Martin Marietta Materials reported third-quarter 2024 revenues of $1.889 billion, a 5% decrease compared to the prior year, and net earnings from continuing operations attributable to Martin Marietta of $363 million, down 16%. Diluted earnings per share from continuing operations were $5.91, a 15% decrease. Adjusted EBITDA for the quarter was $646 million, an 8% decrease year-over-year.
The company's aggregates business achieved a record quarterly gross profit per ton of $8.16, an increase of 3%. Aggregates shipments declined 3.9% to 53.7 million tons, primarily due to severe weather events including significant July precipitation, Tropical Storm Debby in North Carolina, and Hurricanes Beryl and Helene in Texas. Average selling price for aggregates increased 7.7% to $21.52 per ton.
The Magnesia Specialties business delivered record third-quarter revenues of $82 million and gross profit of $29 million, driven by pricing growth and improved lime shipments. In contrast, the Cement and Ready Mixed Concrete segment saw revenues decrease 30% to $296 million and gross profit fall 37% to $89 million, largely due to the February 2024 divestiture of the South Texas cement plant. Martin Marietta also announced the acquisition of pure aggregates assets in South Florida and Southern California during October 2024.
For the full year 2024, Martin Marietta revised its Adjusted EBITDA guidance to a range of $2.015 billion to $2.115 billion, with a midpoint of $2.065 billion. This revision reflects the adverse impact of weather-related events on third-quarter product shipments and financial results. The company maintained a strong liquidity position with $1.1 billion of unused borrowing capacity on its existing credit facilities as of September 30, 2024.
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