Martin Marietta's fourth quarter sales up 8 percent

Martin Marietta Materials sales increased 8 percent in fourth quarter, the company announced this morning.

The company, which produces rock, gravel and other materials used to build roads, subdivisions and commercial buildings, had sales of $374.8 million for the quarter. Excluding one-time charges, the company reported earnings per share of 52 cents, compared to 33 cents for the same quarter the prior year.

The company's fourth quarter sales were below the consensus among Wall Street analysts of $438 million. But Martin Marietta's 52 cents per share beat Wall Street estimates of 39 cents per share.

Net sales for the year were $1.520 billion, up from $1.476 billion the prior year.

The solid performance in the quarter is likely to bolster Martin Marietta's argument for merging with rival Vulcan Materials.

Raleigh-based Martin Marietta launched a hostile takeover bid in December, and the two companies have been offering dueling narratives about why the deal would be both good and bad.

Martin Marietta's central argument is that it is operating much more efficiently in a difficult economic environment and could apply those efficiencies to Vulcan's operations.