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Martin Marietta Materials profit misses consensus by 22.6% in Q2

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Martin Marietta Materials profit misses consensus by 22.6% in Q2

Martin Marietta Materials Inc. said its second-quarter normalized net income was $1.81 per share, compared with the S&P Capital IQ consensus estimate of $2.34 per share.

EPS climbed 5.1% year over year from $1.72.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $114.2 million, a gain from $109.8 million in the year-earlier period.

The normalized profit margin dropped to 11.5% from 12.0% in the year-earlier period.

Total revenue increased 8.8% on an annual basis to $996.3 million from $915.4 million, and total operating expenses grew 9.7% year over year to $795.0 million from $724.3 million.

Reported net income grew 17.2% year over year to $142.1 million, or $2.25 per share, from $121.2 million, or $1.90 per share.