Martin Marietta Projects Record EBITDA in 2024, Driven by Strategic Acquisitions

Martin Marietta (MLM), a leading supplier of aggregates and heavy building materials, has announced a record financial performance for the year 2023, with an adjusted EBITDA surpassing $2.1 billion. CEO Ward Nye expressed optimism for 2024, projecting a significant increase in adjusted EBITDA to $2.24 billion. This growth is attributed to strategic acquisitions and a robust pricing strategy that has led to an 11% increase in average selling prices.

The company's recent acquisitions, including Albert Frei & Sons and the ongoing acquisition of Blue Water Industries, are expected to contribute approximately $180 million to the 2024 EBITDA. Martin Marietta has demonstrated a strong commitment to shareholder value, returning $324 million through dividends and share repurchases in 2023.

Key highlights from the announcement include:

• A record financial performance in 2023 with an adjusted EBITDA of over $2.1 billion.
• Strategic acquisitions expected to add around $180 million to the 2024 EBITDA.
• A consolidated adjusted EBITDA projection of $2.24 billion for 2024.
• A focus on long-term strategy and value over volume, leading to a significant increase in average selling prices.
• A total of $2.6 billion returned to shareholders since February 2015.

Martin Marietta's financial strength and strategic growth initiatives position the company for another record year in 2024. The company's focus on commercial execution and responsible acquisitions has been key to its success. With a clear strategy in place and a positive market outlook, Martin Marietta is poised for continued growth and shareholder value creation.

Source: Investing.com