An AI-led push for more data center infrastructure has helped boost construction activity over the past few years.
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Construction companies have also benefited from former U.S. President Joe Biden’s Infrastructure Investment and Jobs Act, which outlined $1 trillion in investments.
The company also raised its annual adjusted EBITDA forecast to a midpoint of $2.32 billion from $2.30 billion. CEO Ward Nye cited “strong year-to-date performance and current aggregates shipment trends” for the upbeat outlook.
“Looking ahead, Martin Marietta sees its glass as half-full with demand trends described as ‘broadly constructive’ with infrastructure strong, non-residential construction improving,” RBC Capital Markets analyst Anthony Codling said.
During the quarter, the U.S. construction materials supplier’s aggregates shipments rose by 8% from a year ago.
Quarterly revenue from continuing operations was up 12% from a year ago to $1.85 billion.
Including the discontinued operations, Martin Marietta posted a revenue of $2.09 billion. Analysts expected $2.06 billion, according to data compiled by LSEG.
The company’s net earnings from continuing operations rose 22% to $361 million, or $5.97 per share, in the quarter ended September 30, from $297 million, or $4.84 per share, a year ago.
Reporting by Nathan Gomes and Aatreyee Dasgupta in Bengaluru; Editing by Leroy Leo
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