MLM shares are trading higher by 5.40% at $388.47 on the last check Thursday.
- Photo Via Company
Loading...
Loading...
Loading...
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.