Martin Marietta Materials Inc. (MLM, Financial) filed Quarterly Report for the period ended 2010-03-31.
Martin Marietta Materials Inc. has a market cap of $4.52 billion; its shares were traded at around $99.81 with a P/E ratio of 53.4 and P/S ratio of 2.7. The dividend yield of Martin Marietta Materials Inc. stocks is 1.6%. Martin Marietta Materials Inc. had an annual average earning growth of 7.7% over the past 10 years.MLM is in the portfolios of Tom Russo of Gardner Russo & Gardner, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Wallace Weitz of Weitz Wallace R & Co, RS Investment Management, Chris Davis of Davis Selected Advisers, John Keeley of Keeley Fund Management, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
The Specialty Products business contributed significantly to the Corporations first-quarter results, expanding its operating margin (excluding freight and delivery revenues) 780 basis points to 26.9% for the quarter. This business segment had volume growth in all product lines. Notably, in March, the Specialty Products business had the largest shipping month for dolomitic lime in recent history which eclipsed the previous monthly shipment record established in April 2008. The Specialty Products business has continued to focus on operational efficiency initiatives, which, along with increased shipments and capacity utilization, drove its record quarterly profitability. Earnings from operations of $11.2 million increased $4.9 million compared with the prior-year quarter.
The Corporations results also reflected its ability to control costs. The Corporations operating team continued its focus on cost containment, and, consequently, consolidated cost of sales decreased $5.4 million, or 2%, for the quarter. With the exception of depreciation, which increased $2.8 million, or 7%, and energy costs, which increased $4.2 million, or 15%, the Corporation again reduced cost of sales in every significant category. The increase in energy costs was driven in large part by diesel expense. For the quarter, the Corporation paid $2.03 per gallon for diesel, a 59% increase as compared with the prior-year quarter.
Among other items, other operating income and expenses, net, includes gains and losses on the sale of assets; gains and losses related to accounts receivable; rental, royalty and services income; and the accretion and depreciation expenses related to asset retirement obligations. For the first quarter, consolidated other operating income and expenses, net, was income of $1.1 million in 2010 compared with an expense of $0.3 million in 2009.
Interest expense was $17.6 million for the first quarter 2010 as compared with $18.5 million for the prior-year quarter. The decrease primarily resulted from both lower outstanding borrowings and a lower interest rate on the Corporations Floating Rate Senior Notes during the three months ended March 31, 2010 as compared with the prior-year quarter.
In addition to other offsetting amounts, other nonoperating income and expenses, net, are comprised generally of interest income and net equity earnings from nonconsolidated investments. Consolidated other nonoperating income and expenses, net, for the quarter ended March 31, was income of $0.6 million in 2010 compared with an expense of $1.0 million in 2009, primarily as a result of higher interest income and a larger gain on foreign currency transactions.
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Martin Marietta Materials Inc. has a market cap of $4.52 billion; its shares were traded at around $99.81 with a P/E ratio of 53.4 and P/S ratio of 2.7. The dividend yield of Martin Marietta Materials Inc. stocks is 1.6%. Martin Marietta Materials Inc. had an annual average earning growth of 7.7% over the past 10 years.MLM is in the portfolios of Tom Russo of Gardner Russo & Gardner, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Wallace Weitz of Weitz Wallace R & Co, RS Investment Management, Chris Davis of Davis Selected Advisers, John Keeley of Keeley Fund Management, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Earnings from operations include research and development expense and other operating income and expenses, net. Research and development expense for the Corporation was $0.1 million for the quarter ended March 31, 2009. Consolidated other operating income and expenses, net, was income of $1.1 million and expense of $0.3 million for the quarters ended March 31, 2010 and 2009, respectively.The Specialty Products business contributed significantly to the Corporations first-quarter results, expanding its operating margin (excluding freight and delivery revenues) 780 basis points to 26.9% for the quarter. This business segment had volume growth in all product lines. Notably, in March, the Specialty Products business had the largest shipping month for dolomitic lime in recent history which eclipsed the previous monthly shipment record established in April 2008. The Specialty Products business has continued to focus on operational efficiency initiatives, which, along with increased shipments and capacity utilization, drove its record quarterly profitability. Earnings from operations of $11.2 million increased $4.9 million compared with the prior-year quarter.
The Corporations results also reflected its ability to control costs. The Corporations operating team continued its focus on cost containment, and, consequently, consolidated cost of sales decreased $5.4 million, or 2%, for the quarter. With the exception of depreciation, which increased $2.8 million, or 7%, and energy costs, which increased $4.2 million, or 15%, the Corporation again reduced cost of sales in every significant category. The increase in energy costs was driven in large part by diesel expense. For the quarter, the Corporation paid $2.03 per gallon for diesel, a 59% increase as compared with the prior-year quarter.
Among other items, other operating income and expenses, net, includes gains and losses on the sale of assets; gains and losses related to accounts receivable; rental, royalty and services income; and the accretion and depreciation expenses related to asset retirement obligations. For the first quarter, consolidated other operating income and expenses, net, was income of $1.1 million in 2010 compared with an expense of $0.3 million in 2009.
Interest expense was $17.6 million for the first quarter 2010 as compared with $18.5 million for the prior-year quarter. The decrease primarily resulted from both lower outstanding borrowings and a lower interest rate on the Corporations Floating Rate Senior Notes during the three months ended March 31, 2010 as compared with the prior-year quarter.
In addition to other offsetting amounts, other nonoperating income and expenses, net, are comprised generally of interest income and net equity earnings from nonconsolidated investments. Consolidated other nonoperating income and expenses, net, for the quarter ended March 31, was income of $0.6 million in 2010 compared with an expense of $1.0 million in 2009, primarily as a result of higher interest income and a larger gain on foreign currency transactions.
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