RALEIGH, N.C., Aug. 14, 2019 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) today announced that its Board of Directors approved a 15 percent increase in its quarterly cash dividend, raising it from $0.48 per share to $0.55 per share on the Company’s outstanding common stock. This dividend, which represents a cash dividend of $2.20 per share on an annualized basis, is payable on September 30, 2019, to shareholders of record at the close of business on September 3, 2019.
Ward Nye, Chairman, President and Chief Executive Officer, stated, “During our 25 years as a public company, Martin Marietta has responsibly grown and managed our business to create long-term shareholder value. Today’s announced dividend increase, which represents one of the largest in our Company’s history, builds on our track record of delivering meaningful and sustainable dividends as part of our balanced capital allocation strategy. We are proud to be the only public company in our industry to have never reduced or suspended our dividend payments – a testament to Martin Marietta’s steadfast focus on cash generation, balance sheet strength and operational excellence.”
Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 27 states, Canada and the Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta’s Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.
Vice President, Investor Relations
Source: Martin Marietta Materials, Inc.