Martin Marietta Materials, Inc. (NYSE: MLM) has reported its fourth-quarter and full-year 2024 results, showcasing a return to earnings growth and margin expansion in the fourth quarter. Here are some key highlights from the report:
- Revenues for the fourth quarter of 2024 were $1,632 million, a 1% increase from the same period in 2023. For the full year, revenues were $6,536 million, a 4% decrease from 2023.
- Gross profit for the fourth quarter was $489 million, up 1% from the previous year. However, for the full year, gross profit was $1,878 million, a 7% decrease from 2023.
- Earnings from operations for the fourth quarter were $399 million, an 8% increase from the same period in 2023. For the full year, earnings from operations were $2,707 million, a significant 70% increase from 2023.
- Net earnings from continuing operations attributable to Martin Marietta for the fourth quarter were $294 million, a 2% increase from the previous year. For the full year, net earnings from continuing operations were $1,995 million, a substantial 66% increase from 2023.
- Adjusted EBITDA for the fourth quarter was $545 million, an 8% increase from the same period in 2023. However, for the full year, adjusted EBITDA was $2,066 million, a 3% decrease from 2023.
- Earnings per diluted share from continuing operations for the fourth quarter were $4.79, a 3% increase from the previous year. For the full year, earnings per diluted share from continuing operations were $32.41, a remarkable 68% increase from 2023.
In the aggregates product line: Shipments for the fourth quarter increased by 3% to 47.9 million tons compared to the same period in 2023, while the average selling price per ton increased by 9%. Gross profit per ton increased by 12% to $7.92, and the average selling price per ton increased by 10% for the full year.
The company's CEO, Ward Nye, commented on the results, expressing confidence in achieving the midpoint of the 2025 full-year adjusted EBITDA guidance of $2.25 billion, representing a 9% improvement compared to the prior year. Nye emphasized the company's strong infrastructure and data center demand, which should offset ongoing softness in residential construction demand.
The press release also highlighted the company's strategic actions in 2024, which included approximately $6 billion in aggregates-led acquisitions and non-core asset divestitures, resulting in a more durable business and increased gross profit contribution from the core aggregates product line.
Martin Marietta's cash provided by operating activities for the year ended December 31, 2024, was $1.5 billion, with $670 million of cash and cash equivalents on hand and $1.2 billion of unused borrowing capacity on its existing credit facilities as of December 31, 2024.
The company has provided full-year 2025 guidance, including estimated low and high ranges for various financial metrics, reflecting its expectations for the upcoming year.
Today the company's shares have moved -1.5% to a price of $521.14. For more information, read the company's full 8-K submission here.
