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Martin Marietta Materials, Inc. Announces 2012 Fourth-Quarter And Full-Year Results

Risks to the outlook include shipment declines as a result of economic events beyond the Corporation’s control. In addition to the impact on nonresidential and residential construction, the Corporation is exposed to risk in its estimated outlook from credit markets and the availability of and interest cost related to its debt.

CONFERENCE CALL INFORMATION

The Company will host an online web simulcast of its fourth quarter 2012 earnings conference call later today (February 12, 2013). The live broadcast of the Martin Marietta Materials, Inc. conference call will begin at 2 p.m. Eastern Time today. An online replay will be available approximately two hours following the conclusion of the live broadcast. A link to these events will be available at the Corporation’s website.

For those investors without online web access, the conference call may also be accessed by calling (970) 315-0423, confirmation number 96829448.

Martin Marietta Materials, Inc. is the nation’s second largest producer of construction aggregates and a producer of magnesia-based chemicals and dolomitic lime. For more information about Martin Marietta Materials, Inc., refer to the Corporation’s website at www.martinmarietta.com.

If you are interested in Martin Marietta Materials, Inc. stock, management recommends that, at a minimum, you read the Corporation’s current annual report and Forms 10-K, 10-Q and 8-K reports to the Securities and Exchange Commission (SEC) over the past year. The Corporation’s recent proxy statement for the annual meeting of shareholders also contains important information. These and other materials that have been filed with the SEC are accessible through the Corporation’s website at www.martinmarietta.com and are also available at the SEC’s website at www.sec.gov . You may also write or call the Corporation’s Corporate Secretary, who will provide copies of such reports.

Investors are cautioned that all statements in this press release that relate to the future involve risks and uncertainties, and are based on assumptions that the Corporation believes in good faith are reasonable but which may be materially different from actual results. Forward-looking statements give the investor our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use words such as "anticipate," "expect," "should be," "believe," “will”, and other words of similar meaning in connection with future events or future operating or financial performance. Any or all of our forward-looking statements here and in other publications may turn out to be wrong.

Factors that the Corporation currently believes could cause actual results to differ materially from the forward-looking statements in this press release include, but are not limited to, the performance of the United States economy and the resolution of the debt ceiling and sequestration issues; widespread decline in aggregates pricing; the termination, capping and/or reduction of the federal and/or state gasoline tax(es) or other revenue related to infrastructure construction; the level and timing of federal and state transportation funding, including federal stimulus projects and most particularly in North Carolina, one of the Corporation’s largest and most profitable states, and Texas, Iowa, Colorado and Georgia; the ability of states and/or other entities to finance approved projects either with tax revenues or alternative financing structures; levels of construction spending in the markets the Corporation serves; a reduction in defense spending, and the subsequent impact on construction activity on or near military bases, particularly if sequestration of budget programs occurs; a decline in the commercial component of the nonresidential construction market, notably office and retail space; a slowdown in residential construction recovery; unfavorable weather conditions, particularly Atlantic Ocean hurricane activity, the late start to spring or the early onset of winter and the impact of a drought or excessive rainfall in the markets served by the Corporation; the volatility of fuel costs, particularly diesel fuel, and the impact on the cost of other consumables, namely steel, explosives, tires and conveyor belts; continued increases in the cost of other repair and supply parts; transportation availability, notably the availability of railcars and locomotive power to move trains to supply the Corporation’s Texas, Florida and Gulf Coast markets; increased transportation costs, including increases from higher passed-through energy and other costs to comply with tightening regulations as well as higher volumes of rail and water shipments; availability and cost of construction equipment in the United States; weakening in the steel industry markets served by the Corporation’s dolomitic lime products; inflation and its effect on both production and interest costs; ability to successfully integrate acquisitions quickly and in a cost-effective manner and achieve anticipated profitability to maintain compliance with the Corporation’s leverage ratio debt covenant; changes in tax laws, the interpretation of such laws and/or administrative practices that would increase the Corporation’s tax rate; violation of the Corporation’s debt covenant if price and/or volumes return to previous levels of instability; downward pressure on the Corporation’s common stock price and its impact on goodwill impairment evaluations; reduction of the Corporation’s credit rating to non-investment grade resulting from strategic acquisitions; and other risk factors listed from time to time found in the Corporation’s filings with the SEC. Other factors besides those listed here may also adversely affect the Corporation, and may be material to the Corporation. The Corporation assumes no obligation to update any such forward-looking statements.

MARTIN MARIETTA MATERIALS, INC.
Unaudited Statements of Earnings
(In millions, except per share amounts)
       
Three Months Ended Year Ended
December 31, December 31,
2012   2011     2012     2011  
Net sales $ 457.9 $ 374.7 $ 1,838.7 $ 1,519.9
Freight and delivery revenues   46.2     46.3     198.9     193.9  
Total revenues   504.1     421.0     2,037.6     1,713.8  
 
Cost of sales 381.5 304.8 1,512.8 1,217.9
Freight and delivery costs   46.2     46.3     198.9     193.9  
Total cost of revenues   427.7     351.1     1,711.7     1,411.8  
Gross profit 76.4 69.9 325.9 302.0
 
Selling, general and administrative expenses 38.0 31.7 138.4 124.1
Business development costs - 15.1 35.1 18.6
Other operating (income) and expenses, net   (1.6 )   2.4     (2.6 )   (1.7 )
Earnings from operations 40.0 20.7 155.0 161.0
 
Interest expense 13.4 13.3 53.3 58.6
Other nonoperating (income) and expenses, net   -     (0.4 )   (1.2 )   1.8  
Earnings from continuing operations before taxes on income 26.6 7.8 102.9 100.6
Income tax expense (benefit)   4.8     (1.2 )   16.9     21.0  
Earnings from continuing operations 21.8 9.0 86.0 79.6
 

(Loss) Gain on discontinued operations, net of related tax expense (benefit) of $(0.1), $4.1, $(0.3) and $2.2, respectively

  (0.1 )   6.1     (0.5 )   4.0  
 
Consolidated net earnings 21.7 15.1 85.5 83.6
Less: Net earnings attributable to noncontrolling interests   0.2     0.3     1.0     1.2  
 
Net earnings attributable to Martin Marietta Materials, Inc. $ 21.5   $ 14.8   $ 84.5   $ 82.4  
 
Net earnings (loss) per common share:
Basic from continuing operations attributable to common shareholders $ 0.47 $ 0.19 $ 1.84 $ 1.70
Discontinued operations attributable to common shareholders   -     0.13     (0.01 )   0.09  
$ 0.47   $ 0.32   $ 1.83   $ 1.79  
 
Diluted from continuing operations attributable to common shareholders $ 0.46 $ 0.19 $ 1.84 $ 1.69
Discontinued operations attributable to common shareholders   -     0.13     (0.01 )   0.09  
$ 0.46   $ 0.32   $ 1.83   $ 1.78  
 
Cash dividends per common share $ 0.40   $ 0.40   $ 1.60   $ 1.60  
 
Average number of common shares outstanding:
Basic   45.9     45.7     45.8     45.7  
Diluted   46.1     45.8     46.0     45.8  
MARTIN MARIETTA MATERIALS, INC.
Unaudited Financial Highlights
(In millions)
         
Three Months Ended Year Ended
December 31, December 31,
  2012     2011     2012     2011  
Net sales:
Aggregates Business:
Mideast Group $ 101.7 $ 100.2 $ 406.6 $ 395.5
Southeast Group 69.1 65.9 282.2 283.3
West Group   236.5     157.1     947.7     640.5  
Total Aggregates Business 407.3 323.2 1,636.5 1,319.3
Specialty Products   50.6     51.5     202.2     200.6  
Total $ 457.9   $ 374.7   $ 1,838.7   $ 1,519.9  
 
Gross profit (loss):
Aggregates Business:
Mideast Group $ 28.8 $ 26.7 $ 108.9 $ 104.2
Southeast Group (2.5 ) 3.9 10.7 21.0
West Group   36.2     22.1     134.5     104.8  
Total Aggregates Business 62.5 52.7 254.1 230.0
Specialty Products 18.2 18.6 77.2 75.4
Corporate   (4.3 )   (1.4 )   (5.4 )   (3.4 )
Total $ 76.4   $ 69.9   $ 325.9   $ 302.0  
 
Selling, general and administrative expenses:
Aggregates Business:
Mideast Group $ 8.9 $ 9.9 $ 36.9 $ 37.7
Southeast Group 5.7 6.5 22.8 26.9
West Group   14.7     11.9     56.7     43.9  
Total Aggregates Business 29.3 28.3 116.4 108.5
Specialty Products 2.4 2.3 9.3 9.2
Corporate   6.3     1.1     12.7     6.4  
Total $ 38.0   $ 31.7   $ 138.4   $ 124.1  
 
Earnings (Loss) from operations:
Aggregates Business:
Mideast Group $ 20.7 $ 16.5 $ 75.0 $ 69.7
Southeast Group (7.9 ) (3.8 ) (13.5 ) (5.9 )
West Group   22.5     10.4     82.0     63.6  
Total Aggregates Business 35.3 23.1 143.5 127.4
Specialty Products 15.8 16.3 68.5 66.3
Corporate   (11.1 )   (18.7 )   (57.0 )   (32.7 )
Total $ 40.0   $ 20.7   $ 155.0   $ 161.0  
MARTIN MARIETTA MATERIALS, INC.
Unaudited Financial Highlights
(In millions)
         
Three Months Ended Year Ended
December 31, December 31,
  2012     2011     2012     2011  
Net sales by product line:
Aggregates Business:
Aggregates $ 318.4 $ 296.8 $ 1,304.0 $ 1,213.6
Asphalt 18.2 10.2 79.8 47.3
Ready Mixed Concrete 33.7 10.3 116.3 33.0
Road Paving   37.0     5.9     136.4     25.4  
Total Aggregates Business   407.3     323.2     1,636.5     1,319.3  
Specialty Products Business:
Magnesia-Based Chemicals 35.0 37.3 142.9 142.6
Dolomitic Lime 15.3 13.8 57.6 56.6
Other   0.3     0.4     1.7     1.4  
Total Specialty Products Business   50.6     51.5     202.2     200.6  
Total $ 457.9   $ 374.7   $ 1,838.7   $ 1,519.9  
 
Gross profit by product line:
Aggregates Business:
Aggregates $ 57.7 $ 53.2 $ 240.6 $ 223.3
Asphalt 3.0 0.2 12.1 5.8
Ready Mixed Concrete (0.6 ) (0.4 ) (1.2 ) (0.2 )
Road Paving   2.4     (0.3 )   2.6     1.1  
Total Aggregates Business   62.5     52.7     254.1     230.0  
Specialty Products Business:
Magnesia-Based Chemicals 12.7 13.4 54.5 50.7
Dolomitic Lime 5.2 4.9 22.3 24.5
Other   0.3     0.3     0.4     0.2  
Total Specialty Products Business   18.2     18.6     77.2     75.4  
Corporate   (4.3 )   (1.4 )   (5.4 )   (3.4 )
Total $ 76.4   $ 69.9   $ 325.9   $ 302.0  
 
Depreciation $ 41.4 $ 41.5 $ 166.9 $ 166.2
Depletion 1.6 1.2 5.0 3.8
Amortization   1.2     1.0     5.3     3.4  
$ 44.2   $ 43.7   $ 177.2   $ 173.4  
MARTIN MARIETTA MATERIALS, INC.
Balance Sheet Data
(In millions)
 
December 31, December 31,
  2012   2011
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents $ 25.4 $ 26.0
Accounts receivable, net 224.1 203.7
Inventories, net 332.3 322.6
Other current assets 118.6 105.6
Property, plant and equipment, net 1,753.2 1,774.3
Intangible assets, net 666.6 670.8
Other noncurrent assets 40.7 44.8
Total assets $ 3,160.9 $ 3,147.8
 
 
LIABILITIES AND EQUITY
Current maturities of long-term debt and short-term facilities $ 5.7 $ 7.2
Other current liabilities 167.6 166.5
Long-term debt (excluding current maturities) 1,042.2 1,052.9
Other noncurrent liabilities 495.1 472.3
Total equity   1,450.3   1,448.9
Total liabilities and equity $ 3,160.9 $ 3,147.8
MARTIN MARIETTA MATERIALS, INC.
Unaudited Statements of Cash Flows
(In millions)
  Year Ended
December 31
  2012       2011  
Operating activities:
Consolidated net earnings $ 85.5 $ 83.6
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities:
Depreciation, depletion and amortization 177.2 173.4
Stock-based compensation expense 7.8 11.5
Gains on divestitures and sales of assets (1.0 ) (15.5 )
Deferred income taxes 13.9 11.3
Excess tax benefits from stock-based compensation (0.8 ) -

Other items, net

2.2 1.6

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

Accounts receivable, net (20.3 ) (19.4 )
Inventories, net (9.6 ) (5.1 )
Accounts payable (8.7 ) 30.4
Other assets and liabilities, net   (23.5 )   (12.7 )
 
Net cash provided by operating activities   222.7     259.1  
 
Investing activities:
Additions to property, plant and equipment (151.0 ) (155.4 )
Acquisitions, net (0.2 ) (91.6 )
Proceeds from divestitures and sales of assets 10.0 8.1
Loan to affiliate   (2.0 )   -  
 
Net cash used for investing activities   (143.2 )   (238.9 )
 
Financing activities:
Borrowings of long-term debt 181.0 495.0
Repayments of long-term debt (193.7 ) (470.5 )
Change in bank overdraft - (2.1 )
Dividends paid (73.8 ) (73.6 )
Debt issue costs (0.6 ) (3.3 )
Issuances of common stock 7.0 1.4
Purchase of remaining interest in existing subsidiaries - (10.4 )
Distributions to owners of noncontrolling interests (0.8 ) (1.0 )
Excess tax benefits from stock-based compensation   0.8     -  
 
Net cash used for financing activities   (80.1 )   (64.5 )
 
Net decrease in cash and cash equivalents (0.6 ) (44.3 )
Cash and cash equivalents, beginning of period   26.0     70.3  
 
Cash and cash equivalents, end of period $ 25.4   $ 26.0  
MARTIN MARIETTA MATERIALS, INC.
Unaudited Operational Highlights
 
Three Months Ended Year Ended
December 31, 2012 December 31, 2012
Volume Pricing Volume Pricing
Volume/Pricing Variance (1)
Heritage Aggregates Product Line: (2)
Mideast Group 1.2 % 0.5 % 1.8 % 0.7 %
Southeast Group 1.7 % 2.9 % (4.2 %) 3.8 %
West Group 8.7 % 1.3 % 6.2 % 4.2 %
Heritage Aggregates Operations 5.0 % 1.0 % 2.9 % 2.5 %
Aggregates Product Line (3) 5.4 % (0.3 %) 2.6 % 0.8 %
 
Three Months Ended Year Ended
December 31, December 31,
Shipments (tons in thousands) 2012   2011   2012   2011  
Heritage Aggregates Product Line: (2)
Mideast Group 9,174 9,065 36,135 35,480
Southeast Group 5,261 5,173 21,674 22,627
West Group 15,435   14,200   64,297   60,554  
Heritage Aggregates Operations 29,870 28,438 122,106 118,661
Acquisitions 1,690 150 6,186 150
Divestitures (4) 1   1,352   39   6,263  
Aggregates Product Line (3) 31,561   29,940   128,331   125,074  
(1) Volume/pricing variances reflect the percentage increase (decrease) from the comparable period in the prior year.
 

(2) Heritage Aggregates product line excludes volume and pricing data for acquisitions that have not been included in prior-year operations for the comparable period and divestitures.

 

(3) Aggregates product line includes all acquisitions from the date of acquisition and divestitures through the date of disposal.
 
(4) Divestitures include the tons related to divested aggregates product line operations up to the date of divestiture.
  Three Months Ended Year Ended
December 31, December 31,
2012   2011 2012   2011
Unit Shipments by Product Line:
 
Aggregates tons - external customers 30,493 29,429 123,873 122,857
Internal aggregates tons used in other product lines 1,068 511 4,458 2,217
Total aggregates tons 31,561 29,940 128,331 125,074
 
 
Ready Mixed Concrete - cubic yards 419 148 1,481 502
 
 
Asphalt tons - external customers 333 268 1,662 1,262
Internal asphalt tons used in road paving business 395 36 1,598 183
Total asphalt tons 728 304 3,260 1,445
 
 
Average unit sales price by product line (including internal sales):
 
Aggregates $ 10.32 $ 10.36 $ 10.33 $ 10.24
Ready Mixed Concrete $ 78.98 $ 69.21 $ 77.24 $ 65.37
Asphalt $ 44.13 $ 40.53 $ 41.57 $ 39.24

MARTIN MARIETTA MATERIALS, INC.

Non-GAAP Financial Measures
(Dollars in millions)
 

Gross margin as a percentage of net sales and operating margin as a percentage of net sales represent non-GAAP measures. The Corporation presents these ratios calculated based on net sales, as it is consistent with the basis by which management reviews the Corporation's operating results. Further, management believes it is consistent with the basis by which investors analyze the Corporation's operating results, given that freight and delivery revenues and costs represent pass-throughs and have no profit markup. Gross margin and operating margin calculated as percentages of total revenues represent the most directly comparable financial measures calculated in accordance with generally accepted accounting principles ("GAAP").

The following tables present the calculations of gross margin and operating margin for the three months and years ended December 31, 2012, and 2011, in accordance with GAAP and reconciliations of the ratios as percentages of total revenues to percentages of net sales:

 

     
Gross Margin in Accordance with Generally Accepted Three Months Ended Year Ended
Accounting Principles December 31, December 31,
  2012     2011     2012     2011  
Gross profit $ 76.4   $ 69.9   $ 325.9   $ 302.0  
Total revenues $ 504.1   $ 421.0   $ 2,037.6   $ 1,713.8  
Gross margin   15.2 %   16.6 %   16.0 %   17.6 %
 
Three Months Ended Year Ended
December 31, December 31,
Gross Margin Excluding Freight and Delivery Revenues   2012     2011     2012     2011  
 
Gross profit $ 76.4   $ 69.9   $ 325.9   $ 302.0  
Total revenues $ 504.1 $ 421.0 $ 2,037.6 $ 1,713.8
Less: Freight and delivery revenues   (46.2 )   (46.3 )   (198.9 )   (193.9 )
Net sales $ 457.9   $ 374.7   $ 1,838.7   $ 1,519.9  
Gross margin excluding freight and delivery revenues   16.7 %   18.7 %   17.7 %   19.9 %
 
Operating Margin in Accordance with Generally Accepted Three Months Ended Year Ended
Accounting Principles December 31, December 31,
  2012     2011     2012     2011  
Earnings from operations $ 40.0   $ 20.7   $ 155.0   $ 161.0  
Total revenues $ 504.1   $ 421.0   $ 2,037.6   $ 1,713.8  
Operating margin   7.9 %   4.9 %   7.6 %   9.4 %
 
Three Months Ended Year Ended
Operating Margin Excluding Freight and Delivery Revenues December 31, December 31,
  2012     2011     2012     2011  
Earnings from operations $ 40.0   $ 20.7   $ 155.0   $ 161.0  
Total revenues $ 504.1 $ 421.0 $ 2,037.6 $ 1,713.8
Less: Freight and delivery revenues   (46.2 )   (46.3 )   (198.9 )   (193.9 )
Net sales $ 457.9   $ 374.7   $ 1,838.7   $ 1,519.9  
Operating margin excluding freight and delivery revenues   8.7 %   5.5 %   8.4 %   10.6 %

Consolidated gross margin excluding freight and delivery revenues and excluding the effect of vertically integrated businesses represents a non-GAAP financial measure. Management presents this measure to provide more information for investors and analysts to use when forecasting gross margin for the aggregates product line.

 

The following reconciles consolidated total revenues and consolidated gross profit in accordance with generally accepted accounting principles to consolidated net sales and consolidated gross profit, both excluding the impact of vertically integrated businesses. These adjusted amounts are then used to calculate consolidated gross margin excluding freight and delivery revenues and excluding the impact of vertically integrated businesses:

 

    Three Months Ended
December 31, 2012
Consolidated total revenues   $ 504.1
Less: Freight and delivery revenues 46.2
Less: Net sales for vertically integrated businesses   88.9  
Consolidated net sales excluding net sales at vertically integrated businesses $ 369.0  
 
Consolidated gross profit $ 76.4
Gross profit for vertically integrated businesses   4.8  
Consolidated gross profit excluding gross profit at vertically integrated businesses $ 71.6  
 

Consolidated gross margin excluding freight and delivery revenues and excluding impact of vertically integrated businesses

  19.4 %

MARTIN MARIETTA MATERIALS, INC.

Non-GAAP Financial Measures (continued)
(Dollars, other than earnings per share amounts, and number of shares in millions)
     
 

Earnings per diluted share excluding the impact of business development expenses and net cash provided by operating activities excluding the impact of business development expenses and the impact of financing working capital for Colorado operations represent non-GAAP financial measures. Management presents these measures to provide more consistent information for investors and analysts to use when comparing earnings per diluted share for the years ended December 31, 2012 and 2011, and net cash provided by operating activities for the year ended December 31, 2012, with the respective prior periods and when forecasting future operating results and cash flows.

 

The following presents the calculation of the earnings per diluted share impact of business development expenses and reconciles earnings per diluted share in accordance with generally accepted accounting principles to earnings per diluted share excluding the impact of business development expenses:

 

 
Year Ended December 31,
  2012   2011
Business development expenses $ 35.1 $ 18.6
Income tax benefit   13.9   7.2
After-tax impact of business development expenses $ 21.2 $ 11.4
Diluted average number of common shares outstanding   46.0   45.8
Earnings per diluted share impact of business development expenses $ 0.46 $ 0.25
 
 

The following reconciles earnings per diluted share in accordance with generally accepted accounting principles to earnings per diluted share excluding the impact of business development expenses:

 

Year Ended December 31,
  2012   2011
Earnings per diluted share in accordance with generally accepted accounting principles $ 1.83 $ 1.78
Add back: Earnings per diluted share impact of business development expenses   0.46   0.25
Earnings per diluted share excluding the impact of business development expenses $ 2.29 $ 2.03
 
 

The following reconciles net cash provided by operating activities in accordance with generally accepted accounting principles to net cash provided by operating activities excluding the impact of business development expenses and the impact of financing working capital for Colorado operations:

 

Year Ended
  December 31, 2012
Net cash provided by operating activities in accordance with generally accepted accounting principles $ 222.7
Add back: Impact of business development expenses on operating cash flow 38.0
Impact of financing working capital for Colorado operations   23.0
Net cash provided by operating activities excluding the impact of business development expenses $ 283.7

EBITDA is a widely accepted financial indicator of a company's ability to service and/or incur indebtedness. EBITDA is not defined by generally accepted accounting principles and, as such, should not be construed as an alternative to net earnings or operating cash flow. For further information on EBITDA, refer to the Corporation's website at www.martinmarietta.com. EBITDA is as follows for the three months and year ended December 31, 2012, and 2011.

  Three Months Ended   Year Ended
December 31, December 31,
  2012     2011   2012     2011
Earnings Before Interest, Income Taxes, Depreciation, Depletion and Amortization (EBITDA) $ 83.4 $ 74.4 $ 329.9 $ 335.9
 
A reconciliation of Net Earnings Attributable to Martin Marietta Materials, Inc. to EBITDA is as follows:
 
Three Months Ended Year Ended
December 31, December 31,
  2012   2011   2012   2011
Net Earnings Attributable to Martin Marietta Materials, Inc. $ 21.5 $ 14.8 $ 84.5 $ 82.4
Add back:
Interest Expense 13.4 13.3 53.3 58.6
Income Tax Expense for Controlling Interests 4.7 3.0 16.6 23.1
Depreciation, Depletion and Amortization Expense   43.8   43.3   175.5   171.8
EBITDA $ 83.4 $ 74.4 $ 329.9 $ 335.9
MARTIN MARIETTA MATERIALS, INC.
Non-GAAP Financial Measures (continued)
(Dollars in millions)
     
 

The ratio of Consolidated Debt-to-Consolidated EBITDA, as defined, for the trailing twelve months is a covenant under the Corporation's revolving credit facility, term loan facility and accounts receivable securitization facility. Under the terms of these agreements, as amended, the Corporation's ratio of Consolidated Debt-to-Consolidated EBITDA as defined, for the trailing twelve months can not exceed 3.75 times as of December 31, 2012, with certain exceptions related to qualifying acquisitions, as defined.

 

 
The following presents the calculation of Consolidated Debt-to-Consolidated EBITDA, as defined, for the trailing-twelve months at December 31, 2012.

For supporting calculations, refer to Corporation's website at www.martinmarietta.com .

Twelve-Month Period
January 1, 2012 to
December 31, 2012
Earnings from continuing operations attributable to Martin Marietta Materials, Inc. $ 84.9
Add back:
Interest expense 53.3
Income tax expense 16.8
Depreciation, depletion and amortization expense 172.7
Stock-based compensation expense 7.8
Deduct:
Interest income   (0.4 )
Consolidated EBITDA, as defined $ 335.1  
 
Consolidated Debt, including debt guaranteed by the Corporation, at December 31, 2012 $ 1,074.3
Less: Unrestricted cash and cash equivalents in excess of $50 at December 31, 2012   -  
Consolidated Net Debt, as defined, at December 31, 2012 $ 1,074.3  
 

Consolidated Debt-to-Consolidated EBITDA, as defined, at December 31, 2012 for the trailing twelve-month EBITDA

  3.21 times  




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