Martin Marietta Materials (MLM) reported net earnings from continuing operations of $256 million in the third quarter of 2026, down 29% from $361 million in the same period of 2025. Revenue totaled $2.37 billion ($2,369 million), up 28%. Diluted earnings per share (EPS) were $3.94, compared with $5.97 a year earlier.
Adjusted EBITDA (non-GAAP, earnings before interest, taxes, depreciation and amortization, with adjustments defined by the company) was $808 million, up 21%. Adjusted EPS (non-GAAP, excludes items related to acquisitions and other adjustments) was $5.47, down 11% from $6.12. The company reported charges of $99 million, or $1.53 per share, in the quarter, related to acquisition, divestiture and integration expenses, the effect of selling acquired inventory revalued at fair value, and an asset rationalization charge.
In aggregates, shipments rose 16% to 67.1 million tons, and average selling price fell 4% to $22.41 per ton, due to the mix of acquired operations. Aggregates gross profit fell 4% to $512 million. In Specialties, revenue was $362 million, up 176%, with a partial contribution from Lhoist North America (LNA).
The company completed the combination with LNA on August 21, for $12.9 billion, consisting of $7.0 billion in cash and about $5.9 billion in stock. To finance the transaction, it issued $5.5 billion in unsecured senior notes in five series and entered into a $1.5 billion three-year term loan. On September 18, it acquired The Frazier Quarry, an aggregates operation in Virginia. In the nine months, it returned $361 million to shareholders through dividends and share repurchases, and 10.7 million shares remained under the repurchase authorization.
The 2026 guidance has a midpoint of $7.8 billion in revenue (range of $7.75 billion to $7.85 billion) and $2.475 billion in adjusted EBITDA (range of $2.45 billion to $2.5 billion). Net earnings from continuing operations are expected to be between $727 million and $873 million, and capital expenditures between $590 million and $650 million. For 2027, the company expects aggregates price increases in the mid-to-high single digits, adjusted for mix.
