Martin Marietta beats by $0.20, beats on revs; reaffirms FY17 revs guidance (222.87)
- Reports Q1 (Mar) earnings of $0.67 per share, $0.20 better than the Capital IQ Consensus of $0.47; revenues rose 7.9% year/year to $791.7 mln vs the $729.28 mln Capital IQ Consensus.
- Co reaffirms guidance for FY17, sees FY17 revs of $3.75-3.95-bln vs. $3.88 bln Capital IQ Consensus Estimate; EBITDA $1.05-1.13 bln. Aggregates product line end-use markets compared with 2016 levels are as follows:
- Infrastructure market to increase mid-single digits.
- Nonresidential market to increase in the low- to mid-single digits.
- Residential market to increase in the mid- to high-single digits.
- ChemRock/Rail market to remain stable.
- "In anticipation of a busy 2017, we accelerated several operational initiatives in the first quarter. Where possible, we increased production, invested in our labor force, and performed grading and equipment maintenance early to ensure our operations are poised to satisfy anticipated customer needs, particularly for high-demand products that meet Department of Transportation specifications. The continued ramp up in production should lead to increased leverage and will favorably impact our cost structure throughout the year," said Chairman, President and CEO Ward Nye.