Martin Marietta Materials, Inc. (NYSE:MLM) on Thursday reported its second-quarter 2025 revenue of $1.811 billion, a 3% year-over-year increase but below the $1.896 billion analyst estimate.

Net earnings rose 12% to $328 million, while diluted earnings per share reached $5.43, beating the $5.35 estimate.

Adjusted EBITDA grew 8% to $630 million, and the margin expanded by 168 bps to 34.8%. Gross profit increased 5% to $544 million.

Also Read: Martin Marietta Materials Earnings Preview

The Building Materials business delivered $1.721 billion in revenue, up 2%, with gross profit rising 3% to $517 million. Aggregates revenue increased 6% to $1.32 billion, supported by a 7% rise in average selling price to $23.21 per ton, despite a 1% decline in shipments.

Aggregates’ gross profit climbed 9% to $430 million, with margin expanding to 33%.

Cement and ready mixed concrete revenue fell 6% to $245 million, with gross profit down 25% to $54 million. Asphalt and paving revenue declined 7% to $228 million, and gross profit dropped 8% to $33 million.

Magnesia Specialties posted record revenue of $90 million. Gross profit jumped 32% to $36 million, with margin improving to 40%, driven by strong pricing, improved lime shipments, and operational efficiency.

Cash from operating activities for the first half of 2025 totaled $605 million, up from $173 million a year earlier. Capital expenditures reached $412 million.

The company returned $547 million to shareholders through dividends and repurchases. It ended the quarter with $225 million in cash and $1.2 billion in available credit.

Martin Marietta completed its acquisition of Premier Magnesia on July 25. It also signed an agreement with Quikrete on August 3 to exchange its Midlothian cement plant and related assets for aggregates operations producing 20 million tons annually, plus $450 million in cash. The transaction is expected to close in the first quarter of 2026.

“Demand across our primary end markets remains varied. Infrastructure activity remains robust, underpinned by sustained record levels of federal and state investment. In nonresidential, accelerating data center development and a warehouse recovery are contributing positively to near-term demand, partially offsetting relative softness in interest rate-sensitive light commercial construction. We expect residential construction demand to remain subdued until ongoing affordability headwinds improve,” commented Ward Nye, Chair and CEO of Martin Marietta.

“The first six months of 2025 represented the lowest total reportable incident rate in Martin Marietta’s history. Given our strong first-half performance, together with acquisition contributions and current shipment trends, we are increasing our full-year 2025 Adjusted EBITDA guidance to $2.30 billion at the midpoint,” stated Nye.

Outlook

The company lowered its full-year 2025 revenue guidance to $6.82 billion to $7.12 billion, down from the prior $6.83 billion to $7.23 billion, and below the $7.054 billion consensus estimate.

Net earnings attributable to Martin Marietta are expected to be $1.09B-$1.185B.

Adjusted EBITDA guidance was raised to $2.25 billion to $2.35 billion. Martin Marietta also expects aggregates ASP growth of 6.8% to 7.8% and volume growth of 1% to 4%.

Price Action: At last check Thursday, MLM shares were trading higher by 0.16% to $589.98.

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