Martin Marietta Materials revenue increased 20 percent in the fourth quarter on increased shipments of the Raleigh company's construction materials.
Revenue totaled $504.1 million. Net sales increased 22 percent to $457.9 million and the company reported earnings per diluted share of 46 cents, compared to 32 cents per share in the fourth quarter of 2011.
Both the company's net sales and earnings per share missed Wall Street estimates. The consensus among analysts who cover the company was sales of $461.9 million and earnings per share of 53 cents.
Martin Marietta produces rock, gravel and other materials used to build roads, subdivisions and commercial buildings. The company shipped 5 percent more materials in the quarter than it did during the same period in 2011. Pricing increased 1 percent.
"Underlying this improvements was expansion in our nonresidential and residential end-use markets, continuing trends we have experienced throughout the year," CEO Ward Nye said in a statement.
Martin Marietta anticipates shipping 4 to 6 percent more materials this year, with the improving housing market driving double-digit volume growth in that sector.
For the year, Martin Marietta had earnings per share of $1.83, compared to $1.78 in 2011. Net sales were $1.84 billion, up from $1.52 billion.
The company shipped 2.9 percent more materials in 2012, with pricing up 2.5 percent.
"Our 2012 results and trends, couple with external indicators, have provided optimism that our momentum will continue in 2013," Nye said in his statement.