Martin Marietta Materials Q2: Revenue Miss, Lower Aggregates Shipments & More
Portfolio Pulse from Akanksha Bakshi
Martin Marietta Materials, Inc. (NYSE:MLM) reported Q2 FY23 revenue growth of 10.9% YoY to $1.82 billion, missing the consensus of $1.83 billion. EPS was $5.60, beating the consensus of $4.85. The company returned $232.5 million to shareholders through dividends and share repurchases. However, aggregates shipments decreased by 5.7%. The company expects FY23 total revenues of $6.725 billion-$6.86 billion, up from the previous guidance.
July 27, 2023 | 5:33 pm
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NEGATIVE IMPACT
Martin Marietta's Q2 revenue missed expectations, but EPS beat estimates. The company also raised its FY23 revenue guidance.
The company's Q2 revenue miss and decrease in aggregates shipments could negatively impact the stock price in the short term. However, the EPS beat and raised FY23 revenue guidance could offset some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100