Martin Marietta's net profit trebles

Martin Marietta Materials, the fourth-largest US aggregates producer, has announced a first-half turnover 161.9 per cent ahead at US$1097.8m and the EBITDA improved by 23.8 per cent to US$163.8m.

The trading profit rose by 73.4 per cent to US$80.3m and after a net interest charge that was 7.4 per cent lower at US$25.1m, the pre-tax profit emerged at US$52.0m compared with US$19.1m and the net attributable profit virtually trebled to US$26.5m.

Net debt at the end of June was less than 0.1 per cent higher at US$1050.5m to give a gearing level of 67.3 per cent compared with 72.9 per cent a year earlier. The acquisition of cement producer Texas Industries was completed early in July.

Aggregates production rose by 10.9 per cent to 57.69Mt (63.59Mst), while the average price received was 2.4 per cent higher at 10.93/st. The mid-eastern area sold 24.65Mt, or 42.7 per cent of the total, a 1.6 per cent increase. The southeastern region saw deliveries improve by 2.7 per cent to 7.54Mt. In the western region, which represented 43.1 per cent of the heritage volume, shipments rose by 21.9 per cent to 24.89Mt.

For the full year, Martin Marietta Materials is looking for heritage aggregates volumes to improve by between six and eight per cent, respectively, with prices improving by between 3-5 per cent. The asphalt tonnage improved by 15.5 per cent to 1.16Mt, while ready-mixed concrete deliveries rose by 25.4 per cent to 0.73m m³. The special products division, which produces mainly speciality chemicals and dolomitic lime, improved turnover by 6.7 per cent to US$119.3m while the trading profit was 4.2 per cent higher at US$37.3m.