Martin Marietta Materials reported net sales of $3.58bn for 2016 compared to $3.27bn the previous year.
Earnings per diluted share were $6.63 compared with $4.29, up nearly 55%. EBITDA was $971.6m compared to $750.7m.
Ward Nye, chairman, Martin Marietta, said in a statament: “As demonstrated by our fourth-quarter and full-year results, we continue to capitalize on the economic recovery occurring in virtually all of our segments and geographies.
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Martin Marietta Materials reported net sales of $3.58bn for 2016 compared to $3.27bn the previous year[/caption]
“We delivered record net sales, gross profit, net earnings and earnings per diluted share for both the fourth quarter and full year - building on the record results delivered in 2015 and the first three quarters of 2016.
“Looking ahead, we expect continued and accelerating growth in all three of the Company's primary construction end-uses, and our leading market positions will allow us to continue benefitting from these opportunities in 2017 and beyond. We are highly confident that a durable, multi-year construction recovery is now underway, consistent with third-party forecasts.
“Full-year aggregates product line volume growth of nearly one-and-a-half percent reflects increases in both nonresidential and residential demand. Importantly, these results were achieved despite some notable hindrances during the year, including Texas Department of Transportation project delays, reduced energy-sector shipments, lower railroad ballast demand and the effect of abnormally wet weather leading to challenging operating and market conditions, including the impact of Hurricane Matthew on our fourth-quarter. Our ability to deliver growth, despite external headwinds, highlights and reaffirms that the fundamental drivers of a broad-based construction recovery remain firmly intact," Nye said.
"In addition to benefitting from a modest increase in shipments, full-year aggregates product line pricing increased more than 7 percent which, together with disciplined cost control, generated a 26 percent increase in gross profit and a 330-basis-point improvement in consolidated gross margin (excluding freight and delivery revenues).
“Steady domestic employment growth remains a stimulus for construction activity. For the trailing 12-months ended December 31, 2016, the US added 2.2 million jobs, with more than 12 million jobs added over the last five years.
"Importantly, many of our top states lead the nation in job growth, including Texas, Colorado, North Carolina, Georgia and Florida. Positive employment gains, in addition to substantial contractor backlogs enhanced by historic rainfall during the last 24 months, should continue to fuel broad-based demand growth. With much of our southeastern businesses operating at less than 70 percent of productive capacity, increased demand in these markets will generate operating leverage and further earnings growth," Nye said.
