Martin Marietta Earnings Dip, But Beat View

(RTTNews) - Martin Marietta Materials, Inc. (MLM), supplier of aggregates and heavy building materials, reported lower net income in the third quarter mainly in the absence of a one-time gain it recorded last year. However, earnings came in above the Street estimates.

Net earnings in the third quarter declined to $254.6 million or $4.07 per share from $294.4 million or $4.71 per share in the same quarter a year ago, on higher expenses.

Third-quarter 2020 included $69.9 million of gains on surplus land sales and divested assets.

Excluding items, earnings were $4.25 per share, that beat average estimate of analysts polled by Thomson Reuters at $4.24 per share.

Revenue for the three-month period, however, rose to $1.557 billion from $1.321 billion last year. The consensus estimate was for $1.41 billion of revenue.