Martin Marietta Materials revenue increased 3 percent in the second quarter despite the Raleigh company being hurt by extremely wet weather in several of its markets.
Revenues totaled $562.7 million in the quarter. Net sales increased 4 percent to $508.7 million, and the company reported earnings per diluted share of 89 cents, compared with 80 cents per share in the second quarter of 2011.
The company’s earnings per share and sales missed Wall Street estimates, but Martin Marietta estimated that reduced shipments resulting from the wet weather lowered its net earnings by 11 cents per diluted share. Iowa recorded the wettest second quarter in over a century, and several markets in Georgia had more than double their average rainfall, the company noted.
Martin Marietta produces rock, gravel and other materials used to build roads, subdivisions and commercial buildings. The company shipped 1.6 percent less materials in the quarter than it did during the same period in 2012. Pricing increased 1.7 percent.
CEO Ward Nye said demand for Martin Marietta’s materials is mostly being driven by the private sector.
“We continue to see positive indicators of construction activity, including double-digit growth on a year-to-date basis in the private-sector construction market,” he said in a statement.
“Historically, increases in private-sector construction have led to growth in public-sector construction.”
Martin Marietta shares, which began trading at $101.41 Tuesday, are up 8 percent this year.