Martin Marietta Materials Inc (MLM) 2023 Q1 法說會逐字稿

Good day, and welcome to Martin Marietta's First Quarter 2023 Earnings Conference Call. (Operator Instructions). As a reminder, today's call is being recorded and will be available for replay on the company's website. I will now turn the call over to your host, Ms. Jennifer Park, Martin Marietta's Vice President of Investor Relations. Jennifer, you may begin.

美好的一天，歡迎來到 Martin Marietta 的 2023 年第一季度收益電話會議。 （操作員說明）。提醒一下，今天的通話正在錄音中，可以在公司網站上重播。我現在將把電話轉給你的東道主 Martin Marietta 的投資者關係副總裁 Jennifer Park 女士。詹妮弗，你可以開始了。

Thank you. It's my pleasure to welcome you to our first quarter 2023 earnings call. Joining me today are Ward Nye, Chairman and Chief Executive Officer; and Jim Nickolas, Senior Vice President and Chief Financial Officer. Today's discussion may include forward-looking statements as defined by United States securities laws in connection with future events, future operating results or financial performance.

謝謝。很高興歡迎您參加我們 2023 年第一季度的財報電話會議。今天加入我的是董事長兼首席執行官 Ward Nye；高級副總裁兼首席財務官 Jim Nickolas。今天的討論可能包括美國證券法定義的與未來事件、未來經營業績或財務業績相關的前瞻性陳述。

Like other businesses, Martin Marietta is subject to risks and uncertainties that could cause actual results to differ materially. We undertake no obligation, except as legally required to publicly update or revise any forward-looking statements, whether resulting from new information, future developments or otherwise. Please refer to legal disclaimers contained in today's earnings release and other public filings, which are available on both our own and the Securities and Exchange Commission's website.

與其他企業一樣，Martin Marietta 面臨可能導致實際結果大不相同的風險和不確定性。我們不承擔任何義務，除非法律要求公開更新或修改任何前瞻性陳述，無論是由於新信息、未來發展還是其他原因。請參閱今天的收益發布和其他公開文件中包含的法律免責聲明，這些文件可在我們自己的網站和美國證券交易委員會的網站上找到。

We have made available during this webcast and on the Investors section of our website, supplemental information that summarizes our financial results and trends. As a reminder, all financial and operating results discussed today are for continuing operations. In addition, non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure in the appendix to the supplemental information as well as our filings with the SEC and are also available on our website.

我們在本次網絡廣播和我們網站的“投資者”部分提供了總結我們財務業績和趨勢的補充信息。提醒一下，今天討論的所有財務和經營業績都是針對持續經營的。此外，非 GAAP 措施在補充信息的附錄以及我們向 SEC 提交的文件中進行了定義，並與最直接可比的 GAAP 措施進行了協調，這些措施也可在我們的網站上找到。

Ward Nye will begin today's earnings call with a discussion of our operating performance. Jim Nickolas will then review our financial results and capital allocation, after which Ward will conclude with market trends and our outlook for 2023. A question-and-answer session will follow. (Operator Instructions). I will now turn the call over to Ward.

Ward Nye 將在今天的財報電話會議開始時討論我們的經營業績。 Jim Nickolas 隨後將審查我們的財務業績和資本配置，之後 Ward 將總結市場趨勢和我們對 2023 年的展望。隨後將舉行問答環節。 （操作員說明）。我現在將把電話轉給沃德。

Thank you, Jenny. Welcome, everyone, and thank you for joining today's teleconference. I'm pleased to report that this year is off to a very strong start for Martin Marietta with first quarter records by nearly every measure. Given our focus on operating safely and responsibly, we're especially pleased that total and lost time incident rates were down 21% and 50%, respectively, in the first quarter.

謝謝你，珍妮。歡迎大家，感謝大家參加今天的電話會議。我很高興地報告，今年對於 Martin Marietta 來說是一個非常強勁的開端，第一季度幾乎每一項指標都創下了紀錄。鑑於我們專注於安全和負責任地運營，我們特別高興的是，第一季度的總工時事故率和損失工時事故率分別下降了 21% 和 50%。

The exceptional quarterly performance is a testament to our team's focus on commercial and operational excellence and the resiliency of our differentiated business model that separates us from others in our industry. We continue to adhere to a value-over-volume approach, focusing on an aggregates-led product strategy and carefully expanding and honing our service footprint, which today is national in scope.

卓越的季度業績證明了我們團隊專注於卓越的商業和運營，以及我們與眾不同的商業模式的彈性，這使我們在業內脫穎而出。我們繼續堅持價值大於數量的方法，專注於以聚合為主導的產品戰略，並謹慎擴大和完善我們的服務足跡，如今我們的服務範圍已遍及全國。

In brief, the results we've reported over the recent past, including the first quarter results announced today, are a tribute to our team's disciplined execution of our strategic plan and gives us confidence that we will deliver 2023 adjusted EBITDA of $1.9 billion, consistent with the high end of our previously announced guidance range. As is common practice, we will revisit our guidance more formally at (inaudible) year.

簡而言之，我們最近報告的結果，包括今天公佈的第一季度結果，是對我們團隊嚴格執行戰略計劃的讚揚，並讓我們相信我們將實現 2023 年調整後 EBITDA 19 億美元，保持一致我們之前宣布的指導範圍的高端。按照慣例，我們將在（聽不清）年更正式地重新審視我們的指南。

As for the first quarter, our product demand remained robust. We experienced a modest decline in aggregate shipments as historically wet weather in California was partially offset by a mild winter in the Southeast. However, aggregates pricing momentum continued to build with a 12.8% sequential increase driven by the carryover effects of our 2022 inflation management actions and by broad acceptance of our January 1, 2023 increases, which were pulled forward from April 1 in the vast majority of our markets.

至於第一季度，我們的產品需求依然強勁。由於加利福尼亞州歷史上的潮濕天氣被東南部溫和的冬季部分抵消，我們的總出貨量略有下降。然而，由於我們 2022 年通貨膨脹管理行動的結轉效應以及我們對 2023 年 1 月 1 日上調的廣泛接受，我們的絕大多數產品從 4 月 1 日開始提前，總體定價勢頭繼續增強，環比增長 12.8%市場。

These combined shipments and pricing results demonstrate the relative price and elasticity of aggregate demand where customer service and availability of quality in materials tend to be of greater importance than product cost. Our intentional approach to capacity expansion investments at key facilities across our footprint has positioned us well to better serve our customers during this period of high product demand across many of our locations, including markets in the Southeast and Texas.

這些結合的出貨量和定價結果證明了總需求的相對價格和彈性，其中客戶服務和材料質量的可用性往往比產品成本更重要。我們有意對我們足跡內的關鍵設施進行產能擴張投資，這使我們能夠在這段產品需求旺盛的時期更好地為我們的客戶提供更好的服務，期間我們的許多地區，包括東南部和德克薩斯州的市場。

Now let's turn to our financial results. We established a number of first quarter records for Martin Marietta, including consolidated total revenues of $1.35 billion, a 10% increase; consolidated gross profit of $303 million, a 94% increase; diluted earnings per share from continuing operations of $2.16, a 454% increase; adjusted EBITDA of $324 million, a 64% increase; and $5.70 aggregates gross profit per ton, a 134% increase.

現在讓我們來看看我們的財務業績。我們為 Martin Marietta 創造了多項第一季度記錄，包括綜合總收入 13.5 億美元，增長 10%；綜合毛利潤為 3.03 億美元，增長 94%；持續經營業務攤薄後每股收益為 2.16 美元，增長 454%；調整後的 EBITDA 為 3.24 億美元，增長 64%；每噸總毛利為 5.70 美元，增長 134%。

These results demonstrate the advantages of our value over volume commercial strategy, which was paramount to offsetting continued albeit moderating inflationary pressures. That said, the April OPEC+ production cuts were broadly unexpected and are likely to put upward pressure on fuel expenses throughout the remainder of the year, which tends to flow through to other cost categories.

這些結果證明了我們的價值優於數量商業戰略的優勢，這對於抵消持續但緩和的通脹壓力至關重要。也就是說，4 月份的 OPEC+ 減產總體上出乎意料，可能會給今年剩餘時間的燃料支出帶來上行壓力，而這往往會影響到其他成本類別。

As such, our teams are actively advising customers of midyear price increases, which we anticipate will be more widely accepted and larger in scope and magnitude than we were initially considering a few months ago. Longer term, Martin Marietta is well positioned to benefit from what is expected to be an increasingly favorable and extended pricing cycle. Let's now turn to our first quarter operating performance beginning with aggregates.

因此，我們的團隊正在積極建議客戶年中提價，我們預計這將比我們幾個月前最初考慮的更廣泛地接受，範圍和幅度更大。從長遠來看，Martin Marietta 處於有利地位，可以從預期越來越有利和延長的定價週期中受益。現在讓我們從總量開始轉向我們的第一季度經營業績。

We experienced solid aggregates demand across our geographic footprint with total aggregate shipments decreasing only 300,000 tons despite an approx but 1 million-ton shipment decline in weather-impacted California. Aggregates pricing fundamentals remain attractive, with pricing increasing 22.6% or 19.6% on a mix adjusted basis. The Texas cement market continues to experience robust demand and tight supply amid near sold-out conditions particularly in the Dallas/Fort Worth (inaudible).

儘管受天氣影響的加利福尼亞州的出貨量下降了約 100 萬噸，但我們在我們的地理足跡中經歷了穩定的骨料需求，總出貨量僅減少 300,000 噸。總體定價基本面仍然具有吸引力，在混合調整的基礎上定價增長 22.6% 或 19.6%。在幾乎售罄的情況下，德克薩斯水泥市場繼續經歷強勁的需求和供應緊張，特別是在達拉斯/沃思堡（聽不清）。

Yet largely due to wet and cold weather to start the year, first quarter shipments declined 6.8%. Importantly, we delivered pricing growth of 32.2% more than offsetting the effect of lower weather-impacted shipments. We fully expect that favorable Texas cement commercial dynamics will continue for the foreseeable future and accordingly, have announced a $10 per ton price increase effective July 1.

然而，主要由於年初的潮濕和寒冷天氣，第一季度出貨量下降了 6.8%。重要的是，我們實現了 32.2% 的定價增長，這足以抵消受天氣影響的出貨量下降的影響。我們完全預計，在可預見的未來，有利的德州水泥商業動態將持續下去，因此，我們宣布從 7 月 1 日起每噸提價 10 美元。

Shifting to our targeted downstream businesses. Ready mixed concrete shipments decreased 37.1% and pricing increased 20.2%. As a reminder, our first quarter 2023 ready mixed concrete results exclude the Colorado and Central Texas operations that were divested nearly 13 months ago on April 1, 2022, impacting the comparability to the prior year quarter. Asphalt shipments decreased 25.1%, driven primarily by wet weather in California and Arizona.

轉向我們的目標下游業務。預拌混凝土出貨量下降 37.1%，價格上漲 20.2%。提醒一下，我們 2023 年第一季度的預拌混凝土業績不包括近 13 個月前於 2022 年 4 月 1 日剝離的科羅拉多和德克薩斯中部業務，這影響了與上一季度的可比性。瀝青出貨量下降 25.1%，主要受加利福尼亞和亞利桑那州潮濕天氣的影響。

Pricing improved 9.9% following the increase in raw material costs, principally liquid asphalt or bitumen. Before discussing our outlook for the remainder of 2023, I'll turn the call over to Jim to conclude our first quarter discussion with a review of the company's financial results. Jim?

隨著原材料成本（主要是液態瀝青或瀝青）的增加，價格上漲了 9.9%。在討論我們對 2023 年剩餘時間的展望之前，我將把電話轉給吉姆，以回顧公司的財務業績來結束我們第一季度的討論。吉姆？

Thank you, Ward, and good morning to everyone. The Building Materials business posted first quarter revenues of $1.27 billion, a 10.1% increase over last year's comparable period and a first quarter gross profit record of $276 million, a 99.4% increase. Aggregates gross profit improved 131.7% relative to the prior year, resulting in a first quarter record of $238 million.

謝謝你，沃德，大家早上好。建築材料業務公佈第一季度收入為 12.7 億美元，比去年同期增長 10.1%，第一季度毛利潤創下 2.76 億美元的記錄，增長 99.4%。總毛利潤較上年同期增長 131.7%，第一季度達到創紀錄的 2.38 億美元。

Aggregate gross margin improved 1,250 basis points to 26.1% as strong pricing growth more than offset modestly lower shipments and continued inflationary pressure impacting most cost categories. Aggregates gross margin also benefited from geographic shipment mix, which reflected a larger contribution from the higher-margin Southeast markets. Geographic mix is expected to normalize over the balance of the year.

總毛利率提高 1,250 個基點至 26.1%，因為強勁的定價增長抵消了適度下降的出貨量和影響大多數成本類別的持續通脹壓力。總毛利率也受益於地域出貨組合，這反映出較高利潤率的東南市場的貢獻較大。地域組合預計將在今年餘下時間正常化。

Our Texas cement business delivered record first quarter top and bottom line results, continuing its recent track record of exceptional performance. Revenues increased 21.9% to $169 million, while gross profit increased 75.4% to $47 million. Importantly, execution of our disciplined commercial strategy drove gross margin expansion of 860 basis points to 28% as pricing gains and normalization of natural gas expenses more than offset lower operating leverage and higher raw materials and maintenance costs.

我們的德克薩斯水泥業務在第一季度實現了創紀錄的最高和最低業績，延續了其最近的卓越業績記錄。收入增長 21.9% 至 1.69 億美元，而毛利潤增長 75.4% 至 4700 萬美元。重要的是，我們嚴格的商業戰略的執行推動毛利率增長 860 個基點至 28%，因為定價收益和天然氣費用的正常化抵消了較低的經營槓桿和較高的原材料和維護成本。

As we shared previously, our Midlothian, Texas plant has several initiatives underway to increase production capacity. The largest of those is the installation of a new finish mill that we expect to complete in the third quarter of 2024. The new finish mill will provide 450,000 tons of incremental high-margin annual production capacity in today's nearly sold out marketplace.

正如我們之前分享的那樣，我們位於德克薩斯州中洛錫安的工廠正在採取多項措施來提高產能。其中最大的是我們預計將在 2024 年第三季度完成的新精軋機的安裝。新精軋機將在當今幾乎售罄的市場上提供 450,000 噸增量高利潤年產能。

At both our Midlothian and Hunter Texas plants, the process of converting our construction cement customers from type 1, type 2 cement to a less carbon-intensive Portland-limestone cement, also known as type 1L, is substantially complete. We expect those efforts to provide additional capacity of 5% this year as compared to 2022. Our ready mixed concrete revenue declined 24.4% to $220 million and gross profit declined 48.9% to $11 million driven primarily by the divestiture of our Colorado and Central Texas operations last April, impacting prior year comparability.

在我們的 Midlothian 和 Hunter Texas 工廠，將我們的建築水泥客戶從 1 型、2 型水泥轉變為碳密集度較低的波特蘭石灰石水泥（也稱為 1L 型）的過程已基本完成。與 2022 年相比，我們預計這些努力今年將提供 5% 的額外產能。我們的預拌混凝土收入下降 24.4% 至 2.2 億美元，毛利潤下降 48.9% 至 1,100 萬美元，這主要是由於我們剝離了科羅拉多州和德克薩斯州中部的業務去年四月，影響前一年的可比性。

Our asphalt and paving revenues increased 2.1% to $58 million as increased pricing offset weather-impacted shipments in California and Arizona. Consistent with its typical seasonality, this business posted a $20.5 million gross loss as the Minnesota operations are inactive during the first quarter given that market's late spring start to the construction season.

我們的瀝青和鋪路收入增長 2.1%，達到 5800 萬美元，這是因為價格上漲抵消了加利福尼亞和亞利桑那州受天氣影響的出貨量。與其典型的季節性相一致，該業務公佈了 2050 萬美元的毛虧損，因為明尼蘇達州的業務在第一季度處於閒置狀態，因為該市場的建築季節是晚春開始的。

Ideally, most asphalt installations occur when both ground and air temperatures are between 50 and 90 degrees Fahrenheit. Magnesia Specialties generated record first quarter revenues of $83 million an 8.4% increase. Despite top line growth, gross profit declined 2.7% to $25 million due to higher supplies and contract services expenses, resulting in a 330 basis point decline and gross margin to 30%.

理想情況下，大多數瀝青安裝發生在地面和氣溫都在 50 至 90 華氏度之間時。 Magnesia Specialties 創造了創紀錄的第一季度收入 8300 萬美元，增長 8.4%。儘管營收增長，但由於供應和合同服務費用增加，毛利潤下降 2.7% 至 2500 萬美元，導致毛利率下降 330 個基點，毛利率降至 30%。

We remain focused on the disciplined execution of our strategic plan, which emphasizes responsible growth through acquisitions, reinvestment in our business operations and the consistent return of capital to shareholders. During the quarter, we returned $117 million to shareholders through both dividend payments and share repurchases. We repurchased nearly 204,000 shares of common stock at an average price of approximately $368 per share in the first quarter.

我們仍然專注於嚴格執行我們的戰略計劃，該計劃強調通過收購、對我們的業務運營進行再投資以及持續向股東返還資本來實現負責任的增長。本季度，我們通過股息支付和股票回購向股東返還了 1.17 億美元。我們在第一季度以每股約 368 美元的平均價格回購了近 204,000 股普通股。

Since our repurchase authorization announcement in February 2015, we have returned a total of $2.4 billion to shareholders through a combination of meaningful and sustainable dividends as well as share repurchases. Our net debt-to-EBITDA ratio continued its downward trend and ended the quarter at 2.4x, within our targeted range of 2 to 2.5x. With that, I will turn the call back to Ward.

自 2015 年 2 月我們發布回購授權公告以來，我們通過有意義且可持續的股息以及股票回購相結合，向股東返還了總計 24 億美元。我們的淨債務與 EBITDA 比率繼續呈下降趨勢，本季度末為 2.4 倍，處於我們 2 至 2.5 倍的目標範圍內。有了這個，我會把電話轉回沃德。

Thanks, Jim. We like Martin Marietta's prospects in 2023 and beyond as we begin this year with great promise. We continue to experience healthy customer backlogs and are encouraged by a number of factors that support near, medium and long-term demand for our products across the infrastructure and heavy nonresidential construction sectors. As indicated in our supplemental materials, historic legislation including the Infrastructure Investment and Jobs Act or IIJA, Inflation Reduction Act and Chips Act are expected to provide funding certainty for large infrastructure, manufacturing and energy projects through the current period of macroeconomic uncertainty.

謝謝，吉姆。我們喜歡 Martin Marietta 在 2023 年及以後的前景，因為我們在今年開始時充滿希望。我們繼續經歷健康的客戶積壓，並受到許多支持基礎設施和重型非住宅建築行業對我們產品的近期、中期和長期需求的因素的鼓舞。正如我們在補充材料中指出的那樣，包括《基礎設施投資和就業法》或 IIJA、《降低通貨膨脹法》和《芯片法》在內的歷史性立法有望在當前宏觀經濟不確定時期為大型基礎設施、製造業和能源項目提供資金保障。

As such, we expect the related product demand for these key end-use segments to be largely insulated. We'll start with infrastructure, which accounted for 32% of first quarter aggregate shipments. The value of state and local government highway bridge and tunnel contract awards, a leading indicator for our future product demand, is meaningfully higher year-over-year with growth of 16% to a record $104 billion for the 12-month period ending March 31, 2023.

因此，我們預計這些關鍵最終用途領域的相關產品需求將在很大程度上被隔離。我們將從基礎設施開始，它佔第一季度總出貨量的 32%。截至 3 月 31 日的 12 個月期間，作為我們未來產品需求的領先指標，州和地方政府公路橋樑和隧道合同授予的價值同比顯著增加，增長 16%，達到創紀錄的 1040 億美元, 2023.

Importantly, state Departments of Transportation, or DOTs in key Martin Marietta states are well positioned from a readiness and resource perspective to utilize the full allocation of federal dollars received from the IIJA in fiscal year 2023. Also late last year, the President signed the fiscal year 2023 spending package, which included the Cornyn - Padilla Amendment, allowing states and local municipalities to allocate unused COVID-19 relief dollars for infrastructure projects.

重要的是，從準備和資源的角度來看，州交通部或主要馬丁瑪麗埃塔州的 DOT 處於有利地位，可以利用 2023 財年從 IIJA 收到的全部聯邦資金分配。同樣在去年年底，總統簽署了財政2023 年支出方案，其中包括 Cornyn - Padilla 修正案，允許各州和地方市政當局為基礎設施項目分配未使用的 COVID-19 救助資金。

This amendment alone is estimated to provide an additional $40 billion of available infrastructure funding to Martin Marietta's top 10 states. We expect this step change in public sector investment stemming from a number of historic legislative actions to drive sustained multiyear demand for our products in this important, often countercyclical end market. Moving now to nonresidential construction, this quarter's largest end-use representing 38% of our aggregate shipments.

據估計，僅這項修正案就可以為 Martin Marietta 排名前 10 位的州提供額外 400 億美元的可用基礎設施資金。我們預計公共部門投資的這一階躍變化源於一系列歷史性的立法行動，以推動這個重要的、通常是反週期的終端市場對我們產品的持續多年需求。現在轉向非住宅建築，這是本季度最大的最終用途，占我們總出貨量的 38%。

Heavy industrial projects led by energy, onshore manufacturing and data centers continue to drive demand in the segment accounting for the majority of total nonresidential shipments. The large project pipeline remains robust. As an example, estimated aggregates requirements for key Gulf Coast petrochemical projects have increased by over 33% since our last earnings report. The aggregates intensity of these Gulf Coast projects is immense.

以能源、陸上製造和數據中心為主導的重工業項目繼續推動該領域的需求，佔非住宅總出貨量的大部分。大型項目管道仍然強勁。例如，自我們上一份收益報告以來，主要墨西哥灣沿岸石化項目的骨料需求估計增加了 33% 以上。這些墨西哥灣沿岸項目的總強度是巨大的。

And importantly, we have the production capacity and the long-haul logistics capabilities to supply specification products to these significant projects in a timely manner. In addition to large petrochemical facilities, electric vehicle and related battery plants, semiconductor and other critical product domestic manufacturing projects will be supported by enhanced federal investment from the Inflation Reduction Act and Ships Act, resulting in an extended cycle with the aggregate-intensive, heavy nonresidential sector.

重要的是，我們擁有及時為這些重大項目提供規格產品的生產能力和長途物流能力。除了大型石化設施、電動汽車和相關電池廠、半導體和其他關鍵產品國內製造項目外，還將通過《降低通貨膨脹法》和《船舶法》獲得更多聯邦投資的支持，從而延長聚合密集型、重型非住宅部門。

With respect to the light nonresidential end market, we've yet to experience any notable weakness in this segment as shipments due in-process projects continue. With that said, new projects may have more difficulty accessing capital if commercial lending conditions meaningfully tighten. As such, we expect a slowdown in product shipments to the light nonresidential sector later this year.

關於輕型非住宅終端市場，我們尚未在該細分市場中遇到任何明顯的疲軟，因為在建項目的出貨量仍在繼續。話雖如此，如果商業貸款條件顯著收緊，新項目可能更難獲得資金。因此，我們預計今年晚些時候向輕型非住宅部門的產品出貨量將放緩。

Residential shipments accounted for 25% of total aggregate shipments this quarter, reflecting a modest 2.6% decline from the prior year as resilient multifamily construction, partially offset the single-family affordability air pocket. Importantly, recent public homebuilder sentiment has been notably upbeat with respect to single-family housing, and we have observed recent positive data indicative of a near-term bottoming in certain of our (inaudible) markets.

本季度住宅出貨量佔總出貨量的 25%，較上年同期小幅下降 2.6%，原因是彈性多戶住宅建設部分抵消了單戶住宅的負擔能力。重要的是，最近公共房屋建築商對單戶住宅的情緒明顯樂觀，我們觀察到最近的積極數據表明我們的某些（聽不清）市場近期觸底。

Longer term, the structural housing deficit resulting from a decade of underbuilding is expected to drive a base level of demand for single-family homes across key Martin Marietta geographies for the foreseeable future. To conclude, our record-setting first quarter performance provides excellent momentum going into the balance of the year. As a result, we're confident in our ability to achieve the high end of our previously announced 2023 financial guidance range and navigate the current macroeconomic backdrop.

從長遠來看，十年建設不足導致的結構性住房短缺預計將在可預見的未來推動馬丁瑪麗埃塔主要地區對單戶住宅的基本需求水平。總而言之，我們創紀錄的第一季度業績為今年餘下時間提供了極好的勢頭。因此，我們對實現先前宣布的 2023 年財務指導範圍的高端並駕馭當前宏觀經濟背景的能力充滿信心。

Taking a broader view, we believe that our financial results validate the secular durability of our proven aggregates-led business model as we continue along our path of building and maintaining the safest, most resilient and best-performing aggregates-led public company. If the operator will now provide the required instructions, we'll turn our attention to addressing your questions.

從更廣泛的角度來看，我們相信，隨著我們繼續沿著建設和維護最安全、最具彈性和表現最佳的聚合主導的上市公司的道路前進，我們的財務業績驗證了我們久經考驗的以聚合為主導的商業模式的長期耐久性。如果接線員現在提供所需的說明，我們將把注意力轉向解決您的問題。

(Operator Instructions). The first question comes from Adam Thalhimer with Thompson, Davis.

（操作員說明）。第一個問題來自 Adam Thalhimer 和 Thompson, Davis。

Guys, amazing quarter. Was there anything -- maybe it's a question for Jim, but was there anything that specifically helped Q1 aggregates margins? And how are you thinking about aggregates margins as we move into the middle of the year?

伙計們，驚人的季度。有什麼——也許這是吉姆的問題，但有什麼特別有助於第一季度總利潤的嗎？當我們進入年中時，您如何看待總利潤率？

Yes. The main answer to the question is ASP growth. That carried a lot of the weight, and it was just obviously a phenomenal performance this year. So that really is the answer. And of course, that's going to carry through into the subsequent quarters as well. That sticks, as you know. So no real changes or unusual items on the cost side but ASO did the (inaudible) work. Plus, as you know, we advanced pricing increases from April 1 into January 1 successfully this year, and that had a big impact as well.

是的。這個問題的主要答案是平均售價的增長。這承載了很大的分量，這顯然是今年的非凡表現。這就是答案。當然，這也將延續到隨後的幾個季度。如你所知，那很重要。因此，在成本方面沒有真正的變化或不尋常的項目，但 ASO 做了（聽不清）工作。另外，如您所知，我們今年成功地將價格上漲從 4 月 1 日提前到 1 月 1 日，這也產生了重大影響。

Adam, one thing I'll add to that too to keep in mind, what we've said on pricing so far this year does not take into account the midyears that we think we're going to have in place this year. You heard me speak to them in the prepared remarks, we think we see more mid-years. And we think we see higher midyears coming in this year than we thought we saw even in February. And so I think there are a couple of different components as we think about the margins going forward.

亞當，我還要補充一件事要記住，我們今年到目前為止所說的定價沒有考慮到我們認為今年將要實施的年中。你聽到我在準備好的發言中與他們交談，我們認為我們會看到更多的年中。而且我們認為，今年年中的銷量甚至比我們在 2 月份的預期還要高。因此，我認為在我們考慮未來的利潤率時，有幾個不同的組成部分。

Our next question comes from Kathryn Thompson with Thompson Research Group.

我們的下一個問題來自 Thompson Research Group 的 Kathryn Thompson。

And I appreciate the color that you gave previously on pricing. And tagging into that and just a bigger picture question. When we look at -- for big trends that are impacting the U.S. reshoring, near shoring, population shift, increasing environmental focus and then government support through IIJA, the Inflation Reduction Act and the CHIPS Act. When you look at those 4 factors, how does Martin Marietta win in this? And what does that mean for pricing realistically in the mid- to long term?

我很欣賞你之前在定價上給出的顏色。並將其標記為一個更大的圖片問題。當我們審視影響美國回流、近岸回流、人口轉移、環境關注度提高以及政府通過 IIJA、《通貨膨脹減少法案》和《籌碼法案》提供支持的大趨勢時。當您查看這 4 個因素時，Martin Marietta 如何在這方面獲勝？這對於中長期的現實定價意味著什麼？

Kathryn, thanks for your question. To your question, as we think about pricing and we think about markets, I think several things. One, Kathryn, what you said I agree with. I sum up much of what you said in these words, so I think we're looking at what can be a manufacturing renaissance in the United States. The fact is we as a nation has to get back to building things. And what we're going to see is a nice combination of public spending relative to infrastructure or I should say, investment.

凱瑟琳，謝謝你的問題。對於你的問題，當我們考慮定價和市場時，我會考慮幾件事。第一，凱瑟琳，你說的我同意。我用這些話總結了你所說的大部分內容，所以我認為我們正在研究什麼可以成為美國製造業的複興。事實上，作為一個國家，我們必須重新開始建設。我們將看到的是公共支出與基礎設施或我應該說的投資的完美結合。

We're going to see a lot more manufacturing in the United States, whether it's CHIPS or otherwise. And we're already seeing a nice burgeoning growth in energy. So let's take those 3 things and then step back away from it and think about the where. And I think that's where Martin Marietta is going to be uniquely positioned to win, as you said, going through this because as we think about the position that we've built in the Eastern United States along the I-5, I-95, I-40 corridor, where we are in the central U.S. along the I-35 corridor in Texas, which remember that corridor in Texas all by itself has more people than the Commonwealth of Pennsylvania.

我們將在美國看到更多的製造業，無論是 CHIPS 還是其他。我們已經看到了能源的蓬勃發展。所以讓我們把這三件事放在一邊，然後退後一步，想想它在哪裡。正如你所說，我認為這就是 Martin Marietta 將處於獲勝的獨特位置，因為當我們考慮我們在美國東部沿 I-5、I-95 建立的地位時， I-40 走廊，我們位於美國中部，沿著德克薩斯州的 I-35 走廊，它記得德克薩斯州的走廊本身比賓夕法尼亞州的人口還多。

If you look at the slowest -- I mean, excuse me, the smallest mega region, but fastest growing up and down the I-25 corridor in Colorado, again, we have a very attractive position up and down I-25 where a lot of people are coming in. And now we have to position up and down the I-4 corridor in California as well. So I do think the commercial aspect of what we're doing now and the commercial aspect of what we're doing going forward will be very attractive.

如果你看看最慢的 - 我的意思是，對不起，最小的特大區域，但在科羅拉多州的 I-25 走廊上下增長最快，我們在 I-25 上下都有一個非常有吸引力的位置，那裡有很多人們進來了。現在我們還必須在加利福尼亞州的 I-4 走廊上下定位。所以我確實認為我們現在所做的商業方面以及我們未來所做的商業方面將非常有吸引力。

But I think the way that we have very intentionally built out this business in mega regions in the United States trading out of areas that were slower growth into areas that are faster growth and will be that way for the long term is going to make the difference. Similarly, keep in mind, we positioned ourselves in states that are in very good shape from a DOT perspective, and we think that matters a lot.

但我認為，我們非常有意地在美國的大型地區建立這項業務的方式，從增長較慢的地區進入增長較快的地區，從長遠來看，這種方式將會產生影響.同樣，請記住，從 DOT 的角度來看，我們將自己定位在狀態非常好的狀態，我們認為這很重要。

So if we're looking at public spend, which we think it's likely to be the single biggest driver of our business over the next several years, keep in mind, 1/3 of the $110 billion in the IIJA that are going to roads and bridges, a full 1/3 of that is going to our top 10 states. So we talk about housing a lot of times just generally, and it's all about location.

因此，如果我們關注公共支出，我們認為這可能是未來幾年我們業務的最大單一驅動力，請記住，IIJA 的 1100 億美元中有 1/3 用於道路和橋樑，其中整整 1/3 流向了我們排名前 10 位的州。所以我們很多時候只是籠統地談論住房，而這都是關於位置的。

I would tell you this business, too, is about location. And that location will drive volumes and that location will also drive the pricing. So Kathryn, I hope that gives you a good snapshot of how we look at it.

我會告訴你這項業務也與位置有關。該位置將推動銷量，該位置也將推動定價。所以凱瑟琳，我希望這能讓你很好地了解我們是如何看待它的。

The next question comes from Trey Grooms with Stephens.

下一個問題來自 Trey Grooms 和 Stephens。

So first, just as a point of clarity, you mentioned, Ward, that your guidance doesn't include maybe your increases, I know for sure, in aggregates. But is that also the case for the $10 cement price increase that you just talked about?

所以首先，為了清楚起見，Ward，你提到你的指導可能不包括你的增長，我肯定知道，總的來說。但是你剛才說的10元水泥漲價也是這樣嗎？

Yes, Trey, it is. So again, we've communicated with our customers in April that we're looking for a $10 a ton increase at half year. And again, that is not yet included in our guidance, which we're saying we're going to revisit more formally at half year.

是的，特雷，是的。因此，我們在 4 月份再次與客戶溝通，我們希望在半年內每噸增加 10 美元。再一次，這還沒有包含在我們的指南中，我們說我們將在半年內更正式地重新審視它。

Okay. Ward, I wanted to ask about your Tehachapi cement plant since the FTC recently put that deal to the sidelines. And just would love to get some color from you on maybe your expectations for that asset going forward.

好的。 Ward，我想問問你的 Tehachapi 水泥廠，因為 FTC 最近擱置了那筆交易。並且很想從你那裡得到一些關於你對該資產未來的期望的顏色。

Happy to respond to that. Thank you, Trey. Yes, it was interesting when the termination of that transaction with CalPortland was announced, we actually had a good bit of incoming, and that was not a surprise to us. So we've heard from a number of parties expressing interest in that asset as you saw from our release today. We've also transacted and sold the import cement business in California at Stockton.

很高興對此作出回應。謝謝你，特雷。是的，有趣的是，當宣布終止與 CalPortland 的交易時，我們實際上收到了很多收入，這對我們來說並不奇怪。因此，正如您從我們今天發布的內容中看到的那樣，我們已經從多方那裡了解到對該資產的興趣。我們還在斯托克頓交易並出售了加州的進口水泥業務。

So again, consistent with our view of what is strategic cement, strategic cement for us is that wonderful cement business that you've heard about in Texas. We will continue to move forward with the process relative to Tehachapi. We feel confident that we will get very attractive value for that. And we feel confident we will transact on that this year. So that's the way we're looking at that right now, Trey.

因此，再次重申，與我們對戰略水泥的看法一致，對我們而言，戰略水泥就是您在德克薩斯州聽說過的出色水泥業務。我們將繼續推進與 Tehachapi 相關的流程。我們相信我們將為此獲得非常有吸引力的價值。我們有信心今年會就此進行交易。這就是我們現在看待這個問題的方式，Trey。

The next question comes from Stanley Elliott with Stifel.

下一個問題來自 Stifel 的 Stanley Elliott。

Congratulations on the strong start to the year. I guess, kind of sticking on the Texas cement market, it's certainly been a differentiator for you all. Maybe can you speak to some of the confidence or some of the conversations you're having around the second increase with pricing up, what, like 30% year-over-year? And then also kind of the health of the market and the ability to absorb the additional production on the PLC side. And then finally, maybe expectations around cost there?

祝賀今年開局強勁。我想，有點堅持德克薩斯水泥市場，它肯定是你們所有人的差異化因素。也許你能談談你在第二次定價上漲時的一些信心或一些對話，比如同比增長 30%？然後也是市場的健康狀況和吸收 PLC 方面額外生產的能力。最後，也許是對成本的期望？

Stanley, thank you so much for the question. So if we really think about what we're looking at from a volume perspective in that state, it's probably going to be around 4.2 million tons this year. Keep in mind, the need for cement in Texas is far greater than the ability to produce it domestically is in Texas today. So number one, you start with that market fundamental, and that's a very attractive place to be.

斯坦利，非常感謝你提出這個問題。因此，如果我們真的從該州的數量角度考慮我們正在看的東西，今年可能會達到 420 萬噸左右。請記住，德克薩斯州對水泥的需求遠遠超過當今德克薩斯州在國內生產水泥的能力。所以第一，你從市場基本面開始，這是一個非常有吸引力的地方。

As you know, the largest portion of our cement business is in North Texas. It's led by our Midlothian plant. So as we indicated for the quarter, volumes were down 6.8% overall, largely due to weather. But if we're looking at North Texas, they were down about 1.6%. So again, biggest single piece of our business in Texas remains very robust. Relative to the pricing conversations that we're having with customers, they're aware of where we're going.

如您所知，我們水泥業務的最大部分位於德克薩斯州北部。它由我們的中洛錫安工廠領導。因此，正如我們在本季度指出的那樣，總體銷量下降了 6.8%，這主要是由於天氣原因。但如果我們看看北德克薩斯，它們下降了約 1.6%。因此，我們在德克薩斯州最大的單一業務仍然非常強勁。相對於我們與客戶進行的定價對話，他們知道我們要去哪裡。

They're aware of the cost inputs that we continue to see in portions of our business, particularly relative to supplies, materials, those types of things. So as we're sitting here today, again, we've recognized the vast majority of the price increase that we put in place relative to January 1. We're anticipating success on the one that we're looking at on July 1 as well.

他們知道我們在部分業務中繼續看到的成本投入，特別是與供應、材料和那些類型的東西有關的成本投入。因此，當我們今天坐在這裡時，我們再次認識到我們相對於 1 月 1 日實施的價格上漲的絕大部分。我們預計我們在 7 月 1 日看到的價格會取得成功，因為出色地。

And we think the overall position of the Texas market -- and keeping in mind a lot of the infrastructure in that state is concrete, most of the roads in Texas are concrete roads and about half of our cement finds its way to infrastructure. So I think when you take the way that state is literally built and where our positions are in Central and North Texas: number one, we feel confident in the durability of the business; and number two, we feel confident in what we're going to be able to do [happier] relative to pricing.

我們認為得克薩斯州市場的整體狀況——請記住該州的許多基礎設施是混凝土的，得克薩斯州的大部分道路都是混凝土道路，我們大約一半的水泥都用於基礎設施。因此，我認為，當您按照字面上的方式構建州以及我們在德克薩斯州中部和北部的位置時：第一，我們對業務的持久性充滿信心；第二，我們對我們將能夠做的事情充滿信心 [更快樂] 相對於定價。

The next question comes from Jerry Revich with Goldman Sachs.

下一個問題來自高盛的 Jerry Revich。

I wanted to ask, aggregates gross margins on a like-for-like basis, you were essentially flat sequentially versus normal seasonality that where you'd be normally down 12 points. And I'm just wondering, as we consider building off of this margin run rate into 2Q, applying normal seasonality would suggest moderate gross margins in the low to mid-40s, that's excluding delivery revenues in the second quarter.

我想問一下，在類似的基礎上匯總毛利率，與正常的季節性相比，你基本上持平，而你通常會下降 12 個百分點。我只是想知道，當我們考慮將這個利潤率運行到第二季度時，應用正常的季節性將表明在 40 年代中期的毛利率適中，這不包括第二季度的交付收入。

So I just want to make sure we don't get up over our skis and run rating the performance here. Anything we should keep in mind relative to that normal seasonality that just mathematically suggest excluding delivery revenues you'd be in aggregates gross margins in the low to mid-40s in 2Q?

所以我只是想確保我們不會因為滑雪板而起床並在這裡對性能進行評級。相對於正常的季節性，我們應該記住什麼，只是在數學上建議排除交付收入，你將在第二季度的 40 年代中期到中期的總毛利率？

Jerry, thank you for the questions. So yes, let's be careful with the skis. So the short answer is we're going to see a very nice continued build in margins this year. But the normal build that you would see going from 1 to 2, that would be much larger than it is in most quarters. You won't see that same quantum leap this year. In large measure because as you pointed out, Q1 was so attractive.

傑瑞，謝謝你的提問。所以，是的，讓我們小心滑雪板。所以簡短的回答是我們今年將看到非常好的利潤率持續增長。但是你會看到從 1 到 2 的正常構建，這將比大多數區域大得多。今年你不會看到同樣的飛躍。在很大程度上是因為正如您所指出的，Q1 非常有吸引力。

So do we intend to see and expect to see margin expansion going into Q2 and for the balance of the year. The answer is we do. But I would seriously urge you, don't go leaning into that same degree of percentages that you would have seen in years past. And keep in mind, Jerry, in many respects, we're seeing an EBITDA in Q1 that would have looked like our EBITDA for a full year in 2010.

我們是否打算看到並期望看到利潤率在第二季度和今年餘下時間擴張。答案是我們這樣做。但我會認真地敦促你，不要傾向於你在過去幾年看到的那種程度的百分比。請記住，Jerry，在許多方面，我們在第一季度看到的 EBITDA 看起來就像我們 2010 年全年的 EBITDA。

So again, we've built the business very intentionally to be more durable through cycles and through quarters. But given this outstanding performance in Q1, I expect really attractive performance this year. But yes, let's not get too far ahead of ourselves on those percentages. Jim, anything you want to add to that in particular?

因此，我們再次有意建立業務，使其在整個週期和季度中更加持久。但鑑於第一季度的出色表現，我預計今年的表現會非常吸引人。但是，是的，我們不要在這些百分比上走得太遠。吉姆，你有什麼特別想補充的嗎？

Yes. No. Just Jerry, as you think about sort of Q1, Q2, Q3, Q4, our 3- or 5-year average would show a bigger bump in the line spike in Q2 and Q3. I think for 2023, you should view a higher Q1 and a lower Q2 and Q3 vis-a-vis percent of total profits for the year. So 100% of the profits over the 4 quarters, more in Q1 this year than is typical. But take a little bit out of Q2 and Q3 as a percent of total.

是的。不，傑里，當你考慮第一季度、第二季度、第三季度、第四季度時，我們的 3 年或 5 年平均值會顯示第二季度和第三季度的線尖峰有更大的顛簸。我認為對於 2023 年，你應該看到更高的第一季度和更低的第二季度和第三季度佔全年總利潤的百分比。所以 4 個季度 100% 的利潤，今年第一季度比往常更多。但是從第二季度和第三季度佔總數的百分比中取出一點。

The next question comes from Anthony Pettinari with Citigroup.

下一個問題來自花旗集團的 Anthony Pettinari。

This is (inaudible) on for Anthony. If I think about some of the possible drivers of what seems like better than expected realization on your January hike, I think of it maybe like some combination of stronger backlog of demand, maybe some higher anticipated inflation in the industry or maybe some customer rationalization. So in terms of the pricing we saw in 1Q, what would you point to as maybe a bigger driver or maybe a combination of drivers? And then highlight any differences there may be between aggregates and cement?

這是安東尼的（聽不清）。如果我考慮一些可能的驅動因素，這些因素似乎比你 1 月份的加息實現的預期要好，我認為這可能是需求積壓增加的某種組合，可能是行業預期通脹較高，或者可能是一些客戶合理化。因此，就我們在第一季度看到的定價而言，您認為什麼可能是更大的驅動因素或驅動因素的組合？然後強調集料和水泥之間可能存在的任何差異？

Thank you for the question. I think there are a number of different drivers. I think, number one, clearly, inflation just moved very rapidly last year. And what we've proven in this business through cycle after cycle is this is a very durable business. If inflation spikes, very, very quickly, we cannot keep up with the mediacy, but we will catch up with it. We will tend to pass it. And I think that's what you saw.

感謝你的提問。我認為有許多不同的驅動因素。我認為，第一，很明顯，去年通貨膨脹的速度非常快。我們通過一個又一個週期在這個行業中證明的是，這是一個非常持久的行業。如果通脹非常非常快地飆升，我們就無法跟上媒體的步伐，但我們會趕上它。我們將傾向於通過它。我想這就是你所看到的。

So I think you saw a cumulative action of several different builds from price increases last year, number one; number two, we were very purposeful in moving a number of price increases from April 1 to January 1. That was impactful as well. Keep in mind, the one thing that we've called out that I do think is really important is we have not built midyears into what we're looking at right now, although we do believe midyears are coming.

所以我認為你看到了去年價格上漲導致的幾種不同構建的累積作用，第一；第二，我們非常有目的地將一些價格上漲從 4 月 1 日推遲到 1 月 1 日。這也有影響。請記住，我們提出的一件事我認為非常重要，那就是我們還沒有將年中納入我們現在正在研究的內容中，儘管我們確實相信年中即將到來。

So I think those are the primary drivers. I think, secondarily, is really where we've moved our business over time. So if we're looking at a very strong business in portions of the Southeast and Mid-Atlantic, a very strong business in Texas and an emerging business in California, I think all of those help us as we think about the commercial aspects of what we're doing and the fact that aggregates into relatively small percentage of the overall cost of construction.

所以我認為這些是主要的驅動因素。我認為，其次，我們確實隨著時間的推移轉移了我們的業務。因此，如果我們在東南部和大西洋中部的部分地區尋找一家非常強大的企業，在德克薩斯州尋找一家非常強大的企業，在加利福尼亞州尋找一家新興企業，我認為所有這些都會幫助我們考慮商業方面的問題我們正在做的事實是，合計佔總建設成本的比例相對較小。

And I think those factors coalesce together to put us in a position that we can expand margins in a business where you have a depleting natural resource. And what we recognize is the stone in the ground is worth more tomorrow than it is today and mindful of how difficult that can be to replace. We want to make sure we're getting fair value for those products today.

我認為這些因素結合在一起，使我們能夠在自然資源枯竭的企業中擴大利潤率。我們認識到，地下的石頭明天比今天更值錢，並且要意識到更換它有多麼困難。我們希望確保我們今天獲得這些產品的公允價值。

The next question comes from Michael Feniger with Bank of America.

下一個問題來自美國銀行的 Michael Feniger。

Ward, you talked about how pricing lagged inflation last year in the beginning. Now your pricing is well ahead of inflation. Just -- how do we think about that spread of price versus cost inflation into 2024? Can that spread be outsized in '24 as you edge the year with double-digit price increases, the mid-year price increases come through and we start to see cost inflation start to roll over such as oil and diesel?

沃德，你談到了去年定價如何滯後於通貨膨脹。現在你們的定價遠遠領先於通貨膨脹。只是 - 我們如何看待 2024 年價格與成本通脹之間的差距？當您以兩位數的價格上漲、年中價格上漲以及我們開始看到石油和柴油等成本通脹開始回升時，這種價差在 24 年能否擴大？

Michael, thank you for the question. Number one, if we're looking at overall cost inflation today, it's probably running, let's call it, 7%. So that's not a bad way to think of it. If we're looking at some of the big movers last year, obviously, energy was a really big mover last year, not as much on a quarter-over-quarter basis. So if we're looking at energy up, let's call it, high single digits -- supplies and repairs are the ones that were actually up in -- supplies low teens, repairs low 20s on a percentage basis.

邁克爾，謝謝你的提問。第一，如果我們看今天的整體成本通脹，它可能正在運行，我們稱之為 7%。所以這不是一個糟糕的思考方式。如果我們看看去年的一些大動作，顯然，去年能源是一個真正的大動作，而不是季度環比。因此，如果我們正在研究能量上升，我們稱之為高個位數——供應和維修是實際上升的——供應低十幾歲，維修低 20 %。

At the same time, if we look at what we're doing relative to pricing, we think at this point, we are likely to stay ahead of that. We think we are likely to see margin expansion. And it's certainly our aim to see that throughout '23 and into '24. Again, back to the notion that we're relatively small cost of the overall construction, and we have a product that, by its very nature, is depleting. And despite the fact that because of good planning, we have very long-lived reserves in our operations today.

與此同時，如果我們看看我們在定價方面所做的事情，我們認為在這一點上，我們可能會保持領先地位。我們認為我們可能會看到利潤率擴張。我們的目標當然是在整個 23 年和 24 年看到這一點。再一次，回到我們在整體建設中成本相對較小的概念，而且我們的產品就其本質而言正在耗盡。儘管由於良好的規劃，我們今天的運營中擁有非常長壽的儲備。

And I think that's important to call out. But nonetheless, I don't think prudent planning on our part should serve as something that would be a detriment on us utilizing our positions to make sure we're getting expanded margins through the cycle for the rest of this year and into next year.

我認為這很重要。但儘管如此，我認為我們謹慎的計劃不應損害我們利用我們的頭寸來確保我們在今年餘下時間和明年的周期中獲得擴大的利潤率。

The next question comes from Timna Tanners with Wolfe Research.

下一個問題來自 Wolfe Research 的 Timna Tanners。

I have 2 high-level questions, if I could sneak them in. One is just given the nice beat in the first quarter EBITDA and the repeated confidence in mid-quarter midyear price hikes, why just steer to the high end of guidance? Is there something that's keeping you from changing the range? And then similarly on -- when you think about cash use, really nice share buybacks. Does that have any commentary on the M&A opportunities that you're seeing or is it just a combination of ways to use cash?

我有 2 個高層次的問題，如果我能偷偷提出來的話。一個是考慮到第一季度 EBITDA 的良好表現以及對年中價格上漲的一再信心，為什麼只轉向指導的高端？有什麼東西阻止你改變範圍嗎？然後類似地 - 當你考慮現金使用時，非常好的股票回購。這是否對您所看到的併購機會有任何評論，或者它只是使用現金的方式的組合？

Thank you for that. Relative to guidance, we just feel like January, February and March is really early to change guidance. Obviously, you can tell from my tone, you can tell from our prepared remarks that we have a lot of confidence in the year. Obviously, as we've said, it doesn't take into account mid-years. So our view is let's come back at half year, let's revisit guidance. Then we can do it, I think, with much more precision then.

謝謝你。相對於指導，我們只是覺得 1 月、2 月和 3 月改變指導真的太早了。顯然，你可以從我的語氣中看出來，從我們準備好的發言中可以看出，我們對這一年充滿信心。顯然，正如我們所說，它沒有考慮年中。所以我們的觀點是讓我們在半年後回來，讓我們重新審視指導。然後我們就可以做到，我想，然後更精確。

So our view is we'll just come back and do it then. Relative to the buybacks, I guess several things. Number one, we obviously had some degrees of dilution just through compensation. We like to address that on an annual basis. Clearly, we've gone in more deeply than that. In many respects, Timna, frankly, because we thought buying Martin Marietta made a lot of sense to us, given where the share price was.

所以我們的觀點是我們會回來然後再做。相對於回購，我猜有幾件事。第一，我們顯然只是通過補償進行了一定程度的稀釋。我們希望每年解決這個問題。顯然，我們比這更深入。在很多方面，Timna，坦率地說，因為考慮到股價，我們認為收購 Martin Marietta 對我們來說很有意義。

So from the perspective of just general uses of cash, that made sense to us. It is not a reflection, let me be clear, on how we're looking at the M&A marketplace right now because what I can assure you is actually the dialogue that we have ongoing and the pipeline actually looks as good as I've ever seen it look. And I think there's some potential transactions that we can discuss later in the year that will largely be pure aggregates in nature, that will be attractive and that will be important.

因此，從現金的一般用途的角度來看，這對我們來說是有意義的。讓我明確一點，這不是反映我們現在如何看待併購市場，因為我可以向你保證的是我們正在進行的對話，而且管道實際上看起來和我見過的一樣好它看起來。而且我認為我們可以在今年晚些時候討論一些潛在的交易，這些交易本質上將主要是純粹的聚合，這將是有吸引力的，這將是重要的。

So one of the nice circumstances that we have is this business is cash generative of that we can look at multiple ways to return cash to shareholders and increase value. Share buybacks being one of them, a solid dividend that continues to go up is another way to do it and then [NCDOT] accretive acquisitions is a third. So that's how I would answer your questions very directly, Timna.

因此，我們擁有的一個很好的情況是，這項業務可以產生現金，我們可以考慮多種方式將現金返還給股東並增加價值。股票回購是其中之一，持續上漲的穩定股息是另一種方式，然後 [NCDOT] 增值收購是第三種方式。 Timna，這就是我非常直接地回答你問題的方式。

The next question comes from David McGregor with Longbow Research.

下一個問題來自 Longbow Research 的 David McGregor。

This is really turning. I guess just if I could just build up to Timna's questions for a second, and then I had a principal question. But what is your capital allocation is the longer term because clearly, we're heading into a period, this isn't just 2023. You're heading into a multiyear period of expanding free cash flow.

這真是翻天覆地。我想如果我能先回答一下 Timna 的問題，然後我就有了一個主要問題。但是你的資本配置是長期的，因為很明顯，我們正在進入一個時期，這不僅僅是 2023 年。你正在進入一個多年的自由現金流擴張時期。

And so the question from a capital allocation standpoint is, is the principal use of that cash at this point to grow by acquisition? Or is there an opportunity to go in, extend your reserve life and expand organically? And just more of a longer-term view on how you put all of these returns to work.

因此，從資本配置的角度來看，問題是，此時現金的主要用途是通過收購實現增長嗎？或者是否有機會進入，延長儲備壽命並有機擴張？以及如何讓所有這些回報發揮作用的更長遠的觀點。

And then if I just give you my question now, I really want to just parse out the ASP growth. Obviously, an awfully strong performance, but how much of this is related to just volume growth in the East versus volume declines in the West this quarter? And as you talked about the timing of implementing pricing in January 1 this year versus April 1 last year, it would be great just if you could bridge those points to the reported number. It would be a big help.

然後，如果我現在就給你我的問題，我真的想解析 ASP 的增長。顯然，這是一個非常強勁的表現，但這在多大程度上與本季度東部地區的銷量增長與西部地區的銷量下降有關？當你談到今年 1 月 1 日與去年 4 月 1 日實施定價的時間時，如果你能將這些點與報告的數字聯繫起來，那就太好了。這將是一個很大的幫助。

Happy to do what I can, David. Thank you very much. Let's talk first about capital allocation. As we think about capital allocation, to your point, we've not changed our priorities. So our best use of capital is doing the right transaction in the right place. One of the things that we find so remarkable about this business, as we've gone out look in geographies where we would have an interest and looked in areas in which we believe we could also buy businesses, here's what I'll tell you, we found there were what we think are 200 million tons a year of businesses on a per annum basis that we could acquire.

很高興盡我所能，大衛。非常感謝。先說資金配置。在我們考慮資本配置時，就您的觀點而言，我們沒有改變我們的優先事項。所以我們對資本的最佳利用是在正確的地方做正確的交易。我們發現這項業務如此引人注目的一件事是，當我們出去尋找我們會感興趣的地區並尋找我們認為我們也可以購買企業的領域時，這就是我要告訴你的，我們發現我們每年可以收購我們認為每年 2 億噸的企業。

So think of it in these terms, David, that's another Martin Marietta that's out there. So if we're looking at modestly over 210 million tons of production or sales last year, there are businesses out there that are modestly bigger than that, that we think would be attractive to us in the geographies that we said we want to grow, number one; number two, if we think about the quarter that you just saw, and again, you're looking at something the same way that I do. And that is, we think we're entering a series of years here that will be very attractive, here's the way I would encourage you to think about the volume.

所以用這些術語來想一想，大衛，那是另一個馬丁·瑪麗埃塔。因此，如果我們去年的產量或銷量略高於 2.1 億噸，那麼有些企業的規模會比這略大，我們認為在我們說我們想要發展的地區對我們有吸引力，第一;第二，如果我們再想想你剛剛看到的那個季度，你正在看的東西和我一樣。也就是說，我們認為我們正在進入一系列非常有吸引力的年份，這就是我鼓勵你考慮數量的方式。

I'm just going to talk a little bit about what was weather affected in the first quarter. And as we look at weather effects in the first quarter, what I would tell you is, overall, if we're looking in the East, where actually the weather was relatively normal and dry, volumes there were up about 570,000 tons. If we look in the Southwest, again, our largest market by revenue, profitability and otherwise, actually, they had almost 2x the rain that we saw in the prior year quarter.

我只想談談第一季度天氣受到的影響。當我們觀察第一季度的天氣影響時，我要告訴你的是，總體而言，如果我們看東部，那裡的天氣實際上相對正常和乾燥，那裡的產量增加了約 570,000 噸。如果我們再看看西南地區，按收入、盈利能力和其他方面來看，我們最大的市場，實際上，他們的降雨量幾乎是去年同期的兩倍。

Similarly, if we look at Central -- and keep in mind, Central is never going to be a big contributor in Q1 with the possible exception of agg line because people tend to put that on their fields in the winter, they can do if it's cold, they can't do if it's wet, and Central had the wettest Q1 since 2010. And then the West had record rains.

同樣，如果我們看一下 Central——請記住，Central 永遠不會成為第一季度的主要貢獻者，除了 agg line 可能是個例外，因為人們傾向於在冬天把它放在他們的田地裡，如果它是寒冷，如果潮濕，他們就做不到，中部地區經歷了自 2010 年以來最潮濕的第一季度。然後西部地區出現了創紀錄的降雨。

So East was up about 570,000. California was down almost 1 million tons, as I said in my prepared remarks. And the Southwest was down about 320,000. So was there -- were there degrees of movement there? Absolutely. Did it really swing the quarter dramatically? Not so much. But I think that does give you a sense of what was happening underlying weather and otherwise in the quarter. So I hope that helps you build that bridge.

所以 East 上漲了大約 570,000。正如我在準備好的發言中所說，加利福尼亞減少了近 100 萬噸。西南地區減少了大約 320,000。那麼那裡有——那裡有一定程度的運動嗎？絕對地。它真的大幅改變了這個季度嗎？沒那麼多。但我認為這確實讓你了解了本季度潛在天氣和其他方面發生的事情。所以我希望這能幫助你建立那座橋樑。

The next question comes from Rohit Seth with Seaport Research.

下一個問題來自 Seaport Research 的 Rohit Seth。

Volumes seem to be holding up better than expected. Can you discuss your expectations for volumes by market? And maybe comment on what you're seeing today with shipments to the highway projects and what you're seeing with the ramp-up?

銷量似乎比預期的要好。您能否按市場討論您對銷量的預期？也許評論你今天看到的高速公路項目的出貨量以及你看到的增加量？

I won't go so much into what we're seeing right now on volume in specific markets because we'll talk more about that in the quarter to come, but here's what I would say. If I go through and really think about our leading states -- and I'll do it this way. If I talk about infrastructure first, TxDOT learnings are expected to exceed $11.2 billion this year. I mean that's an enormous amount. And if we're looking even into next year, it's $11.7 billion.

我不會過多地討論我們現在在特定市場上看到的數量，因為我們將在接下來的季度中更多地討論這個問題，但這就是我要說的。如果我經歷並真正考慮我們的主要州 - 我會這樣做。如果我首先談論基礎設施，TxDOT 的學習預計今年將超過 112 億美元。我的意思是這是一個巨大的數額。如果我們甚至展望明年，那就是 117 億美元。

If we're looking in Colorado, which is an important state for us, the recently passed $5.3 billion 10-year infrastructure bill we think is going to have great tailwinds to it. Here in North Carolina, part of what we've seeing here, one, North Carolina has shifted sales tax revenue to the highway fund. So that's going to be an additional 2% this year, 4% in '24, 6% in '25.

如果我們關注科羅拉多州，它對我們來說是一個重要的州，我們認為最近通過的 53 億美元的 10 年期基礎設施法案將對其產生巨大的推動作用。在北卡羅來納州，我們在這裡看到的一部分，北卡羅來納州已將銷售稅收入轉移到高速公路基金。所以今年將增加 2%，24 年增加 4%，25 年增加 6%。

And in large measure, we're seeing infrastructure increases by $7 billion in North Carolina over the next decade. Obviously, North Carolina is hugely important to us. In Georgia, despite the fact that they had suspended the gas tax proportions of last year, we're seeing $1.1 billion of surplus funds coming back into that. In Florida, record DOT spending, they've got a budget of $13 billion.

在很大程度上，我們預計未來十年北卡羅來納州的基礎設施建設將增加 70 億美元。顯然，北卡羅來納州對我們來說非常重要。在佐治亞州，儘管他們暫停了去年的汽油稅比例，但我們看到 11 億美元的盈餘資金重新投入其中。在佛羅里達州，DOT 的支出創歷史新高，他們的預算為 130 億美元。

Again, that's an all-time record. And in California, Governor Newsom has proposed an FY '24 (inaudible) trends budget of $20.7 billion. That's a 5.6% year-over-year increase. So that's on the federal side. Frankly, not taking into account what can come from Cornyn-Padilla and other things. If we're looking at nonres, and that's something that I think is just so important right now because as we look at those different markets in which we participate right now, Samsung and Texas, the Texas Instruments facility. Golden Pass, CPChem are all big projects.

再一次，這是一個歷史記錄。在加利福尼亞州，州長 Newsom 提出了 207 億美元的 FY '24（聽不清）趨勢預算。同比增長 5.6%。所以這是在聯邦方面。坦率地說，沒有考慮 Cornyn-Padilla 和其他東西可能帶來的影響。如果我們正在研究 nonres，那是我認為現在非常重要的事情，因為當我們研究我們現在參與的那些不同市場時，三星和德州，德州儀器工廠。 Golden Pass、CPChem都是大項目。

Equally, if we go to Colorado, High Point Logistics park near Aurora is something that's important. But in North Carolina, what we're seeing is Wolfspeed, Microsoft, Toyota, just a host of large industrial projects as well as port development in Georgia. We're seeing Rivian coming into social circle. We're seeing the Hyundai plant in Savannah. So I think to your point, Rohit, if we're looking across volume, and saying, public, we believe, is growing into the second half.

同樣，如果我們去科羅拉多，Aurora 附近的 High Point Logistics 園區也很重要。但在北卡羅來納州，我們看到的是 Wolfspeed、微軟、豐田，以及佐治亞州的一系列大型工業項目和港口開發項目。我們看到 Rivian 進入社交圈。我們在薩凡納看到了現代工廠。所以我認為你的觀點，羅希特，如果我們正在看量，並且說，我們相信，公眾正在增長到下半年。

We think the second half is where that's really going to show off. We think nonres, as you heard in my commentary, 38% of our shipments, the heavy side of that is good. It looks like it's going to stay good. What we're seeing on those petrochem projects in South Texas and Louisiana is extraordinary right now. And here's the other piece of it that I think is interesting.

我們認為下半場才是真正值得炫耀的地方。我們認為 nonres，正如你在我的評論中聽到的那樣，我們 38% 的出貨量，其中重的一面是好的。看起來它會保持良好狀態。我們現在在德克薩斯州南部和路易斯安那州的那些石化項目中看到的是非同尋常的。這是我認為有趣的另一部分。

I think for us, housing is probably at its (inaudible) right now. As we're thinking about housing, housing started slowing down last year. We're probably seeing the effects of that now. We were still 25% of our volume. And we think in the second half of this year, multifamily is going to start to be joined by single family with more activity. So again, as we think about the way the volume build is likely to go over the next few quarters, we think that's likely to be how it is.

我認為對我們來說，住房現在可能處於（聽不清）狀態。當我們考慮住房問題時，去年住房市場開始放緩。我們現在可能正在看到它的影響。我們仍然是我們交易量的 25%。我們認為，在今年下半年，多戶家庭將開始加入更多活動的單戶家庭。因此，當我們再次考慮未來幾個季度的銷量增長方式時，我們認為這很可能就是這樣。

I still think this tends to be more of a second half year story than a first half year story. But Rohit, I hope that gives you the color that you were looking at largely on a state-by-state basis.

我仍然認為這更像是下半年的故事，而不是上半年的故事。但是羅希特，我希望這能為您提供主要是在各州基礎上看到的顏色。

I mean it sounds like the pipeline is pretty strong. Just on the heavy side, is there any risk from the tightened credit conditions on heavy projects being delayed?

我的意思是聽起來管道非常強大。就重工而言，信貸收緊是否存在重工項目延期的風險？

It's hard to imagine on the heavy side, that's going to be an issue. It's interesting to me. Keep in mind, about 55% of our nonres is heavy, about 45% of its light. If we're looking at what we're seeing on heavy, we're seeing energy sector volumes up pretty notably. LNG is up over 300%.

很難想像在沉重的一面，這將是一個問題。這對我來說很有趣。請記住，我們大約 55% 的非資源是重的，大約 45% 是輕的。如果我們看一下我們所看到的沉重情況，我們會看到能源行業的交易量顯著增加。液化天然氣漲幅超過 300%。

Renewables were up 82%. Wind energy -- we saw 300 permits pulled in Iowa for 2024. So again, if we're looking at these types of projects that I don't think tend to be uniquely finance-driven, I think we're in a pretty good place on that. I did call it out relative to certain portions of light that we think might slow down in the second half of the year. And frankly, it's been a little bit better so far than we would have thought that probably helps bridge to a degree what you're seeing relative to the overall goodness in the volumes in Q1.

可再生能源增長了 82%。風能——我們看到愛荷華州在 2024 年獲得了 300 個許可。因此，如果我們再次審視這些類型的項目，我認為這些項目往往不是獨特的金融驅動的，我認為我們處於一個非常好的狀態放在上面。相對於我們認為可能在下半年放緩的某些光部分，我確實指出了這一點。坦率地說，到目前為止，它比我們想像的要好一些，這可能有助於在一定程度上彌合你所看到的與第一季度銷量整體良好程度相關的程度。

The next question comes from Adrian Huerta with JPMorgan.

下一個問題來自摩根大通的 Adrian Huerta。

Given what we're seeing on cost inflation for aggregate volume around mid to high single digits and given what we have seen on pricing and even not including a second price increase, would you agree that gross profit per ton seems to be heading to north of $7 for this year?

鑑於我們所看到的總產量的成本通脹大約為中高個位數，並且考慮到我們所看到的定價甚至不包括第二次提價，您是否同意每噸毛利似乎正在向北移動？今年7美元？

Yes. I'll certainly tell you gross profit per ton has a very nice track record to it. And I know if you go to the supplemental slides and you take a look at Slide 5, it gives you a good sense of what that CAGR looks like over a 3-year, 5-year and a 10-year period. And frankly, my sense is that's going to look better in the future than it's looked in the past.

是的。我肯定會告訴你每噸毛利有非常好的記錄。而且我知道，如果您轉到補充幻燈片並查看幻燈片 5，它可以讓您很好地了解 3 年、5 年和 10 年期間的複合年增長率。坦率地說，我的感覺是未來看起來會比過去更好。

So look, you're seeing where it's come from FY 2013 when it was just modestly over $2 a ton to what we're looking at relative to expectations this year, north of $6. I think our ability to grow that metric is frankly, better than others. I think that's what you're likely to see from us. That's something that we're highly focused on. And look, I see where you're going with it. I'm not necessarily in a position to debate it with you. I think it's just a matter of what the time frame is going to look like, Adrian.

所以看，你看到的是 2013 財年的價格，當時價格略高於我們今年的預期，即每噸 6 美元以上。坦率地說，我認為我們提高該指標的能力比其他人更好。我認為這就是您可能從我們這裡看到的。這是我們高度關注的事情。看，我明白你要去哪裡了。我不一定能和你辯論。阿德里安，我認為這只是時間框架的問題。

The next question comes from Dillon Cumming with Morgan Stanley.

下一個問題來自摩根士丹利的 Dillon Cumming。

I'm sorry to fixate on pricing again. But I think, Ward, you mentioned in your prepared remarks that some of your confidence in the midyear price increase was tied to the fact that oil had inflated pretty significantly post OPEC cut. And again, unfair probably is given the volatility. But if you look at spot crude pricing, today, it's closer back to that point where it was in March.

很抱歉再次關注定價。但我認為，沃德，你在準備好的發言中提到，你對年中價格上漲的一些信心與歐佩克減產後石油價格大幅上漲這一事實有關。再一次，考慮到波動性，這可能是不公平的。但如果你看看今天的現貨原油定價，它更接近於 3 月份的水平。

I think about freight rates, I think you're also down significantly year-over-year. When you take those 2 kind of cost items, are you still, I guess, confident in your ability to get those midyear price increases given the kind of contemplated cost deflation there? Or do you feel like it's not as much tied to what you've seen more recently?

我想到運費，我認為你也同比大幅下降。當你考慮這兩種成本項目時，我猜你是否仍然相信你有能力在考慮到那裡預期的成本通縮的情況下實現年中價格上漲？還是您覺得它與您最近看到的內容沒有太大關係？

Yes. I am confident we're going to see the midyear price increases. Now let me be clear. I'm not saying we're going to get them in every market and at every place. But I think we're going to see them more widely than we thought back in February, I think they're going to be bigger than we thought in February. And I think you're right. I mean there's some components of energy that aren't moving with the same aggressiveness that we saw last year.

是的。我相信我們會看到年中價格上漲。現在讓我說清楚。我並不是說我們要在每個市場和每個地方都使用它們。但我認為我們將比我們在 2 月份想像的更廣泛地看到它們，我認為它們將比我們在 2 月份想像的更大。我認為你是對的。我的意思是，能量的某些組成部分並沒有像我們去年看到的那樣積極進取。

At the same time, as I indicated before, if we're looking at our supplies up nearly 13%, if we're looking at repairs in some places up 21.5% ish, those are the types of inflation numbers that we're having to make sure that we can navigate in our business. And for us to do that, we're going to have to make sure we're getting some help on the top line as well.

與此同時，正如我之前指出的那樣，如果我們看到我們的供應增長了近 13%，如果我們看到某些地方的維修增長了 21.5% 左右，這些就是我們所擁有的通貨膨脹數字類型以確保我們可以在我們的業務中導航。為了做到這一點，我們將必須確保我們也在頂線獲得一些幫助。

And again, I think Dillon, it's so important to remember, as we said before, we're a very low percentage of the overall cost of construction. We're 10% of the cost of building a road, 2% of the cost of building a home and somewhere between those 2 percentages on our nonres project. So as a practical matter, we think this is going to be very durable.

再一次，我認為狄龍，記住這一點非常重要，正如我們之前所說，我們在總建設成本中所佔的比例非常低。在我們的 nonres 項目中，我們承擔了修路成本的 10%，建造房屋成本的 2%，以及介於這 2% 之間的某個費用。因此，作為一個實際問題，我們認為這將非常持久。

And again, despite the fact that if we look at today's attraction rate, on average, we probably have 70 years of reserves in Martin Marietta operations. Again, good planning should not put us in a point that we're going to be -- that will be punitive to ourselves on what we'll do commercially. So again, we've got great resilience around that. We'll talk more about that and the specifics at our call after Q2.

再一次，儘管事實上如果我們看看今天的吸引力率，平均而言，我們可能在 Martin Marietta 業務中擁有 70 年的儲備。同樣，良好的計劃不應使我們處於將要成為的地步——這將對我們將在商業上做的事情造成懲罰。因此，我們再次對此有很大的彈性。我們將在第二季度後的電話會議上詳細討論這一點和細節。

The next question comes from Phil Ng with Jefferies.

下一個問題來自 Jefferies 的 Phil Ng。

Congrats on a very strong quarter. Ward, it was really helpful kind of highlighting all the great funding you have on the infrastructure side, particularly in your states. So the fundings there, there's no denying that. I guess what I wanted to get better color on is timing of projects? In the past, there could be some movement, right, in supply chain, labor stuff.

祝賀一個非常強勁的季度。沃德，強調您在基礎設施方面擁有的所有大量資金真的很有幫助，尤其是在您所在的州。所以那裡的資金，不可否認。我想我想要更好的顏色是項目的時間安排？過去，在供應鍊和勞動力方面可能會有一些變動，對吧。

How is that lining up so far in terms of your expectations and how that's progressing? And then separately, on the heavy side, you sound very bullish on that front. In the past, I would have thought it was more 50-50. I appreciate it's a little more aggregates intensive versus the light stuff. How do you see that kind of -- that mix shaping up in the coming years with all the funding you have, whether it's the CHIPS Act or the IRA Act?

到目前為止，您的期望如何？進展如何？然後，在沉重的一面，你在這方面聽起來非常樂觀。在過去，我會認為它更多的是 50-50。我很欣賞它比輕的東西更密集一些。你如何看待未來幾年你擁有的所有資金的混合，無論是 CHIPS 法案還是 IRA 法案？

Sure. Thank you so much for that, Phil. So I'd say several things. Historically, what you've had about a 50-50 split between light and heavy on nonres, Historically, that is where we would have resided. You're exactly right. The last couple of years has trended more toward that 55, 45 break, and that's what we continue to see. I think it's likely to stay that way for a while in large measure.

當然。非常感謝你，菲爾。所以我要說幾件事。從歷史上看，在 nonres 上，輕型和重型之間的比例大約為 50-50，從歷史上看，這就是我們居住的地方。你完全正確。過去幾年更傾向於 55、45 分，這就是我們繼續看到的。我認為它可能會在很大程度上保持這種狀態一段時間。

Because, frankly, Phil, the heavy projects are getting heavier. And what I mean by that is they're so aggregates-intensive. And now given the degree of manufacturing that's going to be coming with the CHIPS Act and with the IRA and otherwise, I think we're just going to see more of that, and I think that's going to drive heavy.

因為，坦率地說，Phil，繁重的項目越來越重了。我的意思是它們是如此聚集密集。現在考慮到 CHIPS 法案和 IRA 以及其他方面將帶來的製造業程度，我認為我們只會看到更多這樣的事情，而且我認為這會帶來沉重的負擔。

And heavy, literally is just that, it's heavy. To your question on infrastructure, I get it. Look, I still think it's a half 2 issue. I'm still taken by the fact that when I look at our top 10 states, and I look at an overall average of their budgets up year-over-year, 11%. But then when I look at Florida up 38%, north Carolina up 11%, South Carolina up 28%, these are states that for us from an infrastructure perspective really can move the needle.

而且很重，字面意思就是，它很重。對於你關於基礎設施的問題，我明白了。看，我仍然認為這是一個半 2 問題。我仍然被這樣一個事實所吸引，當我查看我們排名前 10 位的州時，我看到他們的預算總體平均同比增長 11%。但當我看到佛羅里達州上漲 38%、北卡羅來納州上漲 11%、南卡羅來納州上漲 28% 時，從基礎設施的角度來看，這些州對我們來說確實可以起到推動作用。

And keep in mind, even the state like Iowa, is up 10%, and Iowa's state where we've got a very attractive position. So a number of these states have not had the historic spend and invest that we're going to see going forward. I do think, again, it's a second half loaded issue. I don't think logistics are the issue going into this year than they have been in years past. Rail is functioning much better.

請記住，即使像愛荷華州這樣的州也上漲了 10%，愛荷華州的位置非常有吸引力。因此，其中許多州還沒有我們將要看到的歷史性支出和投資。我確實再次認為，這是下半年的問題。我不認為物流是今年的問題，而不是過去幾年。鐵路運行得更好。

Trucking is functioning much better. Contractors have hired more over the last 18 months than they were able to previously. So we think from a labor perspective, we're in a good space. We think from a DOT and best perspective, we're in a good place. And we think, again, from a logistics perspective, we're really very advantaged today.

卡車運輸的運作要好得多。承包商在過去 18 個月中僱用了比以前更多的人。所以我們從勞動力的角度來看，我們處在一個很好的空間。我們從 DOT 和最佳角度思考，我們處在一個好地方。我們再次認為，從物流的角度來看，我們今天真的非常有優勢。

And again, I think our ability, for example, to get into some of the petrochemical projects in South Texas, utilizing BN, UP and as well as Kansas City Southern and Ship places us in a position that's really unparalleled today in an area that is likely to see just immense work. And again, even on the public side, keep in mind, if we're looking at highway contract awards over the last 3 years, those were growing at a CAGR of around 5.2%. If we look at where they are on an LTM at the end of March, it's up 16.2%.

再一次，我認為我們有能力，例如，利用 BN、UP 以及堪薩斯城南部和 Ship 進入德克薩斯州南部的一些石化項目，這使我們在今天的一個地區處於一個真正無與倫比的位置可能只會看到巨大的工作。再一次，即使在公共方面，請記住，如果我們查看過去 3 年的公路合同授予，這些合同的複合年增長率約為 5.2%。如果我們看看他們在 3 月底的 LTM 上的位置，它上漲了 16.2%。

So again, almost 3x what we've seen historically. So I think by any measure, if we look at infrastructure and we look at heavy nonres and then back to that break that you identified between them, I really am pretty enthusiastic about the way that looks from Martin Marietta right now.

再說一遍，幾乎是我們歷史上所見的 3 倍。因此，我認為無論以何種標準衡量，如果我們看看基礎設施，我們看看大量的 nonres，然後回到你在它們之間發現的那個斷裂，我真的對 Martin Marietta 現在看起來的方式非常熱情。

Our next question comes from Michael Dudas with Vertical Research Partners.

我們的下一個問題來自 Vertical Research Partners 的 Michael Dudas。

Ward, just any thoughts on the performance of Magnesia Specialties? Any indications on maybe general economy you're seeing in that business? Any potential for upside this year and how the business looks moving forward given some of the -- we think some of the positive demand trends that we're seeing tangentially for the rest of your construction world.

Ward，您對 Magnesia Specialties 的表現有什麼想法嗎？您在該業務中看到的關於整體經濟的任何跡象？今年的任何上漲潛力以及業務如何向前發展 - 我們認為我們看到的一些積極的需求趨勢與您的其他建築世界無關。

Thank you for the question on agg. So several things: one, it's a very good business; two, I think it's an important differentiator for us; three, record quarterly revenues, again, the RAMP revenues were up 8.4%. The biggest single issues we had there, we saw higher contract services. We had a little bit more kiln downtime.

謝謝你關於 agg 的問題。所以有幾件事：第一，這是一項非常好的業務；第二，我認為這對我們來說是一個重要的差異化因素；第三，創紀錄的季度收入，RAMP 收入再次增長 8.4%。我們在那裡遇到的最大的單一問題是，我們看到了更高的合同服務。我們有更多的窯爐停機時間。

And frankly, steel was running a little bit lower. It's now running at about let's call it, 74% year-to-date, it's been at about 70.1%. So based on some recent history, that's a little bit lower. The other thing that's different in that business, and we're in the process of remedying that. They have longer-term contracts with customers than we would typically see in aggregate that's taken a little bit more time to move those up as we have with aggregates pricing.

坦率地說，鋼鐵價格略低。它現在的運行速度大約是今年迄今的 74%，一直在 70.1% 左右。所以根據最近的一些歷史，這個數字要低一點。該業務的另一件事是不同的，我們正在補救。他們與客戶簽訂的合同比我們通常總體上看到的要長一些，這需要更多的時間來提升這些合同，就像我們在匯總定價中所做的那樣。

So the short answer is, it's always ironic when we look at [MAG], and we feel like they didn't have the quarter that you would like to have seen. We're still looking at margins with the 3 in front of it. And my guess is as we go through time, we will see that business start moving margins back up to something that looks a lot closer to a 4 instead. So Michael, I hope that's responsive.

所以簡短的回答是，當我們看 [MAG] 時總是很諷刺，我們覺得他們沒有你希望看到的季度。我們仍在關注前面有 3 個的利潤率。我的猜測是，隨著時間的推移，我們將看到企業開始將利潤率回升至看起來更接近 4 的水平。邁克爾，我希望這是回應。

The last question comes from Garik Shmois with Loop Capital.

最後一個問題來自 Loop Capital 的 Garik Shmois。

Congrats, of course, on the quarter. I wanted to ask on non-res one more time. Just on the light non-res side, it sounds like it's holding in better than expected thus far. I'm curious if you're seeing any change though in the bidding environment? I know you've indicated that you might expect a slowdown later this year, but have there been any recent signs whether in bidding or backlog, the -- that's going to be the case.

當然，恭喜這個季度。我想再問一次非資源。就光的非分辨率方面而言，到目前為止，它的表現似乎比預期的要好。我很好奇您是否在投標環境中看到任何變化？我知道你已經表示你可能預計今年晚些時候會放緩，但最近是否有任何跡象表明無論是在投標還是積壓中，情況都會如此。

Number one, thank you for the question, Garik. Not so much really. It's really more anticipating where we think that's going to go. Maybe a very modest slowing. But again, -- those projects tend to move relatively quickly. The heavy non-res, you can see coming a long way away. You know that's coming. The light non-res, not as much. So if I told you we had good data on it. I'd be leaning in a little bit more than I should. But I think conversationally, what we're seeing in the world of banking and otherwise, it's just making us look at that with a little bit higher degree of caution. But again, overall, if we think about non-res and what's happening on the heavy side of it, it really does serve as a very powerful counterbalance.

第一，謝謝你的問題，Garik。真的沒有那麼多。它真的更期待我們認為會去的地方。也許是非常適度的放緩。但同樣，這些項目往往進展相對較快。沉重的非分辨率，你可以看到很遠的距離。你知道那即將到來。光非分辨率，沒有那麼多。所以如果我告訴你我們有很好的數據。我會比我應該的多一點。但我認為，從對話的角度來看，我們在銀行業和其他領域所看到的，只是讓我們更加謹慎地看待它。但是，總的來說，如果我們考慮非資源以及它的沉重方面正在發生的事情，它確實可以起到非常強大的平衡作用。

I would now like to turn the call back to Ward Nye for closing remarks.

我現在想把電話轉回 Ward Nye 以作結束語。

Again, thank you so much for joining today's earnings conference call. Martin Marietta's track record of success through various business cycles, proves the resiliency and durability of our aggregates led business model. We continue to strive for the safest operations and remain focused on executing our strategic plan while continuing to drive sustainable growth and value creation for all of our stakeholders in 2023 and beyond. We look forward to sharing our second quarter 2023 results with you in the summer. As always, we're available for any follow-up questions. Again, thank you for your time and continued support of Mart Marietta. Have a great day.

再次，非常感謝您參加今天的收益電話會議。 Martin Marietta 在各種商業周期中的成功記錄證明了我們以聚合為主導的商業模式的彈性和持久性。我們將繼續努力實現最安全的運營，並繼續專注於執行我們的戰略計劃，同時在 2023 年及以後繼續為所有利益相關者推動可持續增長和價值創造。我們期待在夏季與您分享我們 2023 年第二季度的業績。一如既往，我們可以回答任何後續問題。再次感謝您的寶貴時間以及對 Mart Marietta 的持續支持。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。