Printer Friendly

MARTIN MARIETTA REPORTS INCREASED EARNINGS PER SHARE

 MARTIN MARIETTA REPORTS INCREASED EARNINGS PER SHARE
 BETHESDA, Md., July 22 -- Martin Marietta Corporation (NYSE: ML)


today reported second quarter earnings per share of $2.06, a gain of approximately 5 percent over 1991's comparable period earnings of $1.97 per share. Net earnings were $99.0 million on sales of $1.58 billion for the second quarter 1992, compared with net earnings of $97.9 million on sales of $1.57 billion in 1991's second quarter. Average shares outstanding in the quarter were 48.0 million, a reduction of almost 1.9 million from the previous year.
 For the second consecutive quarter, operating earnings increased 12 percent over the previous year, with second quarter 1992 results of $157.3 million versus $140.2 million in the second quarter 1991. As in the first quarter of this year, an increase in the effective tax rate over the prior year reduced net income.
 For the first six months, net earnings were $173.6 million on sales of $2.96 billion, compared with $169.0 million on sales of $2.97 billion for the same period last year. Earnings per share rose 5% to $3.57 per share when compared with $3.41 for the first half of 1991.
 "Our Corporation's performance in the second quarter continues to reflect the benefits of our 'Peace Dividend' strategy," said Norman R. Augustine, chairman and chief executive officer of Martin Marietta. "We experienced solid performance in our defense businesses and sustained growth in our civil government and commercial business segments. We also maintained our commitment to growing shareholder value, raising the annual dividend by 12 percent and extending share repurchase authorizations during the quarter."
 Revenues for the Electronics, Information & Missiles Group were up 2 percent in the quarter, with strong sales in Information Systems, Postal Systems and commercial jet engine thrust reversers offsetting somewhat lower sales in electronic and missile systems. Earnings for the Group were off 13 percent from last year's second quarter, when they were influenced by above-average Patriot royalties and profit recognition on domestic LANTIRN production. A $37-million contract to develop an improved propulsion system for the Patriot missile and an initial $20-million contract for LANTIRN from the Republic of Korea were received during this year's second quarter.
 On modestly lower second quarter sales, the Astronautics Group registered a 12 percent increase in operating profit primarily from its space launch and space systems activities. During the quarter, the corporation signed a five-year follow-on contract with the U.S. Air Force to integrate high-priority payloads on the Titan IV launch vehicle. The work has a potential value of $500 million. Astronautics also received a $30-million contract to convert Minuteman II ICBMs to test and target vehicles. In addition, the quarter saw activation of the newly constructed Titan launch complex at Cape Canaveral, Florida.
 Sales for the Materials Group rose by about 8 percent and earnings increased 15 percent as improvement in its cyclical markets continued, although at a slower pace than anticipated. Martin Marietta Aggregates completed its fifth acquisition in the past 12 months, purchasing the assets of Midwest Limestone in central Iowa. These acquisitions have increased Aggregates' annual production capacity by more than 8 million tons.
 Effective June 1, the Corporation began operating the Department of Energy's (DoE) Pinellas, Fla., electronics components facilities through a wholly owned subsidiary, Martin Marietta Specialty Components, Inc. Martin Marietta signed the new five-year contract earlier this year.
 Earnings for the first six months at Martin Marietta Energy Systems were up more than 50 percent over the same period a year ago, reflecting the increased earnings opportunities available with strong performance under the new five-year DoE contract that began last October.
 Backlog at mid-year was $9.3 billion, compared with $11.3 billion one year ago. Not included in backlog figures are approximately $1.7 billion in negotiated-but-unexercised program contract options and approximately $10 billion in equivalent sales under contracts to manage DoE facilities in Tennessee, Kentucky, Ohio and Florida.
 Martin Marietta employment as of June 30, 1992, was 58,976, including 22,754 at DoE facilities. Comparable figures at the end of 1991 were 60,526 and 20,813, respectively.
 MARTIN MARIETTA CORPORATION
 Statement of Earnings
 (in millions, except per share)
 Quarter Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Net Sales $ 1,584.4 $ 1,567.8 $ 2,955.9 $ 2,968.2
 Cost of Sales,
 Other Costs
 and Expenses 1,427.1 1,427.6 2,677.7 2,720.0
 Earnings from
 Operations 157.3 140.2 278.2 248.2
 Other Income and
 Expenses, net 2.6 9.1 10.5 10.8
 Total 159.9 149.3 288.7 259.0
 Interest Expense
 on Debt 15.2 14.8 30.7 26.9
 Earnings before
 Taxes on Income 144.7 134.5 258.0 232.1
 Taxes on Income 45.7 36.6 84.4 63.1
 Net Earnings $ 99.0 $ 97.9 $ 173.6 $ 169.0
 Earnings
 Per Share $ 2.06 $ 1.97 $ 3.57 $ 3.41
 Average Number
 of Common Shares
 Outstanding 47,967,256 49,851,606 48,642,442 49,598,472
 Condensed Balance Sheet
 (in millions)
 June 30, Dec. 31,
 1992 1991
 Cash and cash equivalents $ 10.7 $ 170.6
 Other current assets 1,683.6 1,445.9
 Current liabilities (935.4) (948.0)
 Net Working Capital 758.9 668.5
 Property, plant, and equipment, net 1,299.2 1,315.5
 Investments, other assets, intangibles 894.0 964.9
 Noncurrent deferred income taxes (254.1) (247.5)
 Other noncurrent liabilities (294.8) (301.6)
 Total $ 2,403.2 $ 2,399.8
 Long-term debt
 (excluding current maturities) $ 608.2 $ 595.9
 Shareowner's equity 1,795.0 1,803.9
 Total Capitalization $ 2,403.2 $ 2,399.8
 Firm Backlog was $9.3 billion at June 30, 1992.
 -0- 7/22/92
 /CONTACT: Charles P. Manor of Martin Marietta, 301-897-6258/
 (ML) CO: Martin Marietta Corporation ST: Maryland IN: ARO SU: ERN


MH -- DC017 -- 1949 07/22/92 13:16 EDT
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:Jul 22, 1992
Words:1008
Previous Article:THE BANK OF CALIFORNIA MOVES TO HIGH-PROFILE OFFICE IN BELLEVUE
Next Article:CHIPSOFT AGREES TO ACQUIRE ELECTRONIC FILING CAPABILITY, APPOINTS VICE PRESIDENT OF ELECTRONIC SERVICES
Topics:


Related Articles
MARTIN MARIETTA REPORTS 89 CENTS PER SHARE FOURTH QUARTER EARNINGS AFTER CHARGE; $6.30 EARNINGS FOR YEAR
HERCULES REPORTS FOURTH-QUARTER NET INCOME UP SUBSTANTIALLY FROM A YEAR AGO
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 CORPORATION FIRST QUARTER EARNINGS UP SHARPLY
MARTIN MARIETTA RECORDS 13% INCREASE IN THIRD-QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters