Martin Marietta Materials, hurt by erratic weather and reduced spending on infrastructure projects, reported disappointing second-quarter earnings this morning that missed Wall Street estimates.
The Raleigh company, which produces rock, gravel and other materials used to build roads, subdivisions and commercial buildings, had sales of $426.7 million for the quarter that ended June 30, down from $442.8 million in the same period in 2010.
The company reported earnings of 78 cents per share for the quarter, compared to $1.18 per share in the second quarter of 2010.
That was below the $1.07 per share expected by Wall Street analysts who cover the company. Analysts also expected sales to come in at $513 million for the quarter.