8-K
0000916076false00009160762023-07-272023-07-27

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2023

 

 

Martin Marietta Materials, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

North Carolina

1-12744

56-1848578

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

4123 Parklake Avenue

 

Raleigh, North Carolina

 

27612

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 919 781-4550

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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, $.01 par value per share

 

MLM

 

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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 Exchange Act.

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition.

On, July 27, 2023 the Company announced financial results for the second quarter ended June 30, 2023. The press release, dated July 27, 2023, is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

 

 

Item 7.01 Regulation FD Disclosure.

On, July 27, 2023 the Company announced financial results for the second quarter ended June 30, 2023. The press release, dated July 27, 2023, is furnished as Exhibit 99.1 to this report and is incorporated by reference herein. Additional information about the quarter, and the Company’s use of non-GAAP financial measures, is available on the Company’s website at www.martinmarietta.com by clicking the heading “Reports & Filings”, in the “Investors” section and then clicking the quick link “Non-GAAP Measures”.

The Company will host an online web simulcast of its second quarter 2023 earnings conference call on Thursday, July 27, 2023. The live broadcast of the Company’s conference call will begin at 10:00 a.m., Eastern Time, on July 27, 2023 and can be accessed by dialing +1 (416) 764-8658 and using conference ID 80604974. 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 will be available at the Company’s website at www.martinmarietta.com. Additional information about the Company’s use of non-GAAP financial measures, as well as certain other financial or statistical information the Company may present at the conference call, will be provided on the Company’s website.

 

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1

 

Press Release dated July 27, 2023, announcing financial results for the second quarter ended June 30, 2023.

 

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

MARTIN MARIETTA MATERIALS, INC.

 

 

 

 

 

(Registrant)

 

Date: July 27, 2023

By:

/s/ James A. J. Nickolas

 

James A. J. Nickolas,

 

 

Sr. Vice President and Chief Financial Officer

 

 

 

 


EX-99.1

 

Exhibit 99.1

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MARTIN MARIETTA REPORTS SECOND-QUARTER 2023 RESULTS

 

Established Quarterly Records for Revenues, Profitability and Unit Margins

Second-Quarter Aggregates Gross Profit Per Ton Increased 27.9 Percent to $6.80

Raised Full-Year 2023 Adjusted EBITDA Guidance to $2.0 – $2.1 Billion

 

RALEIGH, N.C. (July 27, 2023) – Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”), a leading national supplier of aggregates and heavy building materials, today reported results for the second quarter ended June 30, 2023.

Second-Quarter Highlights

(Financial highlights are for continuing operations)

 

 

Quarter Ended June 30,

(In millions, except per share)

 

2023

 

 

2022

 

 

% Change

Total revenues 1

 

$

1,820.8

 

 

$

1,641.7

 

 

10.9%

Gross profit

 

$

560.4

 

 

$

425.2

 

 

31.8%

Earnings from operations 2

 

$

463.3

 

 

$

478.6

 

 

(3.2)%

Net earnings from continuing operations
   attributable to Martin Marietta
2

 

$

347.6

 

 

$

353.2

 

 

(1.6)%

Adjusted EBITDA 3

 

$

596.1

 

 

$

478.3

 

 

24.6%

Earnings per diluted share from continuing
   operations
2

 

$

5.60

 

 

$

5.65

 

 

(0.9)%

 

1
Total revenues include the sales of products and services to customers (net of any discounts or allowances) and freight revenues.
2
Quarter ended June 30, 2022 earnings from operations, net earnings from continuing operations attributable to Martin Marietta and earnings per diluted share from continuing operations include $151.7 million, $108.1 million and $1.73 per diluted share, respectively, for a nonrecurring gain on a divestiture.
3
Earnings from continuing operations before interest, income taxes, depreciation, depletion and amortization expense, the earnings/loss from nonconsolidated equity affiliates, acquisition and integration expenses and a nonrecurring gain on a divestiture, or Adjusted EBITDA, is a non-GAAP financial measure. See Appendix to this earnings release for a reconciliation to net earnings from continuing operations attributable to Martin Marietta.

 

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Ward Nye, Chairman and CEO of Martin Marietta, stated, “Martin Marietta delivered exceptional performance across nearly every safety, financial and operational measure in the second quarter. These impressive results, despite lower aggregates shipments, demonstrate the success of our value-over-volume commercial strategy and the durability of our business model through various macroeconomic conditions. Our second-quarter results, together with our expectations for an even stronger next six months, underpin our revised full-year Adjusted EBITDA guidance range of $2.0 – $2.1 billion, a 28 percent increase at the midpoint as compared with the prior year.

“As record-setting public funds for infrastructure and manufacturing begin to enter the U.S. economy, we continue to expect that aggregates demand will accelerate in the second half of 2023. This well-chronicled increased investment should largely offset the current residential construction air pocket, which we expect to bottom in the third quarter of 2023.”

Mr. Nye concluded, “This scenario, combined with continued commercial momentum and moderating cost inflation, should contribute to a record-setting year in 2023 and provide a solid foundation for an even brighter 2024 and beyond. Our fidelity to safety, enterprise excellence, sustainable business practices and execution of our strategic plan reinforces our confidence in Martin Marietta’s ability to consistently deliver superior shareholder value.”

Mr. Nye’s CEO Commentary and Market Perspective can be found on the Investor Relations section of the Company’s website.


 

 

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Second-Quarter Financial and Operating Results

(All financial and operating results are for continuing operations and comparisons are versus the prior-year second quarter, unless otherwise noted)

Building Materials Business

The Building Materials business generated record quarterly revenues $1.74 billion, an 11.6 percent increase. Gross profit increased 34.3 percent to a quarterly record of $536.1 million. Pricing gains contributed to gross margin improvement of 520 basis points.

Aggregates

Second-quarter aggregates shipments decreased 5.7 percent while pricing increased 18.6 percent, or 17.0 percent on a mix-adjusted basis.

 

Aggregates gross profit increased 20.7 percent to a quarterly record of $370.9 million.

Cement

Second quarter cement shipments increased to 1.1 million tons while pricing increased 21.8 percent, or 21.3 percent on a mix-adjusted basis.

Cement gross profit increased 84.0 percent to an all-time quarterly record of $93.3 million.

Downstream businesses

Ready mixed concrete revenues and gross profit increased 19.7 percent and 142.3 percent, respectively.

Asphalt and paving revenues and gross profit increased 11.7 percent and 37.9 percent, respectively.

Portfolio Optimization

During the second quarter, the Company completed the divestiture of our Stockton, California cement import terminal and terminated the agreement with CalPortland Company regarding the sale of the Tehachapi, California cement plant in light of being unable to timely obtain the necessary approval by the U.S. Federal Trade Commission. The Company is actively exploring the potential sale of Tehachapi to other interested parties. The Tehachapi cement business is classified within assets held for sale on the Company’s consolidated balance sheet and the associated financial results continue to be reported as discontinued operations on the consolidated statement of earnings.

Magnesia Specialties Business

Magnesia Specialties revenues were $80.5 million in the second quarter while gross profit increased 13.0 percent to $27.7 million due to pricing and a moderation of energy expenses.

 

 

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Cash Generation, Capital Allocation and Liquidity

Cash provided by operating activities for the six months ended June 30, 2023 was $518.5 million compared with $286.2 million for the prior-year period.

 

Cash paid for property, plant and equipment additions for the six months ended June 30, 2023 was $293.4 million.

During the six months ended June 30, 2023, the Company returned $232.5 million to shareholders through dividend payments and share repurchases. As of June 30, 2023, 12.7 million shares remained under the current repurchase authorization.

The Company had $421.5 million of unrestricted cash and cash equivalents on hand and $1.20 billion of unused borrowing capacity on its existing credit facilities as of June 30, 2023.

 

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Full-Year 2023 Guidance

The Company’s 2023 guidance excludes businesses classified as discontinued operations.

2023 GUIDANCE

 

(Dollars in Millions)

 

Low *

 

 

High *

 

Consolidated

 

 

 

 

 

 

Total revenues1

 

$

6,725

 

 

$

6,860

 

Interest expense

 

$

165

 

 

$

170

 

Estimated tax rate (excluding discrete events)

 

 

21

%

 

 

22

%

Net earnings from continuing operations attributable to Martin Marietta

 

$

1,040

 

 

$

1,150

 

Adjusted EBITDA2

 

$

2,000

 

 

$

2,100

 

Capital expenditures

 

$

575

 

 

$

625

 

 

 

 

 

 

 

 

Building Materials Business

 

 

 

 

 

 

Aggregates

 

 

 

 

 

 

Volume % growth3

 

 

(5.0

)%

 

 

(1.0

)%

ASP % growth4

 

 

17.0

%

 

 

19.0

%

Gross profit

 

$

1,330

 

 

$

1,395

 

 

 

 

 

 

 

 

Cement, Ready Mixed Concrete and Asphalt and Paving

 

 

 

 

 

 

Gross profit

 

$

470

 

 

$

515

 

 

 

 

 

 

 

 

Magnesia Specialties Business

 

 

 

 

 

 

Gross profit

 

$

100

 

 

$

110

 

* Guidance range represents the low end and high end of the respective line items provided above.

1
Total revenues include the sales of products and services to customers (net of any discounts or allowances) and freight revenues.
2
Adjusted EBITDA is a non-GAAP financial measure. See Appendix to this earnings release for a reconciliation to net earnings from continuing operations attributable to Martin Marietta.
3
Volume growth range is for aggregates shipments, inclusive of internal tons, and is in comparison to 2022 shipments of 207.7 million tons.
4
ASP growth is for aggregates average selling price and is in comparison to 2022 ASP of $16.68 per ton.

 

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Non-GAAP Financial Information

This earnings release contains financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliations of non-GAAP financial measures to the closest GAAP measures are included in the Appendix to this earnings release. Management believes these non-GAAP measures are commonly used financial measures for investors to evaluate the Company’s operating performance and, when read in conjunction with the Company’s consolidated financial statements, present a useful tool to evaluate the Company’s ongoing operations, performance from period to period and anticipated performance. In addition, these are some of the factors the Company uses in internal evaluations of the overall performance of its businesses. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Conference Call Information

The Company will discuss its second-quarter 2023 earnings results on a conference call and an online webcast today (July 27, 2023). The live broadcast of the Martin Marietta conference call will begin at 10:00 a.m. Eastern Time and can be accessed by dialing +1 (416) 764-8658 and using conference ID 80604974. Please dial in at least 15 minutes in advance to ensure a timely connection to the call. An online replay will be available approximately two hours following the conclusion of the live broadcast. A link to these events will be available at the Company’s website. Additionally, the Company has posted Q2 2023 Supplemental Information on the Investors section of its website.

About Martin Marietta

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 28 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources necessary 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.

Investor Contacts:

Jennifer Park Jacklyn Rooker

Vice President, Investor Relations Director, Investor Relations

+1 (919) 510-4736 +1 (919) 510-4709

Jennifer.Park@martinmarietta.com Jacklyn.Rooker@martinmarietta.com

 

MLM-E.

 

 

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If you are interested in Martin Marietta stock, management recommends that, at a minimum, reading the Company’s current annual report and Forms 10-K, 10-Q and 8-K reports to the Securities and Exchange Commission (SEC) over the past year. The Company’s recent proxy statement for the annual meeting of shareholders also contains important information. These and other materials that have been filed with the SEC are accessible through the Company’s website at www.martinmarietta.com and are also available at the SEC’s website at www.sec.gov. You may also write or call the Company’s Corporate Secretary, who will provide copies of such reports.

Investors are cautioned that all statements in this release that relate to the future involve risks and uncertainties, and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. These statements, which are forward-looking statements under the Private Securities Litigation Reform Act of 1995, provide the investor with the Company’s 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 “guidance”, “anticipate”, “may”, “expect”, “should”, “believe”, “will”, and other words of similar meaning in connection with future events or future operating or financial performance. Any or all of the Company’s forward-looking statements here and in other publications may turn out to be wrong.

Second-quarter results and trends described in this release may not necessarily be indicative of the Company’s future performance. The Company’s outlook is subject to various risks and uncertainties and is based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. Factors that the Company currently believes could cause actual results to differ materially from the forward-looking statements in this release (including the outlook) include, but are not limited to: the ability of the Company to face challenges, including shipment declines resulting from economic events beyond the Company’s control; a widespread decline in aggregates pricing, including a decline in aggregates shipment volume negatively affecting aggregates price; the history of both cement and ready mixed concrete being subject to significant changes in supply, demand and price fluctuations; the termination, capping and/or reduction or suspension of the federal and/or state fuel tax(es) or other revenue related to public construction; the level and timing of federal, state or local transportation or infrastructure or public projects funding and any issues arising with such federal and state budgets, most particularly in Texas, Colorado, California, North Carolina, Georgia, Minnesota, Iowa, Florida, Indiana and Arizona; the United States Congress’ inability to reach agreement among themselves or with the Administration on policy issues that impact the federal budget; the ability of states and/or other entities to finance approved projects either with tax revenues or alternative financing structures; levels of construction spending in the markets the Company serves; a reduction in defense spending and the subsequent impact on construction activity on or near military bases; a decline in energy-related construction activity resulting from suspension of the fuel tax or a sustained period of low global oil prices or changes in oil production patterns or capital spending, particularly in Texas and West Virginia; increasing residential mortgage interest rates and other factors that could result in a slowdown in residential construction; unfavorable weather conditions, particularly Atlantic Ocean, Pacific Ocean and Gulf of Mexico storm and hurricane activity, wildfires, the late start to spring or the early onset of winter and the impact of a drought or excessive rainfall in the markets served by the Company, any of which can significantly affect production schedules, volumes, product and/or geographic mix and profitability; the volatility of fuel costs, particularly diesel fuel and the impact on the cost, or the availability generally, of other consumables, namely steel, explosives, tires and conveyor belts, and with respect to the Company’s Magnesia Specialties business, natural gas; continued increases in the cost of other repair and supply parts; construction labor shortages and/or supply‐chain challenges; unexpected equipment failures, unscheduled maintenance, industrial accident or other prolonged and/or significant disruption to production facilities; the resiliency and potential declines of the Company’s various construction end-use markets; the potential negative impacts of new waves of COVID-19 or its variants, or any other outbreak of disease, epidemic or pandemic, or similar public health threat, or fear of such event and its related economic and societal response; increasing governmental regulation, including environmental laws and climate change regulations; transportation availability or a sustained reduction in capital investment by the railroads, notably the availability of railcars, locomotive power and the condition of rail infrastructure to move trains to supply the Company’s Texas, Colorado, Florida, Carolinas and Gulf Coast markets, including the movement of essential dolomitic lime for magnesia chemicals to the Company’s plant in Manistee, Michigan and its customers; increased transportation costs, including increases from higher or fluctuating passed-through energy costs or fuel surcharges, and other costs to comply with tightening regulations, as well as higher volumes of rail and water shipments; availability of trucks and licensed drivers for transport of the Company’s materials; availability and cost of construction equipment in the United States; weakening in the steel industry markets served by the Company’s dolomitic lime products; trade disputes with one or more nations impacting the U.S. economy, including the impact of tariffs on the steel industry; unplanned changes in costs or realignment of customers that introduce volatility to earnings, including that of the Magnesia Specialties business that is running at capacity; proper functioning of information technology and automated operating systems to manage or support operations; inflation and its effect on both production and interest costs; the concentration of customers in construction markets and the increased risk of potential losses on customer receivables; the impact of the level of demand in the Company’s end-use markets, production levels and management of production costs on the operating leverage and therefore profitability of the Company; the possibility that the expected synergies from acquisitions will not be realized or will not be realized within the expected time period, including achieving anticipated profitability to maintain compliance with the Company’s leverage ratio debt covenant; changes in tax laws, the interpretation of such laws and/or administrative practices, including acquisitions or divestitures, that would increase the Company’s tax rate; violation of the Company’s debt covenant if price and/or volumes return to previous levels of instability; downward pressure on the Company’s common stock price and its impact on goodwill impairment evaluations; the possibility of a reduction of the Company’s credit rating to non-investment grade; and other risk factors listed from time to time found in the Company’s filings with the SEC.

You should consider these forward-looking statements in light of risk factors discussed in Martin Marietta’s Annual Report on Form 10-K for the year ended December 31, 2022 and other periodic filings made with the SEC. All of the Company’s forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to the Company or that it considers immaterial could affect the accuracy of its forward-looking statements, or adversely affect or be material to the Company. The Company assumes no obligation to update any such forward-looking statements.

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Appendix

 

MARTIN MARIETTA MATERIALS, INC.

Unaudited Statements of Earnings

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(In Millions, Except Per Share Data)

 

Total Revenues

 

$

1,820.8

 

 

$

1,641.7

 

 

$

3,174.9

 

 

$

2,872.5

 

Total Cost of Revenues

 

 

1,260.4

 

 

 

1,216.5

 

 

 

2,311.7

 

 

 

2,291.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

560.4

 

 

 

425.2

 

 

 

863.2

 

 

 

581.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

111.6

 

 

 

104.1

 

 

 

216.0

 

 

 

201.2

 

Acquisition and integration expenses

 

 

0.4

 

 

 

2.9

 

 

 

1.2

 

 

 

4.3

 

Other operating income, net

 

 

(14.9

)

 

 

(160.4

)

 

 

(13.3

)

 

 

(162.6

)

Earnings from Operations

 

 

463.3

 

 

 

478.6

 

 

 

659.3

 

 

 

538.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

42.2

 

 

 

43.1

 

 

 

84.3

 

 

 

83.6

 

Other nonoperating income, net

 

 

(18.7

)

 

 

(22.0

)

 

 

(34.9

)

 

 

(32.9

)

Earnings from continuing operations before income tax expense

 

 

439.8

 

 

 

457.5

 

 

 

609.9

 

 

 

487.7

 

Income tax expense

 

 

91.9

 

 

 

104.4

 

 

 

127.5

 

 

 

110.2

 

Earnings from continuing operations

 

 

347.9

 

 

 

353.1

 

 

 

482.4

 

 

 

377.5

 

Earnings (Loss) from discontinued operations, net of income tax expense (benefit)

 

 

0.7

 

 

 

13.3

 

 

 

(12.2

)

 

 

10.2

 

Consolidated net earnings

 

 

348.6

 

 

 

366.4

 

 

 

470.2

 

 

 

387.7

 

Less: Net earnings (loss) attributable to noncontrolling interests

 

 

0.3

 

 

 

(0.1

)

 

 

0.5

 

 

 

(0.2

)

Net Earnings Attributable to Martin Marietta

 

$

348.3

 

 

$

366.5

 

 

$

469.7

 

 

$

387.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Attributable to Martin Marietta

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic from continuing operations

 

$

5.61

 

 

$

5.66

 

 

$

7.78

 

 

$

6.06

 

Basic from discontinued operations

 

 

0.01

 

 

 

0.21

 

 

 

(0.20

)

 

 

0.16

 

 

 

$

5.62

 

 

$

5.87

 

 

$

7.58

 

 

$

6.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted from continuing operations

 

$

5.60

 

 

$

5.65

 

 

$

7.76

 

 

$

6.04

 

Diluted from discontinued operations

 

 

0.01

 

 

 

0.21

 

 

 

(0.20

)

 

 

0.16

 

 

 

$

5.61

 

 

$

5.86

 

 

$

7.56

 

 

$

6.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

61.9

 

 

 

62.4

 

 

 

62.0

 

 

 

62.4

 

Diluted

 

 

62.1

 

 

 

62.5

 

 

 

62.2

 

 

 

62.6

 

 

 

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Appendix

 

MARTIN MARIETTA MATERIALS, INC.

 

Unaudited Operating Segment Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(Dollars in Millions)

 

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Building Materials:

 

 

 

 

 

 

 

 

 

 

 

 

East Group

 

$

735.1

 

 

$

674.5

 

 

$

1,264.7

 

 

$

1,093.3

 

West Group

 

 

1,005.2

 

 

 

885.5

 

 

 

1,746.3

 

 

 

1,620.5

 

Total Building Materials

 

 

1,740.3

 

 

 

1,560.0

 

 

 

3,011.0

 

 

 

2,713.8

 

Magnesia Specialties

 

 

80.5

 

 

 

81.7

 

 

 

163.9

 

 

 

158.7

 

Total

 

$

1,820.8

 

 

$

1,641.7

 

 

$

3,174.9

 

 

$

2,872.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Building Materials:

 

 

 

 

 

 

 

 

 

 

 

 

East Group

 

$

227.5

 

 

$

210.6

 

 

$

336.4

 

 

$

238.5

 

West Group

 

 

239.6

 

 

 

274.5

 

 

 

334.3

 

 

 

317.6

 

Total Building Materials

 

 

467.1

 

 

 

485.1

 

 

 

670.7

 

 

 

556.1

 

Magnesia Specialties

 

 

23.3

 

 

 

20.3

 

 

 

43.9

 

 

 

41.8

 

Corporate

 

 

(27.1

)

 

 

(26.8

)

 

 

(55.3

)

 

 

(59.5

)

Total

 

$

463.3

 

 

$

478.6

 

 

$

659.3

 

 

$

538.4

 

 

- MORE -


Appendix

 

 

MARTIN MARIETTA MATERIALS, INC.

Unaudited Product Line Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

Amount

 

 

% of Revenues

 

Amount

 

 

% of Revenues

 

Amount

 

 

% of Revenues

 

Amount

 

 

% of Revenues

 

 

(Dollars in Millions)

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building Materials:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregates

 

$

1,151.4

 

 

 

 

$

1,057.6

 

 

 

 

$

2,063.3

 

 

 

 

$

1,814.2

 

 

 

Cement

 

 

197.7

 

 

 

 

 

162.5

 

 

 

 

 

366.2

 

 

 

 

 

300.8

 

 

 

Ready mixed concrete

 

 

271.4

 

 

 

 

 

226.6

 

 

 

 

 

491.3

 

 

 

 

 

517.8

 

 

 

Asphalt and paving

 

 

240.9

 

 

 

 

 

215.7

 

 

 

 

 

298.8

 

 

 

 

 

272.5

 

 

 

Less: Interproduct sales

 

 

(121.1

)

 

 

 

 

(102.4

)

 

 

 

 

(208.6

)

 

 

 

 

(191.5

)

 

 

Total Building Materials

 

 

1,740.3

 

 

 

 

 

1,560.0

 

 

 

 

 

3,011.0

 

 

 

 

 

2,713.8

 

 

 

Magnesia Specialties

 

 

80.5

 

 

 

 

 

81.7

 

 

 

 

 

163.9

 

 

 

 

 

158.7

 

 

 

Consolidated total revenues

 

$

1,820.8

 

 

 

 

$

1,641.7

 

 

 

 

$

3,174.9

 

 

 

 

$

2,872.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building Materials:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregates

 

$

370.9

 

 

32.2%

 

$

307.3

 

 

29.1%

 

$

608.9

 

 

29.5%

 

$

410.0

 

 

22.6%

Cement

 

 

93.3

 

 

47.2%

 

 

50.7

 

 

31.2%

 

 

140.4

 

 

38.3%

 

 

77.5

 

 

25.8%

Ready mixed concrete

 

 

35.4

 

 

13.0%

 

 

14.6

 

 

6.4%

 

 

46.6

 

 

9.5%

 

 

36.6

 

 

7.1%

Asphalt and paving

 

 

36.5

 

 

15.2%

 

 

26.5

 

 

12.3%

 

 

16.0

 

 

5.4%

 

 

13.4

 

 

4.9%

Total Building Materials

 

 

536.1

 

 

30.8%

 

 

399.1

 

 

25.6%

 

 

811.9

 

 

27.0%

 

 

537.5

 

 

19.8%

Magnesia Specialties

 

 

27.7

 

 

34.4%

 

 

24.5

 

 

30.0%

 

 

52.7

 

 

32.1%

 

 

50.2

 

 

31.6%

Corporate

 

 

(3.4

)

 

NM

 

 

1.6

 

 

NM

 

 

(1.4

)

 

NM

 

 

(6.4

)

 

NM

Consolidated gross profit

 

$

560.4

 

 

30.8%

 

$

425.2

 

 

25.9%

 

$

863.2

 

 

27.2%

 

$

581.3

 

 

20.2%

 

 

 

 

- MORE -


Appendix

 

 

MARTIN MARIETTA MATERIALS, INC.

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

 

2023

 

 

2022

 

 

 

 

Unaudited

 

 

Audited

 

 

 

 

(In millions)

 

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

421.5

 

 

$

358.0

 

 

Restricted cash

 

 

 

 

 

0.8

 

 

Restricted investments (to satisfy discharged debt and related interest)

 

 

702.3

 

 

 

704.6

 

 

Accounts receivable, net

 

 

979.2

 

 

 

785.9

 

 

Inventories, net

 

 

954.7

 

 

 

873.7

 

 

Current assets held for sale

 

 

44.8

 

 

 

73.2

 

 

Other current assets

 

 

89.8

 

 

 

80.7

 

 

Property, plant and equipment, net

 

 

6,312.8

 

 

 

6,316.7

 

 

Intangible assets, net

 

 

4,483.3

 

 

 

4,497.3

 

 

Operating lease right-of-use assets, net

 

 

384.4

 

 

 

383.5

 

 

Noncurrent assets held for sale

 

 

325.6

 

 

 

372.5

 

 

Other noncurrent assets

 

 

547.8

 

 

 

546.7

 

 

Total assets

 

$

15,246.2

 

 

$

14,993.6

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current maturities of discharged long-term debt

 

$

700.0

 

 

$

699.1

 

 

Current liabilities held for sale

 

 

0.9

 

 

 

4.5

 

 

Other current liabilities

 

 

741.5

 

 

 

742.0

 

 

Long-term debt (excluding current maturities)

 

 

4,343.1

 

 

 

4,340.9

 

 

Noncurrent liabilities held for sale

 

 

17.5

 

 

 

21.8

 

 

Other noncurrent liabilities

 

 

2,019.8

 

 

 

2,012.5

 

 

Total equity

 

 

7,423.4

 

 

 

7,172.8

 

 

Total liabilities and equity

 

$

15,246.2

 

 

$

14,993.6

 

 

 

- MORE -


Appendix

 

 

MARTIN MARIETTA MATERIALS, INC.

Unaudited Statements of Cash Flows

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

 

(Dollars in Millions)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Consolidated net earnings

 

$

470.2

 

 

$

387.7

 

Adjustments to reconcile consolidated net earnings to net cash
   provided by operating activities:

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

253.1

 

 

 

256.6

 

Stock-based compensation expense

 

 

27.7

 

 

 

24.5

 

Gain on sales of assets, divestitures and extinguishment of debt

 

 

(16.3

)

 

 

(173.9

)

Deferred income taxes, net

 

 

0.7

 

 

 

(32.7

)

Other items, net

 

 

(4.5

)

 

 

(3.4

)

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

 

 

 

 

 

 

Accounts receivable, net

 

 

(196.2

)

 

 

(252.6

)

Inventories, net

 

 

(92.2

)

 

 

(79.5

)

Accounts payable

 

 

44.5

 

 

 

68.5

 

Other assets and liabilities, net

 

 

31.5

 

 

 

91.0

 

Net Cash Provided by Operating Activities

 

 

518.5

 

 

 

286.2

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(293.4

)

 

 

(220.7

)