Martin Marietta Aggregate Sales Jump 12% in Q3

Martin Marietta Materials Inc of Raleigh, NC has reported third quarter 2021 revenue of US$1.56 billion, up from US$1.32 billion in the same period of 2020. The company’s Building Materials segment generated net sales of US$1.48 billion in the third quarter of 2021 compared with US$1.26 billion in the same period of 2020.

Aggregates net sales increased from US$776.9 million in the 2020 period to US$857.1 million in the third quarter of 2021. Volume sales increased from 51.8 million tons to 57.0 million tons in the latest period. Average aggregates prices improved from US$14.75/ton to US$14.93/ton.

Martin Marietta’s Magnesia Specialties business generated third quarter revenue of US$71.9 million versus US$55.2 million in the third quarter of 2020. The increase was driven by improving domestic steel production and global demand for magnesia chemicals products. The higher revenues resulted in a third quarter gross profit of US$27.0 million.

Ward Nye, Martin Marietta’s CEO, stated, “These strong quarterly results were primarily driven by organic shipment growth, pricing gains and value-enhancing acquisitions, which more than offset higher energy-related costs, importantly, the year’s first nine months concluded with the best safety performance in our history.

“Martin Marietta is well-positioned to capitalize on the secular demand trends across our geographic footprint, including single-family housing strength, expanded federal and state level infrastructure investment and light non-residential recovery. These trends should support growing construction activity and contribute to attractive pricing acceleration for heavy-side building materials. Our overall confidence is augmented by our newly completed acquisition of Lehigh Hanson Inc’s West Region business, which further enhanced our pipeline of growth opportunities and deep bench of talent at Martin Marietta.”

Volume 35, Issue 21

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