Martin Marietta Looks Ahead

Feb. 15, 2023 – Martin Marietta Materials had a slower 2022 fourth quarter than expected, but reported record revenues for full-year 2022. Aggregates revenues were, however, strong in 2022’s fourth quarter, $849 million, versus $827 million in the fourth quarter of 2021. For full-year 2022, aggregates revenues were $3.506 billion versus $3.059 billion in 2021. Looking ahead, Ward Nye, chairman and CEO of Martin Marietta, stated, “Entering 2023, near-term product demand visibility is supported by healthy customer backlogs driven by an acceleration in public infrastructure investment and announced large-scale energy and domestic manufacturing projects. While single-family residential construction is slowing, we expect a resumption of growth in this end market in Martin Marietta markets beyond 2023 as population growth continues and mortgage rates stabilize. In total, we expect full-year 2023 aggregates shipments to be relatively flat but, given the carryover effects of our 2022 commercial actions and broad acceptance of our Jan. 1, 2023, price increases, we are confident in our ability to continue to deliver accelerated margin expansion.”