Martin Marietta Q3 Profit, Revenue Decline; Cuts Annual Outlook

(RTTNews) - Martin Marietta Materials, Inc. (MLM), a supplier of aggregates and heavy building materials, Wednesday reported net earnings from continuing operations of $363 million or $5.91 per share for the third quarter, lower than $430 million or $6.94 per share in the same quarter a year ago, primarily on decline in revenue. Earnings as well as revenue missed analysts' view. The company also cut its full-year outlook.

Earnings from operations were $489 million, down from $567 million last year.

Revenue for the quarter declined 5 percent to $1.889 billion from $1.994 billion in the previous year.

Analysts on average, expected the company to report earnings of $6.28 per share on revenue of $1.93 billion. Analysts' estimates typically exclude special items.

For the full year, Martin Marietta now expects revenue in the range of $6.450 billion - $6.705 billion, down from the previous guidance of $6.5 billion - $6.94 billion. The consensus estimate stands at $6.61 billion.

Net earnings from continuing operations outlook has been lowered to $1.960 billion - $2.020 billion from $2.030 billion - $2.165 billion.