Published on 30 Apr 2024 on Zacks via Yahoo Finance

Martin Marietta (MLM) Q1 Earnings Beat Estimates, 2024 View Up

Martin Marietta Materials, Inc. MLM reported mixed results for the first quarter of 2024. Earnings surpassed the Zacks Consensus Estimate but revenues missed the same. Both the top and bottom lines decreased on a year-over-year basis.Following the results, shares of this producer and supplier of construction aggregates and other heavy building materials lost 0.7% in the pre-market trading session on Apr 30.Going forward, MLM anticipates record federal-level and state-level infrastructure investments, large-scale heavy industrial activity, data centers, and energy projects to offset softer residential and warehouse construction demand, as well as anticipated moderation in light non-residential activity.Impressively, MLM increased full-year adjusted EBITDA guidance to $2.37 billion at the midpoint.

Inside the Headlines

Martin Marietta reported adjusted earnings per share (EPS) from continuing operations of $1.93, which surpassed the Zacks Consensus Estimate of $1.88 by 2.7% but decreased 10.7% from the year-ago quarter’s $2.16.