Martin Marietta Materials, Inc. Reports First-Quarter Results
Results Predictable and In Line with Management's Expectations
Reaffirm Guidance Based on Strong Fundamentals
Aggregates Pricing Up 5.7%
Specialty Products Posts Quarterly Records for Sales and Gross Profit
"From a macroeconomic view, we see positive indicators, including upward trends in housing starts, construction employment, and highway obligations. All of these factors should result in increased construction activity during the remainder of the year, and we are well-positioned to capitalize on these opportunities and enhance value for our shareholders and, in fact, reaffirm our guidance for the full year."
Notable Items (all comparisons, unless noted, are with the prior-year quarter)
-
Loss per diluted share of
$0.61 compared with loss of$0.81 (prior-year quarter includes a$0.34 per diluted share charge for business development expenses) -
Consolidated net sales of
$345.2 million compared with$350.5 million - Aggregates product line pricing up 5.7%; aggregates product line volume down 8.8%; aggregates product line production cost per ton up slightly
-
Consolidated gross profit of
$12.6 million , a decline of$11.2 million primarily related to the decline in aggregates product line shipments -
Specialty Products record net sales of
$55.2 million and record first-quarter gross profit of$19.6 million -
Consolidated selling, general and administrative ("SG&A") expenses of
$37.6 million , up 150 basis points as a percentage of net sales -
Consolidated loss from operations of
$23.6 million compared with loss of$35.3 million (prior-year quarter includes$25.9 million of business development expenses)
MANAGEMENT COMMENTARY (ALL COMPARISONS, UNLESS NOTED, ARE WITH THE PRIOR-YEAR QUARTER)
Nye continued, "Aggregates product line pricing improved 5.7%.
Importantly, pricing growth was widespread as evidenced by increases in
nearly all of our geographic markets.
"The improving housing market, an important trend for the economy generally and the aggregates industry specifically, is leading the current economic recovery. Housing starts and completions for the trailing twelve months are up approximately 47% and 36%, respectively, over the comparable period for the prior year. For the quarter, the residential end-use market accounted for 14% of our aggregates product line shipments, which is in line with our historical average. Despite the overall reduction in quarterly aggregates shipments, volumes to the residential market increased 1%.
"The infrastructure market continues to represent the largest end use
for the aggregates product line and comprised 42% of volumes for the
quarter. We are encouraged that highway obligations for fiscal 2013
through March were at the highest level since 2010 and up 28% over the
prior-year period. This increase reflects funding stability provided by
the Moving Ahead for Progress in the 21st
Century Act, or MAP-21, as well as the Executive Branch's action
last summer, which freed up
"The nonresidential market is our second largest end use and accounted
for 33% of aggregates product line shipments for the quarter. While
nonresidential volumes were down 8%, we continue to benefit from strong
shipments to the energy sector. Finally, the
"For the quarter, we reduced aggregates product line production slightly, and our production cost per ton increased less than 1%. Consolidated gross margin (excluding freight and delivery revenues) was 3.6% for 2013 versus 6.8% for 2012. The reduction reflects lower aggregates product line shipments, which reduced the operating leverage of the Aggregates business.
"SG&A expenses were 10.9% of net sales, a 150-basis-point increase
compared with the prior-year quarter. On an absolute basis, SG&A
expenses increased
"In keeping with our objective of having a lean and efficient management
structure, we reorganized the groups within our Aggregates business
effective
"Our Specialty Products business continues to make significant
contributions to our operating results. For the quarter, net sales of
LIQUIDITY AND CAPITAL RESOURCES
"Cash provided by operating activities for the first quarter was
"During the quarter ended
"At
"Earlier this month, we established a new one-year
2013 OUTLOOK
"As noted above, we expect there to be significantly stronger new
construction activity across the country this year, and we are well
positioned to benefit. We are encouraged by various positive trends in
our business and markets, especially as MAP-21 and other programs are
implemented. For the full year, we currently expect shipments to the
infrastructure end-use market to increase in the mid-single digits,
driven by the impact of MAP-21, TIFIA and state-sponsored programs. We
anticipate the nonresidential end-use market to increase in the
high-single digits given that the Architecture Billings Index, or ABI, a
leading economic indicator for nonresidential construction spending
activity, is reflecting the strongest growth in billings at architecture
firms since the end of 2007. Residential construction is experiencing a
level of growth not seen since late 2005 with seasonally adjusted starts
ahead of any period since 2008. We believe this trend in housing starts
will continue and our residential end-use market will experience
double-digit volume growth. Finally, we expect our
"We currently expect that aggregates product line pricing will increase 2% to 4%. A variety of factors beyond our direct control may continue to exert pressure on our volumes, and our forecasted pricing increase is not expected to be uniform across the company.
"We expect our vertically integrated businesses to generate between
"Increased production should lead to a slight reduction in aggregates product line direct production costs per ton compared with 2012. SG&A expenses as a percentage of net sales are expected to decline slightly.
"Net sales for the Specialty Products segment should be between
"Interest expense is expected to remain relatively flat. Our effective
tax rate is expected to approximate 26%, excluding discrete events.
Capital expenditures are forecast at
RISKS TO OUTLOOK
The 2013 outlook includes management's assessment of the likelihood of
certain risk factors that will affect performance. The most significant
risk to the Corporation's performance will be
The Corporation's principal business serves customers in aggregates-related construction markets. This concentration could increase the risk of potential losses on customer receivables; however, payment bonds normally posted on public projects, together with lien rights on private projects, help to mitigate the risk of uncollectible receivables. The level of aggregates demand in the Corporation's end-use markets, production levels and the management of production costs will affect the operating leverage of the Aggregates business and, therefore, profitability. Production costs in the Aggregates business are also sensitive to energy prices, both directly and indirectly. Diesel fuel and other consumables change production costs directly through consumption or indirectly by increased energy-related input costs, such as, steel, explosives, tires and conveyor belts. Fluctuating diesel fuel pricing also affects transportation costs, primarily through fuel surcharges in the Corporation's long-haul distribution network. The Specialty Products business is sensitive to changes in domestic steel capacity utilization and the absolute price and fluctuations in the cost of natural gas. However, due to recent technology developments allowing the harvesting of abundant natural gas supplies in the U.S., natural gas prices have stabilized.
Transportation in the Corporation's long-haul network, particularly rail
cars and locomotive power to move trains, affects our ability to
efficiently transport material into certain markets, most notably
Risks to the outlook include shipment declines as a result of economic events beyond the Corporation's control. In addition to the impact on nonresidential and residential construction, the Corporation is exposed to risk in its estimated outlook from credit markets and the availability of and interest cost related to its debt.
CONFERENCE CALL INFORMATION
The Company will host an online web simulcast of its first-quarter 2013
earnings conference call later today (
For those investors without online web access, the conference call may also be accessed by calling (970) 315-0423, confirmation number 43776746.
If you are interested in
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. Forward-looking statements give the investor our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use words such as "anticipate," "expect," "should be," "believe," "will," and other words of similar meaning in connection with future events or future operating or financial performance. Any or all of our forward-looking statements here and in other publications may turn out to be wrong.
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, the performance of
|
|
|||||||||||||
| Unaudited Statements of Earnings | |||||||||||||
| (In millions, except per share amounts) | |||||||||||||
| Three Months Ended | |||||||||||||
|
|
|||||||||||||
| 2013 | 2012 | ||||||||||||
| Net sales | $ | 345.2 | $ | 350.5 | |||||||||
| Freight and delivery revenues | 39.8 | 43.5 | |||||||||||
| Total revenues | 385.0 | 394.0 | |||||||||||
| Cost of sales | 332.6 | 326.7 | |||||||||||
| Freight and delivery costs | 39.8 | 43.5 | |||||||||||
| Total cost of revenues | 372.4 | 370.2 | |||||||||||
| Gross profit | 12.6 | 23.8 | |||||||||||
| Selling, general and administrative expenses | 37.6 | 33.0 | |||||||||||
| Business development costs | 0.3 | 25.9 | |||||||||||
| Other operating (income) and expenses, net | (1.7 | ) | 0.2 | ||||||||||
| Loss from operations | (23.6 | ) | (35.3 | ) | |||||||||
| Interest expense | 13.5 | 13.5 | |||||||||||
| Other nonoperating expenses and (income), net | 0.6 | (1.8 | ) | ||||||||||
| Loss from continuing operations before taxes on income | (37.7 | ) | (47.0 | ) | |||||||||
| Income tax benefit | (8.5 | ) | (9.9 | ) | |||||||||
| Loss from continuing operations | (29.2 | ) | (37.1 | ) | |||||||||
|
Loss on discontinued operations, net of related tax benefit of
|
(0.1 | ) | (0.6 | ) | |||||||||
| Consolidated net loss | (29.3 | ) | (37.7 | ) | |||||||||
| Less: Net loss attributable to noncontrolling interests | (1.5 | ) | (1.0 | ) | |||||||||
|
Net loss attributable to |
$ | (27.8 | ) | $ | (36.7 | ) | |||||||
| Net loss per common share: | |||||||||||||
| Basic from continuing operations attributable to common shareholders | $ | (0.61 | ) | $ | (0.80 | ) | |||||||
| Discontinued operations attributable to common shareholders | - | (0.01 | ) | ||||||||||
| $ | (0.61 | ) | $ | (0.81 | ) | ||||||||
| Diluted from continuing operations attributable to common shareholders | $ | (0.61 | ) | $ | (0.80 | ) | |||||||
| Discontinued operations attributable to common shareholders | - | (0.01 | ) | ||||||||||
| $ | (0.61 | ) | $ | (0.81 | ) | ||||||||
| Cash dividends per common share | $ | 0.40 | $ | 0.40 | |||||||||
| Average number of common shares outstanding: | |||||||||||||
| Basic and Diluted | 46.0 | 45.7 | |||||||||||
|
|
|||||||||||||
| Unaudited Financial Highlights | |||||||||||||
| (In millions) | |||||||||||||
| Three Months Ended | |||||||||||||
|
|
|||||||||||||
| 2013 | 2012 | ||||||||||||
| Net sales: | |||||||||||||
| Aggregates Business: | |||||||||||||
|
|
$ | 106.3 | $ | 114.6 | |||||||||
|
|
51.3 | 55.2 | |||||||||||
|
|
132.4 | 129.0 | |||||||||||
| Total Aggregates Business | 290.0 | 298.8 | |||||||||||
| Specialty Products | 55.2 | 51.7 | |||||||||||
| Total | $ | 345.2 | $ | 350.5 | |||||||||
| Gross profit (loss): | |||||||||||||
| Aggregates Business: | |||||||||||||
|
|
$ | (0.1 | ) | $ | 7.0 | ||||||||
|
|
(4.9 | ) | 0.2 | ||||||||||
|
|
- | (0.6 | ) | ||||||||||
| Total Aggregates Business | (5.0 | ) | 6.6 | ||||||||||
| Specialty Products | 19.6 | 19.4 | |||||||||||
| Corporate | (2.0 | ) | (2.2 | ) | |||||||||
| Total | $ | 12.6 | $ | 23.8 | |||||||||
| Selling, general and administrative expenses: | |||||||||||||
| Aggregates Business: | |||||||||||||
|
|
$ | 12.2 | $ | 13.2 | |||||||||
|
|
4.5 | 4.9 | |||||||||||
|
|
11.8 | 11.2 | |||||||||||
| Total Aggregates Business | 28.5 | 29.3 | |||||||||||
| Specialty Products | 2.5 | 2.5 | |||||||||||
| Corporate | 6.6 | 1.2 | |||||||||||
| Total | $ | 37.6 | $ | 33.0 | |||||||||
| (Loss) Earnings from operations: | |||||||||||||
| Aggregates Business: | |||||||||||||
|
|
$ | (11.0 | ) | $ | (5.2 | ) | |||||||
|
|
(8.4 | ) | (5.9 | ) | |||||||||
|
|
(11.3 | ) | (12.4 | ) | |||||||||
| Total Aggregates Business | (30.7 | ) | (23.5 | ) | |||||||||
| Specialty Products | 17.1 | 18.2 | |||||||||||
| Corporate | (10.0 | ) | (30.0 | ) | |||||||||
| Total | $ | (23.6 | ) | $ | (35.3 | ) | |||||||
|
|
|||||||||||||
| Unaudited Financial Highlights | |||||||||||||
| (In millions) | |||||||||||||
| Three Months Ended | |||||||||||||
|
|
|||||||||||||
| 2013 | 2012 | ||||||||||||
| Net sales by product line: | |||||||||||||
| Aggregates Business: | |||||||||||||
| Aggregates | $ | 247.8 | $ | 257.3 | |||||||||
| Asphalt | 9.6 | 12.5 | |||||||||||
| Ready Mixed Concrete | 27.4 | 20.3 | |||||||||||
| Road Paving | 5.2 | 8.7 | |||||||||||
| Total Aggregates Business | 290.0 | 298.8 | |||||||||||
| Specialty Products Business: | |||||||||||||
| Magnesia-Based Chemicals | 35.9 | 36.4 | |||||||||||
| Dolomitic Lime | 19.1 | 15.0 | |||||||||||
| Other | 0.2 | 0.3 | |||||||||||
| Total Specialty Products Business | 55.2 | 51.7 | |||||||||||
| Total | $ | 345.2 | $ | 350.5 | |||||||||
| Gross profit (loss) by product line: | |||||||||||||
| Aggregates Business: | |||||||||||||
| Aggregates | $ | 2.1 | $ | 11.4 | |||||||||
| Asphalt | (2.5 | ) | (0.7 | ) | |||||||||
| Ready Mixed Concrete | (0.3 | ) | (1.2 | ) | |||||||||
| Road Paving | (4.3 | ) | (2.9 | ) | |||||||||
| Total Aggregates Business | (5.0 | ) | 6.6 | ||||||||||
| Specialty Products Business: | |||||||||||||
| Magnesia-Based Chemicals | 11.5 | 12.9 | |||||||||||
| Dolomitic Lime | 8.2 | 6.6 | |||||||||||
| Other | (0.1 | ) | (0.1 | ) | |||||||||
| Total Specialty Products Business | 19.6 | 19.4 | |||||||||||
| Corporate | (2.0 | ) | (2.2 | ) | |||||||||
| Total | $ | 12.6 | $ | 23.8 | |||||||||
| Depreciation | $ | 40.8 | $ | 42.3 | |||||||||
| Depletion | 1.0 | 0.6 | |||||||||||
| Amortization | 1.2 | 1.5 | |||||||||||
| $ | 43.0 | $ | 44.4 | ||||||||||
|
|
||||||||||||
| Balance Sheet Data | ||||||||||||
| (In millions) | ||||||||||||
|
|
|
|
||||||||||
| 2013 | 2012 | 2012 | ||||||||||
| (Unaudited) | (Audited) | (Unaudited) | ||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | $ | 37.3 | $ | 25.4 | $ | 45.0 | ||||||
| Accounts receivable, net | 202.2 | 224.1 | 212.1 | |||||||||
| Inventories, net | 347.6 | 332.3 | 333.5 | |||||||||
| Other current assets | 128.6 | 118.6 | 111.3 | |||||||||
| Property, plant and equipment, net | 1,732.1 | 1,753.2 | 1,768.9 | |||||||||
| Intangible assets, net | 665.9 | 666.6 | 670.0 | |||||||||
| Other noncurrent assets | 41.1 | 40.7 | 41.3 | |||||||||
| Total assets | $ | 3,154.8 | $ | 3,160.9 | $ | 3,182.1 | ||||||
| LIABILITIES AND EQUITY | ||||||||||||
| Current maturities of long-term debt and short-term facilities | $ | 5.7 | $ | 5.7 | $ | 7.7 | ||||||
| Other current liabilities | 163.0 | 167.6 | 177.7 | |||||||||
| Long-term debt (excluding current maturities) | 1,072.9 | 1,042.2 | 1,127.2 | |||||||||
| Other noncurrent liabilities | 503.1 | 495.1 | 471.2 | |||||||||
| Total equity | 1,410.1 | 1,450.3 | 1,398.3 | |||||||||
| Total liabilities and equity | $ | 3,154.8 | $ | 3,160.9 | $ | 3,182.1 | ||||||
|
|
||||||||||
| Unaudited Statements of Cash Flows | ||||||||||
| (In millions) | ||||||||||
| Three Months Ended | ||||||||||
|
|
||||||||||
| 2013 | 2012 | |||||||||
| Operating activities: | ||||||||||
| Consolidated net loss | $ | (29.3 | ) | $ | (37.7 | ) | ||||
| Adjustments to reconcile consolidated net loss to net cash provided by (used for) operating activities: | ||||||||||
| Depreciation, depletion and amortization | 43.0 | 44.4 | ||||||||
| Stock-based compensation expense | 1.2 | 1.9 | ||||||||
| (Gains) Losses on divestitures and sales of assets | (0.7 | ) | 0.5 | |||||||
| Deferred income taxes | 3.4 | (0.7 | ) | |||||||
| Excess tax benefits from stock-based compensation | (0.6 | ) | (0.3 | ) | ||||||
|
|
Other items, net | 0.8 | 0.7 | |||||||
|
|
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||
| Accounts receivable, net | 20.3 | (8.3 | ) | |||||||
| Inventories, net | (14.6 | ) | (10.9 | ) | ||||||
| Accounts payable | (6.5 | ) | 7.7 | |||||||
| Other assets and liabilities, net | 1.6 | (1.6 | ) | |||||||
| Net cash provided by (used for) operating activities | 18.6 | (4.3 | ) | |||||||
| Investing activities: | ||||||||||
| Additions to property, plant and equipment | (21.9 | ) | (37.5 | ) | ||||||
| Acquisitions, net | (2.6 | ) | - | |||||||
| Proceeds from divestitures and sales of assets | 1.6 | 2.2 | ||||||||
| Net cash used for investing activities | (22.9 | ) | (35.3 | ) | ||||||
| Financing activities: | ||||||||||
| Borrowings of long-term debt | 60.0 | 151.0 | ||||||||
| Repayments of long-term debt | (29.4 | ) | (76.5 | ) | ||||||
| Change in bank overdraft | - | 1.9 | ||||||||
| Dividends paid | (18.5 | ) | (18.4 | ) | ||||||
| Debt issue costs | - | (0.3 | ) | |||||||
| Issuances of common stock | 3.5 | 0.6 | ||||||||
| Excess tax benefits from stock-based compensation | 0.6 | 0.3 | ||||||||
| Net cash provided by financing activities | 16.2 | 58.6 | ||||||||
| Net increase in cash and cash equivalents | 11.9 | 19.0 | ||||||||
| Cash and cash equivalents, beginning of period | 25.4 | 26.0 | ||||||||
| Cash and cash equivalents, end of period | $ | 37.3 | $ | 45.0 | ||||||
|
|
|||||||
| Unaudited Operational Highlights | |||||||
| Three Months Ended | |||||||
|
|
|||||||
| Volume | Pricing | ||||||
| Volume/Pricing Variance (1) | |||||||
| Heritage Aggregates Product Line: (2) | |||||||
|
|
(10.9 | %) | 4.1 | % | |||
|
|
(12.3 | %) | 5.8 | % | |||
|
|
(5.2 | %) | 8.7 | % | |||
| Heritage Aggregates Operations | (8.7 | %) | 5.5 | % | |||
| Aggregates Product Line (3) | (8.8 | %) | 5.7 | % | |||
| Three Months Ended | |||||||
|
|
|||||||
| Shipments (tons in thousands) | 2013 | 2012 | |||||
|
Heritage Aggregates Product Line: (2) |
|||||||
|
|
8,642 | 9,700 | |||||
|
|
3,820 | 4,356 | |||||
|
|
10,317 | 10,887 | |||||
| Heritage Aggregates Operations | 22,779 | 24,943 | |||||
| Acquisitions | - | - | |||||
| Divestitures (4) | - | 22 | |||||
| Aggregates Product Line (3) | 22,779 | 24,965 | |||||
|
(1) Volume/pricing variances reflect the percentage increase (decrease) from the comparable period in the prior year. |
|||||||
|
(2) Heritage Aggregates product line excludes volume and pricing data for acquisitions that have not been included in prior-year operations for the comparable period and excludes divestitures. |
|||||||
|
(3) Aggregates product line includes all acquisitions from the date of acquisition and divestitures through the date of disposal. |
|||||||
|
(4) Divestitures include the tons related to divested aggregates product line operations up to the date of divestiture. |
|||||||
| Three Months Ended | |||||||
|
|
|||||||
| 2013 | 2012 | ||||||
| Unit Shipments by Product Line (in thousands): | |||||||
| Aggregates tons - external customers | 22,121 | 24,219 | |||||
| Internal aggregates tons used in other product lines | 658 | 746 | |||||
| Total aggregates tons | 22,779 | 24,965 | |||||
| Asphalt tons - external customers | 226 | 323 | |||||
| Internal asphalt tons used in road paving business | 35 | 87 | |||||
| Total asphalt tons | 261 | 410 | |||||
| Ready Mixed Concrete - cubic yards | 329 | 267 | |||||
| Average unit sales price by product line (including internal sales): | |||||||
| Aggregates |
|
|
|||||
| Asphalt |
|
|
|||||
| Ready Mixed Concrete |
|
|
|||||
|
|
||||||||
| Non-GAAP Financial Measures | ||||||||
| (Dollars in millions) | ||||||||
|
Gross margin as a percentage of net sales and operating margin as a
percentage of net sales represent non-GAAP measures. The Corporation
presents these ratios calculated based on net sales, as it is
consistent with the basis by which management reviews the
Corporation's operating results. Further, management believes it is
consistent with the basis by which investors analyze the
Corporation's operating results, given that freight and delivery
revenues and costs represent pass-throughs and have no profit
markup. Gross margin and operating margin calculated as percentages
of total revenues represent the most directly comparable financial
measures calculated in accordance with generally accepted accounting
principles ("GAAP"). The following tables present the calculations
of gross margin and operating margin for the three months ended
|
||||||||
|
|
Three Months Ended | |||||||
|
Gross Margin in Accordance with Generally Accepted Accounting Principles |
|
|||||||
| 2013 | 2012 | |||||||
| Gross profit | $ | 12.6 | $ | 23.8 | ||||
| Total revenues | $ | 385.0 | $ | 394.0 | ||||
| Gross margin | 3.3 | % | 6.0 | % | ||||
| Three Months Ended | ||||||||
|
Gross Margin Excluding Freight and Delivery Revenues |
|
|||||||
|
|
2013 | 2012 | ||||||
| Gross profit | $ | 12.6 | $ | 23.8 | ||||
| Total revenues | $ | 385.0 | $ | 394.0 | ||||
| Less: Freight and delivery revenues | (39.8 | ) | (43.5 | ) | ||||
| Net sales | $ | 345.2 | $ | 350.5 | ||||
| Gross margin excluding freight and delivery revenues | 3.6 | % | 6.8 | % | ||||
|
|
Three Months Ended | |||||||
|
Operating Margin in Accordance with Generally Accepted Accounting Principles |
|
|||||||
| 2013 | 2012 | |||||||
| Loss from operations | $ | (23.6 | ) | $ | (35.3 | ) | ||
| Total revenues | $ | 385.0 | $ | 394.0 | ||||
| Operating margin | (6.1 | %) | (9.0 | %) | ||||
| Three Months Ended | ||||||||
| Operating Margin Excluding Freight and Delivery Revenues |
|
|||||||
| 2013 | 2012 | |||||||
| Loss from operations | $ | (23.6 | ) | $ | (35.3 | ) | ||
| Total revenues | $ | 385.0 | $ | 394.0 | ||||
| Less: Freight and delivery revenues | (39.8 | ) | (43.5 | ) | ||||
| Net sales | $ | 345.2 | $ | 350.5 | ||||
| Operating margin excluding freight and delivery revenues | (6.8 | %) | (10.1 | %) | ||||
|
|
||||||||||
| Non-GAAP Financial Measures (continued) | ||||||||||
| (Dollars in millions) | ||||||||||
|
The ratio of Consolidated Debt-to-Consolidated EBITDA, as defined,
for the trailing twelve months is a covenant under the Corporation's
revolving credit facility, term loan facility and accounts
receivable securitization facility. Under the terms of these
agreements, as amended, the Corporation's ratio of Consolidated
Debt-to-Consolidated EBITDA as defined, for the trailing twelve
months can not exceed 3.75 times as of |
||||||||||
|
The following presents the calculation of Consolidated
Debt-to-Consolidated EBITDA, as defined, for the trailing-twelve
months at |
||||||||||
| Twelve-Month Period | ||||||||||
|
|
||||||||||
|
|
||||||||||
|
Earnings from continuing operations attributable to |
$ | 93.3 | ||||||||
| Add back: | ||||||||||
| Interest expense | 53.3 | |||||||||
| Income tax expense | 18.3 | |||||||||
| Depreciation, depletion and amortization expense | 171.5 | |||||||||
| Stock-based compensation expense | 7.2 | |||||||||
| Deduct: | ||||||||||
| Interest income | (0.3 | ) | ||||||||
| Consolidated EBITDA, as defined | $ | 343.3 | ||||||||
|
Consolidated Debt, including debt guaranteed by the Corporation, at
|
$ | 1,104.6 | ||||||||
|
Less: Unrestricted cash and cash equivalents in excess of |
- | |||||||||
|
Consolidated Net Debt, as defined, at |
$ | 1,104.6 | ||||||||
|
Consolidated Debt-to-Consolidated EBITDA, as defined, at |
3.22x |
|||||||||
|
EBITDA is a widely accepted financial indicator of a company's
ability to service and/or incur indebtedness. EBITDA is not
defined by generally accepted accounting principles and, as such,
should not be construed as an alternative to net earnings or
operating cash flow. For further information on EBITDA, refer to
the Corporation's website at www.martinmarietta.com.
EBITDA is as follows for the three months ended |
||||||||||
| Three Months Ended | ||||||||||
|
|
||||||||||
| 2013 | 2012 | |||||||||
| Earnings Before Interest, Income Taxes, Depreciation, Depletion and Amortization (EBITDA) | $ | 19.9 | $ | 10.6 | ||||||
|
A reconciliation of Net Loss Attributable to |
||||||||||
| Three Months Ended | ||||||||||
|
|
||||||||||
| 2013 | 2012 | |||||||||
|
Net Loss Attributable to |
$ | (27.8 | ) | $ | (36.7 | ) | ||||
| Add back: | ||||||||||
| Interest Expense | 13.5 | 13.5 | ||||||||
| Income Tax Benefit for Controlling Interests | (8.4 | ) | (10.0 | ) | ||||||
| Depreciation, Depletion and Amortization Expense | 42.6 | 43.8 | ||||||||
| EBITDA | $ | 19.9 | $ | 10.6 | ||||||
MLM-E
Executive Vice President, Chief Financial
Officer and Treasurer
www.martinmarietta.com
Source:
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