Martin Marietta Materials Q1 Profit Down

(RTTNews) - Martin Marietta Materials Inc. (MLM) reported that its net earnings attributable to the company for the first-quarter declined to $25.9 million or $0.41 per share from last year's $42.9 million or $0.68 per share, primarily hurt by the year-over-year impact of lower unit production costs on aggregates inventory standards of $0.18 per share and the prior-year benefit from a change in tax election for a subsidiary of $0.21 per share.

Total revenues for the quarter increased to $958.2 million from $939.0 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share and revenues of $881.86 million. Analysts' estimates typically exclude special items.

The company has withdrawn its 2020 full-year guidance issued on February 11, 2020, given the economic disruptions driven by the COVID-19 pandemic and the multiple measures put in place to treat and minimize the spread of the virus.