馬丁馬麗埃塔公佈2024年第三季度業績報告

儘管受天氣影響，每噸毛利潤創下季度新高

通過運營獲得了第三季度的現金流記錄和鎂特種產品

營收和毛利潤

在南佛羅里達州和南加州收購了Pure Aggregates資產

北卡羅來納州羅利（2024年10月30日）- 馬丁-瑪麗埃塔材料公司（紐交所：MLM）（「馬丁-瑪麗埃塔」或「公司」），全國領先的骨料和重型建築材料供應商，今天報告了截至2024年9月30日的第三季度結果。

三季度亮點

(財務亮點爲持續經營)

Martin Marietta的董事長兼首席執行官Ward Nye表示：“在第三季度，我們團隊實現了每噸粗集料的季度毛利潤創紀錄，實現了運營現金流季度創紀錄，實現了鎂質特種材料業務的第三季度收入和毛利創紀錄，並實現了公司歷史上最佳的年度安全表現。儘管這些成就表明我們在管理我們可以控制的因素方面取得持續成功，但廣爲人知的與天氣相關的事件對我們第三季度的業務結果產生了重大影響。7月份的重要降水以及北卡羅來納州的颶風黛比、德克薩斯州的颶風貝瑞爾和東南部大部分地區的颶風海倫等惡劣天氣事件均發生在該季度。雖然這些事件是短期和暫時的，但它們仍然對我們的第三季度產品出貨、地理結構和財務結果造成了不利影響，因此我們調整了全年2024年調整後的EBITDA指導值至中值21億美元。

在10月，我們收購了位於南佛羅里達和南加利福尼亞的純粹骨料資產，這兩個吸引人的增長市場。這些附加收購與我們的戰略運營和分析（SOAR）計劃一致，連同今年上半年完成的交易，進一步增加了我們從骨料產品線的毛利潤貢獻，並改善了業務的長期耐用性。

展望到2025年及以後，我們預計將受益於創紀錄的聯邦和州政府在公路、街道和橋樑方面的投資。此外，再工業化和人工智能基礎設施的完善將爲這些需求密集型終端市場提供持續增長。此外，儘管較高的利率期貨繼續影響住宅建築活動，但我們對聯儲局最近的政策措施以及今年晚些時候更多利率的降低可能性感到鼓舞，這將支持房屋市場的復甦，隨之會對輕型非住宅施工活動產生影響。

奈先生總結道，"重要的是，我們完全預期我們的骨料價格/成本差距將隨時間繼續擴大，通過宏觀經濟週期推動單位盈利能力的改善。藉助我們堅韌的骨料主導業務模式、戰略性地進入全國增長最快的市場，以及持續有紀律地執行SOAR計劃，馬丁·瑪麗亞牢固地將持續增長和卓越的股東價值創造。"

第三季度財務和營運結果

(所有財務和運營結果均爲持續運營而言，除非另有說明，均與上一財年第三季度相比)

建築材料業務

建築材料業務報告的營收爲18億美元，減少了6%。毛利潤減少了9%，至5,8800萬美元。

骨料

第三季度骨料發貨量下降3.9%，至5370萬噸，主要是由於公司東部部門歷史悠久的潮溼天氣以及公司覆蓋範圍內較弱的倉儲和住宅需求，部分抵消了收購所帶來的影響。平均銷售價格（ASP）每噸增加7.7％，至21.52美元，或按有機混合調整基礎上升8.9％。

聚合毛利潤略有下降至43800萬美元，主要是由於運輸量減少和受天氣影響的低效率導致的運營槓桿下降，這在很大程度上被收購貢獻所抵消。每噸聚合毛利潤增加3%，達到8.16美元的季度新高。

水泥和下游-腦機業務

水泥和預拌混凝土收入下降30%，至29600萬元，毛利潤下降37%，至8900萬元，與去年同期相比，主要是由於2024年2月份南德克薩斯水泥廠及相關混凝土業務的出售。

由於溼天氣、項目延遲和非居住市場疲軟的消極影響，瀝青和鋪路收入下降了5%，達到34300萬美元。由於收入減少和骨料成本增加，毛利潤下降了8%，達到6100萬美元。

氧化鎂特種業務

鎂專業部門分別實現了8200萬美元和2900萬美元的營業收入和毛利潤，均創下第三季度紀錄，因定價增長和改善的石灰貨運抵消了化學品貨運量的下降。

Portfolio Optimization

During October 2024, the Company acquired pure aggregates assets in South Florida and Southern California.

Cash Generation, Capital Allocation and Liquidity

Cash provided by operating activities for the nine months ended September 30, 2024, was $773 million compared with $973 million for the prior-year period, reflecting the significant impact of increased income tax payments resulting from the taxable gain associated with the February 2024 divestiture of the South Texas cement business and certain related ready mixed concrete operations.

Cash provided by operating activities for the third quarter was $601 million, an increase of 32 percent as compared with the prior-year quarter, due primarily to working capital improvements that more than offset lower net earnings.

Cash paid for property, plant and equipment additions for the nine months ended September 30, 2024, was $622 million.

During the nine months ended September 30, 2024, the Company returned $591 million to shareholders through dividend payments and share repurchases. As of September 30, 2024, 11.9 million shares remained under the current repurchase authorization.

The Company had $52 million of cash and cash equivalents on hand and $1.1 billion of unused borrowing capacity on its existing credit facilities as of September 30, 2024.

Revised Full-Year 2024 Guidance

The Company’s 2024 revised guidance below includes all acquisitions completed through September 30, 2024, as of their respective closing dates.

* Guidance range represents the low end and high end of the respective line items provided above.

Non-GAAP Financial Information

This earnings release contains financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliations of non-GAAP financial measures to the closest GAAP measures are included in the Appendix to this earnings release. Management believes these non-GAAP measures are commonly used financial measures for investors to evaluate the Company’s performance and, when read in conjunction with the Company’s consolidated financial statements, present a useful tool to evaluate the Company’s ongoing business, performance from period to period and anticipated performance. In addition, these are some of the factors the Company uses in internal evaluations of the overall performance of its businesses. Management acknowledges that there are many items that impact reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Conference Call Information

The Company will discuss its third-quarter 2024 earnings results on a conference call and an online webcast today (October 30, 2024). The live broadcast of the Martin Marietta conference call will begin at 10:00 a.m. Eastern Time and can be accessed at +1 (646) 307-1963 and using conference ID 7309939. Please call in at least 15 minutes in advance to ensure a timely connection. An online replay will be available approximately two hours following the conclusion of the live broadcast. A link to these events will be available at the Company’s website. Additionally, the Company has posted Q3 2024 Supplemental Information on the Investors section of its website.

About Martin Marietta

Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 28 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources necessary for building the solid foundations on which our communities thrive. Martin Marietta’s Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.

Investor Contacts:

Jacklyn Rooker

Director, Investor Relations

+1 (919) 510-4736

Jacklyn.Rooker@martinmarietta.com

MLM-E.

If you are interested in Martin Marietta stock, management recommends that, at a minimum, you read the Company’s current annual report and Forms 10-K, 10-Q and 8-K reports to the Securities and Exchange Commission (SEC) over the past year. The Company’s recent proxy statement for the annual meeting of shareholders also contains important information. These and other materials that have been filed with the SEC are accessible through the Company’s website at www.martinmarietta.com and are also available at the SEC’s website at www.sec.gov. You may also write or call the Company’s Corporate Secretary, who will provide copies of such reports.

Investors are cautioned that all statements in this release that relate to the future involve risks and uncertainties and are based on assumptions that the Company believes in good faith are reasonable, but which may be materially different from actual results. These statements, which are forward-looking statements under the Private Securities Litigation Reform Act of 1995, provide the investor with the Company’s expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use words such as “guidance”, “anticipate”, “may”, “expect”, “should”, “believe”, “will”, and other words of similar meaning in connection with future events or future operating or financial performance. Any, or all of, the Company’s forward-looking statements herein and in other publications may turn out to be wrong.

Third quarter results and trends described in this release may not necessarily be indicative of the Company’s future performance. The Company’s outlook is subject to various risks and uncertainties and is based on assumptions that the Company believes in good faith are reasonable, but which may be materially different from actual results. Factors that the Company currently believes could cause actual results to differ materially from the forward-looking statements in this release (including revised 2024 Guidance) include, but are not limited to: the ability of the Company to face challenges, including shipment declines resulting from economic and weather events beyond the Company’s control; a widespread decline in aggregates pricing, including a decline in aggregates shipment volume negatively affecting aggregates price; the history of both cement and ready mixed concrete being subject to significant changes in supply, demand and price fluctuations; the termination, capping and/or reduction or suspension of the federal and/or state fuel tax(es) or other revenue related to public construction; the impact of the U.S. elections on the amount available under and timing of federal and state infrastructure spending; the level and timing of federal, state or local transportation or infrastructure or public projects funding and any issues arising from such federal and state budgets, most particularly in Texas, North Carolina, Colorado, California, Georgia, Minnesota, Arizona, Iowa, Florida and Indiana; the United States Congress’ inability to reach agreement among themselves or with the Executive Branch on policy issues that impact the federal budget; the ability of states and/or other entities to finance approved projects either with tax revenues or alternative financing structures; levels of construction spending in the markets the Company serves; a reduction in defense spending and the subsequent impact on construction activity on or near military bases; a decline in energy-related construction activity resulting from a sustained period of low global oil prices or changes in oil production patterns or capital spending in response to such a decline, particularly in Texas and West Virginia; sustained high mortgage rates and other factors that have resulted in a slowdown in private construction in some geographies; unfavorable weather conditions, particularly Atlantic Ocean, Pacific Ocean and Gulf of Mexico storm and hurricane activity, wildfires, the late start to spring or the early onset of winter and the impact of a drought, excessive rainfall or extreme temperatures in the markets served by the Company, any of which can significantly affect production schedules, volumes, product and/or geographic mix and profitability; the volatility of fuel costs and energy, particularly diesel fuel, electricity, natural gas and the impact on the cost, or the availability generally, of other consumables, namely steel, explosives, tires and conveyor belts, and with respect to the Company’s Magnesia Specialties business, natural gas; continued increases in the cost of other repair and supply parts; construction labor shortages and/or supply‐chain challenges; unexpected equipment failures, unscheduled maintenance, industrial accident or other prolonged and/or significant disruption to production facilities; the resiliency and potential declines of the Company’s various construction end-use markets; the potential negative impacts of new waves of COVID-19 or its variants, or any other outbreak of disease, epidemic or pandemic, or similar public health threat, or fear of such event, and its related economic or societal response, including any impact on the Company's suppliers, customers or other business partners as well as on its employees; the performance of the United States economy; increasing governmental regulation, including environmental laws and climate change regulations at the federal and state levels; transportation availability or a sustained reduction in capital investment by the railroads, notably the availability of railcars, locomotive power and the condition of rail infrastructure to move trains to supply the Company’s Texas, Colorado, Florida, Carolinas and the Gulf Coast markets, including the movement of essential dolomitic lime for magnesia chemicals to the Company’s plant in Manistee, Michigan and its customers; increased transportation costs, including increases from higher or fluctuating passed-through energy costs or fuel surcharges, and other costs to comply with tightening regulations, as well as higher volumes of rail and water shipments; availability of trucks and licensed drivers for transport of the Company’s materials; availability and cost of construction equipment in the United States; weakening in the steel industry markets served by the Company’s dolomitic lime products; potential impact on costs, supply chain, oil and gas prices, or other matters relating to the war between Russia and Ukraine, the war in Israel and related conflict in the Middle East and the conflict between China and Taiwan; trade disputes with one or more nations impacting the U.S. economy, including the impact of tariffs on the steel industry; unplanned changes in costs or realignment of customers that introduce volatility to earnings, including that of the Magnesia Specialties business; proper functioning of information technology and automated operating systems to manage or support operations; inflation and its effect on both production and interest costs; the concentration of customers in construction markets and the increased risk of potential losses on customer receivables; the impact of the level of demand in the Company’s end-use markets, production levels and management of production costs on the operating leverage and therefore profitability of the Company; the possibility that the expected synergies from acquisitions will not be realized or will not be realized within the expected time period, including achieving anticipated profitability to maintain compliance with the Company’s leverage ratio debt covenant; the strategic benefits, outlook, performance and opportunities expected as a result of acquisitions and portfolio optimization; changes in tax laws, the interpretation of such laws and/or administrative practices, including acquisitions or divestitures, that would increase the Company’s tax rate; violation of the Company’s debt covenant if price and/or volumes return to previous levels of instability; cybersecurity risks; downward pressure on the Company’s common stock price and its impact on goodwill impairment evaluations; the possibility of a reduction of the Company’s credit rating to non-investment grade; and other risk factors listed from time to time found in the Company’s filings with the SEC.

You should consider these forward-looking statements in light of risk factors discussed in Martin Marietta’s Annual Report on Form 10-K for the year ended December 31, 2023, and other periodic filings made with the SEC. All of the Company’s forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to the Company or that it considers immaterial could affect the accuracy of its forward-looking statements, or adversely affect or be material to the Company. The Company assumes no obligation to update any such forward-looking statements.

MARTIN MARIETTA MATERIALS, INC.

Unaudited Statements of Earnings

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Unaudited Statements of Cash Flows

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Unaudited Operational Highlights

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Non-GAAP Financial Measures

Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization expense; the earnings/loss from nonconsolidated equity affiliates; effective January 1, 2024, for transactions with at least $2 billion in consideration and transaction expenses expected to exceed $15 million, acquisition, divestiture and integration expenses and the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting; nonrecurring gain on divestiture; and noncash asset and portfolio rationalization charge (Adjusted EBITDA) is an indicator used by the Company and investors to evaluate the Company’s operating performance from period to period. Adjusted EBITDA is not defined by generally accepted accounting principles and, as such, should not be construed as an alternative to earnings from operations, net earnings attributable to Martin Marietta or operating cash flow. For further information on Adjusted EBITDA, refer to the Company’s website at www.martinmarietta.com.

Reconciliation of Net Earnings from Continuing Operations Attributable to Martin Marietta to Adjusted EBITDA