Achieved Record Quarterly Consolidated Revenues, Profitability and Margins
Aggregates Gross Profit Per Ton Increased 42.4 Percent to
Robust Earnings Growth Reinforces Benefits of Value-Over-Volume Strategy
Raised Adjusted EBITDA Guidance
Third-Quarter Highlights
(Financial highlights are for continuing operations)
Quarter Ended | ||||||||||
(In millions, except per share) | 2023 | 2022 | % Change | |||||||
Total revenues 1 | $ | 1,994.1 | $ | 1,811.7 | 10.1 | % | ||||
Gross profit | $ | 676.0 | $ | 487.8 | 38.6 | % | ||||
Earnings from operations | $ | 566.6 | $ | 405.9 | 39.6 | % | ||||
Net earnings from continuing operations attributable to Martin Marietta | $ | 430.3 | $ | 291.2 | 47.8 | % | ||||
Adjusted EBITDA 2 | $ | 705.2 | $ | 533.1 | 32.3 | % | ||||
Earnings per diluted share from continuing operations | $ | 6.94 | $ | 4.67 | 48.6 | % |
1 | Total revenues include the sales of products and services to customers (net of any discounts or allowances) and freight revenues. |
2 | Earnings from continuing operations before interest, income taxes, depreciation, depletion and amortization expense, the earnings/loss from nonconsolidated equity affiliates, and acquisition and integration expenses, or Adjusted EBITDA, is a non-GAAP financial measure. See Appendix to this earnings release for a reconciliation to net earnings from continuing operations attributable to Martin Marietta. |
"Consistent with our aggregates-led product focus, on
“The results for the quarter and through nine months underscore our confidence that Martin Marietta will continue to outperform in the near-, medium- and long-term as we benefit from our business-mix portfolio and carefully curated coast-to-coast footprint. Specifically, we see increased investment in large infrastructure and manufacturing projects across
Third-Quarter Financial and Operating Results
(All financial and operating results are for continuing operations and comparisons are versus the prior-year third quarter, unless otherwise noted)
Building Materials Business
The
Aggregates
Third-quarter aggregates shipments decreased 7.3 percent, as softer demand in certain Midwest and Southwest markets was partially offset by continued strength in key Southeast markets. Pricing increased 20.0 percent, or 17.2 percent on a mix-adjusted basis, due to the cumulative effect of
Aggregates gross profit increased 32.1 percent to a record of
Cement
Cement shipments of 1.1 million tons were relatively flat while pricing increased 18.9 percent, or 18.6 percent on a mix-adjusted basis, as largely sold-out conditions continue to drive robust pricing momentum.
Cement gross profit increased 61.5 percent to a record
Downstream businesses
Ready mixed concrete revenues increased 25.3 percent to
Asphalt and paving revenues increased 14.6 percent to a record of
Magnesia Specialties Business
Magnesia Specialties revenues of
Cash Generation, Capital Allocation and Liquidity
Cash provided by operating activities for the nine months ended
Cash paid for property, plant and equipment additions for the nine months ended
During the nine months ended
The Company had
Revised Full-Year 2023 Guidance
The Company’s 2023 guidance excludes businesses classified as discontinued operations.
2023 GUIDANCE | |||||||
(Dollars in Millions) | Low * | High * | |||||
Consolidated | |||||||
Total revenues1 | $ | 6,735 | $ | 6,855 | |||
Interest expense | $ | 165 | $ | 170 | |||
Estimated tax rate (excluding discrete events) | 21 | % | 22 | % | |||
Net earnings from continuing operations attributable to Martin Marietta | $ | 1,095 | $ | 1,195 | |||
Adjusted EBITDA2 | $ | 2,050 | $ | 2,150 | |||
Capital expenditures | $ | 575 | $ | 625 | |||
Building Materials Business | |||||||
Aggregates | |||||||
Volume % change3 | (5.0 | )% | (4.0 | )% | |||
ASP % change4 | 18.0 | % | 20.0 | % | |||
Gross profit | $ | 1,350 | $ | 1,410 | |||
Cement, | |||||||
Gross profit | $ | 513 | $ | 533 | |||
Magnesia Specialties Business | |||||||
Gross profit | $ | 90 | $ | 100 |
* Guidance range represents the low end and high end of the respective line items provided above. | |
1 | Total revenues include the sales of products and services to customers (net of any discounts or allowances) and freight revenues. |
2 | Adjusted EBITDA is a non-GAAP financial measure. See Appendix to this earnings release for a reconciliation to net earnings from continuing operations attributable to Martin Marietta. |
3 | Volume change is for aggregates shipments, inclusive of internal tons, and is in comparison to 2022 shipments of 207.7 million tons. |
4 | ASP change is for aggregates average selling price and is in comparison to 2022 ASP of |
Preliminary View of 2024
Aggregates shipments are expected to be relatively flat, as strong demand from public infrastructure and heavy nonresidential projects of scale will partially offset an anticipated softening in the interest-rate sensitive, private light nonresidential and residential sectors. The Company anticipates low double-digit aggregates pricing growth as carryover effects from 2023 together with
Non-GAAP Financial Information
This earnings release contains financial measures that have not been prepared in accordance with generally accepted accounting principles in
Conference Call Information
The Company will discuss its third-quarter 2023 earnings results on a conference call and an online webcast today (
About Martin Marietta
Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 28 states,
Investor Contacts:
Director, Investor Relations
+1 (919) 510-4736
Jacklyn.Rooker@martinmarietta.com
MLM-E.
If you are interested in Martin Marietta stock, management recommends that, at a minimum, you read the Company’s current annual report and Forms 10-K, 10-Q and 8-K reports to the
Investors are cautioned that all statements in this release that relate to the future involve risks and uncertainties and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. These statements, which are forward-looking statements under the Private Securities Litigation Reform Act of 1995, provide the investor with the Company’s expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use words such as “guidance”, “anticipate”, “may”, “expect”, “should”, “believe”, “will”, and other words of similar meaning in connection with future events or future operating or financial performance. Any or all of the Company’s forward-looking statements here and in other publications may turn out to be wrong.
Third-quarter results and trends described in this release may not necessarily be indicative of the Company’s future performance. The Company’s outlook is subject to various risks and uncertainties and is based on assumptions that the Company believes in good faith are reasonable, but which may be materially different from actual results. Factors that the Company currently believes could cause actual results to differ materially from the forward-looking statements in this release (including the outlook) include, but are not limited to: the ability of the Company to face challenges, including shipment declines resulting from economic events beyond the Company’s control; a widespread decline in aggregates pricing, including a decline in aggregates shipment volume negatively affecting aggregates price; the history of both cement and ready mixed concrete being subject to significant changes in supply, demand and price fluctuations; the termination, capping and/or reduction or suspension of the federal and/or state gasoline tax(es) or other revenue related to public construction; the level and timing of federal, state or local transportation or infrastructure or public projects funding and any issues arising from such federal and state budgets, most particularly in
You should consider these forward-looking statements in light of risk factors discussed in Martin Marietta’s Annual Report on Form 10-K for the year ended
Unaudited Statements of Earnings
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(In Millions, Except Per Share Data) | |||||||||||||||
Total Revenues | $ | 1,994.1 | $ | 1,811.7 | $ | 5,169.0 | $ | 4,684.2 | |||||||
Total Cost of Revenues | 1,318.1 | 1,323.9 | 3,629.8 | 3,615.1 | |||||||||||
Gross Profit | 676.0 | 487.8 | 1,539.2 | 1,069.1 | |||||||||||
Selling, general and administrative expenses | 108.1 | 94.9 | 324.1 | 296.0 | |||||||||||
Acquisition and integration expenses | 3.3 | 1.8 | 4.5 | 6.1 | |||||||||||
Other operating income, net | (2.0 | ) | (14.8 | ) | (15.3 | ) | (177.4 | ) | |||||||
Earnings from Operations | 566.6 | 405.9 | 1,225.9 | 944.4 | |||||||||||
Interest expense | 40.8 | 42.8 | 125.1 | 126.4 | |||||||||||
Other nonoperating income, net | (14.3 | ) | (7.3 | ) | (49.2 | ) | (40.1 | ) | |||||||
Earnings from continuing operations before income tax expense | 540.1 | 370.4 | 1,150.0 | 858.1 | |||||||||||
Income tax expense | 109.9 | 79.2 | 237.4 | 189.4 | |||||||||||
Earnings from continuing operations | 430.2 | 291.2 | 912.6 | 668.7 | |||||||||||
(Loss) Earnings from discontinued operations, net of income tax (benefit) expense | (13.6 | ) | 4.1 | (25.8 | ) | 14.3 | |||||||||
Consolidated net earnings | 416.6 | 295.3 | 886.8 | 683.0 | |||||||||||
Less: Net (loss) earnings attributable to noncontrolling interests | (0.1 | ) | — | 0.4 | (0.2 | ) | |||||||||
Net Earnings Attributable to Martin Marietta | $ | 416.7 | $ | 295.3 | $ | 886.4 | $ | 683.2 | |||||||
Net Earnings (Loss) Attributable to Martin Marietta | |||||||||||||||
Per Common Share: | |||||||||||||||
Basic from continuing operations | $ | 6.96 | $ | 4.67 | $ | 14.73 | $ | 10.73 | |||||||
Basic from discontinued operations | (0.22 | ) | 0.07 | (0.42 | ) | 0.23 | |||||||||
$ | 6.74 | $ | 4.74 | $ | 14.31 | $ | 10.96 | ||||||||
Diluted from continuing operations | $ | 6.94 | $ | 4.67 | $ | 14.69 | $ | 10.69 | |||||||
Diluted from discontinued operations | (0.22 | ) | 0.06 | (0.42 | ) | 0.23 | |||||||||
$ | 6.72 | $ | 4.73 | $ | 14.27 | $ | 10.92 | ||||||||
Weighted-Average Common Shares Outstanding: | |||||||||||||||
Basic | 61.8 | 62.3 | 61.9 | 62.4 | |||||||||||
Diluted | 62.0 | 62.5 | 62.1 | 62.5 |
Unaudited Operating Segment Financial Highlights | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(Dollars in Millions) | |||||||||||||||
Total revenues: | |||||||||||||||
Building Materials: | |||||||||||||||
East Group | $ | 814.3 | $ | 773.6 | $ | 2,079.0 | $ | 1,866.9 | |||||||
1,104.3 | 962.4 | 2,850.6 | 2,582.9 | ||||||||||||
Total | 1,918.6 | 1,736.0 | 4,929.6 | 4,449.8 | |||||||||||
Magnesia Specialties | 75.5 | 75.7 | 239.4 | 234.4 | |||||||||||
Total | $ | 1,994.1 | $ | 1,811.7 | $ | 5,169.0 | $ | 4,684.2 | |||||||
Earnings (Loss) from operations: | |||||||||||||||
Building Materials: | |||||||||||||||
East Group | $ | 295.2 | $ | 239.4 | $ | 631.6 | $ | 478.0 | |||||||
283.0 | 159.7 | 617.3 | 477.2 | ||||||||||||
Total | 578.2 | 399.1 | 1,248.9 | 955.2 | |||||||||||
Magnesia Specialties | 16.9 | 16.5 | 60.8 | 58.4 | |||||||||||
Total reportable segments | 595.1 | 415.6 | 1,309.7 | 1,013.6 | |||||||||||
Corporate | (28.5 | ) | (9.7 | ) | (83.8 | ) | (69.2 | ) | |||||||
Total earnings from operations | $ | 566.6 | $ | 405.9 | $ | 1,225.9 | $ | 944.4 | |||||||
Interest Expense | 40.8 | 42.8 | 125.1 | 126.4 | |||||||||||
Other nonoperating income, net | (14.3 | ) | (7.3 | ) | (49.2 | ) | (40.1 | ) | |||||||
Total earnings from continuing operations before income tax expense | $ | 540.1 | $ | 370.4 | $ | 1,150.0 | $ | 858.1 |
Unaudited Product Line Financial Highlights | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Amount | % of Revenues | Amount | % of Revenues | Amount | % of Revenues | Amount | % of Revenues | ||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||||
Total revenues: | |||||||||||||||||||||||||||
Building Materials: | |||||||||||||||||||||||||||
Aggregates | $ | 1,216.3 | $ | 1,130.7 | $ | 3,279.6 | $ | 2,945.0 | |||||||||||||||||||
Cement | 199.1 | 168.2 | 565.3 | 469.0 | |||||||||||||||||||||||
Ready mixed concrete | 285.2 | 227.7 | 776.5 | 745.4 | |||||||||||||||||||||||
Asphalt and paving | 359.9 | 314.0 | 658.7 | 586.4 | |||||||||||||||||||||||
Less: Interproduct sales | (141.9 | ) | (104.6 | ) | (350.5 | ) | (296.0 | ) | |||||||||||||||||||
Total | 1,918.6 | 1,736.0 | 4,929.6 | 4,449.8 | |||||||||||||||||||||||
Magnesia Specialties | 75.5 | 75.7 | 239.4 | 234.4 | |||||||||||||||||||||||
Consolidated total revenues | $ | 1,994.1 | $ | 1,811.7 | $ | 5,169.0 | $ | 4,684.2 | |||||||||||||||||||
Gross profit (loss): | |||||||||||||||||||||||||||
Building Materials: | |||||||||||||||||||||||||||
Aggregates | $ | 440.6 | 36.2 | % | $ | 333.6 | 29.5 | % | $ | 1,049.5 | 32.0 | % | $ | 743.6 | 25.3 | % | |||||||||||
Cement | 108.7 | 54.6 | % | 67.3 | 40.0 | % | 249.0 | 44.1 | % | 144.8 | 30.9 | % | |||||||||||||||
Ready mixed concrete | 34.1 | 11.9 | % | 18.7 | 8.2 | % | 80.7 | 10.4 | % | 55.3 | 7.4 | % | |||||||||||||||
Asphalt and paving | 66.1 | 18.4 | % | 49.7 | 15.8 | % | 82.1 | 12.5 | % | 63.0 | 10.7 | % | |||||||||||||||
Total | 649.5 | 33.8 | % | 469.3 | 27.0 | % | 1,461.3 | 29.6 | % | 1,006.7 | 22.6 | % | |||||||||||||||
Magnesia Specialties | 21.4 | 28.3 | % | 20.6 | 27.2 | % | 74.1 | 30.9 | % | 70.9 | 30.2 | % | |||||||||||||||
Corporate | 5.1 | NM | (2.1 | ) | NM | 3.8 | NM | (8.5 | ) | NM | |||||||||||||||||
Consolidated gross profit | $ | 676.0 | 33.9 | % | $ | 487.8 | 26.9 | % | $ | 1,539.2 | 29.8 | % | $ | 1,069.1 | 22.8 | % |
Balance Sheet Data | ||||||
2023 | 2022 | |||||
Unaudited | Audited | |||||
(In millions) | ||||||
ASSETS | ||||||
Cash and cash equivalents | $ | 647.6 | $ | 358.0 | ||
Restricted cash | — | 0.8 | ||||
Restricted investments (to satisfy discharged debt and related interest) | — | 704.6 | ||||
Accounts receivable, net | 1,047.5 | 785.9 | ||||
Inventories, net | 993.1 | 873.7 | ||||
Current assets held for sale | 45.8 | 73.2 | ||||
Other current assets | 83.4 | 80.7 | ||||
Property, plant and equipment, net | 6,352.7 | 6,316.7 | ||||
Intangible assets, net | 4,476.3 | 4,497.3 | ||||
Operating lease right-of-use assets, net | 374.9 | 383.5 | ||||
Noncurrent assets held for sale | 307.3 | 372.5 | ||||
Other noncurrent assets | 589.2 | 546.7 | ||||
Total assets | $ | 14,917.8 | $ | 14,993.6 | ||
LIABILITIES AND EQUITY | ||||||
Current maturities of long-term debt, including discharged debt | $ | 399.5 | $ | 699.1 | ||
Current liabilities held for sale | 1.3 | 4.5 | ||||
Other current liabilities | 740.3 | 742.0 | ||||
Long-term debt (excluding current maturities) | 3,944.7 | 4,340.9 | ||||
Noncurrent liabilities held for sale | 20.1 | 21.8 | ||||
Other noncurrent liabilities | 2,007.1 | 2,012.5 | ||||
Total equity | 7,804.8 | 7,172.8 | ||||
Total liabilities and equity | $ | 14,917.8 | $ | 14,993.6 |
Unaudited Statements of Cash Flows | |||||||
Nine Months Ended | |||||||
2023 | 2022 | ||||||
(Dollars in Millions) | |||||||
Cash Flows from Operating Activities: | |||||||
Consolidated net earnings | $ | 886.8 | $ | 683.0 | |||
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: | |||||||
Depreciation, depletion and amortization | 384.6 | 380.3 | |||||
Stock-based compensation expense | 39.0 | 34.3 | |||||
Loss (Gain) on divestitures, sales of assets and extinguishment of debt | 4.7 | (190.7 | ) | ||||
Deferred income taxes, net | (1.9 | ) | (1.0 | ) | |||
Other items, net | (8.4 | ) | (1.0 | ) | |||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||
Accounts receivable, net | (264.4 | ) | (237.9 | ) | |||
Inventories, net | (130.3 | ) | (87.0 | ) | |||
Accounts payable | 45.1 | 18.1 | |||||
Other assets and liabilities, net | 17.3 | (37.4 | ) | ||||
Net Cash Provided by Operating Activities | 972.5 | 560.7 | |||||
Cash Flows from Investing Activities: | |||||||
Additions to property, plant and equipment | (464.1 | ) | (309.1 | ) | |||
Acquisitions, net of cash acquired | — | 11.0 | |||||
Proceeds from divestitures and sales of assets | 98.3 | 679.1 | |||||
Proceeds from sale of restricted investments related to discharge of long-term debt | 700.0 | — | |||||
Purchase of restricted investments to discharge long-term debt | — | (704.6 | ) | ||||
Investments in life insurance contracts, net | 6.8 | 2.2 | |||||
Other investing activities, net | (14.7 | ) | (3.0 | ) | |||
Net Cash Provided by (Used for) Investing Activities | 326.3 | (324.4 | ) | ||||
Cash Flows from Financing Activities: | |||||||
Repayments of debt | (700.0 | ) | (54.5 | ) | |||
Payments on finance lease obligations | (13.1 | ) | (11.1 | ) | |||
Debt issuance and extinguishment costs | (0.2 | ) | (0.3 | ) | |||
Dividends paid | (128.2 | ) | (118.1 | ) | |||
Repurchases of common stock | (150.0 | ) | (150.0 | ) | |||
Distributions to owners of noncontrolling interest | (0.5 | ) | — | ||||
Proceeds from exercise of stock options | 0.8 | 0.6 | |||||
Shares withheld for employees’ income tax obligations | (18.8 | ) | (26.1 | ) | |||
(1,010.0 | ) | (359.5 | ) | ||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 288.8 | (123.2 | ) | ||||
Cash, Cash Equivalents and Restricted Cash, beginning of period | 358.8 | 258.9 | |||||
Cash, Cash Equivalents and Restricted Cash, end of period | $ | 647.6 | $ | 135.7 |
Unaudited Operational Highlights | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||
Total Shipments (in millions) | ||||||||||||||||||
Aggregates tons | 55.9 | 60.2 | (7.3 | )% | 152.2 | 160.1 | (5.0 | )% | ||||||||||
Cement tons | 1.1 | 1.1 | 0.2 | % | 3.2 | 3.2 | (2.0 | )% | ||||||||||
Ready mixed concrete cubic yards | 1.8 | 1.7 | 3.6 | % | 5.1 | 5.9 | (14.6 | )% | ||||||||||
Asphalt tons | 3.9 | 3.7 | 5.7 | % | 7.0 | 6.9 | 1.2 | % | ||||||||||
Average unit sales price by product line (including internal sales): | ||||||||||||||||||
Aggregates (per ton) | $ | 19.98 | $ | 16.65 | 20.0 | % | $ | 19.72 | $ | 16.41 | 20.2 | % | ||||||
Cement (per ton) | $ | 177.48 | $ | 149.24 | 18.9 | % | $ | 172.93 | $ | 139.64 | 23.8 | % | ||||||
Ready mixed concrete (per cubic yard) | $ | 160.43 | $ | 132.64 | 20.9 | % | $ | 152.79 | $ | 125.32 | 21.9 | % | ||||||
Asphalt (per ton) | $ | 65.58 | $ | 61.45 | 6.7 | % | $ | 65.71 | $ | 61.21 | 7.4 | % |
Non-GAAP Financial Measures
Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization expense; the earnings/loss from nonconsolidated equity affiliates; acquisition and integration expenses; and the nonrecurring gain on divestiture (Adjusted EBITDA) is an indicator used by the Company and investors to evaluate the Company’s operating performance from period to period. Adjusted EBITDA is not defined by generally accepted accounting principles and, as such, should not be construed as an alternative to earnings from operations, net earnings attributable to Martin Marietta or operating cash flow. For further information on Adjusted EBITDA, refer to the Company’s website at www.martinmarietta.com.
Reconciliation of Net Earnings from Continuing Operations Attributable to Martin Marietta to Adjusted EBITDA
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(Dollars in Millions) | |||||||||||||||
Net earnings from continuing operations attributable to Martin Marietta | $ | 430.3 | $ | 291.2 | $ | 912.2 | $ | 668.9 | |||||||
Add back (Deduct): | |||||||||||||||
Interest expense, net of interest income | 31.9 | 38.8 | 93.1 | 121.5 | |||||||||||
Income tax expense for controlling interests | 109.9 | 79.1 | 237.3 | 189.4 | |||||||||||
Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates | 129.8 | 122.4 | 378.1 | 374.6 | |||||||||||
Acquisition and integration expenses | 3.3 | 1.8 | 4.5 | 6.1 | |||||||||||
Nonrecurring gain on divestiture | — | (0.2 | ) | — | (151.9 | ) | |||||||||
Adjusted EBITDA | $ | 705.2 | $ | 533.1 | $ | 1,625.2 | $ | 1,208.6 |
Reconciliation of the GAAP Measure to 2023
(Dollars in Millions) | |||||
Net earnings from continuing operations attributable to Martin Marietta | $ | 1,095.0 | $ | 1,195.0 | |
Add back: | |||||
Interest expense, net of interest income | 125.0 | 130.0 | |||
Income tax expense for controlling interests | 325.0 | 310.0 | |||
Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates | 505.0 | 515.0 | |||
Adjusted EBITDA | $ | 2,050.0 | $ | 2,150.0 |
Non-GAAP Financial Measures (Continued)
Mix-adjusted average selling price (mix-adjusted ASP) is a non-GAAP measure that excludes the impact of period-over-period product, geographic and other mix on the average selling price. Mix-adjusted ASP is calculated by comparing current-period shipments to like-for-like shipments in the comparable prior period. Management uses this metric to evaluate the realization of pricing increases and believes this information is useful to investors. The following reconciles reported average selling price to mix-adjusted ASP and corresponding variances.
Three Months Ended | Nine Months Ended | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Aggregates: | |||||||||||||
Reported average selling price | $ | 19.98 | $ | 16.65 | $ | 19.72 | $ | 16.41 | |||||
Adjustment for impact of product, geographic and other mix | (0.47 | ) | (0.34 | ) | |||||||||
Mix-adjusted ASP | $ | 19.51 | $ | 19.38 | |||||||||
Reported average selling price variance | 20.0 | % | 20.2 | % | |||||||||
Mix-adjusted ASP variance | 17.2 | % | 18.1 | % | |||||||||
Cement - Continuing Operations: | |||||||||||||
Reported average selling price | $ | 177.48 | $ | 149.24 | $ | 172.93 | $ | 139.64 | |||||
Adjustment for impact of product, geographic and other mix | (0.44 | ) | (0.44 | ) | |||||||||
Mix-adjusted ASP | $ | 177.04 | $ | 172.49 | |||||||||
Reported average selling price variance | 18.9 | % | 23.8 | % | |||||||||
Mix-adjusted ASP variance | 18.6 | % | 23.5 | % |
Source:
2023 GlobeNewswire, Inc., source