By Will Feuer
Martin Marietta Materials raised its annual profit guidance after price increases boosted results throughout the year so far.
The maker of building materials, including cement and aggregates, is targeting earnings from continuing operations of $1.095 billion to $1.195 billion, from prior outlook for $1.04 billion to $1.15 billion.
The company also narrowed its revenue target to $6.735 billion to $6.855 billion from $6.725 billion to $6.86 billion.
Sales volumes of aggregates are expected to fall 4% to 5% for the year. Martin Marietta had previously forecast a volume drop of 1% to 5%. The company expects aggregates average selling prices to rise 18% to 20% this year, higher than the 17% to 19% increase the company previously forecast.
Write to Will Feuer at [email protected]
Read the full article here