Wet Weather Can't Stop Martin Marietta's Margin Expansion in 2Q; Raising Our Fair Value Estimate
Martin Marietta Materials’ second quarter was hindered by the same wet weather as fellow aggregate producer Vulcan Materials. Aggregates shipments grew a mere 1.3% from the prior-year quarter, to 42.2 million tons. Despite weak volume growth, we continue to see improving construction activity. Additionally, the company has made inroads with cost management. Year-over-year pricing per aggregate ton grew 7%, with gross margin expanding to 31.8% from 28.5%. This helped drive nearly 29% year-over-ye...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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