Martin Marietta Materials Posts Fall In Q4 Profit, Issues FY23 Outlook

Martin Marietta Materials Inc MLM reported a Q4 FY22 revenue decline of 1% to $1.48 billion. Products and services revenues for the quarter declined to $1.378 billion from $1.404 billion a year ago.
The company posted Q4 adjusted EPS of $3.04, down from $3.15 a year ago, missing the consensus of $3.07.
Building Materials business generated revenues of $1.31 billion, a 1.7% decrease attributable to colder temperatures and increased precipitation.
Fourth-quarter aggregates shipments decreased by 12%, largely due to inclement weather.
Despite robust product demand, cement shipments decreased 10.8% to 0.9 million tons, primarily attributable to wet and cold weather in Texas. Pricing increased by 20.8%.
Asphalt and paving product and services revenues increased 16.3% to $198.6 million.
Magnesia Specialties revenues decreased by 6% to $63.5 million, driven by lower demand for chemical and lime products.
Guidance: Martin Marietta Materials expects FY23 products and services revenues of $6.18-$6.37 billion and adjusted EBITDA of $1.8-$1.9 billion.
The company expects average selling price growth of 13%-15% for Aggregates.
Price Action: MLM shares traded higher by 4.71% at $372.98 on the last check Wednesday.

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