Martin Marietta Thrashed

It cuts guidance, sending shares sliding.
Author:
Publish date:

Updated from 9:16 a.m.

Martin Marietta Materials

(MLM) - Get Report

slid 7% after cutting its third-quarter and full-year earnings guidance.

The Raleigh, N.C.-based producer of construction materials, now expects third-quarter earnings of $1.63 to $1.65 a share, down from its previous guidance of $1.70 to $1.90 a share. Excluding 6 cents a share of tax benefits and a gain of 1 cent from land sales, earnings in the quarter would have been $1.56 to $1.58 a share. Analysts surveyed by Thomson First Call are expecting earnings of $1.81 a share in the third quarter.

The outlook for the remainder of 2006 is positive based on continued improved pricing and an anticipated reduction in energy costs.

The company expects earnings a share of $1.22 to $1.42 a share in the fourth quarter and earnings of $5.15 to $5.35 a share for 2006. Analysts expect earnings of $1.34 a share for the fourth quarter and $5.49 a share for 2006.

The company said it will release its second-quarter results on Oct. 31.

Shares dropped $7 early Friday to $85.26.

This story was created through a joint venture between TheStreet.com and IRIS.