Martin Marietta Increases Quarterly Cash Dividend

Rhea-AI Summary

Martin Marietta Materials (NYSE: MLM) announced a 4% increase in its quarterly cash dividend, raising it from $0.55 to $0.57 per share, effective September 30, 2020. This results in an annualized dividend of $2.28 per share, payable to shareholders of record by September 1, 2020. CEO Ward Nye emphasized the company's strong financial health, stating that the increase reflects confidence in future performance and cash generation amid the ongoing COVID-19 pandemic.

Positive

• 4% increase in quarterly cash dividend raises it to $0.57 per share.
• Annualized dividend now stands at $2.28 per share.
• Demonstrates strong financial position and commitment to shareholder value.

Negative

• None.

RALEIGH, N.C., Aug. 13, 2020 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) (“Martin Marietta” or the “Company”) today announced that its Board of Directors approved a 4 percent increase in its quarterly cash dividend, raising it from $0.55 per share to $0.57 per share on the Company’s outstanding common stock. This dividend, which represents a cash dividend of $2.28 per share on an annualized basis, is payable on September 30, 2020, to shareholders of record at the close of business on September 1, 2020.

Ward Nye, Chairman, President and Chief Executive Officer, stated, “Martin Marietta is proud to extend our track record of delivering meaningful and sustainable dividends as part of our balanced capital allocation strategy. Supported by our strong financial position and durable business model, today’s announced dividend increase underscores our continued confidence in our Company’s future performance and cash generation as we responsibly navigate the current uncertainties presented by the COVID-19 pandemic and drive long-term sustainable growth and 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 27 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 provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.

Investor Contact:  
Suzanne Osberg
Vice President, Investor Relations
(919) 783-4691
Suzanne.Osberg@martinmarietta.com

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