Tuesday, Martin Marietta Materials Inc. (MLM), a provider of aggregates for the construction industry, reported that its third-quarter net income attributable to the company decreased from the previous year quarter. The company also lowered its outlook for the fiscal year 2009.
The company posted profit to the tune of $55.5 million or $1.23 per share versus $66.3 million or $1.57 per share last year. Earnings from continuing operations decreased to $56.9 million from $68.5 million a year ago.
On average, 16 analysts polled by Thomson Reuters expected the company to report profit of $1.18 per share for the quarter. Analysts' estimates typically exclude special items. Net sales decreased 18% to $428.6 million from $525.7 million a year ago. Analysts expected revenue of $497.98 million for the quarter.
For the nine-month period, net earnings were $88.6 million or $1.99 per share compared with $151.0 million or $3.58 per share in 2008.
Net sales for the first nine months of 2009 were $1.17 billion, compared with $1.45 billion for the year-earlier period.
The company has reduced its 2009 guidance for net earnings to a range of $2.20 to $2.45 per share from earlier range of $2.70 to $3.30 per share. This outlook assumes aggregates volumes to range from down 21% to 23% compared with 2008; the rate of price increase for the aggregates product line to range from 2% to 3% compared with 2008; and Specialty Products segment to contribute $31 million to $33 million in pretax earnings.
Analysts currently expect the company to post earnings of $2.78 for the full year.
MLM is currently being traded at $80.43 down $2.15 or 2.61% on a volume of 0.520 million shares on the NYSE.
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