The overstatement was deemed immaterial to any previously-reported periods and was therefore corrected as an out-of-period expense of $15.7 million ($12.0 million net of tax) during second-quarter 2019. A member of the S&P 500 Index, Martin Marietta is an American-based company and a leading supplier of building materials - including aggregates, cement, ready mixed concrete and asphalt. Please check your download folder.If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Management believes these non-GAAP measures are commonly used financial measures for investors to evaluate the Company’s operating performance, and when read in conjunction with the Company’s consolidated financial statements, present a useful tool to evaluate the Company’s ongoing operations, performance from period to period and anticipated performance. Martin Marietta Materials Inc. annual stock financials by MarketWatch. Additionally, domestic and international demand for chemicals products slowed due to COVID-19. Products and services gross profit of $21.9 million was a second-quarter record.Second-quarter aggregates shipments declined 3.7 percent compared with the prior-year quarter, which benefited from carryover work due to the extraordinarily wet 2018. Martin Marietta Materials Inc. annual stock financials by MarketWatch. In addition, these are some of the factors the Company uses in internal evaluations of the overall performance of its businesses. Cement product gross margin expanded 210 basis points to 39.7 percent driven by improved kiln reliability and lower fuel costs.“The Company expanded consolidated gross margin by 200 basis points and delivered Adjusted EBITDA of $407 million in the second quarter, driven by pricing momentum and improved cost management across the Building Materials business. Martin Marietta (MLM) delivered earnings and revenue surprises of 14.80% and 3.63%, respectively, for the quarter ended June 2020. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.Martin Marietta will reinstate full-year earnings guidance when it has sufficient visibility. Volume impacts from reduced demand will likely be temporary, gradual and varied by end use and geography. Asphalt pricing declined 1.4 percent due to unfavorable product mix from a higher percentage of shipments to lower-priced municipal projects. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. RALEIGH, N.C., July 28, 2020 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) (“Martin Marietta” or the “Company”) today reported results for the second quarter ended June 30, 2020.Get the latest news and updates from Stockhouse on social media“Though Martin Marietta, along with many of our customers, has operated as a designated “essential business” through the COVID-19 shutdowns and subsequent phased re-openings, we still experienced impacts from the macroeconomic slowdown. The Company’s capital allocation priorities remain unchanged and include value-enhancing acquisitions that promote the successful execution of the Company’s strategic growth plan, organic capital investment and the return of cash to shareholders through meaningful and sustainable dividends and share repurchases.Second-quarter results and trends described in this earnings release may not be indicative of the Company’s future performance.Martin Marietta remains confident that the attractive underlying fundamentals and long-term secular growth trends in our key geographies, both of which underpinned the Company’s record 2019 performance, remain intact and will be evident once again when the U.S. economy stabilizes and recovers.This earnings release contains financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP). If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. The pretax noncash adjustment was recorded in other nonoperating expenses, net, consistent with the recurring classification of equity earnings from the affiliate.Cash paid for property, plant and equipment additions for the six months ended June 30, 2020 was $175.7 million. EBITDA margin of 32.03% vs. 31 While it has not seen significant disruption thus far, Martin Marietta believes its industry will likely experience lower overall product demand over the next few quarters due to the COVID-19 pandemic. As of June 30, 2020, 13.5 million shares remained under the current repurchase authorization and 62.3 million shares of Martin Marietta common stock were outstanding.Second-quarter aggregates shipments declined 3.7 percent compared with the prior-year quarter, which benefited from carryover work due to the extraordinarily wet 2018. Despite limited impacts from COVID-19, product demand trends remained strong in key Martin Marietta geographies, most notably in North Texas, Colorado and Indiana, as well as Georgia and Florida, the latter two being key states that experienced significant precipitation during the quarter.“The Company expanded consolidated gross margin by 200 basis points and delivered Adjusted EBITDA of $407 million in the second quarter, driven by pricing momentum and improved cost management across the Building Materials business.
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