Martin Marietta Materials, Inc. Increases First-Quarter and Annual Earnings Range - To Broadcast First-Quarter Conference Call Live on the Internet
RALEIGH, North Carolina (March 30, 2006) -- Martin Marietta Materials, Inc. (NYSE:MLM), today announced that it expects first-quarter earnings in a range of $0.52 to $0.58 per diluted share versus $0.15 per diluted share in the prior-year period. The previously announced first quarter earnings range was $0.30 to $0.45 per diluted share. The earnings increase is primarily attributable to better-than-expected weather during the quarter, volume growth, strong pricing, and continuing focus on cost management.
The Corporation said it expected earnings for 2006 to range from $5.15 to $5.50 per diluted share. The level of demand in the Corporation's end-use markets, the rate and breadth of price increases, and the management of production costs will affect profitability in the aggregates business. Further, earnings for 2006 may be affected by adverse weather patterns, particularly by the expected increase in hurricane activity. The Magnesia Specialties business is sensitive to changes in natural gas prices and is dependent on the steel industry in its sales of dolomitic lime. The Structural Composites business is a start-up operation and dependent on the level of orders for composite panel products.
The Corporation will provide an online Web simulcast of its first-quarter 2006 earnings conference call on Tuesday, May 2, 2006. The results for the quarter ended March 31, 2006, will be released that morning before the market opens.
The live broadcast of Martin Marietta Materials' conference call will begin at 2 p.m. Eastern time on May 2, 2006. An online replay will be available approximately two hours following the conclusion of the live broadcast and will continue for one year. A link to these events is available at the Company's website: www.martinmarietta.com.
For those investors without online web access, the conference call may also be accessed by calling 913-981-5542, confirmation number 4533317.
Martin Marietta is the nation's second largest producer of construction aggregates, a leading producer of magnesia-based chemical products and is developing structural composites products for use in a wide variety of industries.
Investors are cautioned that all statements in this press release that relate to the future involve risks and uncertainties, and are based on assumptions that the Corporation believes in good faith are reasonable but which may be materially different from actual results. Factors that the Corporation currently believes could cause actual results to differ materially from the forward-looking statements in this press release include, but are not limited to unfavorable weather conditions particularly hurricane activity; the first quarters' results are more sensitive to the effects of weather due to typically lower production levels and related profitability; fuel costs, most notably diesel fuel and natural gas; wage inflation and increasing employee benefits' impact on labor costs; continued increases in the cost of repair and supply parts; the impact of changes in the market price of the Corporation's common stock on the valuation of stock-based compensation; finalization of the quarterly financial results; review of the financial results by management and the Audit Committee of the Board of Directors; and other risk factors listed from time to time found in the Corporation's filings with the Securities and Exchange Commission. The Corporation assumes no obligation to update any such forward-looking statements.