Martin Marietta Materials, Inc. (NYSE:MLM) today announced its results for the third quarter and nine months ended September 30, 2013.
Ward Nye, President and CEO of Martin Marietta Materials, stated: “We are pleased to report a double-digit increase in both revenues and earnings in the third quarter of 2013. Our performance was driven largely by the ongoing recovery in private-sector construction activity, as well as solid execution of our long-term strategic plans and diligent management of our cost structure. I am especially proud of the fact that our Company achieved these strong results despite the continued public-sector construction headwinds. The combination of a 12% increase in consolidated net sales over the prior-year quarter and our ongoing focus on controlling costs resulted in a 13% increase in earnings per diluted share. These results reflect new third-quarter records for both net sales and earnings from operations in the Specialty Products business, as well as volume and pricing growth in the aggregates product line.”
The Aggregates business experienced volume and pricing increases from all reportable segments and pricing growth in all product lines. An 8.1% increase in aggregates product line shipments led to increased operating leverage, as illustrated by a 220-basis-point improvement in the Aggregates business’ operating margin (excluding freight and delivery revenues). The Specialty Products business benefitted from strong dolomitic lime sales, including the capacity expansion from the recently completed kiln in Ohio, which led to a 13% increase in the segment’s net sales.
“We are encouraged by significant improvements in our markets and believe, as do most third-party forecasters, that significant upside potential remains in both the residential and nonresidential construction segments. Additionally, our Aggregates business will benefit from the current boom in shale gas production, as well as planned follow-on development. We are confident that these trends bode especially well for our business,” Nye said.
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