Martin Marietta misses by $0.08, misses on revs; guides FY16 revs below consensus :
- Reports Q3 (Sep) earnings of $2.49 per share, $0.08 worse than the Capital IQ Consensus of $2.57; revenues rose 2.0% year/year to $1.1 bln vs the $1.14 bln Capital IQ Consensus.
- Co issues downside guidance for FY16, sees FY16 revs of $3.5-$3.7 bln vs. $3.77 bln Capital IQ Consensus Estimate. Expects EBITDA of $950 mln to $1.0 bln. Expects capital expenditures of $350 mln.
- Sees infrastructure market increasing low-single digits; Nonresidential market to increase in the mid-single digits; Residential market to experience a high-single digit increase; and ChemRock/Rail market to experience a decline.
- Commentary: "As we look forward to 2017, we note that domestic job growth remains a strong catalyst for construction activity and demand for our products. Durable employment growth in the east, where North Carolina, Georgia and Florida each rank in the top 10 states nationally for job gains, continues to support the early stages of a construction-centric phase of recovery in many of these states. We anticipate infrastructure activity should grow as the impact of the $305 billion FAST Act, together with increased state department of transportation funding initiatives, begin to meaningfully flow into the construction pipeline."
*****
One week later:
3 months later:
No comments:
Post a Comment