Martin Marietta reports record adjusted EBITDA

USA-based Martin Marietta Materials reported a 0.3 per cent increase in cement shipments for the first quarter ended 31 March 2021, despite the winter storm that shut down the company’s cement operations for 11 days in February.
 
The company’s Midlothian facility in north Texas experienced double-digit shipment growth for the quarter, demonstrating robust demand in the Dallas/Fort Worth metroplex that offset weather-related impacts and reduced energy-sector activity in south and west Texas. Pricing also improved 1.5 per cent, as lower sales of higher-priced oil-well specialty cement products into west Texas disproportionately limited overall pricing growth. On a mix-adjusted basis, cement pricing increased 2.2 per cent.
 
Martin Marietta saw a record consolidated adjusted EBITDA of US$204m, primarily driven by pricing gains achieved by its upstream aggregates and cement businesses and disciplined cost management across the enterprise, according to the company.
 
The company also remains confident that favourable pricing dynamics will continue, supported by its locally-driven pricing strategy. Additionally, it anticipates single-family housing growth, expanded infrastructure investment and heavy industrial projects of scale will drive increased shipment levels. Martin Marietta expects these demand drivers to result in sustained, multi-year growth in product demand.