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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MLM

MLM fundamentals

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