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Martin Marietta Reports Decline In Q1 Earnings Despite Strong Divestiture Gains
Martin Marietta Materials Inc (NYSE:MLM) reported a first-quarter 2024 revenue decline of 7.6% year-over-year to $1.251 billion.
The company missed the consensus of $1.318 billion.
EPS from continuing operations was $16.87, compared to $2.16 a year ago.
Gross profit was $272 million (-9.7% Y/Y), and the margin contracted to 21.7% from 22.4% a year ago.
Building Materials business revenue was $1.17 billion (-8% Y/Y), and the corresponding gross profit was $248 million (-10% Y/Y).
Aggregate shipments decreased by 12.3%, while the average selling price increased by 12.2%, or 14.3%, on a mix-adjusted basis.
Adjusted EBITDA declined 10.2% Y/Y ...