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# Martin Marietta's Lhoist Deal Lifts Revenue 28% To A Record, Yet Adjusted Earnings Per Share Fall 11%
- URL: https://www.bullished.co/martin-mariettas-lhoist-deal-lifts-revenue-28-to-a-record-yet-adjusted-earnings-per-share-bf0e7e82/
- Published: 2026-11-04T12:32:09.000Z
- Updated: 2026-11-04T12:32:09.000Z
- Description: Acquisitions lifted sales and adjusted EBITDA in the third quarter, while falling aggregates prices and higher costs cut per-share earnings.
- Author: Matteo Parrino
- Tags: Deals, MLM, Industry: Materials

Martin Marietta Materials, which supplies crushed stone, sand, gravel and other building materials, reported record third-quarter [revenue of $2,369 million](https://www.sec.gov/Archives/edgar/data/0000916076/000119312526446178/mlm-ex99%5F1.htm?ref=bullished.co), up 28%, as its newly closed Lhoist North America purchase more than offset inflation. Adjusted earnings per share still fell 11% to $5.47 from $6.12, and the company reset full-year guidance.

## Sales up, per-share profit down

Net earnings from continuing operations fell 29% to $256 million, or $3.94 per diluted share against $5.97 a year earlier. Adjusted EBITDA, an earnings measure that excludes interest, taxes, depreciation and certain deal-related items, climbed 21% to $808 million, the company said in its [earnings release](https://www.sec.gov/Archives/edgar/data/0000916076/000119312526446178/mlm-ex99%5F1.htm?ref=bullished.co).

Quarterly interest expense rose to $138 million from $59 million. In June-quarter terms the company financed the Lhoist cash payment with a $1.5 billion three-year term loan and $5.5 billion of senior notes across five tranches. Charges tied to acquisitions and related items cost $1.53 per diluted share in the quarter.

CEO Ward Nye said strong performance from recent acquisitions "more than offset the effects of expanding inflationary pressures and a dynamic macroeconomic environment."

## Record tons, lower price per ton

Aggregates shipments hit a record 67.1 million tons, up 16%, but the average selling price fell 4% to $22.41 a ton because acquired operations sell below the company average. Organic average price rose 1.0%, and organic mix-adjusted price rose 2.7%.

Aggregates gross profit declined 4% to $512 million, which the company attributed mainly to higher depreciation, depletion and amortization and energy costs. Aggregates cash gross profit, which adds back noncash charges, reached an all-time quarterly record of $696 million.

Specialties, which makes magnesia-based products and lime, saw revenue jump 176% to $362 million and gross profit rise to $88 million from $34 million.

## Lhoist adds $216 million of revenue

The company closed the Lhoist North America combination on August 21 for total consideration of $12.9 billion: $7.0 billion in cash and about $5.9 billion of Martin Marietta stock. Since closing, Lhoist contributed revenue of $216 million, gross profit of $51 million and cash gross profit of $115 million. The business runs 20 quarries and production facilities and 45 distribution terminals.

Nye said that on January 1 pricing actions should produce mid- to high-single-digit aggregates pricing on a mix-adjusted basis in 2027\. He said inventory discipline and lower capital spending alone added over $290 million of year-to-date cash flow improvement.

Guidance midpoints now stand at $7.80 billion of revenue and $2.475 billion of adjusted EBITDA, with acquisitions expected to more than offset "lower near-term expectations for our heritage operations." Nine-month operating cash flow was $896 million, down from $1,156 million, a period that includes $250 million of cash taxes on the February QUIKRETE asset exchange. At September 30, the company held $140 million of cash and $1.4 billion of unused borrowing capacity.

Management hosts its earnings call at 10:00 a.m. Eastern on Wednesday.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — MARTIN MARIETTA MATERIALS INC (MLM)](https://www.sec.gov/Archives/edgar/data/0000916076/000119312526446178/mlm-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit mlm-ex99\_1.htm — MARTIN MARIETTA MATERIALS INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000916076/000119312526446178/mlm-ex99%5F1.htm?ref=bullished.co) — SEC EDGAR