Martin Marietta Q4 Profit Down, But Beats Street

(RTTNews) - Martin Marietta Materials, Inc. (MLM) a national supplier of aggregates and heavy building materials, on Thursday reported results for the fourth quarter ended December 31, 2021 that showed a fall in earnings despite the growth in revenue. Earnings and revenue surpassed Street's expectations.

Net earnings for the period were $156.8 million or $2.50 per share as compared to $183.0 million or $2.93 per share in the corresponding quarter of the prior period.

Adjusted earnings per diluted share from continuing operations was $3.15 as compared to $2.93 in the previous period. 15 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.92 per share. Analysts typically exclude one-time items.

Products and services revenues for the period were $1.40 billion as compared to $1.11 billion in the fourth quarter of the previous year. 7 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.34 billion.

Earnings from operations was $210 million, as compared to $240.6 million in the previous period.

For 2022, the company expects products and service revenues between $5,780 million and $5,980 million. Net earnings is seen between $805 million and $915 million whereas adjusted EBITDA is seen between $1700 million and $1800 million.

Shares of Martin Marietta Materials are currently trading in premarket at $ 383.50, up $0.35 or 0.09 percent from previous close.