Martin Marietta Misses Q2 Earnings Estimates, Lowers Fiscal Outlook After 'Series Of Factors' Impact Shipments
Portfolio Pulse from Lekha Gupta
Martin Marietta Materials Inc (NYSE:MLM) reported a 3% Y/Y decline in Q2 FY24 revenue to $1.764 billion, missing the consensus of $1.846 billion. Adjusted EPS of $5.26 also missed the consensus of $5.40. The company lowered its fiscal outlook for 2024, citing factors like historic precipitation and restrictive monetary policy impacting shipments. The stock is trading lower by 1.54% premarket. Investors can gain exposure via TCW Transform Supply Chain ETF (NYSE:SUPP) and Invesco Building & Construction ETF (NYSE:PKB).
August 08, 2024 | 1:07 pm
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NEGATIVE IMPACT
Martin Marietta Materials Inc (NYSE:MLM) reported a 3% Y/Y decline in Q2 FY24 revenue and missed earnings estimates. The company lowered its fiscal outlook for 2024 due to shipment impacts from historic precipitation and restrictive monetary policy. The stock is trading lower by 1.54% premarket.
The company missed both revenue and earnings estimates and lowered its fiscal outlook, which are strong negative indicators for the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Invesco Building & Construction ETF (NYSE:PKB) includes Martin Marietta (MLM), which reported a decline in Q2 earnings and lowered its fiscal outlook. This could negatively affect the ETF's short-term performance.
MLM's disappointing earnings and lowered fiscal outlook could negatively impact PKB's performance in the short term, as MLM is a component of the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
TCW Transform Supply Chain ETF (NYSE:SUPP) provides exposure to Martin Marietta (MLM), which reported disappointing Q2 earnings and lowered its fiscal outlook. This could negatively impact the ETF's performance in the short term.
Since MLM is a component of SUPP, the negative earnings report and lowered outlook for MLM could have a short-term negative impact on the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50