Martin Marietta Looks Ahead

Feb. 14, 2024 – Martin Marietta Materials delivered a sweet Valentines Day gift to the industry, reporting the best year in company history. And aggregates shipments were actually down, 46.6 million metric tons (Mt) versus 47.7 Mt quarter over quarter; and 198.8 Mt versus 207.7 Mt year over year. You can thank double-digit pricing increases for that. Looking at the year ahead, the company expects that aggregates demand for infrastructure, large-scale energy and domestic manufacturing projects will be strong, largely offsetting weaker residential demand and anticipated softening in light nonresidential activity. That said, as mortgage rates stabilize and affordability headwinds recede, the company fully expect single-family residential construction to recover, as demand still far exceeds supply particularly in its key markets. The company expects 2024 to be an even better year with guidance in the $6.7-7.2 billion range for total revenues. Not surprising when you consider that the company recently acquired Albert Frei & Sons in Colorado, and just entered into a definitive agreement to acquire the Alabama, South Carolina, South Florida, Tennessee and Virginia aggregates operations from affiliates of Blue Water Industries LLC.