Martin Marietta Revenues Increase, Adds Tiller Corp

Martin Marietta Materials Inc of Raleigh, NC has reported first quarter 2021 revenue of US$921.9 million, up from US$891.0 million in the same period of 2020. The company’s Building Materials segment generated net sales of US$856.6 million in the first quarter of 2021 compared with US$831.1 million in the same period of 2020.

Aggregates net sales increased from US$570.3 million in the 2020 period to US$572.6 million in the first quarter of 2021. Volume sales decreased from 38.3 million tons to 37.1 million tons in the latest period. Average aggregates prices improved from US$14.80/ton to US$15.31/ton.

Martin Marietta’s Magnesia Specialties business generated first quarter revenue of US$65.3 million versus US$59.9 million in the first quarter of 2020. The increase reflects improved demand for chemicals and lime products. The higher revenues, combined with cost control, resulted in a record first quarter gross profit of US$28.4 million.

Ward Nye, Martin Marietta’s CEO, stated, “Following a record performance in 2020, our company is off to a strong start to what we expect to be another outstanding year for Martin Marietta. For the first three months of 2021, we delivered solid operational and financial performance, establishing first quarter records for revenues, profits and safety.”

“We are equally excited to announce the strategic, value-enhancing acquisition of Tiller Corp. Tiller is the leading aggregates and FOB hot mix asphalt supplier in the Minneapolis/St Paul region, notably enhancing Martin Marietta’s high-margin, upstream materials business in one of the largest and fastest-growing mid-western metropolitan areas.

Volume 35, Issue 09

Leave a Reply