RALEIGH, N.C. — Martin Marietta Materials Inc. said that its second-quarter net income edged up 3 percent on higher prices and increased demand for construction materials.
Martin Marietta makes granite, sandstone, limestone, sand and gravel used for construction. It said demand was strongest in the western United States, especially in Texas where it was driven by the energy sector and residential market as homebuilding picked up.
The company said it expects the momentum from the first half of the year, combined with improvements in homebuilding and the passage of a new federal highway bill, to drive its results through next year.
Since it doesn’t expect a significant pickup in demand from the highway bill until 2013, it forecasts volume in its infrastructure unit will be flat or lower for the year. It sees double-digit volume growth in its commercial construction business, on continued strength in the energy market. It also sees residential demand accelerating.
The Raleigh, N.C., company said its net income rose to $36.8 million, or 80 cents per share, for the three months ended June 30 compared with $35.8 million, or 78 cents per share, a year earlier.
Revenue rose to $545.7 million from $462.4 million. Analysts expected revenue of $475.7 million.