0001193125-26-324863
SEC filing营收创纪录增长21%，但盈利受并购费用拖累下滑，上调全年营收指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenues | $1,947M | $1,609M | 21% |
| Gross Profit | $495M | $496M | (0)% |
| Earnings from Operations | $372M | $413M | (10)% |
| Net Earnings from Continuing Operations | $256M | $292M | (12)% |
| Adjusted EBITDA from Continuing Operations | $638M | $565M | 13% |
| Diluted EPS from Continuing Operations (GAAP) | $4.26 | $4.84 | (12)% |
| Adjusted Diluted EPS from Continuing Operations (Non-GAAP) | $5.00 | $4.84 | 3% |
| Aggregates Shipments (tons) | 61.6M | 52.7M | 17% |
| Aggregates ASP per ton | $22.74 | $23.21 | (2)% |
| Aggregates Gross Profit | $418M | $430M | (3)% |
| Aggregates Gross Profit per ton | $6.78 | $8.15 | (17)% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenues | $7.2B - $7.4B | 上调 |
| FY2026 | Adjusted EBITDA from Continuing Operations | $2.36B - $2.5B | 重申 |
简评
Martin Marietta 第二季度营收同比增长21%至创纪录的$1,947M，主要受骨料发货量增长17%（含QUIKRETE和NFM收购贡献）及Specialties业务创纪录表现的推动。然而，GAAP口径下盈利指标全面下滑：持续经营净利下降12%至$256M，摊薄EPS下降12%至$4.26，主因是$52M收购库存公允价值加价非现金费用及$18M收购、剥离和整合费用。调整后EBITDA增长13%至$638M，调整后EPS增长3%至$5.00，显示有机运营表现强劲。骨料ASP下降2%至$22.74/吨，主要受收购带来的产品组合不利影响，但有机ASP增长2.1%，有机组合调整后ASP增长3.7%。
管理层上调全年营收指引至$7.2B-$7.4B，同时重申调整后EBITDA指引$2.36B-$2.5B，反映对下半年信心。值得关注的是，公司宣布以约$13.5B收购Lhoist North America，预计2026年下半年完成，该交易将确立公司在石灰石产品领域的领先地位，但当前指引未包含其贡献。此外，公司识别出约$350M年化现金流改善机会，上半年已通过库存管理和资本开支削减释放超$200M现金。上半年运营现金流$339M同比下降，主要因Midlothian水泥业务剥离相关的税款支付。公司上半年通过股息和回购返还股东$302M，并已为LNA交易获得$1.5B新定期贷款承诺。