Page 88 - 2019 Annual Report

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Forward-Looking Statements – Safe Harbor Provisions
If you are interested in Martin Marietta Materials, Inc. stock, management recommends that, at a minimum, you read the
Company’s Forms 10-K, 10-Q and 8-K reports to the SEC over the past year, in addition to the Annual Report. The Company’s
recent proxy statement for the annual meeting of shareholders also contains important information. These and other
materials that have been filed with the SEC are accessible through the Company’s website at www.martinmarietta.com and
are also available at the SEC’s website at www.sec.gov. You may also write or call the Company’s Corporate Secretary, who
will provide copies of such reports.
Investors are cautioned that all statements in this Annual Report that relate to the future involve risks and uncertainties, and
are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from
actual results. These statements are “forward-looking” statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give the investor the Company’s
expectations or forecasts of future events. These statements can be identified by the fact that they do not relate only to
historical or current facts. They may use words such as “anticipate,” “expect,” “should be,” “believe,” “will,” and other words
of similar meaning in connection with future events or future operating or financial performance. Any or all of the Company’s
forward-looking statements here and in other publications may turn out to be wrong.
These forward-looking statements are subject to certain risks and uncertainties that may affect performance, including but
not limited to: the performance of the United States economy; shipment declines resulting from economic events beyond the
Company’s control; a widespread decline in aggregates pricing, including a decline in aggregates shipment volume negatively
affecting aggregates price; the history of both cement and ready mixed concrete being subject to significant changes in
supply, demand and price fluctuations; the termination, capping and/or reduction of the federal and/or state gasoline tax(es)
or other revenue related to public construction; the level and timing of federal, state and/or local transportation or
infrastructure or public projects funding, most particularly in Texas, Colorado, North Carolina, Georgia, Iowa and Maryland;
the volatility in the commencement of infrastructure projects; the United States Congress’ inability to reach agreement
among themselves or with the Administration on policy issues that impact the federal budget; the ability of states and/or
other entities to finance approved projects either with tax revenues or alternative financing structures; levels of construction
spending in the markets the Company serves; a reduction in defense spending, and the subsequent impact on construction
activity on or near military bases; a decline in the commercial component of the nonresidential construction market, notably
office and retail space; a decline in energy-related construction activity resulting from a sustained period of low global oil
prices or changes in oil production patterns in response to this decline, particularly in Texas; increasing residential mortgage
rates and other factors that could result in a slowdown in residential construction; unfavorable weather conditions,
particularly Atlantic Ocean and Gulf of Mexico hurricane activity, the late start to spring or the early onset of winter and the
impact of a drought or excessive rainfall in the markets served by the Company, any of which can significantly affect
production schedules, volumes, product and/or geographic mix and profitability; the volatility of fuel costs, particularly diesel
fuel, and the impact on the cost, or the availability generally, of other consumables, namely steel, explosives, tires and
conveyor belts, and with respect to the Company’s Magnesia Specialties business, natural gas; continued increases in the cost
of other repair and supply parts; construction labor shortages and/or supply-chain challenges; unexpected equipment
failures, unscheduled maintenance, industrial accident or other prolonged and/or significant disruption to production
facilities; increasing governmental regulation, including environmental laws; the failure of relevant government agencies to
implement expected regulatory reductions; transportation availability or a sustained reduction in capital investment by the
railroads, notably the availability of railcars, locomotive power and the condition of rail infrastructure to move trains to
supply the Company’s Texas, Colorado, Florida, North Carolinas and the Gulf Coast markets, including the movement of
essential dolomitic lime for magnesia chemicals to the Company’s plant in Manistee, Michigan and its customers; increased
transportation costs, including increases from higher or fluctuating passed-through energy costs or fuel surcharges, and other
costs to comply with tightening regulations, as well as higher volumes of rail and water shipments; availability of trucks and
licensed drivers for transport of the Company’s materials; availability and cost of construction equipment in the United
States; weakening in the steel industry markets served by the Company’s dolomitic lime products; trade disputes with one or
more nations impacting the U.S. economy, including the impact of tariffs on the steel industry; unplanned changes in costs or
realignment of customers that introduce volatility to earnings, including that of the Magnesia Specialties business that is
running at capacity; proper functioning of information technology and automated operating systems to manage or support
operations; inflation and its effect on both production and interest costs; the concentration of customers in construction
markets and the increased risk of potential losses on customer receivables; the impact of the level of demand in the
Company’s end-use markets, production levels and management of production costs on the operating leverage and therefore
profitability of the Company; the possibility that the expected synergies from acquisitions will not be realized or will not be
realized within the expected time period, including achieving anticipated profitability to maintain compliance with the

Annual Report ♦ Page 86 Celebrating 25 Years as a Public Company