Martin Marietta report best year ever
Full-year record results for revenues, profitability, and safety performance cap best year in company’s history
MARTIN Marietta Materials Inc., one of the leading US suppliers of aggregates and heavy building materials, today reported the company’s best-ever full-year results for the 12 months ended 31 December 2023.
Total revenues for the year were up 10% at US$6,777 million (2022: $6,161 million), gross profit was up 42.1% at US$2,023 million ($1,423 million), earnings from operations were up 32.3% at US$1,596 million ($1,207 million), and adjusted EBITDA was up 33% to US$2,128 million ($1,600 million).
Ward Nye, chair and chief executive officer of Martin Marietta, said: ‘A strong fourth quarter capped the best year in our company’s history. In fact, 2023 was extraordinary in nearly every respect for Martin Marietta. We achieved the safest and most profitable year ever while enhancing the durability of our business through enterprise excellence together with undertaking non-core asset divestitures.
‘The team's disciplined execution of our proven value-over-volume commercial strategy drove an organic improvement of 33.0% and 46.4% in full-year adjusted EBITDA and aggregates unit profitability, respectively. These accomplishments, notwithstanding a macroeconomic backdrop that was highlighted by restrictive monetary policy, a housing slowdown and rising geopolitical tensions, demonstrate the resiliency of our aggregates-led business model and position us well for continued success in 2024 and beyond.
‘Looking at the year ahead, we expect aggregates demand for infrastructure, large-scale energy, and domestic manufacturing projects will be strong, largely offsetting weaker residential demand and anticipated softening in light non-residential activity. That said, as mortgage rates stabilize and affordability headwinds recede, we fully expect single-family residential construction to recover, as demand still far exceeds supply particularly in our key markets.’
Mr Nye concluded: ‘The advantaged nationwide presence of our business, built over decades, and further complemented with our recently announced acquisitions, uniquely positions us to capitalize on favourable population migration trends in the near, medium, and long term. Together with this foundation and our unyielding commitment to execute our proven strategic plan, we fully expect to continue driving sustainable growth and shareholder returns through dynamic macroeconomic cycles.’
