Martin Marietta expects weak FY revenue amid housing slowdown

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February 14, 2024 8:13 AM EST

A specialist trader works at the post where Martin Marietta Materials is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid/File Photo

(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)


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