Building materials supplier Martin Marietta raises 2023 core earnings forecast
(Reuters) - Martin Marietta Materials beat quarterly profit estimates and raised its full-year adjusted core earnings forecast on Thursday, helped by higher spending across infrastructure and non-residential structures.
The Biden administration's Infrastructure Investment and Jobs Act, Inflation Reduction Act and Chips Act are expected to boost customer backlogs of building materials suppliers such as Martin Marietta.
"As record-setting public funds for infrastructure and manufacturing begin to enter the U.S. economy, we continue to expect that aggregates demand will accelerate in the second half of 2023," said Ward Nye, CEO at the North Carolina-based company.
Martin Marietta raised its full-year forecast for adjusted earnings before interest, taxes, depreciation and amortization to $2.0 billion to $2.1 billion, up from its previous projection of $1.8 billion to $1.9 billion.
It reported quarterly earnings per diluted share from continuing operations of $5.60, ahead of analysts' average estimate of $4.86, according to Refinitiv data.
Revenue for the quarter ended June 30 rose 10.9% to $1.82 billion, but missed estimates of $1.84 billion.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Shilpi Majumdar)
