Martin Marietta Materials Inc. (MLM) Tuesday reported narrower loss for the first quarter, in spite of a fall in revenue, reflecting the absence of business development costs which were present in the year-earlier period.
For the quarter, the firm posted loss attributable to company of $27.8 million, narrower than $36.7 million a year ago. On a per share basis, loss for the period totaled $0.61 versus $0.81 last year.
Thirteen analysts on average polled by Thomson Reuters estimated loss per share of $0.35 for the period. Analyst estimates typically exclude one-time items.
Total revenue for the three months declined to $385 million from $394 million a year back. Analysts were looking for higher revenue of $397.62 million for the quarter.
The company suffered from business development costs of $25.9 million last year versus $0.3 million this year.
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