The Los Angeles Post
U.S. World Business Lifestyle
Today: April 06, 2025
Today: April 06, 2025

Martin Marietta expects weak FY revenue amid housing slowdown

A specialist trader works at the post where Martin Marietta Materials is traded on the floor of the NYSE
April 26, 2024
Reuters - Reuters

(Reuters) - Construction material firm Martin Marietta Materials forecast a weaker-than-expected full-year 2024 revenue on Wednesday, due to an affordability-driven housing slowdown and a softening in warehouse and data center construction. During the quarter, the company's aggregates shipments fell 2.1%.

However, demand for construction materials in the U.S. saw an uptick, as the country upgrades its infrastructure under a $1 trillion government funding package.

"As mortgage rates stabilize and affordability headwinds recede, we fully expect single-family residential construction to recover, as demand still far exceeds supply, particularly in our key markets," said CEO Ward Nye.

The Raleigh, North Carolina-based company expects its full-year revenue to be between $6.75 billion and $7.18 billion, compared with analysts' estimates of about $7.36 billion, according to LSEG data.

Net income in the fourth quarter ended Dec. 31 rose to $287.7 million or $4.63 per share, compared to $187.4 million or $3.01 per share a year ago.

The company also snapped up some aggregates operations of Blue Water Industries for $2.05 billion in cash on Monday to boost supplies from the division.

(Reporting by Nathan Gomes in Bengaluru; Editing by Vijay Kishore)

Share This

Popular

Business|Economy|Political|US

Your questions about tariffs, answered

Your questions about tariffs, answered
Business|Education|Sports

Cedric Dempsey, the former NCAA president who led in time of transition and growth, dies at 92

Cedric Dempsey, the former NCAA president who led in time of transition and growth, dies at 92
Business|Economy|Education|Fashion and Beauty|Political

Tariffs will make sneakers, jeans and almost everything Americans wear cost more, trade groups warn

Tariffs will make sneakers, jeans and almost everything Americans wear cost more, trade groups warn
Asia|Business|Economy|World

Vietnam GDP growth slowed in first quarter ahead of Trump's tariffs

Vietnam GDP growth slowed in first quarter ahead of Trump's tariffs

Economy

Economy|Political|US

โ€˜Hands Off!โ€™ protesters across US rally against President Donald Trump and Elon Musk

โ€˜Hands Off!โ€™ protesters across US rally against President Donald Trump and Elon Musk
Economy|Political|US

Angry protesters from New York to Alaska assail Trump and Musk in 'Hands Off!' rallies

Angry protesters from New York to Alaska assail Trump and Musk in 'Hands Off!' rallies
Australia|Economy|Election|Political

Australia's Albanese pledges A$2.3 billion to help homeowners buy solar batteries

Australia's Albanese pledges A$2.3 billion to help homeowners buy solar batteries
Americas|Business|Economy|Environment|World

Petrobras completes animal care center required for offshore license

Petrobras completes animal care center required for offshore license