Martin Marietta misses fourth-quarter revenue estimates on adverse weather

Feb 12 (Reuters) - Building material supplier Martin Marietta Materials MLM.N reported fourth-quarter revenue that missed Wall Street estimates on Wednesday, hurt by adverse weather conditions.

Shares of the Raleigh, North Carolina-based company fell 3.4% before the bell.

The company struggled with several storms and hurricanes through the year, which led to product delays and a relatively lower percentage of mid-year price increases.

"In 2024, we faced several challenging dynamics beyond our control, including inclement weather, softening construction demand in both nonresidential and residential sectors and tighter-than-expected monetary policy," said CEO Ward Nye.

Martin Marietta's quarterly revenue rose 1% to $1.63 billion, compared with analysts' estimates of $1.65 billion according to data compiled by LSEG.

The company expects to earn 2025 annual revenue between $6.83 billion and $7.23 billion, the midpoint of which is below analysts' estimates of $7.22 billion.

For the quarter ended Dec. 31, the company posted net income of $294 million, or $4.79 per share, from $283 million, or $4.55 per share, a year earlier.