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Martin Marietta Materials (MLM) FY2024 results: revenue $5.7 billion, down 3.2% on the year

Martin Marietta Materials Inc. (MLM) reported revenue of $5.7 billion for fiscal 2024, the year ended 31 December 2024, down 3.2% on the year before. Net income was $2.0 billion, up 70.7%, and diluted earnings per share $32.41. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue
$5.7 billion
-3.2% on the year
FY2017FY2024
Operating margin
43.8%
22.8% a year earlier
FY2017FY2024
Net income
$2.0 billion
+70.7% on the year
FY2017FY2024
Diluted EPS
$32.41
+72.2% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue5,6625,8516,161-3.2%
Cost of revenue4,0264,1064,737-1.9%
Gross profit1,6361,7451,423-6.2%
Gross margin28.9%29.8%23.1%
Selling, general and administrative429425397+0.9%
Operating income2,4791,3331,207+86.0%
Operating margin43.8%22.8%19.6%
Interest expense169165169+2.2%
Pre-tax income2,3661,2261,091+93.0%
Income tax550234235+135.0%
Effective tax rate23.2%19.1%21.5%
Net income1,9951,169867+70.7%
Net margin35.2%20.0%14.1%
Diluted EPS$32.41$18.82$13.87+72.2%
$ million except per share.
Read moreFree 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow1,4591,528991-4.5%
Capital expenditure855650482+31.5%
Free cash flow604878509-31.2%
Free cash flow margin10.7%15.0%8.3%
Cash from investing-2,444459-484
Cash from financing373-1,064-408
Depreciation and amortisation573513506+11.7%
Share-based compensation58.050.043.0+16.0%
Buybacks450150150+200.0%
Dividends paid189174160+8.6%
Dividend per share$3.06$2.80$2.54+9.3%
Diluted shares, weighted62m62m62m-0.8%
Shares outstanding at period end61m62m62m-1.1%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity9,4538,0337,170+17.7%
Non-controlling interest3.02.02.3+50.0%
Debt5,4134,3455,040+24.6%
Operating lease liabilities327327336+0.1%
Finance lease liabilities190180182+5.6%
Other liabilities2,7842,2382,263+24.4%
Total liabilities and equity18,17015,12514,994+20.1%
Fixed assets9,6606,1866,317+56.2%
Goodwill3,3933,3903,650+0.1%
Intangible assets62.0664812-90.7%
Cash and equivalents6701,272358-47.3%
Receivables678753786-10.0%
Inventory1,018989874+3.0%
Other assets2,6891,8722,198+43.6%
Total assets18,17015,12514,994+20.1%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.