Martin Marietta Increases Quarterly Cash Dividend

Rhea-AI Summary

Martin Marietta Materials announced an 8% increase in its quarterly cash dividend, rising from $0.61 to $0.66 per share. This amounts to an annualized dividend of $2.64 per share. The dividend will be payable on September 30, 2022, to shareholders of record as of September 1, 2022. CEO Ward Nye emphasized the company's strong financial position and commitment to returning capital to shareholders while pursuing growth opportunities.

Positive

• Dividend raised from $0.61 to $0.66 per share, reflecting a strong commitment to shareholders.
• Annualized dividend amounting to $2.64 per share signals confidence in financial stability.
• Strong free cash flow generation supports sustainable dividend increases.

Negative

• None.

RALEIGH, N.C., Aug. 10, 2022 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”) today announced that its Board of Directors approved an 8 percent increase in its quarterly cash dividend, raising it from $0.61 per share to $0.66 per share on the Company’s outstanding common stock. This dividend, which represents a cash dividend of $2.64 per share on an annualized basis, is payable September 30, 2022, to shareholders of record at the close of business on September 1, 2022.

Ward Nye, Chairman, President and Chief Executive Officer, stated, “Today’s announced dividend increase extends Martin Marietta’s track record of delivering meaningful and sustainable dividends as a component of our balanced capital allocation priorities. Our strong financial position, free cash flow generation and durable, aggregates-led business model allow the Company to prudently return capital to shareholders while continuing to invest in future growth opportunities to create superior long-term shareholder value.”

Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 28 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta’s Magnesia Specialties business produces high-purity magnesia and dolomitic lime products used worldwide in environmental, industrial, agricultural and specialty applications. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.

Investor Contact:
Jennifer Park
Vice President, Investor Relations
(919) 510-4736
Jennifer.Park@martinmarietta.com 

MLM-D

FAQ

What is the new dividend amount for Martin Marietta (MLM)?

The new dividend amount is $0.66 per share.

When will Martin Marietta's dividend be paid?

The dividend will be paid on September 30, 2022.

What was the previous dividend amount for Martin Marietta (MLM)?

The previous dividend amount was $0.61 per share.

Who is eligible for the dividend payment from Martin Marietta?

Shareholders of record as of September 1, 2022, are eligible for the dividend.

How does the dividend increase impact investors in Martin Marietta (MLM)?

The dividend increase reflects the company's confidence in its financial stability and commitment to returning capital to shareholders.