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Martin Marietta Materials reports developments for a U.S.-based supplier of construction aggregates and other heavy building materials. Company news centers on aggregates operations, asphalt and ready-mixed concrete activity, quarterly and annual operating results, dividend declarations, portfolio transactions, and leadership appointments.
The company operates across 28 states, Canada and The Bahamas and also runs a Specialties business that produces high-purity magnesia and dolomitic lime products for environmental, industrial, agricultural and other specialty applications. Completed portfolio actions include an exchange that added aggregates operations in Virginia, Missouri, Kansas and Vancouver, British Columbia while divesting selected cement and ready-mixed concrete assets.
Martin Marietta Materials (NYSE: MLM) announced an online Web simulcast of its second-quarter 2020 earnings conference call, scheduled for July 28, 2020. The earnings results for the quarter ending June 30, 2020, will be released before the market opens that morning. The live audio webcast begins at 11:00 a.m. ET, with an on-demand replay available for one year. The company is a leading supplier of building materials across 27 states, Canada, and The Bahamas, providing resources necessary for community development.
On May 15, 2020, Martin Marietta Materials (NYSE: MLM) appointed David C. Wajsgras as an independent director at its Annual Meeting of Shareholders. Wajsgras, formerly president of Raytheon’s Intelligence, Information and Services business, replaces Stephen P. Zelnak, Jr., who retired after 27 years of service due to reaching the mandatory retirement age. Chairman C. Howard Nye expressed confidence in Wajsgras's extensive experience in finance and corporate governance, anticipating his contributions to be invaluable for the company.
Martin Marietta Materials has announced a quarterly cash dividend of $0.55 per share, amounting to an annualized total of $2.20 per share. This dividend is payable on June 30, 2020, to shareholders recorded by June 1, 2020. As a significant player in the building materials sector and a member of the S&P 500 Index, Martin Marietta continues to provide essential resources across 27 states, Canada, and the Bahamas.
Martin Marietta reported strong first-quarter results for 2020, with total revenues of $958.2 million, up from $939.0 million in 2019. The company's Building Materials business saw improved shipments and pricing, leading to a consolidated gross profit of $142.4 million. Despite challenges from COVID-19, which led to the withdrawal of full-year guidance, Martin Marietta's balance sheet remains strong following a $500 million long-term debt offering. Notable margin expansion occurred in the Magnesia Specialties segment, even as adjusted EBITDA decreased year-over-year.