Martin Marietta Materials Q1 Profit Surges; Results Beat Estimates

(RTTNews) - Martin Marietta Materials, Inc. (MLM) on Tuesday reported a profit for the first quarter that more than quadrupled from last year on higher revenues. Both revenue and earnings per share beat analysts' estimates.

First-quarter net earnings attributable to the company surged to $42.85 million or $0.68 per share from $10.02 million or $0.16 per share in the year-ago period.

Revenues for the quarter grew to $938.96 million from $802.00 million in the year-ago period. Products and services revenue increased to $878.31 million from $753.31 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter on revenues of $833.9 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, Martin Marietta affirmed its previously announced full-year outlook. The company expects net earnings attributable in a range of $520.00 million to $620.00 million and total revenues in a range of $4.48 billion to $4.68 billion.

The Street expects earnings of $8.95 per share for the year on revenues of $4.33 billion.