Martin Marietta Materials Inc. reported results for the fourth quarter and year ended Dec. 31, 2024. Fourth quarter revenues were $1,632 billion, up from $1,608 billion for the same quarter in 2023, an increase of 1%. For the full year 2024, revenues were $6,536 billion, versus $6,777 billion in 2023, a decrease of 4%.
Fourth-quarter aggregates shipments increased 2.7% to 47.9 million tons, reflecting acquisition contributions that were partially offset by softer residential, warehouse and manufacturing demand. Average selling price (ASP) increased 8.6% to $21.95 per ton, or 7.6% on an organic mix-adjusted basis.
Aggregates gross profit increased 16% to $379 million due to contributions from acquired operations, organic pricing growth and lower diesel costs. Aggregates gross profit per ton increased 12% to $7.92 and gross margin improved 120 basis points to 33%, both fourth-quarter records.
Cement and ready mixed concrete revenues decreased 24% to $261 million and gross profit decreased 36% to $68 million primarily due to the February 2024 divestiture of the South Texas cement plant and certain of its related ready mixed concrete operations.
Asphalt and paving revenues decreased 2% to $223 million, driven by slower market demand. Gross profit decreased 7% to $25 million due to lower revenues and higher aggregates costs partially offset by lower liquid asphalt costs.
Magnesia Specialties delivered revenues of $77 million, a fourth-quarter record, as strong lime and chemicals pricing more than offset lower shipments; gross profit decreased 3 percent to $22 million from unfavorable cost absorption on reduced production and higher supplies expense.
During the fourth quarter, the company acquired aggregates-led, bolt-on assets in Southwest Florida and Southern California.
Ward Nye, chair and CEO of Martin Marietta, stated, “In 2024, we faced several challenging dynamics beyond our control, including inclement weather, softening construction demand in both nonresidential and residential sectors, and tighter-than-expected monetary policy. Despite these headwinds, we remained steadfast in executing our strategic priorities and concluded the year with a return to earnings growth and margin expansion, resulting in record fourth-quarter profits.
”The company delivered our safest year on record, achieved nearly double-digit growth in unit margins, expanded Adjusted EBITDA margins and reshaped our portfolio. This was accomplished through approximately $6 billion in aggregates-led acquisitions and non-core asset divestitures. These portfolio-optimizing transactions created a more durable business, increased the gross profit contribution from our core aggregates product line, and enhanced our margin profile, all while maintaining a strong balance sheet for continued acquisitive growth.
“Looking ahead, the strategic actions we completed in 2024, combined with strong infrastructure and data center demand, should more than offset ongoing softness in residential construction demand. Consequently, we are confident in achieving the midpoint of our 2025 full-year Adjusted EBITDA guidance of $2.25 billion, a 9% improvement compared to the prior year.”
Nye concluded, “Our long history of successfully identifying, executing and integrating operations into our business, while managing controllable factors and navigating economic cycles, gives us great confidence in our ability to continue delivering industry-leading safety, operational and financial performance. Martin Marietta’s dedicated employees remain committed stewards of our shareholders’ investment, working together to build and maintain the safest, best-performing, aggregates-led public company. We are positioned to generate sustainable earnings growth and superior shareholder value for years to come.”