Martin Marietta Materials Inc. Q3 FY2023 results: revenue $2.0 billion, up 10.1% on the year

Martin Marietta Materials Inc. (MLM) reported revenue of $2.0 billion for Q3 FY2023, the quarter ended 30 September 2023, up 10.1% on the same quarter a year earlier. Net income was $417 million, up 41.1% on the year, and diluted earnings per share $6.72. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$2.0 billionup 10.1%

Net income$417 millionup 41.1%

Diluted EPS$6.72

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,994	n/a	n/a	n/a
Cost of revenue	1,318	n/a	n/a	n/a
Gross profit	676	n/a	n/a	n/a
Gross margin	33.9%	n/a	n/a
Selling, general and administrative	108	n/a	n/a	n/a
Operating income	567	n/a	n/a	n/a
Operating margin	28.4%	n/a	n/a
Interest expense	40.8	n/a	n/a	n/a
Pre-tax income	540	n/a	n/a	n/a
Income tax	110	n/a	n/a	n/a
Effective tax rate	20.3%	n/a	n/a
Net income	417	n/a	n/a	n/a
Net margin	20.9%	n/a	n/a
Diluted EPS	$6.72	n/a	n/a	n/a

$ million except per share. 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	454	n/a	n/a	n/a
Capital expenditure	171	n/a	n/a	n/a
Free cash flow	283	n/a	n/a	n/a
Free cash flow margin	14.2%	n/a	n/a
Depreciation and amortisation	132	n/a	n/a	n/a
Share-based compensation	11.3	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	45.7	n/a	n/a	n/a
Dividend per share	$0.74	n/a	n/a	n/a
Diluted shares, weighted	62m	n/a	n/a	n/a
Shares outstanding at period end	62m	n/a	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	14,918	n/a	n/a	n/a
Cash and equivalents	648	n/a	n/a	n/a
Receivables	1,048	n/a	n/a	n/a
Inventory	993	n/a	n/a	n/a
Goodwill	3,650	n/a	n/a	n/a
Long-term debt	4,344	n/a	n/a	n/a
Operating lease liabilities	330	n/a	n/a	n/a
Shareholders' equity	7,802	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	1,994	1,608	1,251	1,764	1,889	1,412	1,353	1,811	1,846	1,534	1,362	1,947
Cost of revenue	1,318	1,125	979	1,247	1,290	1,142	1,018	1,267	1,235	n/a	1,052	1,452
Gross profit	676	483	272	517	599	424	335	544	611	468	310	495
Gross margin	34%	30%	22%	29%	32%	30%	25%	30%	33%	31%	23%	25%
SG&A	108	119	118	117	105	107	130	109	110	n/a	133	116
Operating income	567	370	1,421	398	489	399	194	458	505	n/a	162	372
Operating margin	28%	23%	114%	23%	26%	28%	14%	25%	27%	n/a	12%	19%
Interest expense	40.8	40.1	40.0	40.0	38.0	51.0	56.0	57.0	59.0	58.0	56.0	59.0
Pre-tax income	540	343	1,414	372	458	352	148	411	450	n/a	117	320
Tax rate	20%	16%	26%	21%	21%	17%	22%	20%	20%	n/a	32%	20%
Net income	417	282	1,045	294	363	294	116	328	414	279	1,513	251
Net margin	21%	18%	84%	17%	19%	21%	9%	18%	22%	18%	111%	13%
Diluted EPS	$6.72	$4.54	$16.87	$4.76	$5.91	$4.87	$1.90	$5.43	$6.85	$4.59	$25.06	$4.17
Operating cash flow	454	556	172	1.0	600	686	218	387	551	629	227	112
Capital expenditure	171	186	200	139	283	233	233	179	190	205	186	128
Free cash flow	283	370	-28.0	-138	317	453	-15.0	208	361	424	41.0	-16.0
Buybacks	0.0	0.0	150	300	0.0	0.0	450	0.0	0.0	0.0	200	0.0
Dividends paid	45.7	45.8	46.0	46.0	49.0	48.0	49.0	48.0	50.0	50.0	51.0	51.0
Shares outstanding	62m	62m	62m	61m	61m	61m	60m	60m	60m	60m	60m	60m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* 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. 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.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0000950170-23-057372: the filing on EDGAR. All of Martin Marietta Materials Inc.'s filings: EDGAR company page.

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