Martin Marietta Misses Q2 Earnings Estimates, Lowers Fiscal Outlook After 'Series Of Factors' Impact Shipments
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 08 2024
0mins
Should l Buy MLM?
Source: Benzinga
Financial Performance: Martin Marietta Materials Inc reported a 3% year-over-year revenue decline to $1.764 billion for Q2 FY24, missing expectations, with adjusted EPS also falling short at $5.26 compared to the consensus of $5.40. The company lowered its 2024 revenue and EBITDA guidance due to factors affecting product shipments.
Market Conditions: CEO Ward Nye attributed the decline to historic weather conditions and restrictive monetary policies impacting construction demand, but expressed optimism that the current softness in private construction will be short-lived, supported by anticipated improvements in inflation and employment data.
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Analyst Views on MLM
Wall Street analysts forecast MLM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MLM is 693.20 USD with a low forecast of 605.00 USD and a high forecast of 758.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
9 Buy
2 Hold
0 Sell
Strong Buy
Current: 670.950
Low
605.00
Averages
693.20
High
758.00
Current: 670.950
Low
605.00
Averages
693.20
High
758.00
About MLM
Martin Marietta Materials, Inc. is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 390 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. It also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services in targeted markets. It conducts its Building Materials business through two segments, organized by geography: East Group and West Group. The East Group provides aggregates and asphalt products. The West Group provides aggregates, cement, downstream products and paving services. The Company’s Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. Its magnesia-based chemical products are used in industrial, agricultural and environmental applications. It also produces dolomitic lime sold to customers for steel production and soil stabilization.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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