Martin Marietta beats first-quarter profit estimates
April 30 (Reuters) -Construction material firm Martin Marietta Materials MLM.N on Tuesday topped first-quarter profit estimates after cost cuts helped offset a hit from a slowdown in housing activity.
"Despite near-term interest rate uncertainty, single-family housing remains historically under built, particularly in key Martin Marietta markets with notable population growth," said CEO Ward Nye.
The Raleigh, North Carolina-based company tightened its full-year revenue forecast to between $6.9 billion and $7.3 billion, from its previous view of $6.75 billion and $7.18 billion.
The new range is, however, below analysts' estimates of $7.06 billion, according to LSEG data.
Sales of its Aggregates, which consists of certain medium-grained particulate material used in construction, fell about 3% to $885 million during the reported quarter from a year ago, as adverse weather impacted its east and southwest divisions coupled with softening demand in warehouses.
It posted an adjusted net income of $1.93 per share for the quarter ended March 31, compared with estimates of $1.83 per share.
Overall revenue in the first-quarter, however, dipped about 8% to $1.25 billion, falling short of estimates of about $1.32 billion.
Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
