Martin Marietta Materials, Inc. is a natural resource-based building materials company that supplies essential construction materials, including aggregates like crushed stone, sand, and gravel, through an extensive network of quarries, mines, and distribution yards across 28 states, Canada, and The Bahamas . The company also offers cement and downstream products such as ready mixed concrete, asphalt, and paving services, operating in vertically-integrated markets where it holds a leading position in aggregates . The business is organized into two main segments: the East Group and the West Group, each focusing on different combinations of these products .
- Aggregates - Supplies crushed stone, sand, and gravel, forming the core of the company's offerings and supporting construction and infrastructure projects.
- Cement - Provides essential binding material for construction, enhancing the durability and strength of structures.
- Ready Mixed Concrete - Delivers pre-mixed concrete solutions tailored for various construction needs, ensuring quality and consistency.
- Asphalt and Paving Services - Offers asphalt products and comprehensive paving services, supporting road construction and maintenance.
- Magnesia Specialties - Produces magnesia-based chemical products and dolomitic lime, serving industrial and agricultural markets.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James A. J. Nickolas Executive | Executive Vice President and Chief Financial Officer (CFO) | None | James A. J. Nickolas has been with MLM since at least 2021. His total compensation for 2023 was $4,295,560, reflecting his significant contributions to the company. | |
Roselyn R. Bar Executive | Executive Vice President, General Counsel, and Corporate Secretary | None | Roselyn R. Bar has been with MLM since 1997, starting as Corporate Secretary. She became General Counsel in 2001 and Executive Vice President in 2015. She announced plans to retire in the second half of 2025. |
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Given the 119% increase in precipitation in Dallas-Fort Worth , your largest and most profitable market, and the flooding in parts of the Midwest , how does the company plan to mitigate such significant weather-related risks in the future, and what measures are being implemented to manage the associated financial volatility?
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With the lag effect of restrictive monetary policy pressuring interest rate-sensitive private construction demand more than previously anticipated , how is the company adjusting its strategic priorities to address the sharper-than-expected decline in private non-residential construction?
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Your value-over-volume philosophy contributed modestly to the shipment decline , yet you emphasize margin expansion. Could this strategy potentially limit future market share growth, and how do you balance this approach with long-term volume growth objectives?
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While the M&A pipeline remains active, focusing largely on pure-play aggregates businesses , how are you ensuring effective integration of recent acquisitions like Blue Water and Albert Frei & Sons without overextending resources, and what metrics are you using to assess post-acquisition performance?
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Considering the decline in state and local government highway, bridge, and tunnel contract awards to $114 billion, modestly below 2023 levels , how do you anticipate this will impact your infrastructure segment in the coming quarters, and what strategies are you implementing to offset potential softness in public spending?
Research analysts who have asked questions during MARTIN MARIETTA MATERIALS earnings calls.
Anthony Pettinari
Citigroup Inc.
4 questions for MLM
Kathryn Thompson
Thompson Research Group
4 questions for MLM
Michael Dudas
Vertical Research Partners
4 questions for MLM
Philip Ng
Jefferies
4 questions for MLM
Trey Grooms
Stephens Inc.
4 questions for MLM
Adam Thalhimer
Thompson, Davis & Company, Inc.
3 questions for MLM
Angel Castillo Malpica
Morgan Stanley
3 questions for MLM
David Macgregor
Longbow Research
3 questions for MLM
Garik Shmois
Loop Capital Markets
3 questions for MLM
Jerry Revich
Goldman Sachs Group Inc.
3 questions for MLM
Brent Thielman
D.A. Davidson
2 questions for MLM
Michael Feniger
Bank of America
2 questions for MLM
Patrick Brown
Raymond James
2 questions for MLM
Steven Fisher
UBS
2 questions for MLM
Timna Tanners
Wolfe Research
2 questions for MLM
Andrew Maser
Stifel Financial Corp.
1 question for MLM
Angel Castillo
Morgan Stanley
1 question for MLM
Avi Yaroslav
UBS
1 question for MLM
Brian Brophy
Stifel Financial Corp
1 question for MLM
David S. MacGregor
Longbow Research
1 question for MLM
Garrett Greenblatt
JPMorgan Chase & Co.
1 question for MLM
Ivan Yi
Wolfe Research, LLC
1 question for MLM
Jonathan Bettenhausen
Truist Securities, Inc.
1 question for MLM
Keith Hughes
Truist Financial Corporation
1 question for MLM
Tyler Brown
Raymond James Financial, Inc.
1 question for MLM
Zack Pacheco
Loop Capital Markets
1 question for MLM
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This company is listed among the ten-largest U.S. aggregates producers and operates in the fragmented industry that includes both large public companies and numerous small, privately-held companies. | |
This company is one of the ten-largest U.S. aggregates producers and competes in the fragmented industry of building materials. | |
This company is a major competitor in the building materials industry and is among the ten-largest U.S. aggregates producers. | |
Heidelberg Materials AG | This company is identified as one of the ten-largest U.S. aggregates producers and competes in the fragmented building materials industry. |
Holcim Ltd. | This company is listed as one of the ten-largest U.S. aggregates producers and operates in the fragmented building materials industry. |
Knife River Corporation | This company is mentioned as one of the ten-largest U.S. aggregates producers, competing in the fragmented building materials industry. |
This company is among the ten-largest U.S. aggregates producers and competes in the fragmented building materials industry. | |
This company is identified as one of the ten-largest U.S. aggregates producers and a competitor in the fragmented building materials industry. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Florida & Southern California Bolt-On Acquisitions | 2024 | Completed in October 2024, these bolt-on acquisitions added over 150 million tons of reserves in high-demand South Florida and Southern California markets as part of Martin Marietta’s SOAR plan, remaining below a $1 billion total cost and delivering margin accretive benefits with new pricing effective January 1, 2025. |
Blue Water Industries LLC (BWI Southeast) | 2024 | Completed on April 5, 2024 for $2.05 billion in cash, this acquisition brought in 20 active aggregates operations across Alabama, South Carolina, South Florida, Tennessee, and Virginia—expanding Martin Marietta’s southeast footprint while generating non‐deductible goodwill. |
Albert Frei & Sons, Inc. (AFS) | 2024 | Completed on January 12, 2024, the AFS acquisition secured over 60 years of high-quality hard rock reserves in the Denver metropolitan area, strengthening Martin Marietta’s aggregates platform under its SOAR 2025 initiatives and reported in the West Group. |
Lehigh Hanson, Inc. West Region Business | 2021 | Closed on October 1, 2021 for $2.3 billion in cash (cash-free, debt-free basis), this transaction added 17 aggregates quarries, 2 cement plants, and targeted downstream operations in California and Arizona, supporting Martin Marietta’s SOAR 2025 growth strategy with expected EPS accretion in the first full year post-acquisition. |
Southern Crushed Concrete (SCC) | 2021 | Completed on July 30, 2021, this acquisition expanded Martin Marietta’s footprint in the Houston area—a major aggregates market—by adding recycled concrete operations and approximately 10 new yards, with deductible goodwill and an enhanced product offering. |
Tiller Corporation | 2021 | Completed on April 30, 2021, the acquisition of Tiller Corporation added leading aggregates and hot mix asphalt operations in the Minneapolis/St. Paul region, contributing an estimated $170 million in product revenues and $60 million in Adjusted EBITDA while aligning with the SOAR 2025 strategy and generating deductible goodwill. |
Recent press releases and 8-K filings for MLM.
- Received all necessary regulatory approvals for its asset exchange with Quikrete, with closing expected in Q4 2025.
- Will acquire aggregates operations producing approximately 20 million tons annually across Virginia, Missouri, Kansas, and Vancouver, British Columbia, plus $450 million in cash.
- Quikrete will receive the Midlothian cement plant, related cement terminals, and ready-mixed concrete assets in North Texas.
- The transaction remains subject to customary closing conditions.
- Targets a 250 bps price-cost spread to drive double-digit EBITDA CAGR, projecting EBITDA of $3.7–4.4 billion by 2030 under flat to modest volume recovery scenarios.
- Maintains a disciplined M&A approach as first use of capital, with $13–15 billion of firepower through 2030 for strategic bolt-ons, leveraging a rapid “integrate over a weekend” playbook.
- Organic investments include sustaining CapEx at ~25% of EBITDA and productivity-focused growth projects (e.g., North Bridgeport automated plant), while reinforcing reserves via adjacent land acquisitions.
- Returned capital via $1.2 billion in share repurchases and $800 million in dividends during SOAR 2025, with commitment to ongoing balanced returns.
- Strong balance sheet with target net leverage of 2.0–2.5×, investment-grade rating, and long-dated, low-cost debt to support growth.
- Record Q1 2025 performance: Achieved $1.35B in revenues (+8% YoY), $116M in net earnings (-89% YoY), and a record $335M gross profit [0,2,3].
- Robust EBITDA results: Reported $351M in adjusted EBITDA (+21% YoY) with a 26% margin alongside full-year adjusted EBITDA guidance of $2.25B [0,2,4].
- Strong segment performance: Aggregates posted quarterly shipment records of 39M tons and the Magnesia Specialties business set new revenue and profit records [0,2,4].
- Capital deployment: Nearly 911,000 shares repurchased at an average price of $494 and a $49M dividend payout strengthened balance sheet flexibility .
- Management update: CFO transition with Jim Nicholas’s departure and Bob Cardin stepping in as interim CFO to ensure continuity .
- Q1 2025 Financial Estimates: The company expects to report $1.353 billion in revenues, $116 million in net earnings, and $351 million in adjusted EBITDA, with full results and a detailed outlook to be discussed on the earnings call scheduled for April 30, 2025.
- CFO Transition: James A.J. Nickolas has resigned as Executive Vice President and Chief Financial Officer effective immediately, and Robert J. Cardin has been appointed Interim CFO.