Page 90 - 2019 Annual Report

QUARTERLY PERFORMANCE (UNAUDITED)

Net Earnings
Consolidated Net Attributable to
(in millions) Total Revenues Gross Profit Earnings Martin Marietta
Quarter 2019 2018 2019 2018 2019 2018 4,5,6,7 2019 2018 4,5,6,7
2,3
2,3
4,5
First $ 939.0 $ 802.0 $ 142.9 $ 110.4 $ 42.8 $ 10.0 $ 42.8 $ 10.0
Second 1,279.5 1,202.4 356.9 315.9 189.5 185.5 189.5 185.4
Third 1,420.2 1,219.6 420.6 313.0 248.6 180.4 248.6 180.2
Fourth 1,100.4 1,020.3 258.6 227.3 131.1 94.5 131.0 94.4
Totals $ 4,739.1 $ 4,244.3 $ 1,179.0 $ 966.6 $ 612.0 $ 470.4 $ 611.9 $ 470.0

Per Common Share
1
1
Basic Earnings Diluted Earnings
2,3
2,3
Quarter 2019 2018 4,5,6,7 2019 2018 4,5,6,7
First $ 0.68 $ 0.16 $ 0.68 $ 0.16
Second $ 3.02 $ 2.94 $ 3.01 $ 2.92
Third $ 3.97 $ 2.86 $ 3.96 $ 2.85
Fourth $ 2.10 $ 1.50 $ 2.09 $ 1.50
Full Year $ 9.77 $ 7.46 $ 9.74 $ 7.43

1 The sum of per‐share earnings by quarter may not equal earnings per share for the year due to changes in average share calculations. This is in accordance
with prescribed reporting requirements.
2 Consolidated net earnings, net earnings attributable to Martin Marietta, and basic and diluted earnings per common share for the first quarter of 2019 were
increased by $13.2 million, or $0.21 per basic and diluted share, due to a change in tax election for an acquired entity.
3 Consolidated net earnings, net earnings attributable to Martin Marietta, and basic and diluted earnings per common share for the second quarter of 2019
were reduced by $12.0 million, or $0.19 per basic and diluted share, due to a charge to correct a prior‐period error that overstated equity earnings from a
nonconsolidated affiliate.
4 Gross profit for the second quarter of 2018 was $10.2 million lower due to the impact of selling acquired inventory after its markup to fair value as part of
acquisition accounting. Consolidated net earnings, net earnings attributable to Martin Marietta, and basic and diluted earnings per common share for the
second quarter of 2018 were reduced by $13.2 million, or $0.21 per basic and diluted share, as a result of acquisition‐related expenses, net, primarily
attributable to the acquisition of Bluegrass Materials Company, and by $7.8 million, or $0.12 per basic and diluted share, for the impact of selling acquired
inventory after its markup to fair value as part of acquisition accounting.
5 Gross profit for the third quarter of 2018 was $8.3 million lower due to the impact of selling acquired inventory after its markup to fair value as part of
acquisition accounting. Consolidated net earnings, net earnings attributable to Martin Marietta, and basic and diluted earnings per common share for the
third quarter of 2018 were $5.6 million, or $0.09 per basic and diluted share, lower due to an asset and portfolio rationalization charge and $6.4 million, or
$0.10 per basic and diluted share, lower due to the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting
6 Consolidated net earnings, net earnings attributable to Martin Marietta, and basic and diluted earnings per share for the third quarter ended September
30, 2018 were increased $21.2 million, or $0.34 per basic and diluted share, as a result of measurement period adjustments related to the 2017 Tax Act.
7 Consolidated net earnings, net earnings attributable to Martin Marietta, and basic and diluted earnings per common share for the fourth quarter of 2018
were $9.1 million, or $0.14 per basic and diluted share, lower due to an asset and portfolio rationalization charge.

Reconciliation of Non‐GAAP Measure

Earnings before interest; income taxes; depreciation, depletion and amortization and the noncash earnings from
nonconsolidated equity affiliates; the impact of selling acquired inventory after the markup to fair value as part of acquisition
accounting; and the impact of acquisition‐related expenses, net (Adjusted EBITDA) is a non‐GAAP measure and an indicator
used by the Company and investors to evaluate the Company's operating performance from period to period. Adjusted EBITDA
is not defined by generally accepted accounting principles and, as such, should not be construed as an alternative to earnings
from operations, net earnings or operating cash flow.

year ended December 31
(in millions) 2014
Net Earnings Attributable to Martin Marietta $ 155.6
Add back:
Interest expense 66.1
Income tax expense for controlling interests 94.7
Depreciation, depletion and amortization expense and earnings from nonconsolidated equity affiliates 220.1
Impact of selling acquired inventory after markup to fair value 11.1
Acquisition‐related expenses, net 42.7
Consolidated Adjusted EBITDA $ 590.3

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