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Martin Marietta Materials profit beats consensus by 32.0% in Q1

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Martin Marietta Materials profit beats consensus by 32.0% in Q1

Martin Marietta Materials Inc. said its normalized net income for the first quarter amounted to 56 cents per share, compared with the S&P Capital IQ consensus estimate of 43 cents per share.

EPS decreased 11.0% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $35.6 million, a decrease of 12.4% from $40.6 million in the prior-year period.

The normalized profit margin dropped to 4.5% from 5.5% in the year-earlier period.

Total revenue rose 7.9% year over year to $791.7 million from $734.0 million, and total operating expenses rose 10.3% year over year to $714.5 million from $647.6 million.

Reported net income declined from the prior-year period to $42.4 million, or 67 cents per share, from $44.4 million, or 69 cents per share.