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Martin Marietta Materials Inc - Stock Quote MLM

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Morningstar's Martin Marietta Materials Inc Stock Analysis

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Rising Cost Inflation Outweighs Solid Top-Line Performance for Martin Marietta in the First Quarter

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Narrow-moat-rated Martin Marietta's first-quarter results were in line with our expectations. Rising cost inflation continues to be the story, as the company’s gross margins (excluding freight and delivery) declined over 530 basis points to 13.6% in the quarter compared with the same period a year ago. That said, we think Martin Marietta will be able to increase prices in the near term to offset cost pressure in the second half of 2022. This leads us to forecast 28.4% gross margins for the full year, roughly in line with 2020 levels (compared with 26.5% in 2021). Looking at sales, the company earned $1.1 billion, which was up 25% year on year compared with the first quarter of 2021, largely due to strong pricing. In 2022, we project Martin Marietta’s top line to grow by 15% year on year to $5.8 billion.

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Martin Marietta Materials Inc's Company Profile

Business Description

Martin Marietta Materials is one of the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). In 2021, Martin Marietta sold 201 million tons of aggregates. Martin Marietta's most important markets include Texas, Colorado, North Carolina, Georgia, and Florida, accounting for most of its sales. The company also produces cement in Texas and uses its aggregates in its asphalt and ready-mixed concrete businesses. Martin’s magnesia specialties business produces magnesia-based chemical products and dolomitic lime.

4123 Parklake Avenue
Raleigh, NC, 27612
T +1 919 781-4550
Sector Basic Materials
Industry Building Materials
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 10,000

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