- Martin Marietta Materials, Inc. (NYSE:MLM) reported fourth-quarter FY21 revenue growth of 26.9% year-over-year to $1.5 billion, beating the consensus of $1.34 billion.
- Total revenues comprised $1.4 billion in Products and services revenues and $91.5 million in Freight revenues.
- Adjusted EPS improved to $3.15 compared to $2.93 in 4Q20, beating the consensus of $2.92.
- Gross margin contracted by 442 bps to 23.2%. The operating income declined by 12.7% Y/Y to $210 million, and the margin fell 636 bps to 14%.
- Adjusted EBITDA was $393.7 million (+17.5% Y/Y), and margin contracted by 210 bps to 26.3%.
- Building Materials business revenue was $1.3 billion (+26.9% Y/Y), and the product gross profit was $318.4 million (+6.6%).
- Q4 organic aggregates shipments increased 9.3%, reflecting growing product demand. Organic pricing increased 2.8%. Total aggregates shipments, including acquired operations, grew 19.7%.
- Cement product gross margin declined 350 bps to 41% as higher energy and raw materials costs outpaced shipment and pricing gains.
- Martin Marietta Materials generated cash from operating activities of $1.14 billion in 2021, compared to $1.05 billion in 2020. It held $258.9 million of cash and equivalents as of December 31, 2021.
- FY22 Outlook: The company expects Products and services revenues of $5.78 billion - $5.98 billion, gross profit of $1.575 billion - $1.695 billion.
- It expects Adjusted EBITDA of $1.7 billion - $1.8 billion; and Net earnings of $805 million - $915 million.
- Price Action: MLM shares are trading lower by 0.16% at $382.52 on the last check Thursday.
