Martin Marietta Materials (MLM) Q4 FY2021 earnings: revenue $1.5 billion, up 26.8% on the year

Martin Marietta Materials Inc. (MLM) reported revenue of $1.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 26.8% on the same quarter a year earlier. Net income was $157 million, down 14.4% on the year, and diluted earnings per share $2.50. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$1.5 billion

+26.8% on the year · -3.9% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

14.0%

20.4% a year earlier

Q1 FY2020Q4 FY2021

Net income

$157 million

-14.4% on the year · -38.4% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$2.50

-14.7% on the year · -38.6% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	1,496	1,557	1,180	-3.9%	+26.8%
Cost of revenue	1,150	n/a	n/a
Gross profit	347	n/a	n/a
Gross margin	23.2%	n/a	n/a
Selling, general and administrative	103	n/a	n/a
Operating income	210	357	241	-41.1%	-12.7%
Operating margin	14.0%	22.9%	20.4%
Interest expense	42.9	n/a	n/a
Pre-tax income	168	n/a	n/a
Income tax	11.4	n/a	n/a
Effective tax rate	6.8%	n/a	n/a
Net income	157	255	183	-38.4%	-14.4%
Net margin	10.5%	n/a	n/a
Diluted EPS	$2.50	$4.07	$2.93	-38.6%	-14.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	357	n/a	n/a
Capital expenditure	102	n/a	n/a
Free cash flow	256	n/a	n/a
Free cash flow margin	17.1%	n/a	n/a
Cash from investing	-2,416	n/a	n/a
Cash from financing	-65.9	n/a	n/a
Depreciation and amortisation	132	114	101	+16.0%	+30.0%
Share-based compensation	10.0	n/a	n/a
Dividends paid	38.1	n/a	n/a
Diluted shares, weighted	63m	63m	62m	+0.2%	+0.5%
Shares outstanding at period end	62m	62m	62m	0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	6,535	6,356	5,891	+2.8%	+10.9%
Non-controlling interest	2.3	n/a	n/a
Debt	5,101	5,120	2,626	-0.4%	+94.3%
Operating lease liabilities	379	n/a	n/a
Finance lease liabilities	191	n/a	n/a
Other liabilities	2,184	n/a	n/a
Total liabilities and equity	14,393	n/a	n/a
Fixed assets	6,338	n/a	n/a
Goodwill	3,494	n/a	n/a
Intangible assets	1,029	n/a	n/a
Cash and equivalents	258	2,381	207	-89.1%	+24.7%
Receivables	774	n/a	n/a
Inventory	753	n/a	n/a
Other assets	1,747	n/a	n/a
Total assets	14,393	n/a	n/a

Questions

What was Martin Marietta Materials' revenue in Q4 FY2021?

Martin Marietta Materials (MLM) reported revenue of $1.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 26.8% on the same quarter a year earlier.

How much did Martin Marietta Materials earn in Q4 FY2021?

Net income for Q4 FY2021 was $157 million, down 14.4% on the year, and diluted earnings per share $2.50.

When did Martin Marietta Materials report Q4 FY2021 results?

Martin Marietta Materials filed its 10-K for the year that ended with the quarter on 22 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,496	1,231	1,642	1,812	1,476	1,354	1,821	1,994	1,608	1,056	1,552	1,642	1,412	1,162	1,609	1,846	1,534	1,362	1,947	2,369
Cost of revenue	1,150	1,075	1,216	1,324	1,122	1,051	1,260	1,318	1,125	979	1,247	1,129	1,142	847	1,113	1,235	1,066	1,052	1,452	1,718
Gross profit	347	156	425	488	354	303	560	676	483	250	449	513	424	315	496	611	468	310	495	651
Gross margin	23%	13%	26%	27%	24%	22%	31%	34%	30%	24%	29%	31%	30%	27%	31%	33%	31%	23%	25%	27%
SG&A	103	97.1	104	94.9	101	104	112	108	119	118	117	101	107	125	104	110	104	133	116	133
Operating income	210	59.9	479	406	262	196	463	567	370	1,421	398	406	399	179	413	505	340	162	372	438
Operating margin	14%	5%	29%	22%	18%	14%	25%	28%	23%	135%	26%	25%	28%	15%	26%	27%	22%	12%	19%	18%
Interest expense	42.9	40.5	43.1	42.8	42.6	42.0	42.0	41.0	40.0	40.0	40.0	38.0	51.0	56.0	57.0	59.0	58.0	56.0	59.0	138
Pre-tax income	168	30.2	458	370	233	171	440	540	343	1,414	372	374	352	132	365	450	279	117	320	313
Tax rate	7%	19%	23%	21%	19%	21%	21%	20%	16%	26%	21%	21%	17%	21%	20%	20%	16%	32%	20%	18%
Net income	157	21.4	366	295	184	121	348	417	282	1,045	293	363	294	116	328	414	279	1,513	251	256
Net margin	10%	2%	22%	16%	12%	9%	19%	21%	18%	99%	19%	22%	21%	10%	20%	22%	18%	111%	13%	11%
Diluted EPS	$2.50	$0.34	$5.86	$4.73	$2.95	$1.95	$5.61	$6.72	$4.55	$16.87	$4.76	$5.91	$4.87	$1.90	$5.43	$6.85	$4.59	$25.06	$4.17	$3.94
Operating cash flow	357	170	116	274	430	161	358	454	556	172	1.0	600	686	218	387	551	629	227	112	557
Capital expenditure	102	140	80.9	88.4	173	174	120	171	186	200	139	283	233	233	179	190	205	186	128	131
Free cash flow	256	30.1	35.4	186	258	-12.9	238	283	370	-28.0	-138	317	453	-15.0	208	361	424	41.0	-16.0	426
Buybacks	n/a	50.0	0.0	100	0.0	75.0	75.0	0.0	0.0	150	300	0.0	0.0	450	0.0	0.0	0.0	200	0.0	0.0
Dividends paid	38.1	38.9	38.1	41.1	41.0	42.0	40.9	45.7	45.8	46.0	46.0	49.0	48.0	49.0	48.0	50.0	50.0	51.0	51.0	59.0
Shares outstanding	62m	62m	62m	62m	62m	62m	62m	62m	62m	62m	61m	61m	61m	60m	60m	60m	60m	60m	60m	71m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 22 February 2022: the filing.