Martin Marietta Materials, one of the top five US aggregates producers, has announced a first half turnover 8.4 per cent ahead at US$1788m while the EBITDA was ahead by five per cent to US$440m.
The trading profit improved by 4.7 per cent to US$290m and after a net interest charge that was 11.4 per cent higher at US$44.9m and other items, the pre-tax profit advanced by 4.5 per cent to US$251m and after a lower tax charge, the net attributable profit advanced by 10.5 per cent to US$184.6m. Net debt at the end of June was 2.8 per cent higher at US$1800.2m to give a gearing level of 44.8 per cent compared 43.6 per cent a year earlier.
Martin Marietta is in the process of acquiring Bluegrass Materials Company, which is active in Georgia, South Carolina, Tennessee, Maryland and Kentucky, for US$1625m.
Aggregates production moved ahead by 1.0 per cent to 68.98Mt (76.03Mst), while the average price received was 4.4 per cent higher at 13.45 per short ton. The mid-America area sold 30.16Mt, or 43.7 per cent of the total, a 0.6 per cent increase, while prices improved by 3.24 per cent. The southeastern region saw deliveries improve by 5.5 per cent to 9.28Mt and prices rose by 10.5 per cent. In the western region, which represented 42.8 per cent of the volume, shipments recovered by 0.1 per cent to 29.53Mt. For the full year, Martin Marietta Materials is looking for aggregates volumes for infrastructure investments to improve in mid-single digits and by mid- to low-single digits in the case of non-residential building, while growing in mid- to high-single digits in the case of housebuilding.
The asphalt tonnage recovered by 27.4 per cent to 1.15Mt, and the price recovered by 6.7 per cent while ready-mixed concrete deliveries increased by 13.2 per cent to 3.27Mm³. Cement shipments edged ahead by 0.9 per cent to 1.66Mt (1.83Mst) of which 67.1 per cent went to external customers and the average price went up by 3.9 per cent to US$104.44/st (US$94.75/t).
The special products division, which produces mainly speciality chemicals and dolomitic lime, saw turnover advance by 7.9 per cent to US$127.8m and the trading profit improved by 2.8 per cent to US$41m.
