Rock Products

MAR 2017

Rock Products is the aggregates industry's leading source for market analysis and technology solutions, delivering critical content focusing on aggregates-processing equipment; operational efficiencies; management best practices; comprehensive market

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10 • ROCK products • March 2017 I N D U S T RY N E W S IN THE KNOW Ward Nye, chairman, president and CEO of Martin Marietta, stated, "As demon- strated by our fourth-quarter and full-year results, we continue to capital- ize on the economic recovery occurring in virtually all of our segments and geog- raphies. We delivered record net sales, gross profit, net earnings and earnings per diluted share for both the fourth quarter and full year – building on the record results delivered in 2015 and the first three quarters of 2016. Look- ing ahead, we expect continued and accelerating growth in all three of the company's primary construction end- uses, and our leading market positions will allow us to continue benefitting from these opportunities in 2017 and beyond. We are highly confident that a durable, multi-year construction recovery is now underway, consistent with third-party forecasts. "We are encouraged by the emerging bipartisan dialogue in Washington regarding the need for substantial investment in our nation's infrastruc- ture," Nye continued. "We believe the new administration and congress should ensure increased, sustainable infrastructure funding commensurate with the nation's clear, underlying needs. While the specific terms and timing of any proposed legislation is unclear, we believe momentum is building toward executive and con- gressional action in the near-term. "We expect infrastructure demand to be meaningfully and positively impacted by the $305 billion Fixing America's Surface Transportation Act (FAST Act) as well as multiple state initiatives. Longer term, infrastruc- ture spending is expected to benefit from strong state and local support for increased funding, as evidenced by the significant number of state and local transportation funding-related ballot initiatives that have passed over the previous 24 months. Pri- vate-sector construction indicators also signal continued growth for both nonresidential and residential activ- ity," Nye concluded. For the full year, shipments to the infrastructure market comprised 39 percent of aggregates product line volumes. As expected, infrastructure construction activity saw little bene- fit in 2016 from passage of the FAST Act. This, coupled with project delays, primarily in Texas, and continued sig- nificant rainfall during the year, led to a year-over-year decline in infra- structure volume. The nonresidential market rep- resented 32 percent of full-year

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