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Martin Marietta Materials profit misses consensus by 28.9% in Q2

Martin Marietta Materials Inc. said its second-quarter normalized net income was $1.14 per share, compared with the S&P Capital IQ consensus estimate of $1.60 per share.

EPS declined year over year from $1.19.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $76.8 million, a gain of 38.6% from $55.4 million in the year-earlier period.

The normalized profit margin declined to 9.0% from 9.2% in the year-earlier period.

Total revenue grew 41.3% on an annual basis to $850.2 million from $601.9 million, and total operating expenses rose 42.1% on an annual basis to $711.2 million from $500.4 million.

Reported net income grew 39.6% on an annual basis to $82.5 million, or $1.22 per share, from $59.1 million, or $1.27 per share.