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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 1-12744

 

MARTIN MARIETTA MATERIALS, INC.

(Exact name of registrant as specified in its charter)

 

 

 North Carolina

 

56-1848578

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

2710 Wycliff Road, Raleigh, NC

 

27607-3033

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code 919-781-4550

Former name: None

Former name, former address and former fiscal year, if changes since last report.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.        

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

 

Class

 

Outstanding as of November 1, 2018

Common Stock, $0.01 par value

 

62,712,073

 


 

 

 

 

 


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2018

 

 

Page

Part I. Financial Information:

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2018, December 31, 2017 and September 30, 2017

 

3

 

 

 

Consolidated Statements of Earnings and Comprehensive Earnings – Three- and Nine-Months Ended September 30, 2018 and 2017

 

4

 

 

 

Consolidated Statements of Cash Flows – Nine-Months Ended September 30, 2018 and 2017

 

5

 

 

 

Consolidated Statement of Total Equity – Nine-Months Ended September 30, 2018 and 2017

 

6

 

 

 

Notes to Consolidated Financial Statements

 

7

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

51

 

 

 

Item 4. Controls and Procedures

 

52

 

 

 

Part II. Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

53

 

 

 

Item 1A. Risk Factors

 

53

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

53

 

 

 

Item 4. Mine Safety Disclosures

 

53

 

 

 

Item 6. Exhibits

 

54

 

 

 

Signatures

 

55

 

 

 

 

 

 

Page 2 of 55


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2017

 

 

 

(Dollars in Thousands)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

53,961

 

 

$

1,446,364

 

 

$

35,219

 

Accounts receivable, net

 

 

644,835

 

 

 

487,240

 

 

 

582,532

 

Inventories, net

 

 

651,295

 

 

 

600,591

 

 

 

576,429

 

Other current assets

 

 

104,717

 

 

 

96,965

 

 

 

83,809

 

Total Current Assets

 

 

1,454,808

 

 

 

2,631,160

 

 

 

1,277,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

8,183,412

 

 

 

6,498,067

 

 

 

6,375,813

 

Allowances for depreciation, depletion and amortization

 

 

(3,080,017

)

 

 

(2,905,254

)

 

 

(2,854,236

)

Net property, plant and equipment

 

 

5,103,395

 

 

 

3,592,813

 

 

 

3,521,577

 

Goodwill

 

 

2,399,434

 

 

 

2,160,290

 

 

 

2,160,060

 

Operating permits, net

 

 

434,177

 

 

 

439,116

 

 

 

440,846

 

Other intangibles, net

 

 

74,799

 

 

 

67,233

 

 

 

63,740

 

Other noncurrent assets

 

 

121,558

 

 

 

101,899

 

 

 

102,573

 

Total Assets

 

$

9,588,171

 

 

$

8,992,511

 

 

$

7,566,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Bank overdraft

 

$

 

 

$

 

 

$

1,047

 

Accounts payable

 

 

191,381

 

 

 

183,638

 

 

 

163,597

 

Accrued salaries, benefits and payroll taxes

 

 

45,234

 

 

 

44,255

 

 

 

37,885

 

Pension and postretirement benefits

 

 

9,292

 

 

 

13,652

 

 

 

12,073

 

Accrued insurance and other taxes

 

 

69,513

 

 

 

64,958

 

 

 

70,323

 

Current maturities of long-term debt and short-term

   facilities

 

 

380,041

 

 

 

299,909

 

 

 

80,038

 

Accrued interest

 

 

31,708

 

 

 

19,825

 

 

 

28,082

 

Other current liabilities

 

 

45,517

 

 

 

67,979

 

 

 

75,458

 

Total Current Liabilities

 

 

772,686

 

 

 

694,216

 

 

 

468,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

2,829,657

 

 

 

2,727,294

 

 

 

1,642,502

 

Pension, postretirement and postemployment benefits

 

 

108,454

 

 

 

244,043

 

 

 

230,212

 

Deferred income taxes, net

 

 

692,881

 

 

 

410,723

 

 

 

662,982

 

Other noncurrent liabilities

 

 

242,165

 

 

 

233,758

 

 

 

228,604

 

Total Liabilities

 

 

4,645,843

 

 

 

4,310,034

 

 

 

3,232,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share

 

 

626

 

 

 

628

 

 

 

627

 

Preferred stock, par value $0.01 per share

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

3,391,133

 

 

 

3,368,007

 

 

 

3,362,744

 

Accumulated other comprehensive loss

 

 

(121,491

)

 

 

(129,104

)

 

 

(122,928

)

Retained earnings

 

 

1,669,126

 

 

 

1,440,069

 

 

 

1,090,778

 

Total Shareholders' Equity

 

 

4,939,394

 

 

 

4,679,600

 

 

 

4,331,221

 

Noncontrolling interests

 

 

2,934

 

 

 

2,877

 

 

 

2,761

 

Total Equity

 

 

4,942,328

 

 

 

4,682,477

 

 

 

4,333,982

 

Total Liabilities and Equity

 

$

9,588,171

 

 

$

8,992,511

 

 

$

7,566,785

 

 

See accompanying notes to the consolidated financial statements.

 

Page 3 of 55


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

 

 

 

Three-Months Ended

 

 

Nine-Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In Thousands, Except Per Share Data)

 

 

 

 

 

Products and services revenues

 

$

1,142,218

 

 

$

1,022,487

 

 

$

3,024,300

 

 

$

2,811,646

 

Freight revenues

 

 

77,422

 

 

 

65,245

 

 

 

199,747

 

 

 

183,470

 

Total Revenues

 

 

1,219,640

 

 

 

1,087,732

 

 

 

3,224,047

 

 

 

2,995,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues - products and services

 

 

828,110

 

 

 

730,459

 

 

 

2,282,159

 

 

 

2,097,272

 

Cost of revenues - freight

 

 

78,546

 

 

 

65,595

 

 

 

202,595

 

 

 

185,006

 

Total Cost of Revenues

 

 

906,656

 

 

 

796,054

 

 

 

2,484,754

 

 

 

2,282,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

312,984

 

 

 

291,678

 

 

 

739,293

 

 

 

712,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expenses

 

 

68,441

 

 

 

57,219

 

 

 

209,632

 

 

 

195,127

 

Acquisition-related expenses, net

 

 

89

 

 

 

1,314

 

 

 

12,925

 

 

 

3,319

 

Other operating expenses (income), net

 

 

3,792

 

 

 

6,181

 

 

 

(26,960

)

 

 

(2,575

)

Earnings from Operations

 

 

240,662

 

 

 

226,964

 

 

 

543,696

 

 

 

516,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

35,468

 

 

 

23,141

 

 

 

103,526

 

 

 

68,037

 

Other nonoperating income, net

 

 

(4,248

)

 

 

(479

)

 

 

(19,873

)

 

 

(6,434

)

Earnings before income tax expense

 

 

209,442

 

 

 

204,302

 

 

 

460,043

 

 

 

455,364

 

Income tax expense

 

 

29,089

 

 

 

52,763

 

 

 

84,147

 

 

 

119,277

 

Consolidated net earnings

 

 

180,353

 

 

 

151,539

 

 

 

375,896

 

 

 

336,087

 

Less: Net earnings (loss) attributable to noncontrolling

   interests

 

 

132

 

 

 

(7

)

 

 

275

 

 

 

(72

)

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

$

180,221

 

 

$

151,546

 

 

$

375,621

 

 

$

336,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Comprehensive Earnings:  (See Note 1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings attributable to Martin Marietta Materials, Inc.

 

$

184,613

 

 

$

154,524

 

 

$

383,234

 

 

$

343,918

 

Earnings (Loss) attributable to noncontrolling interests

 

 

132

 

 

 

1

 

 

 

276

 

 

 

(62

)

 

 

$

184,745

 

 

$

154,525

 

 

$

383,510

 

 

$

343,856

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic attributable to common shareholders

 

$

2.86

 

 

$

2.40

 

 

$

5.95

 

 

$

5.33

 

Diluted attributable to common shareholders

 

$

2.85

 

 

$

2.39

 

 

$

5.93

 

 

$

5.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

62,932

 

 

 

62,896

 

 

 

62,970

 

 

 

62,940

 

Diluted

 

 

63,167

 

 

 

63,158

 

 

 

63,224

 

 

 

63,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Dividends Per Common Share

 

$

0.48

 

 

$

0.44

 

 

$

1.36

 

 

$

1.28

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 4 of 55


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Nine-Months Ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

 

(Dollars in Thousands)

 

 

 

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Consolidated net earnings

 

$

375,896

 

 

$

336,087

 

Adjustments to reconcile consolidated net earnings to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

253,200

 

 

 

221,418

 

Stock-based compensation expense

 

 

23,084

 

 

 

23,698

 

Gain on divestitures and sales of assets

 

 

(35,167

)

 

 

(17,970

)

Deferred income taxes

 

 

68,833

 

 

 

6,543

 

Other items, net

 

 

(2,107

)

 

 

(9,894

)

Changes in operating assets and liabilities, net of effects of acquisitions

   and divestitures:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(132,176

)

 

 

(124,622

)

Inventories, net

 

 

(8,015

)

 

 

(54,804

)

Accounts payable

 

 

42,995

 

 

 

3,182

 

Other assets and liabilities, net

 

 

(145,005

)

 

 

34,484

 

Net Cash Provided by Operating Activities

 

 

441,538

 

 

 

418,122

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(262,155

)

 

 

(308,745

)

Acquisitions, net

 

 

(1,640,698

)

 

 

(7,200

)

Proceeds from divestitures and sales of assets

 

 

63,460

 

 

 

33,138

 

Payment of railcar construction advances

 

 

(56,033

)

 

 

(42,954

)

Reimbursement of railcar construction advances

 

 

56,033

 

 

 

40,930

 

Investments in life insurance contracts, net

 

 

771

 

 

 

276

 

Net Cash Used for Investing Activities

 

 

(1,838,622

)

 

 

(284,555

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

875,000

 

 

 

1,011,244

 

Repayments of debt

 

 

(695,039

)

 

 

(975,035

)

Payments of deferred acquisition consideration

 

 

(6,707

)

 

 

-

 

Payments on capital lease obligations

 

 

(2,589

)

 

 

(2,708

)

Debt issuance costs

 

 

(3,194

)

 

 

(1,989

)

Change in bank overdraft

 

 

 

 

 

1,047

 

Contributions by owners of noncontrolling interest

 

 

 

 

 

211

 

Dividends paid

 

 

(86,190

)

 

 

(80,961

)

Proceeds from exercise of stock options

 

 

6,993

 

 

 

10,017

 

Shares withheld for employees' income tax obligations

 

 

(10,416

)

 

 

(10,213

)

Purchase of remaining interest in existing joint venture

 

 

(12,800

)

 

 

 

Repurchases of common stock

 

 

(60,377

)

 

 

(99,999

)

Net Cash Provided by (Used for) Financing Activities

 

 

4,681

 

 

 

(148,386

)

Net Decrease in Cash and Cash Equivalents

 

 

(1,392,403

)

 

 

(14,819

)

Cash and Cash Equivalents, beginning of period

 

 

1,446,364

 

 

 

50,038

 

Cash and Cash Equivalents, end of period

 

$

53,961

 

 

$

35,219

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 5 of 55


 

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF TOTAL EQUITY

 

(in thousands)

 

Shares of Common Stock

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated Other Comprehensive Loss

 

 

Retained Earnings

 

 

Total Shareholders' Equity

 

 

Noncontrolling Interests

 

 

Total Equity

 

Balance at December 31, 2016

 

 

63,176

 

 

$

630

 

 

$

3,334,461

 

 

$

(130,687

)

 

$

935,574

 

 

$

4,139,978

 

 

$

2,612

 

 

$