Martin Marietta Materials has recorded the ‘best year’ in the company’s history, according to its chief executive, after the release of recent financial results.
The United States-based aggregate producer reported its best full-year financial results to the end of 2023 with total revenue up 10 per cent.
“A strong fourth quarter capped the best year in our company’s history. In fact, 2023 was extraordinary in nearly every respect for Martin Marietta,” Chair and chief executive Ward Nye said in a statement.
“We achieved the safest and most profitable year ever while enhancing the durability of our business through enterprise excellence together with undertaking non-core asset divestitures.”
According to its release, Martin Marietta Materials’ gross profit was up 42.1 per cent at US$2,023 million ($1,423 million), earnings from operations were up 32.3 per cent at US$1,596 million ($1,207 million), and adjusted EBITDA was up 33 per cent to US$2,128 million ($1,600 million).
Nye said the company expected demand for infrastructure, single-family residential construction and domestic manufacturing would offset “weaker” residential demand and light non-residential activity.
“These accomplishments, notwithstanding a macroeconomic backdrop that was highlighted by restrictive monetary policy, a housing slowdown and rising geopolitical tensions, demonstrate the resiliency of our aggregates-led business model and position us well for continued success in 2024 and beyond,” Nye said.
“Together with this foundation and our unyielding commitment to execute our proven strategic plan, we fully expect to continue driving sustainable growth and shareholder returns through dynamic macroeconomic cycles.”
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