Shares of Martin Marietta Materials fell in morning trading after the Raleigh-based producer of crushed rocks and other construction materials warned that would weaken its 2009 earnings.
The company now predicts earnings of $2.70 to $3.30 a share. That’s down from the $3.70 to $4.15 it estimated in early May.
Martin Marietta has been cutting costs, including hundreds of jobs, to offset a slump in demand for its products.
“We continue to adjust our operating plan in response to the current economic environment with a strict focus on cost containment,” CEO Stephen Zelnak Jr. said in a prepared statement.
The company does expect to get a boost from federal stimulus money aimed at improving roads, bridges and other infrastructure. But the pace of those projects is moving slower than expected, Zelnak said.
He added that projects funded by stimulus money should start to pick up in the second half of the year and into 2010.
Martin Marietta’s stock, which has fallen nearly 20 percent in the past year, dropped $2.29 to $74.81 this morning.