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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 June 30, 2019

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.

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

Name of each exchange on
which registered

Common Stock (Par Value $0.01)

MLM

NYSE

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 July 26, 2019

Common Stock, $0.01 par value

 

62,439,522

 

 

 


MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended June 30, 2019

 

 

Page

Part I. Financial Information:

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2019 and December 31, 2018

 

3

 

 

 

Consolidated Statements of Earnings and Comprehensive Earnings – Three and Six Months Ended June 30, 2019 and 2018

 

4

 

 

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2019 and 2018

 

5

 

 

 

Consolidated Statement of Total Equity – Three and Six Months Ended June 30, 2019 and 2018

 

6

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

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

 

29

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

Item 4. Controls and Procedures

 

51

 

 

 

Part II. Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

52

 

 

 

Item 1A. Risk Factors

 

52

 

 

 

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

 

52

 

 

 

Item 4. Mine Safety Disclosures

 

52

 

 

 

Item 6. Exhibits

 

53

 

 

 

Signatures

 

54

 

 

 

 

 

 

Page 2 of 54


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(Dollars in Thousands)

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

53,595

 

 

$

44,892

 

Accounts receivable, net

 

 

710,605

 

 

 

523,276

 

Inventories, net

 

 

646,342

 

 

 

663,035

 

Other current assets

 

 

122,579

 

 

 

134,613

 

Total Current Assets

 

 

1,533,121

 

 

 

1,365,816

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

8,396,505

 

 

 

8,294,962

 

Allowances for depreciation, depletion and amortization

 

 

(3,263,823

)

 

 

(3,137,733

)

Net property, plant and equipment

 

 

5,132,682

 

 

 

5,157,229

 

Goodwill

 

 

2,394,320

 

 

 

2,399,118

 

Other intangibles, net

 

 

493,824

 

 

 

501,282

 

Operating lease right-of-use assets

 

 

487,360

 

 

 

 

Other noncurrent assets

 

 

122,350

 

 

 

127,974

 

Total Assets

 

$

10,163,657

 

 

$

9,551,419

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

199,181

 

 

$

210,808

 

Accrued salaries, benefits and payroll taxes

 

 

37,128

 

 

 

51,434

 

Pension and postretirement benefits

 

 

10,493

 

 

 

9,942

 

Accrued insurance and other taxes

 

 

59,383

 

 

 

63,543

 

Current maturities of long-term debt and short-term

   facilities

 

 

385,043

 

 

 

390,042

 

Operating lease liabilities

 

 

51,011

 

 

 

 

Other current liabilities

 

 

79,977

 

 

 

60,981

 

Total Current Liabilities

 

 

822,216

 

 

 

786,750

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

2,732,018

 

 

 

2,730,439

 

Pension, postretirement and postemployment benefits

 

 

140,066

 

 

 

134,469

 

Deferred income taxes, net

 

 

699,455

 

 

 

705,564

 

Noncurrent operating lease liabilities

 

 

438,932

 

 

 

 

Other noncurrent liabilities

 

 

233,700

 

 

 

244,785

 

Total Liabilities

 

 

5,066,387

 

 

 

4,602,007

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share

 

 

623

 

 

 

624

 

Preferred stock, par value $0.01 per share

 

 

 

 

 

 

Additional paid-in capital

 

 

3,416,590

 

 

 

3,396,059

 

Accumulated other comprehensive loss

 

 

(137,334

)

 

 

(143,579

)

Retained earnings

 

 

1,814,974

 

 

 

1,693,259

 

Total Shareholders' Equity

 

 

5,094,853

 

 

 

4,946,363

 

Noncontrolling interests

 

 

2,417

 

 

 

3,049

 

Total Equity

 

 

5,097,270

 

 

 

4,949,412

 

Total Liabilities and Equity

 

$

10,163,657

 

 

$

9,551,419

 

 

See accompanying notes to the consolidated financial statements.

 

Page 3 of 54


MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In Thousands, Except Per Share Data)

 

 

 

 

 

Products and services revenues

 

$

1,196,135

 

 

$

1,128,777

 

 

$

2,074,440

 

 

$

1,882,082

 

Freight revenues

 

 

83,333

 

 

 

73,626

 

 

 

143,983

 

 

 

122,325

 

Total Revenues

 

 

1,279,468

 

 

 

1,202,403

 

 

 

2,218,423

 

 

 

2,004,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues - products and services

 

 

838,322

 

 

 

812,430

 

 

 

1,572,490

 

 

 

1,454,049

 

Cost of revenues - freight

 

 

84,279

 

 

 

74,056

 

 

 

146,159

 

 

 

124,049

 

Total Cost of Revenues

 

 

922,601

 

 

 

886,486

 

 

 

1,718,649

 

 

 

1,578,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

356,867

 

 

 

315,917

 

 

 

499,774

 

 

 

426,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expenses

 

 

72,382

 

 

 

71,070

 

 

 

150,674

 

 

 

141,191

 

Acquisition-related expenses, net

 

 

47

 

 

 

12,126

 

 

 

191

 

 

 

12,836

 

Other operating income, net

 

 

(1,444

)

 

 

(31,232

)

 

 

(6,194

)

 

 

(30,752

)

Earnings from Operations

 

 

285,882

 

 

 

263,953

 

 

 

355,103

 

 

 

303,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

33,297

 

 

 

32,971

 

 

 

66,245

 

 

 

68,059

 

Other nonoperating expense and (income), net

 

 

13,226

 

 

 

(7,122

)

 

 

11,663

 

 

 

(15,626

)

Earnings before income tax expense

 

 

239,359

 

 

 

238,104

 

 

 

277,195

 

 

 

250,601

 

Income tax expense

 

 

49,890

 

 

 

52,601

 

 

 

44,899

 

 

 

55,058

 

Consolidated net earnings

 

 

189,469

 

 

 

185,503

 

 

 

232,296

 

 

 

195,543

 

Less: Net (loss) earnings attributable to noncontrolling

   interests

 

 

(6

)

 

 

126

 

 

 

(32

)

 

 

143

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

$

189,475

 

 

$

185,377

 

 

$

232,328

 

 

$

195,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Comprehensive Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings attributable to Martin Marietta Materials, Inc.

 

$

192,465

 

 

$

186,979

 

 

$

238,573

 

 

$

198,621

 

(Loss) Earnings attributable to noncontrolling interests

 

 

(5

)

 

 

126

 

 

 

(32

)

 

 

144

 

 

 

$

192,460

 

 

$

187,105

 

 

$

238,541

 

 

$

198,765

 

Net Earnings Attributable to Martin Marietta Materials, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic attributable to common shareholders

 

$

3.02

 

 

$

2.94

 

 

$

3.71

 

 

$

3.10

 

Diluted attributable to common shareholders

 

$

3.01

 

 

$

2.92

 

 

$

3.69

 

 

$

3.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

62,563

 

 

 

63,021

 

 

 

62,574

 

 

 

62,989

 

Diluted

 

 

62,720

 

 

 

63,285

 

 

 

62,749

 

 

 

63,253

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 4 of 54


MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

 

(Dollars in Thousands)

 

 

 

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Consolidated net earnings

 

$

232,296

 

 

$

195,543

 

Adjustments to reconcile consolidated net earnings to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

181,986

 

 

 

163,545

 

Stock-based compensation expense

 

 

22,250

 

 

 

17,098

 

Gain on divestitures and sales of assets

 

 

(3,927

)

 

 

(33,527

)

Deferred income taxes

 

 

(6,393

)

 

 

14,986

 

Other items, net

 

 

14,892

 

 

 

(4,757

)

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

   and divestitures:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(187,076

)

 

 

(157,603

)

Inventories, net

 

 

15,744

 

 

 

(7,133

)

Accounts payable

 

 

36,614

 

 

 

44,266

 

Other assets and liabilities, net

 

 

27,345

 

 

 

5,615

 

Net Cash Provided by Operating Activities

 

 

333,731

 

 

 

238,033

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(207,452

)

 

 

(188,270

)

Acquisitions, net

 

 

 

 

 

(1,645,698

)

Proceeds from divestitures and sales of assets

 

 

5,997

 

 

 

58,213

 

Payment of railcar construction advances

 

 

 

 

 

(28,306

)

Reimbursement of railcar construction advances

 

 

 

 

 

28,306

 

Investments in life insurance contracts, net

 

 

527

 

 

 

424

 

Other investing activities, net

 

 

(957

)

 

 

 

Net Cash Used for Investing Activities

 

 

(201,885

)

 

 

(1,775,331

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings of debt

 

 

165,000

 

 

 

665,000

 

Repayments of debt

 

 

(170,028

)

 

 

(475,025

)

Payments of deferred acquisition consideration

 

 

 

 

 

(1,426

)

Payments on finance leases

 

 

(1,820

)

 

 

 

Payments on capital lease

 

 

 

 

 

(1,725

)

Debt issuance costs

 

 

 

 

 

(3,194

)

Distributions to owners of noncontrolling interest

 

 

(600

)

 

 

 

Share repurchases

 

 

(50,000

)

 

 

 

Dividends paid

 

 

(60,615

)

 

 

(55,795

)

Proceeds from exercise of stock options

 

 

7,094

 

 

 

6,943

 

Shares withheld for employees' income tax obligations

 

 

(12,174

)

 

 

(10,065

)

Net Cash (Used for) Provided by Financing Activities

 

 

(123,143

)

 

 

124,713

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

8,703

 

 

 

(1,412,585

)

Cash and Cash Equivalents, beginning of period

 

 

44,892

 

 

 

1,446,364

 

Cash and Cash Equivalents, end of period

 

$

53,595

 

 

$

33,779

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

Page 5 of 54


 

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 March 31, 2019

 

 

62,593

 

 

$

625

 

 

$

3,406,456

 

 

$

(140,324

)

 

$

1,705,717

 

 

$

4,972,474

 

 

$

3,022

 

 

$

4,975,496

 

Consolidated net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

189,475

 

 

 

189,475

 

 

 

(6

)

 

 

189,469

 

Other comprehensive earnings,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

2,990

 

 

 

 

 

 

2,990

 

 

 

1

 

 

 

2,991

 

Dividends declared ($0.48 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,220

)

 

 

(30,220

)

 

 

 

 

 

(30,220

)

Issuances of common stock for stock

   award plans

 

 

72

 

 

 

 

 

 

6,482

 

 

 

 

 

 

 

 

 

6,482

 

 

 

 

 

 

6,482

 

Shares withheld for employees' income

   tax obligations

 

 

 

 

 

 

 

 

(5,046

)

 

 

 

 

 

 

 

 

(5,046

)

 

 

 

 

 

(5,046

)

Repurchases of common stock

 

 

(232

)

 

 

(2

)

 

 

 

 

 

 

 

 

(49,998

)

 

 

(50,000

)

 

 

 

 

 

(50,000

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

8,698

 

 

 

 

 

 

 

 

 

8,698

 

 

 

 

 

 

8,698

 

Distributions to owners of

   noncontrolling interest