Printer Friendly

MARTIN MARIETTA REPORTS 89 CENTS PER SHARE FOURTH QUARTER EARNINGS AFTER CHARGE; $6.30 EARNINGS FOR YEAR

MARTIN MARIETTA REPORTS 89 CENTS PER SHARE FOURTH QUARTER EARNINGS
 AFTER CHARGE; $6.30 EARNINGS FOR YEAR
 BETHESDA, Md., Jan. 22 /PRNewswire/ -- Martin Marietta Corporation (NYSE: ML) today reported fourth quarter 1991 net earnings of $44 million, or 89 cents per share, compared with $57.2 million and $1.17 per share for the same 1990 period.
 Fourth quarter 1991 sales were a record $1.67 billion, up over 7 percent from 1990 fourth quarter sales of $1.56 billion.
 Results for fourth quarter 1991 include an after-tax charge of $39 million, or 78 cents per share, relating to a previously announced restructuring of the corporation's International Light Metals operations. The 1990 results included an after-tax charge of $48.9 million, or $1 per share, associated with the corporation's pre-production cost for the ADATS mobile air defense system.
 Full-year 1991 net earnings were $313.1 million, or $6.30 per share, on sales of $6.1 billion. For the previous year, net earnings of $327.6 million, or $6.52 per share, were reported on sales of $6.1 billion. Earnings from operations in 1991 were $537.5 million, up 21.5 percent from 1990's reported $442.5 million, and up 3.3 percent after adjusting 1990 results for the ADATS reserve.
 Earnings from operations for 1991 were not impacted by the International Light Metals charge since it related to a non-consolidated business unit.
 "Our defense and civil government businesses reported an increase in operating profit compared to last year, while the effects of the recession in the construction industry adversely impacted our Materials Group. The International Light Metals restructure is expected to have positive long-term impact by allowing us to complete our transition out of the aluminum business," said Norman R. Augustine, Martin Marietta's chairman and chief executive officer.
 The corporation's Electronics, Information & Missile Group recorded a 2-percent increase in sales for 1991, led by rapid growth in its Postal Systems activities.
 Sales in the Astronautics Group decreased by 4 percent for the year, reflecting the absence of revenue from the two Commercial Titan launches that occurred in 1990.
 Materials Group had sales 6.6 percent lower than the previous year due to a significant decline in the construction markets.
 Astronautics Group earnings increased over 14 percent from 1990 with gains in each of its four operating companies. Earnings for the Electronics, Information & Missiles Group were up 35 percent from 1990 reported results, but down slightly when compared to 1990 results adjusted for ADATS.
 Materials Group profits were impacted negatively by a 32-percent decline for Martin Marietta Aggregates, which was partially offset by a 19-percent increase at Magnesia Specialties.
 Assessing future prospects of the corporation, Augustine said: "While it is our view that defense spending will continue to exhibit real declines, we believe the diversity of Martin Marietta's programs and technologies, coupled with our year-end business backlog of $11 billion, provides us with a positive foundation for the future. Our ongoing expansion into non-defense government markets such as U.S. Postal Service and Department of Energy activities also provides sizable opportunities. We also believe our Materials Group will re-establish its traditional growth rates as the economy rebounds and increased Highway Trust Fund allocations are realized."
 MARTIN MARIETTA CORPORATION
 Statement of Earnings
 (in millions, except per share)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Net Sales $1,670.4 $1,558.2 $6,075.4 $6,125.9
 Cost of Sales, Other
 Costs and Expenses 1,531.3 1,472.2 5,537.9 5,683.4
 Earnings from
 Operations 139.1 86.0 537.5 442.5
 Other Income and
 Expenses, net (72.5) 0.3 (59.0) 34.5
 Total 66.6 86.3 478.5 477.0
 Interest Expense on Debt 15.4 11.1 57.7 41.8
 Earnings before Taxes
 on Income 51.2 75.2 420.8 435.2
 Taxes on Income 7.2 18.0 107.7 107.6
 Net Earnings $ 44.0 $ 57.2 $ 313.1 $ 327.6
 Earnings Per Share $ 0.89 $ 1.17 $ 6.30 $ 6.52(A)
 Average Number of Common
 Shares Outstanding 49,569,099 48,841,148 49,670,605 50,265,240
 (A) The sum of per share earnings by quarter does not equal earnings per share for the year due to the effect of share repurchases.
 Condensed Balance Sheet
 (in millions)
 Dec. 31, Dec. 31,
 1991 1990
 Cash and cash equivalents $ 170.6 $ 87.5
 Other current assets 1,445.9 1,313.1
 Current liabilities (948.0) (993.6)
 Net working capital 668.5 407.0
 Property, plant, and equipment, net 1,315.5 1,340.7
 Investments, other assets,
 intangibles 964.9 869.3
 Noncurrent deferred income taxes (247.5) (257.6)
 Other noncurrent liabilities (301.6) (355.1)
 Total $2,399.8 $2,004.3
 Long-term debt (excluding current
 maturities) $ 595.9 $ 463.3(A)
 Shareowners' equity 1,803.9 1,541.0
 Total Capitalization $2,399.8 $2,004.3
 Firm Backlog was $11.02 billion at Dec. 31, 1991, compared with $11.95 billion at Dec. 31, 1990.
 (A) Includes $68.5 million of Adjustable Rate Notes which were classified as current maturities at Dec. 31, 1991.
 -0- 1/22/92
 /CONTACT: Charles Manor of Martin Marietta, 301-897-6289/
 (ML) CO: Martin Marietta Corporation ST: Maryland IN: ARO SU: ERN


MH-TW -- DC018 -- 2309 01/22/92 12:36 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1992
Words:903
Previous Article:AMERICAN AIRLINES CARGO DIVISION ANNOUNCES RECORD CARGO VOLUME FOR MONTH OF DECEMBER
Next Article:BARNETT DECLARES REGULAR DIVIDENDS; ISSUES $100 MILLION OF SUBORDINATED DEBT
Topics:


Related Articles
MARTIN MARIETTA TO TAKE FOURTH-QUARTER CHARGE STEMMING FROM INTERNATIONAL LIGHT METALS
MARTIN MARIETTA REPORTS INCREASED EARNINGS PER SHARE
MARTIN MARIETTA POSTS INCREASED SALES, EARNINGS PER SHARE FOR THIRD QUARTER
MARTIN MARIETTA POSTS INCREASED SALES, EARNINGS PER SHARE FOR THIRD QUARTER
MARTIN MARIETTA 1992 EARNINGS PER SHARE UP 14 PERCENT TO RECORD $7.21
MARTIN MARIETTA REPORTS 6.6 PERCENT EPS INCREASE BEFORE ACCOUNTING CHARGE
MARTIN MARIETTA REPORTS 6.6 PERCENT EPS INCREASE BEFORE ACCOUNTING CHARGE
MARTIN MARIETTA NET EARNINGS INCREASE 25 PERCENT ON 65 PERCENT SALES GAIN IN SECOND QUARTER 1993
MARTIN MARIETTA NET EARNINGS INCREASE 36 PERCENT IN THIRD QUARTER
MARTIN MARIETTA CORPORATION FIRST QUARTER EARNINGS UP SHARPLY

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters