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Martin Marietta Materials profit misses consensus by 47.7% in Q1

Martin Marietta Materials Inc. said its normalized net income for the first quarter was 6 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

The per-share result swung to a profit from the prior-year loss of 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.3 million, compared with a loss of $12.2 million in the year-earlier period.

The normalized profit margin rose to 0.7% from negative 3.2% in the year-earlier period.

Total revenue rose 66.4% year over year to $631.9 million from $379.7 million, and total operating expenses rose 56.6% from the prior-year period to $604.7 million from $386.1 million.

Reported net income totaled $4.7 million, or 7 cents per share, compared with a loss of $21.8 million, or a loss of 47 cents per share, in the prior-year period.