Martin Marietta Rocks Third Quarter

Nov. 2, 2021 – Martin Marietta Materials weighed in with a solid quarterly report, with its Building Materials business achieving record products and services revenues of $1.390 billion, a 17.3% increase, and record product gross profit of $413.1 million, a 7.9% increase. The Building Materials business experienced growing product demand across its three primary end-use markets. However, contractor capacity constraints, including transportation availability and labor shortages, combined with wet weather in several markets, muted third-quarter shipment growth. Also hampering operations were higher energy costs, not the least among them, soaring diesel fuel prices. The company’s preliminary view of 2022 anticipates organic aggregates shipments to increase in the low- to mid-single digits as third-party labor and logistics challenges continue to impact an otherwise robust product demand environment. Martin Marietta remains confident that favorable pricing dynamics will continue, supported by the company’s locally-driven pricing strategy, and anticipates mid- to high-single digit growth in organic aggregates pricing in 2022.