Martin Marietta Q3 2011 results: Net sales up 4.6 percent, earnings down
“During the third quarter, we continued to build on a foundation that has enabled us to outperform others in the industry as we all work through the prolonged economic downturn,” Ward Nye, president and CEO of Martin Marietta Materials, said in a written statement. “Our disciplined business approach is once again evident in our operating results, which reflect aggregates product line pricing growth and continued cost control. Further, our Specialty Products business generated a new quarterly record for net sales and a third-quarter record for earnings from operations.”
Nye says Martin Marietta also continues to distinguish itself “through the prudent deployment of capital in the completion of strategic acquisitions that enhance our aggregates business, capacity expansion projects in our profitable Specialty Products business and sustained dividends throughout the economic cycle.”
Business development initiatives have been structured to grow or augment the company’s positions in markets with attractive growth dynamics while maintaining our balance sheet strength and financial flexibility, Nye says.
“The continued successful execution of these operating and business development strategies and initiatives will provide long-term shareholder value,” he adds.
NOTABLE ITEMS (ALL COMPARISONS, UNLESS NOTED, ARE WITH THE PRIOR-YEAR QUARTER)
– Earnings per diluted share of $1.07 and adjusted EPS of $1.11 (that excluded a $0.04 per diluted share to reflect a non-recurring early retirement benefit) compared with $1.13.
– Consolidated net sales of $464.0 million, up 4.6 percent.
– Heritage aggregates product line pricing up 2.8 percent.
– Heritage aggregates product line volume down 2.2 percent.
– Heritage aggregates product line direct production costs down slightly, despite a 16 percent increase in energy costs.
– Specialty Products net sales of $50.4 million and earnings from operations of $15.6 million, resulting in a 240-basis-point improvement in operating margin (excluding freight and delivery revenues).
– Consolidated selling, general and administrative expenses up $2.3 million, resulting from a $2.8 million nonrecurring early retirement benefit.
– Consolidated earnings from operations of $79.0 million compared with $83.9 million.
From our partners
The new Sandvik Ranger surface drill rig offers renowned drilling efficiency with up to 20% lower fuel consumption
Known to many by their former name, Ranger, Sandvik’s DX series surface…
MORE FROM Articles
Manufacturer news: McLanahan hosts first Frac Sand Processing School in Wisconsin; The Volvo Group sponsors Ocean Summit on Marine Debris; CEMA publishes 7th Edition Belt Conveyors for Bulk Materials; Superior Industries acquires Clemro Western Ltd.; Metso launches new global website; Xylem launches new online interactive dewatering platform; Eriez offers 5-Star Service Program; JCB Finance enters partnership with Bank of the West
SUBSCRIBE & FOLLOW
- Legislation stopping proposed Waters of the U.S. rule passes Transportation and Infrastructure committee with bipartisan support179 Views
- Bipartisan highway bill would tie federal gas tax to inflation, create transportation commission177 Views
- Eagle Scout project rebuilds DeSoto State Park hiking trail from stone found in old quarry at park161 Views
- Lafarge and Holcim announce U.S. asset divestments required by Federal Trade Commission for merger148 Views
- NSSGA wants everyone to ask their representative to co-sponsor the Regulatory Integrity Protection Act (H.R. 1732) to stop proposed Waters of the U.S. rule127 Views