Martin Marietta Materials, Inc. (NYSE:MLM) on 3rd Aug 2010 announced results for the second quarter and the six months ended June 30, 2010. The company produces construction aggregates used to build infrastructures and makes refractory and lime products for the steel industry. Martin Marietta Aggregates is the nation’s second largest producer of construction aggregates in the United States, supplying the crushed stone, sand and gravel used to build the roads, sidewalks and foundations. The Company has more than 285 quarries and distribution facilities in 28 states, the Bahamas and Nova Scotia.
According to the company released reports, its second-quarter profit jumped 40%, beating expectations, on improved shipments. Ward Nye, President and CEO of Martin Marietta Materials, stated, "We are extremely pleased with our second quarter results in which we showed significant improvement despite the continuing challenging economic environment. Of particular note is the performance of our heritage aggregates volume which increased approximately 9%, making this the first quarter in four years with growth in heritage aggregates shipments. Overall, however, the most encouraging sign is that this volume growth was widespread - across each of our end-use markets and geographic segments."
Martin Marietta reported a profit of $54.4 million, or $1.18 a share, up from $38.9 million, or 85 cents a share, a year earlier. Revenue increased 8% to $504.6 million. Analysts polled by Thomson Reuters most recently estimated earnings of $1.17 and $507 million in revenue. Gross margin fell to 23.3% from 24%.
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