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Martin Marietta Materials, Inc. have released financial results for the second quarter and six months ended June 30, 2005 showing 18 percent sales increases, despite management decision to defer further activity in the composite waste trailer business.
The company, who manufacture structural composite products used for transportation, construction and infrastructure, reported net sales of $479.1 million, up 18% on the same period last year.
Stephen P. Zelnak, Jr., Chairman and CEO of Martin Marietta Materials, stated, “We had an outstanding second quarter that produced record results. In our Aggregates business, we experienced an increase in demand and strong pricing, which, coupled with cost control, led to a 250-basis-point improvement in our aggregates segment’s operating margin.
However, losses were reported for the structural composites arm of the business, despite their activity level remaining high.
“Second-quarter results for our Specialty Products segment, which includes the Magnesia Specialties and Structural Composites businesses, were mixed. Magnesia Specialties’ sales grew 10% as a result of increased chemicals sales to a variety of end users, coupled with strong pricing improvement in both lime and chemicals products. For the quarter, earnings from operations at Magnesia Specialties were $6.6 million compared with $4.9 million in the prior-year period.
“In our Structural Composites business, we made the decision to defer further activity in the waste trailer area in order to focus our resources on flat panel products, rail products and selected trailer products where we believe there is a greater opportunity in the short and intermediate term. In connection with this decision, we wrote down $2 million of inventory related to waste trailers.
Structural Composites incurred a $4.7 million pretax loss on operations in the second quarter 2005, inclusive of this write down. However, our activity level remains high, particularly with military applications .
Net sales for the first six months of 2005 were $819.1 million compared with $705.0 million for the year-earlier period. Year-to-date earnings from operations increased 49% to $117.1 million in 2005 versus $78.8 million in 2004. The Company posted an after-tax loss on discontinued operations of $1.4 million compared with $2.9 million in 2004 Martin Marietta Composites manufactures structural composite products used for transportation, construction and infrastructure. Recent innovations include the Duraspan bridge and a number of solutions for developing truck trailers made from composites.
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