Martin Marietta Materials raises annual profit forecast on strong infrastructure spending

Nov 1 (Reuters) - Building materials supplier Martin Marietta Materials on Wednesday raised its full-year profit forecast on Wednesday as higher pricing and strong industrial demand offset weakness in the residential construction segment.

Demand for construction materials has risen in its core U.S. market as the world's largest economy upgrades its transportation infrastructure under a massive $1 trillion government funding package.

"Specifically, we see increased investment in large infrastructure and manufacturing projects across the United States," Martin Marietta CEO Ward Nye said.

Residential construction has, however, slowed down as both buyers and homebuilders struggled with higher borrowing costs.

The Raleigh, North Carolina-based company revised its 2023 net earnings from continuing operations to be between $1.1 billion and $1.2 billion, from its prior forecast of $1.04 billion to $1.15 billion.

The company reported a third-quarter profit of $6.94 per share, beating average analysts' expectation of $6.06 per share.

Martin Marietta's revenue for the third quarter through September rose 10% to $1.99 billion, slightly below average analysts' expectation of around $2 billion, according to LSEG data.

(Reporting by Ananta Agarwal and Aatreyee Dasgupta in Bengaluru; Editing by Tasim Zahid)