Martin Marietta Materials (MLM) 2 Nov 212021 Q3 Earnings call transcript

Company Profile

Participants

Suzanne Osberg	Vice President of Investor Relations
Ward Nye	Chairman and Chief Executive Officer
Jim Nickolas	Senior Vice President and Chief Financial Officer
Trey Grooms	Stephens Inc
Bryan Barros	Thompson Research
Jerry Revich	Goldman Sachs
Phil Ng	Jefferies
Stanley Elliott	Stifel
Courtney Yakavonis	Morgan Stanley
Brent Thielman	D.A. Davidson
Paul Roger	Exane BNP
Adam Thalhimer	Thomson Davis
Garik Shmois	Loop Capital
Andy Neri	Citi
Joshua Wilson	Raymond James
David Meeker	Longbow Research

Call transcript

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Operator

Good morning, ladies and gentlemen. And welcome to Martin Marietta's Third Quarter 2021 Earnings Conference Call. All participants are now in a listen-only mode. A question-and-answer session will follow the Company's prepared remarks.

As a reminder, today's call is being recorded and will be available for replay on the Company's website. the to turn host, now will call your over Ms. I of Martin Marietta's Osberg, Investor Vice Suzanne President Relations. may you Suzanne, begin.

Suzanne Osberg

that With XXXX Ward Good and this morning. Officer Chief Third of Call. Financial Marietta's section you and on to today supplemental It's my results Vice website, and summarizes made our pleasure the Quarter to Jim Nickolas, Officer. our XXXX investors President Chief We've Chairman financial webcast and Nye, welcome information Senior Martin me QX Executive are and Earnings during available trends.

discussed In non-GAAP in are any other to and addition, reconciled release the earnings directly measures filings measure today GAAP Commission. defined Securities the Exchange comparable and with and most our

follow. I over turn your completed our of third participation Lehigh our Ward. of will filings call then review session Securities Ward obligation, or which to trends and A differ both as to quarter results Law no to operating future legally risks connection or limit earnings today's to new otherwise. events, our will market today's future to performance. we from whether developments, subject We Marietta Jim Q&A could other future update discuss financial discussion the will cause acquisition in a a any are information, or required Region. and contained actual operating ahead Ward available question. SEC statements XXXX. include Please own public the will which As recently reminder, U.S. publicly discussion with website. the materially. results, other may forward-looking our earnings today's one in disclaimers uncertainties after look and resulting that question-and-answer to with is on Hanson's by businesses, Nye will refer statements, to undertake now financial Like results and Nickolas except legal call Please Martin forward-looking as performance as release West begin revise defined

Ward Nye

regions, long-term record an from our together to West that success. for to complete Marietta as and their the to we the for And this profitable Operations, We and colleagues synergies, in part in the performance and business to team, market year strong Angeles, analysis our in Diego, last our as both and demonstrate grateful look with report initiatives proven rates realize our San are this deliver disciplined private position more also our time favorable On most in results world-class San Martin Company's financial California Phoenix. on second about perseverance or acquisition And dynamics integrate than Company-wide key and today's XXXX from you, Suzanne. SOAR well-positioned our plan. West operating sustainable history. we're talented benefit growth Arizona and a Francisco, teleconference. Hanson's all stakeholder also our quickly Integration further thank and SOAR significant of Lehigh track time largest platforms Martin important now including reportable provides our our Xst, outstanding you making history. offering, Region lost of activities to industry-leading I'm levels. on incidents and we are year, we and strategic XXXX for October forward Lehigh progress Thank are Marietta continued accelerating the new Company's activity planned business. seamlessly and and expansion. construction growth assets deliver geographic public acquisition, to the review operational to surpassing completed and excited dedication of joining efforts perspective. safety operational in and we're It proud has customer-facing incident continued progressing welcome the team the We're With working our I'm Los for Company fewer value. safest to the employees successfully execution to than

we and economic quarter again and materials in gross Both businesses months X% to Magnesia established results the once both ongoing today's $X.X on building recap capitalize first for record the of our continue recovery. for revenues adjusted record profit As year-to-date. the a for release, to EBITDA our XXXX, increased and highlighted X Specialties To billion.

more energy-related setting acquisitions, During to the costs growth contributed and with quarter, shipment higher-than-expected results. and combined our organic pricing than record value-enhancing offset

to $XXX gross on basis, a basis, Adjusted million, earnings services increased consolidated on adjusted $X.XX of increased and adjusted a comparable on to XX% $XXX EBITDA of XX% billion. comparable diluted XX% $X.X per profit million Specifically, products grew basis. and XX% share revenues increased a

prior reminder, gains up surplus the assets quarter-over-quarter a per quarter $XX share included As comparability. $X.XX diluted on million year and or affect sales, that plan non-recurring divested

Now, of review for a our operating quarter third performance.

demonstrating Organic on markets. contributed notwithstanding to our reflecting increased the quarter. Notably, across Organic of solid demand including growth, average increased price increased Total capitalize lower-priced wet shipments, in growing continue the higher X% operations markets this trends demand shipments selling activity. based from We and shipments to our geographic ability a aggregates footprint. to constraints during aggregate capacity X%, pace aggregate X XX%. several that underlying across govern on experience divisions contractor all overall primary our acquired the strong weather construction percentage shipments end-use of product

costs East have our to had Division, low meet that a excess of otherwise had has with to we selling corporate excess the fill shipped, in relocate. our prices -priced opportunity product not Additionally, average, needs would customer incurred which we

products shipments now our through guidance profitable the why That's fundamentals a remain aggregates be not attractive. material, expect year. pricing higher-value and are to full-year of we to the for very X.X%. clear, substitute continue We pricing organic X.X% updated of range which growth remainder from To excess XXXX fill this to

customer These price visibility, demand implemented for Carolinas bode in fact, successfully Texas. In by acceleration rapid broader strong confidence XXXX. in cost overall the meaningful and and midyear supported increases well underlying and the economy, with combined pricing demand in we inflation actions,

customers, X X% business from tons. projects, Texas cement Large million quarterly and downstream of in the August energy our established pull-through price over both which pricing record record internal X% into activity, for shipment effect this Cement supported September. Our as a incremental increases diversified September sector shipments, went year second new and increased and to recovering round levels increased monthly on Xst.

the driven in late grew to implementation Turning increased year acquired X% concrete downstream by businesses, operations pricing our the non-residential and targeted projects shipments Texas. Texas. price ready-mix in Concrete last increases following XX% midyear of large

X. price Dallas, the third a in effect Fort announced we've Additionally, increase October Worth market

by from -based Minnesota earlier acquired contributions our Asphalt this operations year. shipments driven increased XXX% overall,

resolved. asphalt improved liquid paving these market supply asphalt Our and throughout disruptions modestly. Mountains. circumstances strong declines experienced the Colorado and remain fundamentals shipment now across issues, asphalt business Colorado been from That allocations the pricing Front Organic short-term Despite midsummer Range. Rocky

XXXX Before our Jim. to and a turn call the our to discussing over financial quarter outlook, preliminary third results with discussion our Jim I'll liquidity. conclude review of

Jim Nickolas

and expense temporarily Both Thank growth contributed in the materials Specialties morning, energy you, profitability. a building pressuring and said, as businesses Magnesia and to increase product margins. headwind, increased That continues everyone. Ward, good revenues our double-digit

headwind, production from million gross as costs, Aggregate’s margin and of Company-wide, prior-year quarter. alone, energy in up costs margin or have gross the as diesel For of impact our marked this negative outpaced a would total increased acquired year. was consolidate XX% the the value inventory Absent higher quarter compared nearly included adjusted million record product other accounting. as to as well $X with selling last fair third $XX part XX.X% that set acquisition

Magnesia in Cement impact, diesel. product the for improved than gas and points a Excluding electricity gross year-over-year basis contract cost. gains was more production acquisition margin concrete domestic higher point energy products, raw adjusted gross points margin from margin to prior higher for gross generating XX% gross XXX in declined and global Ready-mix XXX-basis of XX%. XX.X%, $X product increase services, to higher a driven material by revenues for benefit driving improving improvement versus pricing and offset Revenue $XX aggregates and a as year. nearly million steel shipment costs million, raw and XX% offset margin chemical XXX-basis modestly product increase. a product Specialties continued growth decline natural materials cost to costs magnesia demand product and

our acquired As healthy Balance a offerings customer crushed part priorities, Consistent to continue base capital value nation's XXXX, flexibility July. prudent with expand preserving product we to concrete financial with capital acquired largest a acquisitions of enhancing area while late in aggregates markets. These investment-grade Houston and spending, of allocation SOAR longstanding and Sheet, operations credit balance shareholders addressable our profile. and aggregates returning the the one and cash we in producer rating

Region $XXX expenditures. 's guidance to raised have include capital We spending anticipated West $XXX million to to our Lehigh million full-year capital

drive We increasing capital sales, on margin expansion. continue growing focus return to prioritize to and high projects, efficiency

in our confidence Additionally, approved paid growing increase a X% future of September, generation. dividend and Directors Board flow underscoring a free cash our resilient, and its in performance, cash in our quarterly

of cash have combination dividend, $X a Our Notes early interest the with In Lehigh to of years, XX billion a rate sustainable we shareholders of as returned February weighted-average nearly repurchases. to July, rate Since our West issued weighted-average X.X% share primarily and annualized announcement of is Region $X.X in XXXX, a now repurchase tenure transaction. authorization dividend Senior as we through $X.XX. billion meaningful finance well and

basis, as are of inclusive Leverage of within acquisitions, on recent September debt returning months. acquisitions, the above ratio times significant is following pro debt-to-EBITDA of times range leverage X.X Our repaying X of with our committed X net to debt-to-EBITDA. times next to a XX form target to was modestly XX. our practice Consistent X.X we

today's updated reflect million acquired call range billion, factor I year-to-date full-year EBITDA energy the billion, $X the fourth-quarter As Ward. over that now will expect turn costs West from our We higher Business. $XXX XXXX $X newly million that, contribution detailed back $XXX to the adjusted to release, and full-year in to from guidance With dollars. Lehigh results to in our we've

Ward Nye

Jim. Thanks,

geographic Martin XXXX, support single-family market heavy-side and federal fundamentals across projects remains materials level to recovery pricing scale, state come. heavy and years to light to Expanded investment, capitalize acceleration beyond trends for demand Marietta infrastructure contribute Looking footprint. construction attractive should and industrial building of strength, activity growing non-residential our for on well-positioned secular and housing attractive

in over both a to so led Importantly, needed capacity we'll and the and do strategy, the ability emphasizes these supported our by volume. manner we locally value products, that pricing supply have

reauthorization the funding While hard not could navigating Infrastructure and Act, Though $XXX is Jobs action infrastructure last week U.S. transportation in XXst, billion this short-term extension surface The nation bill will significant December infrastructure highway of programs which a and projects Investment legislative agree other this the with law on contains partisan transportation federal bipartisan the cusp and August, to X-year of bi The for nonetheless with bridges, important Xrd. an signed into expired the before the through opinion transportation keeping of extension, and consensus achieving passed take public the Representatives imperfect short-term which is Senate most infrastructure approve program our house roads, votes. then flowing century. senate the did on States and up current year-end. legislation of process, XX we the that before in House provides October new funds a U.S. strongly surface the be

continue grow Department accounted the outlook. of Aside XX% Marietta economy, our the state largest investment, the and to a lettings budget. also expect Company's we Marietta will and advanced their becomes and West top both of funding X state well-positioned North DOT for popular Martin California, States footprint growth are $XX a Transportation, increased positively dollars manages our over the responsibly near trend. and XXXX Notably, decade economic expand deploy the over the federal Martin to revenues and growing Lehigh of for long-term most the building transportation following Texas, nation's backlogs. California's Florida, projects to from Georgia to 's DOTs, which and world's for resource the taken Project steps number past Transportation materials Colorado, of increased efficiently from or we've federal our the perspective Department with acquisition. state occur benefit Caltrans, and transportation Carolina, annual overall fifth top and billion

Senate as or Additionally, the fund SBX and XXXX local referred X $XX freeway, $X provides and billion Road state Accountability projects. annually of or rail and to through road, to Repair Act XXXX, commonly approximately billion Bill

are retail this signs our and construction from typically Atlanta, in the to benefit commercial the non-residential activity residential seen heavy development. more increased shipments. of below for single-family should accounted organic XX% sectors, of footprint, to in given demand but such organic in for driver shipments XX% prices We've market home aggregate XX-year as Denver, support early and [Indiscernible] the average Triangle. year's single Light also times. quarter with be expected residential light it and showing intensive non Non-residential Texas to industrial deorganisation XXXX, these significant reference, family notably robust accounted quarter longer and in trends. investment of shipment gains markets follows still Significant that growth For under-building historical since commensurate aggregates warehouses recovery continues data-centers. over and key a accelerated delivery population third decade Across cost-to-cost notable shipments, quarter, the to infrastructure of -residential second Aggregate higher material our remain sequential XX%. despite in well past third

believe construction since our about most infrastructure suburban XXXX to construction see market to and times sector the environment housing for is expanding accounted for attractive supporting pricing than aggregates-intensive and communities. of materials. X-X activity residential industry private we peak, third increased the new non-residential quarter recent single-family public Aggregates organic XX% for multi-family Importantly, given summary, ancillary out build shipments. or shipments an its construction, first to coalesce more needs is and the In time both

to preliminary As Underpinned impact challenges our on our increase anticipate organic safety, build logistics to and in continuing aggregates proud anticipates to robust record conclude, environment. will by pricing. on forward into XXXX shipments financial labor and of over mid operational, to extremely our fourth XXXX. and we demand in single-digits, that low-to-mid performance, shortages view we aggregates XXXX, volume high and single-digit organic For otherwise look the momentum growth value setting strategy, To pricing quarter are the continued contractor

to value will turn safest, best Marietta and executed is performing developed As our attention attractive Operator store a sustainable of build the deliver to With and and commercial If lead safety, stakeholders. in aggregates practices health addressing most execution, Company's steadfast the growth and durable we excellence, our superior your thoughtfully Company priorities, future business all the to public provide operational result our now instructions, intends and Martin our consistently employee poised strategic will for our questions. of required commitment bright. to

Operator

[Operator yourself you. ask question. Q&A that Thank limit Instructions]. the stand-by We X please roster. to compile we you while Please

comes question Trey Inc. Grooms first Our from with Stephens

is line Your open.

Trey Grooms

given these are some everyone. headwinds in the Nice work there. morning, quarter, Hey, good especially that of out

Ward Nye

Trey. you, Thank

Trey Grooms

summit from around is aggregates primarily it midyear hearing more spring as drivers looking you in clearly spring your Ward, to on an there? that increase seen talk about driving single So, maybe the for reliant digits, increases discussions that we've initial level then pretty acceleration that, part that's this outlook mid for of the more of that year. next this healthy. this we've Is for pricing 'XX announcements a or -- price bridging about and are year what been pricing, from expectation, your high this and comfort behind Can recent some And years.

what's if year. go that thinking as you front we your into maybe So next on could well as speak to

Ward Nye

Trey, question. for to. you thank Happy your

are that midyear things this and that us. the price we worth a nice that we a we two in matter in saw and Carolinas. markets year, increases of in several We Texas noting. for that think lot saw I saw saw One, series

what driven that happen mind range. some the account we've frankly what can immediately we're the into as an mind is of that part California that range that is pricing taking of in sales Minnesota and think see Keep that, a East, out outlined other taking in headwind a the to to believe that. In believe not keep framework have next I well sales gone optimal I not going in starts seen words, of we've prepared remarks, for degree as really So account [Indiscernible] seen the is year in as we're what setting happen What base you is in Trey as important the year. we particularly is heritage East. and in we this higher into

below historically reminder, markets As corporate those average. been have

our we're confidence had environment So, next have positioning to-date be, we we year if overall a the to on believe I for the that and level is talking have about we're the ASPS in with reflect conversations where likely high on of customers that we year. economic next toward very what

perfectly asked the cement, You a question. specifically had also about -- fair is which

we going mind, in As into. several look this have about at happened that worth cement, are we we're the things well several things wrapping year that noting year think that's as the as year. as X. Keep up

that that in ton. increase, a the seen Our price nice first a XXXX. we're since in we're September $X second we've April ton. at in overall pricing increase increase what and of we're a came next underscoring $XX in back was anticipating cement time price was sort a looking price in $X Texas the think a Again, up That's year, If cement ton. at mid-year I anticipating momentum. We

As in that looking practical matter looking in Texas. relative we're at a to effective California, X that January April X we're at

So, states, a a very bit between those a of common little focusing. X on number still date different but

volume Fort if selling others. an in X% selling as think our because if actually is believe basis, the trucking But, also more Worth this on of in mentioned in when We daily governing go also could I market, today a be Texas pricing total would would example was well We trait at than be It's say we're for tell Dallas, to available, as more tonnage perspective today. emotional there could today what team us some the effect away, that is has looking this the on aspects volume and interesting candor(ph) better. I'd volume an from around X%

Company. factors believe very is pricing to So, be XXXX what attractive the up all lining to think a we environment I for us call underscore of those

Trey Grooms

encouraging for Good Thanks, thanks the and my Ward, all and color taking for thanks luck. very that's questions.

Ward Nye

You bet care. you. Take

Operator

Thank you.

question next Thompson from with comes Kathryn Our Thompson Research.

Your open. line is

Bryan Barros

trucking actually morning. my of the across To Barros thoughts last expand labor your on now you XXXX projects the you, the you bottlenecks guidance. into volume Thank backlogs And that your or about taking next are thinking would is the year, on just on touched their in current playing markets? extent can thank question. This what and Kathryn how makeup initial you how hearing for on and the question, around but can end customers you you're on Bryan on for outlook it you. Thank -- are

Ward Nye

you, latter at and with year in this is that next done see thank the part that what year. around Brian. assuming start continue No, going governors we've is first, we to same I'll have volume that looking volume to we're

a year. and again, the at responsible So or and other transportation, resolve think that. about about thinking better we've volume we're very could view the that be It If issues see year, if about these that next of overall you customer encourage is their themselves. I I way labor, to business, taken next at you think thinking some and backlog here potentially, they're way would backlogs least

robust at we looking based are think look into If customers well, actually almost but that record we pipeline tailwinds in the West XXXX with attractive we're going based to Group, think If we as is the projects that that's have over now I XX% we business, backlog. are right are Cement, we business, them. very the what on break. year we're came pretty is in ahead around And again, into importantly, backlogs us. going as chemicals and notable cement we very there very that business some What we're of some aggregates at I on to customers Magnesia think modestly that's And in the our telling levels line looking up year-over-year looking adds important are XX% seeing are up new see Specialties on group, important year is the what's well. see looking customer based we what and XX% prior into considerably. we're as down us. about saying the is year East a all As nice it telling across our customers

particularly my powerful And prepared where those of with feel a instances private remarks. comments we like not you I highway quarters, this This think consistent attractive, very public it's we're X matter a come progress to is a what capacity, for of very just I the way. new bill got that telling for part one has that it about and years. is the heard of of if place, believe shared matter is be So, seeing we the together in in we in

I Bryan, that hope So, helps.

Bryan Barros

Thank I do. you.

Ward Nye

bet. You

Operator

comes question Jerry with next Goldman Our Sachs. Revich from

is Your line open.

Jerry Revich

Hi. Yes, everyone. Good morning,

Ward Nye

morning, Good Jer.

Jerry Revich

for pricing as couple -- on that comment you over could the cadence expect the you you of Hi, wondering you next for could if I'm play 'XX. out aggregates of out comment lay quarters pricing If the to expectations

basis talk exit that is Now does the don't a that you just than higher maybe Can that assume that if on rate entrant’s about you year-over-year mind? rate.

Ward Nye

year affirm of what's parts an is you on to What opposed I that in in of what to for whole for environment our and that in as that risk precise some be to be sure and to customers, were with pricing much the good conversations obviously, only. remarks we've particularly if happening across that seen while. pricing are heritage anything I that going it's not others. out. today, prepared you can correspondents be of that's seeing part inputs, because as I give are Really, already the contractors I direction they've and the sure year. we think with to host country tell downside basically have that I'm opposed referenced a inflationary I'm a the we've unlike gave they're I the numbers next think of my we gone had. seeing that on seasonality so has driven. Jerry, you had upside for already more fourth-quarter can numbers because there's conversations next something Frankly, give it, release And, that's customers on or going is in It The going by will to you to and the

it's mind by X, that PPI thing other decades. bit. you time back I at that, to has actually CPI, aggregate or metric of year over was mean a is long in a whether keep look and this a is otherwise consistently meet go just I What and find and period or you'll year outperformed behind if The pricing don't it

that to up next made expect Jerry. I So, gap year, see

So that's think would how I that. about

Jerry Revich

year, And Is the and any of year Ward, lot in the January Are I given terms instead this for of different the the sooner timing a aggregates. in you they gone your markets, were increases X, times March extraordinary of thinking would weather, than folks X or the time inflation. out for January excuse me, which have for April think that -- increase increases, be of normal.

Ward Nye

there does It But markets January X. X, there April some go that will be that right. go will you're some be vary and will

matter, the heavy-side can or activity As of that and X we've example, February. because much quarter. occurs a launched that March in Jerry. weeks that Keep make last practical January break not there's first the for that, mind, in

to that timing feel go themselves we moment. whether relatively effect with So, seasonality isn't anyway perspective. whether to and they go from be find January again, trying make don't to January the we've those from maintain put April, tried consistent them given is that of or period of effect at are We're dislocated, in a going effect so like the months, they that in timing your remain But into in a sure don't us so moving. to in they that relationships into customers for position we important typically April,

Jerry Revich

tell in going lastly, so but haven't it's wondering, performance? since I'm California asset won that expectations? anything you terms versus you the all initial come could and that's know interesting And maybe So can about that of you far far, light acquisitions known how assets to your long the talk you us I

Ward Nye

the obviously actually Jerry. of well occurring, quite X at team this about integration so the the utilizing We've you is Thank are got question, going Central it. integration Southwest. for thing say West, for process in in I the a we're the that of integration, this to all would that nice look The single in the continues and them. is

that Martin what's team going. thought the on. have of be to that Marietta by be see And think particularly feel to teams very it's to what going worth excellence the to team bring moved these this commercial I I of would. every proven going we're billion happened that's we're The process, we part in there. relative upside to about as $X pleased as with if way particular So, no think be that is they likely again, with deals. overwhelmed year, do bit to that become But what's it's Operationally, we to California, going can I over good operations. continue have you this

end So, April, in Lehigh that we the July at in came go can very operations Tiller, we're of and back a and in pleased with that's look which of and of at for at if the end Martin SCC and very again, people with Hanson's the big came at with the pleased we're site. And very the By stretch Marietta. year any October. beginning M&A pleased the

been happy the to appreciate I'm question. have I So, no there tell negative surprises. you

Jerry Revich

Terrific. Thanks. right. All

Ward Nye

Take bet. Jerry. care You

Operator

open. from Our is line Jefferies, question comes with next your Ng Phil

Phil Ng

It conversations we time front Ward, broader take more should recent reluctance -- Is your legacy pricing a or on EBITDA and How is firm real annual of it had customers with little think to your there Company? -- line you side. could that contribution just and get closed give begin deal color from legalese next some particularly guys. on acquisitions, was for given the the any that because in I for the -- of XXXX? a aggregate your for size to largely sales just comments to haven't with simply year little more the pricing Hey think about And high, your then

Ward Nye

you thank Phil, the question. for

next to go the the snapshot, what asphalt. aggregate tonnages West be today's X. release like where good a come of believe ready-mix February in businesses to think you get see to look I if a we relative will year. going in when Lehigh Part several particularly supplemental cement The good you'll of with give on We're information sense you is we you'll things. what and those out

will to So you some give of nice that. into a way back that

nice You contribution. will see a EBITDA also 'XX XXXX budget --

pricing conversations, that in So would products tell think together that the in again, our out overall the of today, on customers to California, that players, put can basis. to got last -- percentage week. the particularly would marketplace. With very but live I my speculate Martin you I on importantly, all a they've I in conversations had pricing as Marietta, one respect you if to new Martin a questions, good can correspondents of These that as are been Heritage by earlier Marietta’s way, working went guess there. our you nice imagine, blend we've in I be are indicated

a likely ASPS on that will percentages be in than will percentage see newly Martin operations higher on Marietta. here basis the We acquired on

information about be mindful And owned a too look over-achieve to our Hanson's right see how for really you a markets. before bit supplemental I in given those direction will deep, opportunity were that So a in have a don't longer tonnage of my hopefully, sense you on same again, if specific days. that. let's little into are I've I where on we've But the downside And that. we your likely again, upside on I XX to the time the the that we wanted days view can probably, get and at it there, ASPS, on much to dig than point, detail business see business you XX little bit more acquired relative EBITDA Lehigh gives relative we sense that operations we contributions, is, that, potential to with the organic

Phil Ng

a Pricing guidance little this year? part [Indiscernible] is one a came mix lighter think Ward. lower the follow-up good from it's gave, the business pricing, and mid-to-high on that in a given if you set and just this a just to then then a had about of that, still year how that way single-digit just it, And little is you the level

Ward Nye

No.

this in material here well It's downside stone particular large will As X gone the what's started bid and film of sense in this here we're the tonnes. said, And some I to that project year. quarter shipping aggregate I the a last to years year year ago. And see during you been if at a looking Raleigh don't give about the price -- about that's last Phil, in of the certainly that's next out over we it. happened date, XXX,XXX NCDOT is on was as part East

those again, So the are some just more issues. optical of

always clean either asphalt Something moving clean some know to of want at clean year because you're see either, pricings keeping [Indiscernible] on concrete put or And we is you mind, Phil, the to in in what when attractive stone come going the worth is going like top actually going happen, stones that a think stones. I very in this, those way. is is point -- to is, a prices

Phil Ng

lot, a Ward. Thanks Super.

Ward Nye

Phil. Thank you,

Operator

from Elliott comes Our next question with Stanley Stifel.

is open. Your line

Stanley Elliott

output in morning, being about Good switch Is for guys taking expand the Is ask that a your and Magnesia Just to everyone. Thank prices about terms given to your that. question. I'll the bit Specialties. how outlook good are commodity or there those tonnage? of here you a the capped in-markets? the you're all gears so a are rich you margins that curious how and chance business for it thinking

Ward Nye

for was asking deserves. metal prior-year thank revenues upside many we're To and kept your have think volumes world. you we gets if is and almost in performs domestic when That's record up pricing steel found up XX% through to X%. some then. up too steel the Great that it. may thing worth were respects, depressed is seeing things now. the quarter. good around look that's question, what nearly point, did, steel. QX at from That's that when you at I in happening quarter-after-quarter business I are XX% XX% -- was activity We're last a year well mean, is at marketplace over in it on up where and bottom. running mining a almost running that about activity it's Pricing It's since extraordinarily we never noticing Look, nice capacity One several right We than that strong that. -- though, team Stan XX%. saw now,

of for January, longer almost this period to gas XXX%. year, say a then, [Indiscernible], looked was at natural into is XX%. and XX%, X in that I And If QX thing up back account margins when has go we other really net at gas business time what look at for it's that. gas you look that you impressive since the than to we pricing January think at want a pricing natural I was pricing if really almost in take that up at $X.XX The

is I Point in business So, to Do large doing we I at short are? look we say different We've The X we at we'd your guess more occasion, looked yes, high to we capacity Woodville would. sure what we on to to margin the the we those and there grow answer our Are business particular? what ability, we continue grow would like that. of have ways question, in the products? is continue refining largely will do Manistee to is products to today and will that at facilities at that we're make short that answer out will. past,

continuing the do add to that they look business. focused putting will costs, Being out. on sure something to ways meantime, is do control which the be refine we're that a been that for to So, they've products well. which on, we We'd to in leader, it continue focus liked to the to price extraordinarily making but, continuing

X-fold that approach you, suggest to or X- Stanley, a probably So, I it's business. would

Stanley Elliott

much Perfect. luck Thanks best so and of

Ward Nye

much, Thank you Stanley so

Operator

Yakavonis Courtney Our next from question with Stanley. Morgan comes

line Your is open.

Courtney Yakavonis

some -- dilutive just us thinking no If all XXXX. for guidance and I really the Thanks and revenues, it's fourth frame question. higher we the costs cement about morning, the think there impact increased quarter you you for there. the of guys. If understand Is energy can but for guidance, just Hi. acquisition? updated was it talk help business little or that additional how the to Good could a about profit bit

Ward Nye

part and about specifically a bit seen too that a talk here's at I'm I you little in this. -- say going to very what is Thank market. and want what would maintenance some and the X% in overall of talk volume, overall, the South we that back had it's on come Jim in look We've the to inventories. we've issues some down Jim if rain the will of things in about had What July attractive, we bifurcate slowed not this the I [Indiscernible]. Texas. Courtney, But so increase. for quarter I question. what we're going volume seeing and Central

that was looking X%. was about of what out at coming down happening So, we're [Indiscernible], if

Now, North saw the of Midlothian, is very at side volumes flip nice we up coming out Texas X.X%. about

saw, percentage nice Texas. We percentages very West in also a basis, up in

because very percentages volumes on tell and is, Texas stories. a on Texas Now, year-to-date you least see to better. were again, a tell to is you is look almost September, Because see percentage, XX%. up If all on volumes as But happy quite West XX% in can we up volumes that we in at low. itself overall by been have two different West continue what basis, West was big I'll have what mining do Texas the I'm Texas North

a volume saw record we cement. out coming So, quarter of

for it to on issues I'll we he great with big maintenance some to and we're so, that, preface Jim done then the the have through some you want down. I you And Jim issues some that color you, think, walk speak -- year maintenance taking please. did give inventory I that over kilns we with the Now can had to, will

Jim Nickolas

Sure. Yeah.

talking old right? more guidance, we're we planned had what downtime we some so than had So, on happened Courtney, was due a our is guidance really had there to maintenance. our what about updated So,

the million effect the $X was the draw down for there's maintenance. So, - inventories. But of more higher bigger year

levels shipments heard record So, -- prepared we expected. had were record below we remarks. shipments as what The you our had production on but our

down separately, we headwinds higher. are that mentioned then inventory energy we than extent, cost And that the for had had those elevated of forecasted you lesser earlier, when have was headwinds -gas, to so, headwinds piece nat our - fixed into a forecast biggest that's Ward draw and absorption course, costs And much coal, These previously, situation, All than are worse so electricity, non-diesel were -- and have as higher of guidance. we

view higher is now it X of cost than of our ago. view Our months that

Did So, answer those question, I your drivers were the of real that. Courtney?

Courtney Yakavonis

Yes. That And I guided increase guys what the thought costs to previously helpful. had energy would year. you for think was also you

quarter or You guidance baking you're the just you now, cost us for a increase for fourth for but year? is that can the total expecting in obviously -- mentioned update higher on what the

Jim Nickolas

Yes.

was we So, -- right. for diesel our we're quarter, -- last view

the forecast in forecasts QX reflects surprised spot versus now QX, we're non-diesel currently was What -- the we're that. at still we're diesel QX costs costs on So, comfortable we the forecast by energy levels. and

depending that's XX% So, I'd roughly fuel type, so XX% on what's say it's forecast. now the up in to year-over-year our

point. forecasts and don't get expect to So that that's in our new worse this we at

course, the road. be way are is through that increases down Of price if wrong, and the we we could wrong to midyear cure

Courtney Yakavonis

then just Okay. -- Great. And

Ward Nye

quick Court, comment. I have a

Courtney Yakavonis

ahead. Go

Ward Nye

a Could quick you that. on snapshot give

across the I energy, look XX% sure So those in entire for is XX bet If make so we from you if impact X want of all at really the on to a just million was energy we look had business, almost diesel. numbers. Jim and $XX then

Courtney Yakavonis

you just continues of that then this And that the said you I the lastly, fill fourth the are that for into fully continue you believe you year? sold excess on that will cleared XXXX in baking end Thanks. that base quarter, expect by to assumption Great. material in the or quarter, out be an

Ward Nye

cleared it'll the be end by But largely probably of the year. up

in QX, but think how can the I And it's be on space the I know nice indicated much And lot the going top put of down will base as that's Courtney. going to contractors of that I fill before at what's on effectively thing be some you go gone. a it yeah, depend to think again, only going point. to is issue, the

Courtney Yakavonis

you. Good. Thank

Ward Nye

Thank you.

Operator

Davidson. Our next question Thielman D.A. comes with from Brent

open. is line Your

Brent Thielman

from you. are been Thank deficiencies. talk to that? I Ward, your challenging constraints top thinking which relatively about most some in back market, you've just any of you markets take Hey have that Hey. and insulated supply Good Can seen want Great. morning. these step X these markets there about of those in issues labor and a there

Ward Nye

markets contractor them. supply position in We're think all population point, a And perspective to if most on it's underlying of states very are where look Texas, be Brent, when be They're to it's and at from high and Carolina, is, to of California, those matter your to be going they're materials, having our not of timing coming we going to going solid And going to I news so our North labor. hire pretty an to going good the now a economic more with think the perspective, Georgia, frankly, inflows supply. issue to it's labor. I Colorado, much which top be markets Florida.

things heavy-side that moved things -- infrastructure the you Florida single-family the Caltrans property like remarks. process. puts speak defining at of in a does at think recall with from as backlogs. going liquidated budget, California I best. looking or think FYXXXX really see into in I'm If that's billion. million. at TxDOT, some at type looking sense $XX at be But is you we going to If near One think is the has are follow that are investment. of practical didn't benefits that me returned lots a year additional look the that's highway rezoning and lettings single-family streamlining Brent, heard as period comes $XXX Because averages if million by continue to its know, infrastructure think in work in again, our top exceed it's the the at matter to a overall of budget. and in Day, them come highway to from least to and public by that the tends if a bill, Georgia space of look in driving think the bill, that we behind we that's we're for one they're to of that's very are prepared I we works that. the hiring think the you set what's $X with to seen revs. billion split of I there I great SBIX NCDOT brings DOT strong hire, But which states some we positioned, [Indiscernible], well. SBX a be much of analyst so to public in see are collateral attractive our good. state lag. when goodness on that their finished particularly way public if levels historical mention backlogs timely Investor But happening that's lots it up And Colorado, with while. But back see, owners hasn't If manner. work a that see on, here's we're they're looking highway we're to and and going a $XXX with they're a likely I with look if that forecast is there positioned record for tend looking see that are of issues allowing going what I years housing we're very to That's Because our contractors They're true ways have works, zoning SBX that to their backlogs not the because private when damages X bill to we market driven

next that's And think supply it to and lot the way has long employee think we've think chain again, be labor really government don't out. you but a year, a of I on I lot parts. immediate. their good these a asked I I it's think of a and put question of going moving answer, issues but worked that's part

Brent Thielman

Ward. appreciate that, Thanks comment. I the

Ward Nye

you, Thank Brent.

Operator

with Roger Exane Paul from comes BNP. question next Our

Your open. is line

Paul Roger

the everyone. for taking question. afternoon, Thanks Good

Just maybe impact question, agenda. like looking bit, of using particular the onto a long-term could that aggregates. lot and think a circular I talk a do demolition volumes what minute instead forward? about in around guess economy things sustainability on changing the There's have actually it's -- virgin of waste you your the but

Ward Nye

I of going be it's mean than do as you concrete role I that in the looking That to think And Paul, product. we to is think going to And enough to question I to more recycled bigger are much. I recycle utilize we Paul, play very your cognizant No, time, that sensitive in thank play the next are a will something X we're that for a that? what have by base or think XX years. fullness go

at respects, recycled mixes. an in XX% of used of we're or be let's going in many RAP asphalt think I the, Today, looking see it degrees asphalt. might higher that you to portions RAP asphalt call

existing SCC concrete around XX recycled specifically, X that Texas X -- new if driver time. for with the what mind had in business you the things the adds at we That's could yards an part is this and into transactions at a of going sorry, that. that being series looking concrete SCC buying in look and at Paul up Materials attractive very have we somewhat fullness we Houston, the on July, particular, X in think you The rail aggregate, I that Tiller is of I X that it's transaction and a selling in of us. had. liquid, did where as yards mindful adds I'm of a selling us significant that mentioned position it that the of a that basically and keep in reason marketplace presence marketplace the If More XX% least those we've for done that see of recycled year, we're it we does that in primary in

product our expands offerings. it but adds importantly, point, your to new footprint, So, it

the in that's we mix business. down end it's Now that at we've the a business, at hot if of but April, it's a look Minnesota lay similarly, not Tiller business business and had stone at

part us liquid capacity also going in that geographic to it energy of look hedge, year. forward. we business in sure picked part make this XX% And need with is [Indiscernible], relevant to I about do market that about has fiscal what for piece going for of again, that of us, how course to a us of that's think percentages at is been marketplace, have of allow that Tiller that So important allows the utilize up to worth going physically going to one we're that our forward any tank we looking of other ways to tons XXX,XXX different the the we're of at during modestly so in farm ability a some hedge because also

ourselves do that? Absolutely think we Yes. the I -- I see more are any ourselves Yes. Do near-term out more positioning hope in concern jobs? spec So, in recycle? helps Paul. think that being we to will spec we of of aggregates not. of Are

Paul Roger

Yeah, that [Indiscernible].

your going much forward. Is very something you'd quick X increase for investment that Just Jim. Just Lehigh noticed guidance. Hanson capex one, maybe Lehigh I is capex probably needs else? wondering basically in or it how

Jim Nickolas

That's right.

got is the You've the is -- a the Paul. West. old right, to guidance guidance it due it mass we amount in assets amount increased Lehigh new -- that that acquired exactly versus Hanson That

Paul Roger

you. Thank Great.

Ward Nye

Thank you. Paul.

Operator

Thalhimer question comes with Adam Davis. next Our Thomson from

Your line is open.

Adam Thalhimer

quarter. I the to Hey, Hey, market. ask level guys. Ward, good residential Great high morning, wanted about you

seeing under the what may Some in the surface. leveling call of the I national data, be you're numbers off you'd but I show, guess a was curious it

Ward Nye

a It a such goes that's we what about Investor spoke question. back Analyst look, No great to at the Day. of lot

if looking increasingly think several remarkably would single-family. North the things way, country's in residential California. second. area's led I in to by at at the we population but conditions, the now with running. with red those we're knowing time the Carolina, at is least in the Texas us will Colorado, this XX% looking underbuilt as mean, specific of in came ARPU We into and Texas be for section, growth growth, accounts period think worth So, if comprises particularly strong almost U.S. at least And respect the nation to Texas population color, Metro I of growth. continue to And of population, states. DFW, say dynamics years are we're it's a population least at hot. the Texas the almost Florida X Georgia, X% again, for Houston for some here's We about

Colorado, If there. Colorado move demand Texas underscores is has driver need enhanced thought that So, is is why this we is a there. housing frankly more grown such important, is in that look XX% so have they in in we issue Colorado biggest the population we that - since again in The supply. XXXX. move,

(ph) So almost last this a population. gained house million that's seat few people. the in They

in the Charlotte moved is it think single-families housing our announced we to North -- I anticipate can continues what's we Durham. think have Colorado. I continued in like is D.R. When I day grow there Raleigh, every again, So between Carolina subdivision here up and backyard important, dramatically. strong a North early see in happening this has growth just to Carolina, places X,XXX in and triad year-over-year. We year, the homes, are build Greensboro, might mentioned [Indiscernible] in Horton in I XX% plan -- by

again, Atlanta, in So in in in Atlanta And it's approaching numbers. the at very that Atlanta, are these seeing but that's we're powerful we're be and attractive. smaller there. looking a If mind just single-family in market keep starts we're continued really in that XX,XXX. have that we're basis, XX% our single-family markets trailing not XX in the seeing not Atlanta, That's Augusta, up housing even like Savannah, on housing that almost Florida to and even

residences trailing single-family public niche And Florida transportation in in housing up has Florida X.X But player are We is XXXX. infrastructure. in added again, since on or XX% a Florida basically XX months.

up XX U.S. here's to and million think goes they 'XX, in ' to important with think So, X.X a this few stay 'XX, million. SBX California. to people and about a view the X.X and minutes if since about that while go to And ago also numbers, of go those to to right we We in go is top and million And very housing relative to happen. high propositions heady back go million single-family to are that we are X,XXX and is levels. we're going what 'XX it million. then. factor. X.X that follow right $X.X has to strong If is going the if levels. that's levels, lay and stats base. If those to added then X,XXX X,XXX what's they come assuming, On that's higher remember. we're population a X.X much XXXX, that's again, SBIX, in to numbers Those X.X in a correlative tends we in around probably in aggregate different right, but I X,XXX two just that we're single-family XX, spoke for and then of look if that million We on if and we're a on 'XX at and think

some I've back give So, nationally to think that in your some tried markets or and us. broadly But we tried front the keeping you think relevant color to specific also are matter numbers are you around I've to we worth mind. that give

Adam Thalhimer

Ward. Thanks, color. Great Okay.

Ward Nye

Adam, thank you.

Operator

Shmois next Garik comes Loop question Our Capital. with from

Your line is open.

Garik Shmois

on capacity. thanks is My squeezing Hey, me cement for in. question

some capacity you're adding think Texas. in finishing I

Lehigh I assets coming in a all, X utilization if the maybe online it's from But standpoint think and about contemplating you years. capacity how how at are need, there? for additional

Ward Nye

Right adding in have capacity got obviously a in those more they now, we've make right fest where that we in million to part of Texas, got are. of wanting California to very don't Clearly, that California Texas. we're we've we're that's looking in Part have and now. -- what right going carefully they ton running at optimally more facilities sure Midlothian. now what at is We're

is, view the Our be. where in it invest needs we've got it we once business to know we

So, process and very as we we're at carefully going through speak. it looking the capital

the that have. tied you anything his Business. that on to with is Region portion to Hanson's add going increase almost that? And what's at in of the to certainly, the a Smith going in earlier you Jim, West indicated to Paul, significant is we Jim see that Lehigh As conversation want capex uniquely now

Jim Nickolas

CapEx it. from us, It our in historically you've nailed seen you've with be I total. No, think what spend should in line

Hanson sales our Lehigh So business, commensurately. including as will CapEx grow our grow,

should there no starting -- So, think versus about [Indiscernible] us. be nothing history. good X% probably to point is past unusual Around for sales a of CapEx

Garik Shmois

the for Thanks great. help. Okay,

Ward Nye

Garik. Thanks,

Operator

Our line next question comes Citi, [Indiscernible] from open. with your is

Andy Neri

morning. Good

Ward Nye

Good morning [Indiscernible]

Andy Neri

understand you maybe the deleveraging or or of best parts not and Martin below until the look opportunity. opportunities get of Lehigh fit heads acquired term you're we going and Marietta down excited that being and for Are I businesses think Ward, long other 'XX might then there way. to acquisitions maybe be further Tiller, when there mode X.X Are really at the too, about any for you and should as the you X.X returns.

Ward Nye

I Those are great The would questions. been. where thing that always we've is say

You further say think first. Company that, supply the that's if you were about in our an we and businesses aggregate way

but time, so, part At Tiller lay that have and to mix us. doesn't of And have could component component business same in encourage with is it down to the that the it. in remember about to example, would bought the Minnesota, always it, hot business. I so we different does That to go what's you is for a that

Martin many, the think if think in you business. we're Marietta makes from I not about so different contracting So, much is really what

We will in it turn add stone it FOB black take that at in liquid facility. to respects, into the it Minnesota sell some and pavement

X. the way focused materials X. the [Indiscernible] is of right Being think Aggregate it's of to u. on right more So, to way number is us, think our

end respect is clearly, Look, to times. business, - a our the little range the the transaction, above with bit X at Lastly, EBITDA growing of debt-to

of times. very X.X year nicely the next like to that in think over to XX to we X to stay deleverage actually know, We the months. that's As going range you

great year, toward doing could end can business. that's of get that be deleveraging we I it's the we toward really, next our range, possible work think the of I the end back high if think

uniquely by you I doing opened to immense I-XX, back on Colorado think way business, whether By added we have go these corridors and a we And on series of doing acquisitions, and XX, acquisitions. grown have that in time of at have that value been look doing by I-X whether we've but this done, if new we've I-XX, transactions Interstate the now corridors. the it's business focused not you in right it's growth, our up California. we increasingly I-XX in

think will helps. continue and I to the reside, that think is of aggregates to us, way where oriented to that way right we deals wants a the hope in Company Anthony, the us So, continue right to right to is so markets heavy-side of [Indiscernible] the do right

Andy Neri

That's very helpful. I'll it turn over.

Ward Nye

Thanks.

Operator

Joshua comes your question open? from Raymond with next Wilson is line James, Our

Joshua Wilson

Good morning. Yes. Thanks taking for questions. my

Ward Nye

Josh. Sure,

Joshua Wilson

some energy parts on dollar guidance? you for Just the give to of XXXX the can change the in clarify energy, the moving headwind

Jim Nickolas

For guidance, for about was the the new guidance to million guidance. old $XX it

Joshua Wilson

$XX million incremental.

non-res, green any then And heavy non-res? or on any on light the you Good. of shoots Okay. talked moderation signs about concerns

Ward Nye

No, not particularly.

would energy heavy In really fact, the has good quite that good. of not I'm and has encouraged all. what actually non-res say to The at been I example be portion by, not continued particularly for part of

data, So, warehousing more warehousing etc. driven it's by been

I some before, As saying Not as energy point than type while. job really for activity are this same some time, seeing on of this is we're heavy, respectfully actually the we've some anticipating is while, that's we there attractive, refreshing in Arthur early but been quite At bid a you activity QX that, more some on on at degree think seen we'd in West was that in of seeing we may for may activity that facility XXXX. the see And quarter. nonetheless, as want hold sharing recall LNG commentary a Port of the for example, a Texas still, on Josh.

Joshua Wilson

turn it over. back I'll Great.

Ward Nye

Thank you.

Operator

David Our Research. with Meeker next question comes Longbow from

is open. Your line

David Meeker

Yes. everyone. to Good Ward. team. And the quarter, great Congrats morning,

Jim Nickolas

Yeah. Good morning.

Ward Nye

Thank you.

David Meeker

stone, that sense coming us and base on if have X.X% a with X.X fill you give so wanted I outlook encouraging. XXXX understand fully like excess of at here stone material. for ask half just mix about organic fill the base the I guess you But organic guess pricing excess the obviously growth I'm mix attracting certainly, excluding you please. would, just I to to looked some benefit in might the But hoping QX what with what you're dropped and the basis, I very -- trying and, out is and and pricing happened through or can the the I'm and liability appreciate first start material,

Ward Nye

Yeah.

looked very a looking books for night profit fairly talked been when, about because it's pricing is those at but movement -- as the market, Obviously, And we in for on I on of the we fill We've didn't it's is it if broadly not was a comfortably about, at drivers. Raleigh think tons are worry at product. my again, the have waste largely those fill almost that I answers. a purely earlier. on particularly almost David, million XXX all a in And list. it if quick what you're that simply it base, Those and look aggregate we significant anything, product. Of -- things if fill, Now, zones sold that

all $X your do number. look lower The know and at pricing were Stone operations about up. acquired Heritage other in you important it's it but ton a thing Tiller in I I mind question rolled organic, the on when keep are think than to our

up we even which you in Braunfels, then it number on saw I $X.XX Texas when Division, we $X.XX and $X.XX again, and X. think do nearly ton a Stone, bucket base with dilutive And when ton up September you the optical on a effect. will of this million in then has to what and strength an Hunter X optically market. think a feather a you $X.XX really sense funds, an point, in Carolinas, X. stone a on effect. a In saw ton, it's Austin, of So then a up underscore the in to ton up up clean effective bucket that, And Garwood X. to all-in give ton North have Southwest, again, a I in the to July bucket New is on bucket clearly But the your in the really mid-years, effective means in did August And July tons of East was

watching the gives all think customers. what next high had in conversations those that measuring in anticipating a with David, that more me of it probably I'm importantly degree we've least at we're confidence and I together cadence, way the year with our So, and

that hope I helps. So,

David Meeker

Yeah.

at that base sequentially. items, fill number sequentially So that just material, the you're saying but excluding been up those look the in organic as excluding [Indiscernible] clear, price pricing up to excess have your you be stone would

Ward Nye

would. it Yes,

David Meeker

anything different increases, is anything that increases maybe that the of price quarter was initial Just third different And on terms there -- price was quarter attraction with prior third rates in time? these comparing that this there

Ward Nye

portion say actually limited time the that thing what I in only you're of you The see this year you go going inputs and probably is mid-year would a said, really. if I midyear, very is got consistent not do whenever truly the which only put those No, to XX% in of a X be it you July fortunate. mean, XX% you'd historically, June you it. year what would've I you did or if in, put or on XX, it a in

of So more year. it's following a into really, the play

David Meeker

That's Great. I got. all Good. Thanks very much.

Ward Nye

Thanks, David.

Operator

the I'm And further turn closing I Nye to questions currently to Thank you. remarks. time. call like over for Ward showing back no this at

Ward Nye

may for today's and always, thank and and much value. stakeholder February follow-up you operational Shana to and quarter time in To to safe any and our quarter we're underpinned and Marietta. (ph) of soar third results conclude reinforce by continued We your for in strong our opportunities available support have. joining to sharing Martin bye. XXXX forward look call. thank so confidence a our questions record-setting you full-year Thank earnings future performance, for results fourth all you conference Please you our safety, Martin sustainable financial stay maximize healthy. Good as Marietta's

Operator

for Thank participating. This concludes you today's conference call.

now may disconnect. You

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