Martin Marietta Trades Lower as Unfavorable Weather Conditions Weigh on 2Q Results and 2017 Outlook
Unfavorable weather conditions weighed on what otherwise would have been another strong quarter for Martin Marietta. In key states like North Carolina, South Carolina, Georgia, and Florida, near-record rainfall affected aggregates operations. This weighed not only on volumes, but also drove higher unit costs. Yet despite these challenges, results were solid, although not quite as good as what the market has come to expect. Year over year, companywide revenue grew nearly 9% to $915 million and EB...Martin Marietta Materials is a natural resource-based building materials company. The company supplies aggregates (crushed stone, sand and gravel) through its network of quarries, mines and distribution yards. The company also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services. The company conducts its Building Materials business through three segments: Mid-America Group, Southeast Group and West Group. The Mid-America and Southeast Groups provide aggregates products only. The West Group provides aggregates, cement and downstream products. The company also has the Magnesia Specialties segment, which includes its magnesia-based chemicals and dolomitic lime businesses.
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