Martin Marietta misses by $0.15, misses on revs
- Reports Q3 (Sep) earnings of $2.04 per share, $0.15 worse than the Capital IQ Consensus of $2.19; revenues rose 7.8% year/year to $1.08 bln vs the $1.15 bln Capital IQ Consensus.
- Aggregates product line volume increase of 5.4%; aggregates product line price increase of 5.4%.
- Cash provided by operating activities for the first nine months of 2015 was $319.6 million compared with $201.6 million in the comparable 2014 period.
- During the quarter, the company repurchased 917,000 shares of its common stock for $158 million.
- FY15 Outlook: Sees Net sales for the Cement segment to be between $375-$400 million, generating $105-$110 million of gross profit. Sees net sales for the Magnesia Specialties segment to be between $235-$240 million, generating $80-$85 million of gross profit... Sees Aggregates-related downstream product lines to generate between $875-$925 million of net sales and $80-$85 million of gross profit... Consolidated EBITDA to range from $800-$820 million, exclusive of the loss on the California cement sale and related expenses and absent the early onset of winter weather in the company's markets.
- 2016 Outlook: Infrastructure market to increase slightly ... Nonresidential market to increase slightly ... Residential market to experience a double-digit increase... ChemRock/Rail market to remain relatively flat.