Aggregates supplier Martin Marietta Materials, Inc. (MLM) announced on Monday that it now expects net earnings for fiscal 2009 to be in a range of $2.70 to $3.30 per share, including the effect of the economic stimulus plan.
While reporting its first quarter financial results, the company had expected fiscal 2009 earnings to be in the range of $3.70 to $4.15 per share, excluding the impact of economic stimulus plan. The company further said it expected $0.50 to $0.75 per share of earnings from the economic stimulus plan.
On average, twelve analysts polled by Thomson Reuters expect the company to earn $3.55 per share for the fiscal 2009. Analysts' estimates typically exclude special items.
The Raleigh, North Carolina-based company attributed the reduced earnings guidance to a weaker and slower-than-expected recovery of the economy, a decline in transportation infrastructure spending resulting from a decline in state revenues and a longer-than-expected delay in federal stimulus projects moving to the construction stage, and an adverse weather-affected first half of the year.
Further, the company said its current earnings projection is based on the assumption of aggregates volumes ranging from down 13% to 18% compared with 2008, the rate of price increase for the aggregates product line to range from 3.5% to 5% compared with 2008, and Specialty Products segment to contribute $28 million to $30 million in pretax earnings.
MLM closed Monday's regular trading at $77.10, up $1.63 or 2.16%, on a volume of 590,181 shares.
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