Martin Marietta Materials, Inc (MLM) has reported an 18.87 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $98.90 million, or $1.55 a share in the quarter, compared with $83.20 million, or $1.26 a share for the same period last year. Revenue during the quarter grew 12.34 percent to $948.80 million from $844.60 million in the previous year period. Gross margin for the quarter expanded 184 basis points over the previous year period to 23.72 percent. Total expenses were 83.61 percent of quarterly revenues, down from 83.73 percent for the same period last year. This has led to an improvement of 12 basis points in operating margin to 16.39 percent.
Operating income for the quarter was $155.50 million, compared with $137.40 million in the previous year period.
Ward Nye, chairman, president and chief executive officer of Martin Marietta, stated: As demonstrated by our fourth-quarter and full-year results, we continue to capitalize on the economic recovery occurring in virtually all of our segments and geographies. We delivered record net sales, gross profit, net earnings and earnings per diluted share for both the fourth quarter and full year ��" building on the record results delivered in 2015 and the first three quarters of 2016. Looking ahead, we expect continued and accelerating growth in all three of the Company’s primary construction end-uses, and our leading market positions will allow us to continue benefitting from these opportunities in 2017 and beyond. We are highly confident that a durable, multi-year construction recovery is now underway, consistent with third-party forecasts."
For financial year 2017, Martin Marietta Materials, Inc projects revenue to be in the range of $3,750 million to $3,950 million.
Operating cash flow improves
Martin Marietta Materials, Inc has generated cash of $678.70 million from operating activities during the year, up 18.41 percent or $105.50 million, when compared with the last year. The company has spent $555.30 million cash to meet investing activities during the year as against cash inflow of $88.50 million in the last year.
The company has spent $241.80 million cash to carry out financing activities during the year as against cash outgo of $602 million in the last year period.
Cash and cash equivalents stood at $50 million as on Dec. 31, 2016, down 70.31 percent or $118.40 million from $168.40 million on Dec. 31, 2015.
Debt moves up
Martin Marietta Materials, Inc has witnessed an increase in total debt over the last one year. It stood at $1,686.20 million as on Dec. 31, 2016, up 7.48 percent or $117.40 million from $1,568.80 million on Dec. 31, 2015. Total debt was 23.10 percent of total assets as on Dec. 31, 2016, compared with 22.53 percent on Dec. 31, 2015. Debt to equity ratio was at 0.41 as on Dec. 31, 2016, up from 0.39 as on Dec. 31, 2015. Interest coverage ratio improved to 7.48 for the quarter from 7.27 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
