Martin Marietta Materials Turns In 1Q Loss

RALEIGH, N.C. (AP) — Martin Marietta Materials Inc. said Tuesday that it posted a first-quarter loss on lower sales of its gravel and other road building materials.

The company reported a loss of $5.8 million, or 14 cents per share, down from a profit of $20.9 million, or 50 cents per share, in the year-earlier quarter.

Quarterly revenue came in at $330.3 million, down 17 percent from $396.3 million in the 2008 quarter.

Analysts polled by Thomson Reuters expected first-quarter earnings of 14 cents per share on revenue of $380 million.

Martin Marietta said sales were down across its businesses making aggregates for roads and supplying materials such as dolomitic lime to the steel industry. Bad weather in the Carolinas and Georgia also hurt the company's sales in that region.

The company gave a fairly upbeat forecast for the second half of 2009, saying it expects a sizable impact from the government stimulus spending plan, which includes money for infrastructure projects. But it also warned that problems such as depressed housing construction and a weakening office and retail construction market would likely persist.

Martin Marietta said it expects to earn between $3.70 to $4.15 per share during 2009, a forecast that is 15 cents lower on the top end than its February outlook.

Analysts expect earnings of $3.87.

Martin Marietta shares rose $4.51, or 5.1 percent, to $93.49 shortly before the markets closed.