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[August 2000]
Martin Marietta Materials, Inc. announces record second quarter
Martin Marietta Materials, Inc., has reported financial results for the second quarter and six months ended June 30, 2000. Sales for the quarter increased 10% to $362.5 million from 1999 second quarter sales of $328.9 million. Earnings from operations also increased 10% to $71.6 million, in spite of extremely wet weather experienced at certain Aggregates division locations throughout much of the quarter and the continuing negative impact of higher fuel and other energy-related costs. Other income for the quarter of $3.8 million, including an insurance settlement related to Hurricane Floyd, was $4.8 million below prior year. Other income in the second quarter of 1999 included a nonrecurring settlement from antitrust claims. Net earnings for the quarter increased 2% to $42.1 million, or $0.90 per diluted share, from 1999 second quarter net earnings of $41.3 million, or $0.88 per diluted share.
Sales for the first six months of 2000 increased 12% to $638.6 million, from $569.9 million for the year-earlier period. For the six-month period ended June 30, 2000, net earnings increased slightly to $49.5 million, or $1.05 per diluted share, from net earnings for the comparable prior-year period of $49.2 million, also $1.05 per diluted share
ENDS