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What factors drove the changes in Martin Marietta's revenue and profit?

- **Revenue Records**: Aggregates revenue +17%, Specialties +60%, driven by infrastructure and data center demand.
- **Profit Expansion**: Gross margin +142bps to 36%, EBITDA guidance raised to $2.32B, up 15% YoY.
- **Strategic Deal**: QUIKRETE transaction adds 20M tons annually, enhancing aggregates leadership.
- **Cost Control**: Q4 cost growth to slow to 2%, 2026 price/cost spread >250bps.
- **Resilient Growth**: 2026 aggregates volume +low single-digit, pricing +mid-single-digit, supported by $128B public contracts.

**【CEO Summary Section】**
- **Record Q3 Performance**: Aggregates revenue up 17% YoY to $1.5B, gross profit up 21% to $531M, and gross margin expanded 142bps to 36%. Specialties revenue surged 60% to $131M, driven by organic growth and Premier Magnesia acquisition.
- **2025 EBITDA Guidance Raised**: Consolidated adjusted EBITDA guidance increased to $2.32B midpoint, reflecting strong aggregates demand and transaction with QUIKRETE.
- **Strategic Transaction**: Exchanged Midlothian cement plant for 20M tons of aggregates annually, positioning for SOAR 2030 growth.
- **Safety Excellence**: Best year-to-date safety performance with 0.02 total incident rate.

**【CFO Financial Commentary】**
- **Q3 Financial Highlights**: Continuing ops EBITDA up 22% to $667M, EPS up 23% to $5.97. Full year EBITDA guidance raised to $2.32B.
- **Cost Management**: Aggregates cost per ton growth expected to moderate in Q4, with 2026 guidance of 2.5%+ cost control.
- **Capital Allocation**: $1.1B liquidity supports M&A, 30%+ reduction in 2026 CapEx, and $0.25 dividend increase (5% YoY).
- **Balance Sheet**: Maintains investment-grade credit rating with disciplined capital returns ($3.9B since 2015).

**【Q&A Highlights】**
- **Pricing & Volume**: Aggregates ASP +8% (organic +7.9%), volumes +8% (organic +5.2%), driven by infrastructure and data center demand.
- **Cost Trends**: Q4 cost per ton growth to decelerate to ~2%, with 2026 price/cost spread >250bps.
- **Market Outlook**: 2026 aggregates volume growth low single-digit, pricing mid-single-digit, supported by IIJA funding and state DOT budgets up 6.8% YoY.
- **Resilience**: Public infrastructure demand resilient to government shutdowns, with 50%+ IIJA funding remaining.
- **Specialties Growth**: 20%+ gross profit expansion in Q3, with 100+ data centers under construction in Texas.

Martin Marietta Materials, Inc. (MLM) Q3 2025 Earnings Call Transcript

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