Martin Marietta's sales rise 28% on deals as adjusted earnings fall short
Martin Marietta's adjusted earnings per share, which leave out costs the company considers exceptional, came to $5.47 against $6.10 expected. Revenue hit a record $2.37 billion, up 28%, as the company says recent acquisitions more than offset rising inflation costs.
The results
Q3 2026
-10.4%
Adj. earnings
+4.8%
Revenue
+2.4%
The stock
Adjusted earnings per share
Expected $6.10
$5.47
Revenue
Expected $2.26B
$2.37B
What the company expects
Martin Marietta updated its 2026 forecast to about $7.80 billion of revenue and $2.475 billion of adjusted EBITDA, with acquisitions more than offsetting softer heritage operations. For 2027 it expects mid- to high-single-digit aggregates price growth on a mix-adjusted basis, continued strength in infrastructure and data centers, and softer private building that depends on interest rates.
Results for Q3 2026, released on November 4, before the open. Expected: average of analysts' forecasts. Earnings per share under GAAP accounting rules: $3.94.
Who holds it
AI analysis
Nov 4
What drove the quarter
Acquisitions bring record sales
Revenue hit a record $2.37 billion, up 28%, and adjusted EBITDA (operating profit before depreciation and similar charges) rose 21% to $808 million. Martin Marietta says recent acquisitions more than offset rising inflation costs, and Lhoist North America, bought on August 21, brought in $216 million of revenue between the deal's closing and September 30.
What it changes
Forecast updated after the Lhoist deal
Martin Marietta now puts the middle of its 2026 range at $7.80 billion of revenue and $2.48 billion of adjusted EBITDA. The company expects acquisitions to more than offset lower near-term expectations for its heritage operations.
Price increases planned for 2027
For 2027 the company expects aggregates prices to rise by a mid- to high-single-digit percentage on a mix-adjusted basis, helped by price increases taking effect January 1. It says those increases and more cost savings should get prices rising faster than costs again in 2027.
Much more debt to carry
Long-term debt stood at $12.1 billion on September 30, against $5.3 billion at the end of 2025. The release itself lists the heavy debt load from the Lhoist deal and the work of bringing it down to target as risks.
What it does not say
Only part of the Lhoist business shows
The quarter includes Lhoist North America only from August 21 to September 30, so it does not show what the combined company earns over a full period. The stock's 2.4% rise on November 4 reflects one trading day and is no verdict on the deal.
Analysis written by an AI from public data. It is not investment advice.