Martin Marietta Materials Raises Fiscal Year Guidance on Higher Public Infrastructure Budget
27 Julho 2023 - 8:55AM
Dow Jones News
By Sabela Ojea
Martin Marietta raised its guidance for the year amid
record-high public budgets for infrastructure and manufacturing,
which are expected to offset a weaker environment for residential
construction.
The maker of building materials, including aggregates and
cement, said Thursday that it expects to post full-year revenue of
$6.73 billion to $6.86 billion. Three months ago, the company
guided for revenue of up to $6.82 billion.
The company's outlook comes as it reports a 11% rise in revenue
in the second quarter, driven by higher prices.
"This scenario, combined with continued commercial momentum and
moderating cost inflation, should contribute to a record-setting
year in 2023 and provide a solid foundation for an even brighter
2024 and beyond," Chief Executive Ward Nye said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 27, 2023 07:40 ET (11:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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