Martin Marietta Materials Inc (MLM) 2025 Q2 法說會逐字稿

Welcome, everyone, to Martin Marietta's second quarter 2025 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.

歡迎大家參加 Martin Marietta 2025 年第二季財報電話會議。（操作員指令）。提醒一下，今天的電話會議正在錄音，可以在公司網站重播。

I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta's Vice President of Investor Relations. Jacklyn, you may begin.

現在我將電話轉給主持人、馬丁瑪麗埃塔投資者關係副總裁 Jacklyn Rooker 女士。傑克琳，你可以開始了。

Good morning, and thank you for joining Martin Marietta's second quarter 2025 earnings call. With me today are Ward Nye, Chair and Chief Executive Officer; and Michael Petro, Senior Vice President and Chief Financial Officer.

早安，感謝您參加 Martin Marietta 2025 年第二季財報電話會議。今天與我一起的還有董事長兼首席執行官沃德·奈 (Ward Nye) 和高級副總裁兼首席財務官邁克爾·佩特羅 (Michael Petro)。

As a reminder, 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. 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 the 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.

提醒一下，今天的討論可能包括美國證券法定義的與未來事件、未來營運績效或財務績效相關的前瞻性陳述。與其他企業一樣，馬丁瑪麗埃塔也面臨風險和不確定性，這可能導致實際結果大不相同。除法律要求外，我們不承擔公開更新或修改任何前瞻性聲明的義務，無論其是否由新資訊、未來發展或其他原因引起。請參閱今天的收益報告和其他公開文件中包含的法律免責聲明，這些免責聲明可在我們自己的網站上和美國證券交易委員會的網站上查閱。

We have made available during this webcast and on the Investors section of our website supplemental information that summarizes our financial results and trends. 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.

我們在本次網路廣播中以及我們網站的投資者部分提供了總結我們財務表現和趨勢的補充資訊。非公認會計準則 (Non-GAAP) 指標的定義與補充資訊附錄和我們向美國證券交易委員會 (SEC) 提交的文件中最直接可比較的公認會計準則 (GAAP) 指標相一致，也可在我們的網站上查閱。

Today's earnings call will begin with Ward Nye, whose remarks will focus on our second-quarter operating performance, continued portfolio transformation, 2025 outlook, and related market trends. Michael Petro will then review our financial results and capital allocation, after which Ward will provide closing comments.

今天的財報電話會議將由沃德·奈 (Ward Nye) 開始，他的演講將重點關注我們的第二季度營運業績、持續的投資組合轉型、2025 年展望以及相關市場趨勢。隨後，Michael Petro 將審查我們的財務結果和資本配置，之後 Ward 將提供結論。

A question-and-answers follow. Please limit your participation to one question. I will now turn the call over to Ward.

接下來是問答環節。請將您的參與限制為一個問題。現在我將電話轉給沃德。

Thank you, Jacklyn. Good morning, and thank you for joining today's teleconference. I'm pleased to report Martin Marietta delivered outstanding operational and financial results in the second quarter despite weather headwinds and subdued residential demand.

謝謝你，傑克琳。早安，感謝您參加今天的電話會議。我很高興地報告，儘管面臨天氣不利和住宅需求低迷，馬丁瑪麗埃塔在第二季度仍取得了出色的營運和財務業績。

In addition to record financial performance in the first half of 2025, we also achieved our safest six-month start to the year in our company's (technical difficulty) as measured by total reportable instant rates, which continue to exceed world-class safety levels. Together, these results are a tribute to our team's steadfast dedication and focus and reaffirm the strategic advantages of our company's geographic footprint, the resiliency of our differentiated business model, and our company's unwavering commitment to safety.

除了2025年上半年創紀錄的財務表現外，我們還實現了公司（技術難度）最安全的六個月開局（以總可報告即時費率衡量），繼續超過世界一流的安全水平。總之，這些成果是對我們團隊堅定奉獻和專注的肯定，並重申了我們公司地理覆蓋範圍的策略優勢、差異化商業模式的彈性以及我們公司對安全的堅定承諾。

Subsequent to the quarter end, on August 3, we entered into a definitive agreement with Quikrete Holdings for the exchange of certain assets. Specifically, Martin Marietta will receive aggregate operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas, and Vancouver, British Columbia, as well as $450 million of cash.

季度結束後，8 月 3 日，我們與 Quikrete Holdings 簽訂了交換某些資產的最終協議。具體而言，馬丁瑪麗埃塔將獲得位於維吉尼亞州、密蘇裡州、堪薩斯州和不列顛哥倫比亞省溫哥華的年產量約 2,000 萬噸的合計營運權以及 4.5 億美元現金。

In exchange, Quikrete will receive our Midlothian cement plant, related cement terminals and North Texas ready-mixed concrete assets. This transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions.

作為交換，Quikrete 將獲得我們位於米德洛錫安的水泥廠、相關水泥碼頭和北德克薩斯州的預拌混凝土資產。該交易預計將於 2026 年第一季完成，但需獲得監管部門的批准並滿足其他慣例成交條件。

Consistent with the priorities outlined in our strategic operating analysis and review, or SOAR, 2025 plan, our focus remains on shaping a higher-margin enterprise that is increasingly aggregates-led, which possesses a more durable and resilient earnings profile through cycles. The strategic exchange of our remaining cement plant and related ready-mixed concrete operations for core aggregates achieves this objective, enhancing the product mix of our portfolio while preserving balance sheet flexibility for continued strategic plan execution.

與我們的策略營運分析和審查（SOAR）2025 計劃中概述的優先事項一致，我們的重點仍然是打造一個利潤率更高、總量日益主導的企業，該企業在整個週期中擁有更持久、更有彈性的盈利狀況。我們剩餘的水泥廠和相關的預拌混凝土業務與核心骨材的策略交換實現了這一目標，增強了我們產品組合，同時保持了資產負債表的靈活性，以便繼續執行策略計畫。

As highlighted in this morning's release, Martin Marietta established new records for the second quarter, with key metrics showing gains year over year as sustained pricing momentum, and effective cost management continue to yield strong results. Specifically, we reported consolidated adjusted EBITDA of $630 million, an 8% increase; consolidated adjusted EBITDA margin of 35%, an increase of 170 basis points; aggregates revenues of $1.32 billion, an increase of 6%; aggregates gross profit of $430 million, an increase of 9%; aggregates gross margin of 33%, an increase of 94 basis points; and aggregates gross profit per tonne of $8.16, an increase of 10%.

正如今天早上的新聞稿中所強調的那樣，馬丁瑪麗埃塔公司第二季度創下了新紀錄，由於持續的定價勢頭和有效的成本管理繼續產生強勁的成果，關鍵指標同比增長。具體而言，我們報告的合併調整後 EBITDA 為 6.3 億美元，增長 8%；合併調整後 EBITDA 利潤率為 35%，增加了 170 個基點；骨材收入為 13.2 億美元，增長 6%；骨料毛利潤為 4.3 億美元，增長 93%；美元，成長 10%。

Magnesia Specialties once again established new records in the second quarter, achieving new quarterly record revenues of $90 million and second quarter records for gross profit and gross margin with gross margin increasing 605 basis points compared with the prior year quarter, reaffirming, as we previously indicated that this business has earned the right to grow.

Magnesia Specialties 在第二季度再次創下新紀錄，實現了 9000 萬美元的季度收入新紀錄，毛利和毛利率也創下了第二季度的新紀錄，毛利率與去年同期相比增加了 605 個基點，再次證明我們之前所說的這項業務已經獲得了增長的權利。

Accordingly, on July 25, we completed the acquisition of Premier Magnesia, enhancing Martin Marietta's position as the leading producer of natural and synthetic magnesia-based products in the United States.

因此，7 月 25 日，我們完成了對 Premier Magnesia 的收購，增強了 Martin Marietta 作為美國領先的天然和合成鎂基產品生產商的地位。

Given our strong first half results and third quarter-to-date shipping trends, we're increasing our full year 2025 adjusted EBITDA guidance to $2.3 billion at the midpoint. This revised EBITDA guidance also reflects contributions from the Premier acquisition for the remaining five months of 2025, most of which will not occur until late in the year as we work through existing inventories written up to fair value, consistent with purchase price accounting.

鑑於我們上半年的強勁業績和第三季迄今的運輸趨勢，我們將 2025 年全年調整後的 EBITDA 預期中位數上調至 23 億美元。修訂後的 EBITDA 指引也反映了 Premier 收購對 2025 年剩餘五個月的貢獻，其中大部分要到今年年底才會出現，因為我們將處理現有庫存並將其計入公允價值，與購買價格會計保持一致。

As we progress through the year second half, our teams remain focused on the key levers within our control: world-class safety, executing our strategic plan, commercial discipline, and prudent cost management.

隨著下半年的進展，我們的團隊仍然專注於我們控制範圍內的關鍵槓桿：世界一流的安全、執行我們的策略計劃、商業紀律和審慎的成本管理。

Moving now to end market trends. The outlook across our core end markets remains varied with infrastructure demonstrating relative strength, while residential and non-residential construction trends remain mixed.

現在轉向結束市場趨勢。我們核心終端市場的前景仍然多種多樣，基礎設施表現相對強勁，而住宅和非住宅建築趨勢仍然混合。

Infrastructure, our most aggregates-intensive end-use, remains a strong comparative performer during a decidedly wet second quarter, underpinned by robust Federal and state investment. Encouragingly, the value of state and local government highway, bridge and tunnel contract awards, a leading indicator of future product demand, increased 10% year over year to $126 billion for the 12-month period ended June 30, 2025, well above historical levels.

基礎設施是我們最密集的最終用途，在聯邦和州政府強勁投資的支撐下，在明顯潮濕的第二季度仍然表現強勁。令人鼓舞的是，作為未來產品需求的領先指標，州和地方政府公路、橋樑和隧道合約授予的價值在截至 2025 年 6 月 30 日的 12 個月期間同比增長 10%，達到 1260 億美元，遠高於歷史水平。

As we look beyond the late 2026 expiration of the Infrastructure Investment and Jobs Act, or IIJA, early legislative efforts pertaining to surface transportation reauthorization are centered on roads, bridges, and ports, which offer a compelling pathway to extend infrastructure momentum into the next cycle.

展望《基礎設施投資與就業法案》（IIJA）將於 2026 年底到期之後，與地面交通重新授權相關的早期立法工作主要集中在道路、橋樑和港口方面，這為將基礎設施發展勢頭延續到下一個週期提供了一條令人信服的途徑。

The ongoing reliability of infrastructure investment at both Federal and state levels points to a resilient years-long infrastructure outlook marked by long-term planning stability, steady durable demand, and sustained pricing tailwinds in this often countercyclical public end market.

聯邦和州兩級基礎設施投資的持續可靠性表明，基礎設施投資前景將具有多年的彈性，其特點是長期規劃穩定、需求穩定持久，以及在這個通常反週期的公共終端市場中持續的定價順風。

Shifting to non-residential. The heavy side continues to benefit from the increasing demand for data center development and an inflection in warehouse construction. Texas is seeing substantial data center growth propelled by its low-cost energy, grid accessibility, and business-friendly tax and regulatory environment.

轉向非住宅。重型設備繼續受益於資料中心開發需求的不斷增長以及倉庫建設的轉變。由於低成本能源、電網可及性以及有利於商業的稅收和監管環境，德州的資料中心數量正在大幅增長。

In July 2025, OpenAI announced the expansion of its Stargate data center in Abilene, Texas, to develop 4.5 gigawatts of additional data center capacity. The second phase, which is already underway, adds six more buildings, bringing the total to eight buildings encompassing approximately 4 million square feet.

2025 年 7 月，OpenAI 宣布擴建位於德克薩斯州阿比林的星際之門資料中心，以開發 4.5 千兆瓦的額外資料中心容量。第二階段工程已在進行中，將增加六棟建築，使建築總數達到八棟，佔地約 400 萬平方英尺。

Secondarily, while not yet a meaningful contributor to shipments, we expect medium-term upside from utilities investing in energy generation capacity to reinforce grid reliability to support this expanding data center and artificial intelligence infrastructure.

其次，雖然目前還未對出貨量產生重大貢獻，但我們預計公用事業公司投資能源發電能力將帶來中期上漲，從而增強電網可靠性，支援不斷擴大的資料中心和人工智慧基礎設施。

According to the Texas Tribune, the Electric Reliability Council of Texas, or ERCOT, is projecting that statewide electricity demand could nearly double by 2030. To address this anticipated demand, Texas is actively expanding its generation capacity. Currently, four new natural gas-fired power plants are under construction and an additional 33 have received permits and are positioned for future development.

根據《德州論壇報》報道，德州電力可靠性委員會（ERCOT）預測，到 2030 年全州的電力需求可能會增加近一倍。為了滿足這一預期需求，德克薩斯州正在積極擴大其發電能力。目前，有四座新的天然氣發電廠正在建設中，另外還有 33 座發電廠已獲得許可並準備進行未來開發。

The administration's prioritization of increasing semiconductor manufacturing in the US is also driving significant investments. As an example, in June 2025, Texas Instruments announced its plans to invest more than $60 billion across three manufacturing mega sites in Texas and Utah.

美國政府優先考慮增加美國半導體製造業，也推動了大量投資。例如，2025 年 6 月，德州儀器宣布計劃在德州和猶他州的三個製造業大型基地投資超過 600 億美元。

At the national level, we expect green shoots will inevitably emerge from the newly enacted reconciliation bill, which reinstates immediate expensing for capital investment and expands R&D incentives and targeted tax credits, establishing a strong foundation for a multiyear resurgence in US manufacturing and GDP growth.

在國家層面，我們預計新頒布的和解法案將不可避免地出現復甦跡象，該法案將恢復資本投資的即時費用化，擴大研發激勵和定向稅收抵免，為美國製造業和GDP增長的多年復甦奠定堅實的基礎。

Turning to light non-residential and residential activity. We expect residential activity in the near term to remain subdued until affordability headwinds recede. That said, long-term demand drivers for housing remain intact supported by demographic tailwinds and undersupply across Martin Marietta's high-growth Sunbelt markets. Based on historical trends, as residential construction recovers, increased light non-residential activity typically follows.

轉向輕度非住宅和住宅活動。我們預計，短期內住宅活動將保持低迷，直到負擔能力的阻力消退。儘管如此，在人口結構利多和馬丁瑪麗埃塔高成長陽光地帶市場供應不足的支撐下，住房的長期需求驅動力依然完好無損。根據歷史趨勢，隨著住宅建築的復甦，輕度非住宅活動通常也會增加。

While near-term cyclical headwinds persist, secular momentum across infrastructure, data centers and energy-related development along with the eventual residential recovery continues to support our long-term growth outlook.

儘管短期週期性逆風持續存在，但基礎設施、資料中心和能源相關發展的長期動能以及最終的住宅復甦繼續支撐我們的長期成長前景。

I will now turn the call over to the company's newly appointed Chief Financial Officer, Michael Petro, to discuss our second=quarter financial results. Michael?

現在我將把電話轉給公司新任命的財務長 Michael Petro，討論我們的第二季財務業績。麥可？

Thank you, Ward, and good morning, everyone. The Building Materials business posted revenues of $1.7 billion, a 2% increase. Gross profit increased 3% to $517 million and gross margin of 30% improved modestly. (technical difficulty) 6% over the prior year quarter and second-quarter records for gross profit, gross margin, and unit profitability of $430 million, 33% and $8.16 per tonne, respectively.

謝謝你，沃德，大家早安。建築材料業務營收為 17 億美元，成長 2%。毛利成長 3% 至 5.17 億美元，毛利率小幅提高至 30%。 （技術難度）比去年同期成長 6%，毛利、毛利率和單位獲利能力分別達到 4.3 億美元、33% 和每噸 8.16 美元。

We are pleased to report that momentum is building as we enter the second half of the year. And as a result, we revised our full-year guidance to reflect stronger aggregates pricing and effective cost management. Specifically, we now anticipate a full-year price-cost spread of 340 basis points and a 14% year-over-year improvement in gross profit per tonne at the midpoint, both well ahead of historical levels.

我們很高興地報告，隨著進入下半年，發展勢頭正在增強。因此，我們修改了全年指導方針，以反映更強勁的整體定價和有效的成本管理。具體來說，我們現在預計全年價格成本差額為 340 個基點，每噸毛利中位數年增 14%，均遠高於歷史水準。

Cement and Concrete revenues decreased 6%, and gross profit decreased 25% to $245 million and $54 million, respectively, due to lower operating leverage and higher ready-mix raw material costs. Pursuant to the asset exchange with Quikrete, the results of operations for our Cement and Texas ready-mix concrete assets will be classified as discontinued operations beginning in the third quarter of 2025.

由於經營槓桿降低和預拌原料成本上升，水泥和混凝土收入下降 6%，毛利下降 25% 至 2.45 億美元和 5,400 萬美元。根據與 Quikrete 的資產交換，從 2025 年第三季開始，我們的水泥和德州預拌混凝土資產的營運表現將被歸類為停止經營。

Asphalt and paving revenues decreased 7% to $228 million and gross profit decreased 8% to $33 million due to lower shipments and higher costs. As Ward indicated, Magnesia Specialties achieved all-time quarterly record revenues of $90 million and second-quarter records for gross profit and gross margin of $36 million and 40%, respectively, driven by strong pricing, improved shipments, and efficiency gains.

由於出貨量下降和成本上升，瀝青和鋪路收入下降 7% 至 2.28 億美元，毛利下降 8% 至 3,300 萬美元。沃德指出，受強勁定價、出貨量增加和效率提升的推動，Magnesia Specialties 的季度營收達到創紀錄的 9,000 萬美元，第二季毛利和毛利率分別達到創紀錄的 3,600 萬美元和 40%。

Turning now to capital allocation and liquidity. Martin Marietta has a well-balanced capital allocation strategy, which allows us to responsibly grow the business while maintaining a healthy balance sheet and preserving financial flexibility to further enhance shareholder value. Our focus remains on value-enhancing acquisitions, prudent organic capital investment, and the consistent return of capital to shareholders, while maintaining the company's investment-grade credit rating profile.

現在來談談資本配置和流動性。馬丁瑪麗埃塔擁有均衡的資本配置策略，這使我們能夠負責任地發展業務，同時保持健康的資產負債表並保持財務靈活性，以進一步提高股東價值。我們仍然專注於增值收購、審慎的有機資本投資以及持續向股東返還資本，同時保持公司的投資級信用評級。

Full-year capital expenditures are now expected in the range of $820 million to $850 million, an upward revision from the previous guidance of $725 million to $775 million. This increase is due to attractive and opportunistic land purchases.

目前預計全年資本支出將在 8.2 億美元至 8.5 億美元之間，較先前預測的 7.25 億美元至 7.75 億美元上調。這一增長是由於有吸引力且機會主義的土地購買。

That said, following several years of capital expenditures above sustaining levels, we expect 2026 capital expenditures to return to more normalized amounts resulting in increased free cash flow conversion. Importantly, with $1.4 billion of total liquidity, strong free cash flow generation, and a net debt-to-EBITDA ratio of 2.4 times as of June 30, we have ample balance sheet flexibility to capitalize on what remains an active M&A pipeline.

也就是說，在連續幾年資本支出高於維持水準之後，我們預計 2026 年資本支出將恢復到更正常的水平，從而增加自由現金流轉換。重要的是，憑藉 14 億美元的總流動資金、強勁的自由現金流生成以及截至 6 月 30 日的 2.4 倍淨債務與 EBITDA 比率，我們擁有充足的資產負債表靈活性，可以利用仍然活躍的併購管道。

With that, I will turn the call back over to Ward.

說完這些，我會把電話轉回給沃德。

Thank you, Michael. Our first half performance highlights the competitive advantage of our aggregates platform and the disciplined execution of our SOAR 2025 strategic plan. These strengths, combined with a solid financial foundation and track record of navigating complex market environments, reinforces our confidence in achieving our full-year adjusted EBITDA guidance. Looking ahead, Martin Marietta's attractive underlying fundamentals and long targeted runway for transformative growth offer compelling horizon of future shareholder value creation.

謝謝你，麥可。我們上半年的業績凸顯了我們的骨材平台的競爭優勢以及我們 SOAR 2025 策略計畫的嚴格執行。這些優勢，加上堅實的財務基礎和應對複雜市場環境的記錄，增強了我們實現全年調整後 EBITDA 指引的信心。展望未來，馬丁瑪麗埃塔 (Martin Marietta) 極具吸引力的基本面和長期的轉型成長目標為未來股東價值創造提供了令人信服的前景。

If the operator will provide the required instructions, we'll turn our attention to addressing your questions.

如果操作員能夠提供所需的指示，我們就會專注於解答您的問題。

(Operator Instructions) Kathryn Thompson, Thompson Research Group.

（操作員指示）凱瑟琳湯普森，湯普森研究小組。

As you noted and as so many of your peers have also noted that Q2 was marked by some pretty tough weather conditions. And as we look forward into the back half of the year, not to be looking too close to near-term trends, it's still nonetheless helpful to get more color on what you're seeing in July, in particular, getting some assurance that you're seeing a fundamental increases in demand and just getting a better read of what the market is doing now and really what that means not just for the quarter, but for the remainder of the year and into 2026. Thank you very much, and best of luck.

正如您所指出的，以及您的許多同行也指出的，第二季度的天氣條件相當惡劣。當我們展望下半年時，不要過於關注近期趨勢，但了解 7 月份的更多情況仍然很有幫助，特別是確保需求出現根本性增長，更好地了解當前的市場狀況，以及這不僅對本季度意味著什麼，而且對今年剩餘時間和 2026 年也意味著什麼。非常感謝，祝你好運。

Kathryn, good to hear your voice, and thanks for the question. I would say several things. One, I've read some of the commentary that others have had relative to July, and I will tell you our commentaries broadly the same. Maybe even a little bit better because I'm not going to limit it to any one geography. What we saw in July was actually nice double-digit volume up across the enterprise, and I think that's really important.

凱瑟琳，很高興聽到你的聲音，謝謝你的提問。我想說幾件事。首先，我讀過其他人對七月的一些評論，我會告訴你我們的評論大致相同。甚至可能更好一點，因為我不會將其限制在任何一個地理位置。我們看到七月份整個企業的銷售實際上都出現了兩位數的成長，我認為這非常重要。

It's notable, Kathryn. Obviously, we're trying to look really careful at the guide, and I think we've given what has been a really measured guide all year. And I said as much when we came out with our guide in February, particularly relative to pricing. And now what you've seen is pricing has trended toward the high end of the guide.

這很值得注意，凱瑟琳。顯然，我們正在努力非常仔細地研究該指南，我認為我們全年都給出了非常有分寸的指南。當我們在二月發布指南時，我說過同樣的事情，特別是有關定價的指南。現在您所看到的是定價已趨向於指南的高端。

As I'm looking at volume through July, frankly, we're above the midpoint of the previous guide. So frankly, I'm hoping that as we look at this guide relative to volume for the rest of the year, I hope that looks like pricing has looked.

當我查看七月份的交易量時，坦白說，我們已經高於先前指南的中點。因此坦白說，我希望當我們查看今年剩餘時間的銷售指南時，它看起來就像定價那樣。

And the fact is we as an industry have not been great at calling the volume. I'm tired of being on the wrong side of that call. So again, I think we've taken a very measured view of that. But July looked good on both sides. It looked good from a volume perspective. It looked good across the enterprise, and it looked good commercially as well. So I'd like to see a whole lot of Julys.

事實上，我們作為一個行業，在衡量銷量方面做得併不好。我厭倦了在電話中處於錯誤的一方。所以，我認為我們對此採取了非常謹慎的看法。但七月對雙方來說都看起來不錯。從數量角度來看，它看起來不錯。從整個企業來看，它看起來不錯，從商業角度來看，它看起來也不錯。所以我希望看到很多七月。

Great. Thanks very much.

偉大的。非常感謝。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Nice quarter. We're just following up on what you just said, given the fact that you don't want to be on the wrong side of calling the volumes. What gave you the confidence to increase the annual guidance?

不錯的季度。我們只是在跟進您剛才所說的話，因為您不想站在錯誤的一邊。是什麼讓您有信心提升年度指導價？

I guess several things, Adam. First, thanks for your question. Look, if we're looking at what we're calling on EBITDA for the full year at the midpoint, that's up 2% over where we were before. But that's really on good, strong first half results through a pretty challenging weather period. If we're looking at the third quarter to date shipment trends, that helped a lot. If we're looking at where we see things working commercially, that looked awfully good as well. The other piece of it that I think is worth noting, and I said public is looking nice and resilient and growing. I said private was a bit mixed.

我猜有幾件事，亞當。首先，感謝您的提問。你看，如果我們看一下全年中期 EBITDA 的預測，就會發現它比之前增加了 2%。但這確實是在經歷了頗具挑戰性的天氣時期後，上半年取得的良好、強勁的業績。如果我們看一下第三季迄今為止的出貨趨勢，這將有很大幫助。如果我們看看商業運作的情況，看起來也非常好。我認為另一點值得注意，我說公眾看起來很好，有彈性，而且不斷成長。我說私下有點混。

I'm actually liking what I'm seeing relative to non-res, and particularly on the heavy side of it. I'll just give you a few examples in markets that matter a lot to us. So in Greensboro, we're seeing a Walmart distribution center come in there, and we're seeing Microsoft come in, and we're seeing Ross distribution centers, all in and around Greensboro, the Triad, which frankly has not been a volume leader for us over the last several years, but it's a very attractive part of our footprint.

事實上，我喜歡我所看到的與非解析度相關的內容，特別是在它的重型方面。我僅舉幾個對我們很重要的市場中的例子。因此，在格林斯博羅，我們看到沃爾瑪配送中心進駐，我們看到微軟進駐，我們看到羅斯配送中心進駐，這些配送中心都在格林斯博羅及其周邊地區，坦率地說，過去幾年來，三合會並不是我們的銷量領先者，但它是我們業務範圍內非常有吸引力的一部分。

Similarly, if we go to places like Charlotte, we're seeing big jobs at the airport. We're seeing Highway 74, which is a Shelby bypass taking material product as well, Scout production center in South Carolina, and some nice jobs here in the Raleigh area. Novo Nordisk manufacturing plant has a big job underway. I mentioned before that we're now seeing nice green shoots relative to Amazon, in particular, in Wilmington, North Carolina, we're seeing a nice fulfillment center there.

同樣，如果我們去夏洛特這樣的地方，我們會看到機場有大量的工作要做。我們看到 74 號高速公路，這是一條謝爾比繞行路線，也用於運送材料產品，南卡羅來納州的 Scout 生產中心，以及羅利地區的一些不錯的工作機會。諾和諾德製造廠正在進行一項大工程。我之前提到過，我們現在看到了與亞馬遜相關的良好復甦跡象，特別是在北卡羅來納州威爾明頓，我們在那裡看到了一個很好的配送中心。

So when we're seeing good, steady public, and we're seeing that portion of non-res, and we continue to see the commercial environment working well in our business, that's really powerful for Martin Marietta. And if you think about what made this quarter look good, I mean this was an aggregates and magnesia-driven quarter. And our headwinds were primarily around what was happening in the quarter on cement and what was happening relative to ready mix.

因此，當我們看到良好、穩定的公眾，看到非房地產部分，並且我們繼續看到商業環境在我們的業務中運作良好時，這對馬丁瑪麗埃塔來說真的很有力。如果您想想是什麼讓這個季度看起來不錯，我的意思是這是一個由骨料和鎂砂驅動的季度。我們面臨的阻力主要來自於本季水泥市場以及預拌混凝土市場的情況。

So as we were looking at the way the quarter finished up, at the way the end users were evolving, at the way pricing continued to evolve, you take all those together, again, I think we're in a very sensible place on raising the guide. But I hope those comments gives you a better sense of where the levers were within that movement.

因此，當我們觀察本季的結束方式、最終用戶的發展方式、定價的持續變化方式時，將所有這些綜合起來，我認為我們在提高指導價方面處於非常明智的位置。但我希望這些評論能讓您更了解這場運動的槓桿作用在哪裡。

Great color. Thank you.

顏色很棒。謝謝。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Ward, the Quikrete exchange is going to give you some assets in Virginia, Missouri, Kansas, and I guess, British Columbia. Just wondering if you could talk more about sort of strategic fit, asset quality, maybe how long you've been looking at these assets? And then I think with BC that would be kind of an entry point maybe in the Pacific Northwest. Just generally, if you can talk about the attractiveness of those assets and the potential fit.

沃德，Quikrete 交易所將為你提供弗吉尼亞州、密蘇裡州、堪薩斯州以及不列顛哥倫比亞省的一些資產。只是想知道您是否可以更多地談論戰略契合度、資產質量，以及您關注這些資產多長時間了？然後我認為 BC 可能是太平洋西北地區的一個切入點。一般來說，如果您可以談論這些資產的吸引力和潛在的契合度。

Anthony, thank you for that. So I'd say several things. One, let's begin with the notion. It's about 1.3 billion tons, I mean, so it's a very nice transaction, a lot of tonnage that's coming in. And by the way, most of it crush done. You know I always break down puts sand and gravel, I have a natural bias toward crush done because I just view it as the higher quality product.

安東尼，謝謝你。所以我想說幾件事。首先，讓我們從概念開始。我的意思是，大約有 13 億噸，所以這是一筆非常好的交易，有大量的噸位進來。順便說一句，大部分都已粉碎。你知道我總是把沙子和礫石分解，我自然地偏愛粉碎，因為我認為這是更高品質的產品。

So number one, I like it from that perspective. Number two, to your point, the geographies line up very much with what we were talking about in February of 2021 when we outlined what we wanted to do in SOAR 2025. As you may recall, we put a slide up on that day and that hour, and we outlined geographies across the United States that we were going to be particularly focused on during that five-year period. And one of the areas in which we had not yet been able to put a check in the box was in Virginia. This does that very elegantly. And the other was in the Pacific Northwest.

所以首先，從這個角度來說我喜歡它。第二，正如您所說，地理位置與我們在 2021 年 2 月概述我們希望在 SOAR 2025 中做的事情時所討論的內容非常一致。您可能還記得，我們​​在那一刻放了一張幻燈片，概述了我們將在那五年期間特別關注的美國各地的地理區域。我們尚未能夠打勾的地區之一是維吉尼亞州。這非常優雅地實現了這一點。另一個位於太平洋西北地區。

And if you think about it, Anthony, really, there are two ways to drive that market in a meaningful way, either coming in through Seattle or coming in through Vancouver. This gave us a nice opportunity to come in through Vancouver.

安東尼，如果你仔細想想，實際上，有兩種方式可以有效地推動這個市場，要么通過西雅圖進入，要么通過溫哥華進入。這為我們提供了一個通過溫哥華進入的良好機會。

From how long had we been looking at the assets? Look, we've long admired portions of those assets that Quikrete acquired in the transaction with Summit. And Quikrete did a nice transaction there. Anne Noonan and her team did a magnificent job managing that business as well. So these are some very attractive markets, including those that we're picking up in the Central division.

我們關注這些資產多久了？你看，我們一直很欽佩 Quikrete 在與 Summit 的交易中獲得的部分資產。Quikrete 在那裡做了一筆不錯的交易。安妮·努南 (Anne Noonan) 和她的團隊在管理該業務方面也做得非常出色。所以這些都是非常有吸引力的市場，包括我們在中部地區選擇的市場。

So what we're picking up in Kansas and what we're picking up in Missouri are often, in my view, overlooked markets relative to their attractiveness in overall Martin Marietta. So again, if we're looking at the geographies, we think we landed in the right place.

因此，我認為，我們在堪薩斯州和密蘇裡州發現的情況，相對於整個馬丁瑪麗埃塔的吸引力而言，往往是被忽視的市場。因此，如果我們再看一下地理位置，我們認為我們已經找到了正確的位置。

As we look at the overall transaction, from a tax efficiency perspective, it was really quite compelling. Midlothian is a great facility, and we've got a team there that is incredibly talented. And the toughest part of this transaction is being in a position that we won't have that team and that asset with us. But we've long said we're in an aggregates-led organization. This is our core, and this gave us the opportunity to do a transaction and redeploy the funds and do it in a tax-efficient transaction, all very consistent with our SOAR plan.

當我們從稅收效率的角度來看整個交易時，它確實非常引人注目。米德洛錫安是一個很棒的設施，我們在那裡擁有一支非常有才華的團隊。而這筆交易最困難的部分是，我們無法保留那支團隊和資產。但我們早就說過，我們是一個聚合主導的組織。這是我們的核心，這讓我們有機會進行交易並重新部署資金，並以稅收效率高的方式進行交易，這一切都與我們的 SOAR 計劃非常一致。

One of the things that we tried to do is never surprise people. If people listen to us, we won't surprise them. And again, I think if you go back and look at what we said in February of 2021 and what we've announced earlier this week, it actually ties a nice bow around what we indicated would happen over a five-year period.

我們努力做到的一件事就是永遠不要讓人們感到驚訝。如果人們聽我們的話，他們就不會感到驚訝。而且，我認為，如果你回顧一下我們在 2021 年 2 月所說的內容以及本週早些時候宣布的內容，它實際上與我們指出的五年內將發生的事情完美地吻合。

Okay. That's very helpful. I'll turn it over.

好的。這非常有幫助。我把它翻過來。

Philip Ng, Jefferies.

傑富瑞的 Philip Ng。

Strong momentum in pricing quarter on the aggregate side. Ward, one of your bigger competitors actually called out given the strength in infrastructure, there could be some mix headwind from base pricing. One, are you seeing that? And then two, how is midyear is kind of progressing? And lastly, when we think about '26, how is the price momentum kind of playing out, just given what you're seeing out there?

整體而言，定價季度勢頭強勁。沃德，你的一個較大的競爭對手實際上指出，鑑於基礎設施的實力，基本定價可能會帶來一些混合阻力。一、你看到了嗎？其次，年中進展如何？最後，當我們考慮 26 年時，根據您所看到的情況，價格動能會如何發展？

So I'd say several things. No, on the mix thing, we haven't seen a lot that's been a mix driver so far for us this year. So I mean, I think what you're seeing is just good solid year-over-year pricing. So no big surprises there.

所以我想說幾件事。不，就混合而言，今年到目前為止我們還沒有看到太多對我們有混合驅動力的東西。所以我的意思是，我認為你所看到的只是同比價格的良好穩健表現。因此沒有什麼大的意外。

Secondly, relative to the mid-years, they played out about like we thought they would. We got them primarily in areas where we've been more acquisitive over the past several years because as we've indicated, Phil, those ASPs don't tend to be where heritage ASPs are.

其次，相對於中期而言，它們的發展與我們想像的差不多。我們主要在過去幾年中收購較多的地區收購它們，因為正如我們所指出的，菲爾，這些 ASP 往往不在傳統 ASP 所在的地方。

With respect to 2026, it's a little bit early for me to lean in. I thought I was leaning in a little bit when I just talked about July. So I'm not going to go too much into 2026, but I appreciate you putting the bait out there for me. We'll talk more about that.

對於 2026 年來說，現在預測還為時過早。當我剛剛談到七月時，我想我已經有點傾向了。所以我不會過多談論 2026 年，但我很感謝你為我設置了誘餌。我們將進一步討論這個問題。

But my take is this, Phil: we're just in a different place relative to the way pricing is going to work. I think you've seen that play out this year. I think you'll continue to see it play out in varying degrees again next year. And keep in mind, the midyears that we've gotten this year really aren't so much a 2025 event. They're really something that builds as we go into 2026. So Phil, I hope I gave you all I can.

但我的看法是這樣的，菲爾：我們只是在定價方式上處於不同的位置。我想你今年已經看到這種情況了。我認為明年你將繼續看到它以不同程度上演。請記住，我們今年所經歷的年中事件實際上並不是 2025 年的事件。隨著我們邁入 2026 年，它們確實會逐漸建成。所以菲爾，我希望我已經盡我所能了。

Thank you. Appreciate it.

謝謝。非常感謝。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Congrats on another strong quarter here. Just two questions. I wanted to hopefully get your thoughts on first, on the Quikrete acquisition, you noted Missouri is often overlooked as a geography for MLM. Can you just expand a little bit more, perhaps maybe what the spread is in terms of the price of the Quikrete assets that you're acquiring are at in terms of the aggregate price versus maybe what you think the fair value is in those in those geographies?

恭喜本季又取得強勁業績。僅兩個問題。我希望先了解您對 Quikrete 收購的看法，您指出密蘇裡州經常被忽視為 MLM 的地理位置。您能否再詳細解釋一下，也許您收購的 Quikrete 資產的總價格與您認為的這些地區的公允價值之間的差價是多少？

And then on the data center point about the strength you're seeing there, I was wondering if you could maybe provide a little bit of color there? Because it seems like every week, we get several new announcements of new projects. And yet, when you look at the kind of put in place construction data for data centers, the growth there has been slowing. So it's a little bit confusing.

然後，關於您所看到的資料中心的強度，我想知道您是否可以提供一些資訊？因為似乎每週我們都會收到幾個新項目的新公告。然而，當你查看資料中心的建設數據時，你會發現那裡的成長一直在放緩。所以這有點令人困惑。

Just curious if you have any kind of visibility here as to what might be holding up construction spend or growth of those projects and anything you're aware of, or maybe looked at a different way, is it just a spring and based on what you see in terms of quoting and ordering activity, when should we kind of expect that to start to reaccelerate?

我只是好奇，您是否了解可能阻礙建築支出或這些項目增長的原因是什麼，以及您是否知道任何情況，或者從不同的角度來看，這是否只是一個春天，根據您在報價和訂購活動方面看到的情況，我們應該何時預期它會開始重新加速？

Thanks for your question. I'd say several things with respect to your pricing observation. Obviously, we have been focused on value in our pricing in the last several years. And I think we will continue to have value journey in which we can meaningfully participate in these different parts of the country relative to the assets that we've acquired.

謝謝你的提問。關於您對定價的觀察，我想說幾件事。顯然，過去幾年我們一直注重定價的價值。我認為，我們將繼續進行價值之旅，我們將能夠根據所收購的資產，在全國各地進行有意義的參與。

Obviously, putting a spec product on the ground that's there to meet customer needs and do it in a sustainable way is important. It's not easy, and I want to make sure that we're getting good value for those products. So I think the philosophy that you've seen us bring will continue to be the overall philosophy.

顯然，將滿足客戶需求的規格產品投入生產並以可持續的方式實現這一點非常重要。這並不容易，我想確保這些產品具有良好的價值。因此我認為，我們所倡導的理念將繼續成為整體理念。

Relative to part two of your question on non-res, I do think probably what you're seeing more than anything else is degrees of land use at work because it's fascinating, Angel. You've heard, and I've heard the same thing. I mean, obviously, for example, Amazon has come out and said, look, we're going to put $100 billion over a decade in this type of investment, whether it's warehousing, data, or otherwise.

相對於您關於非房地產問題的第二部分，我確實認為，您最常看到的是土地利用程度的變化，因為這很有趣，安吉爾。你聽過，我也聽過同樣的事情。我的意思是，很明顯，例如，亞馬遜已經公開表示，看，我們將在十年內向此類投資投入 1000 億美元，無論是倉儲、數據還是其他方面。

And again, we're seeing things, as I mentioned earlier in the prepared commentary and last time in Cleburne, Texas, and Fort Myers, I mentioned Wilmington already in the conversation that I had with Adam. I think part of that cold spring is probably to be found in dialogue like we saw yesterday at White House, where Tim Cook was also announcing a big investment coming from Apple.

再說一次，我們看到了一些情況，正如我之前在準備好的評論中提到的那樣，上次在德克薩斯州克利伯恩和邁爾斯堡，我在與亞當的談話中已經提到了威爾明頓。我認為這種寒冬的部分原因可能體現在我們昨天在白宮看到的對話中，提姆庫克也宣布了來自蘋果的一筆大投資。

And part of what's interesting in that is some of that's going to be new, and some of that's going to be additive to different markets. So for example, when they discuss adding on to a facility that they have in Maiden, North Carolina. What you probably don't know where Maiden, North Carolina is, but I do because it's in our backyard. And we very clearly have a quarry in Maiden that we call our Maiden Quarry. So the fact is we're going to see those types of projects go.

有趣的是，其中有些是新產品，有些則會對不同的市場產生附加效果。例如，當他們討論擴建位於北卡羅來納州梅登的設施時。您可能不知道北卡羅來納州梅登在哪裡，但我知道，因為它就在我們家後院。我們顯然在 Maiden 有一個採石場，我們稱之為 Maiden Quarry。所以事實上我們將會看到這些類型的項目得以實施。

The ones that are basically a new phase will go more quickly. The ones that are going to be brand new, that's where your coiled spring is because they can announce that that's what they're going to do. But in some instances, they're still going to have to get the permitting, they're still going to have to get everything in place, including on occasion utilities, which tells me this is going to be a nice, long, steady climb over multiple years. And selfishly from our company's perspective, that's when we're at our best.

那些基本上處於新階段的將會進展得更快。那些將是全新的，這就是你的螺旋彈簧所在的地方，因為他們可以宣布這就是他們要做的。但在某些情況下，他們仍然需要獲得許可，仍然需要把所有東西都準備好，有時包括公用設施，這告訴我，這將是一個多年良好、漫長、穩定的攀升過程。從我們公司的角度來看，那是我們處於最佳狀態的時候。

Very helpful. Thank you.

非常有幫助。謝謝。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Michael, congrats on the new role.

邁克爾，恭喜你獲得新的職位。

Thank you, Trey.

謝謝你，特雷。

So you've touched on the swap Midlothian for Quikrete, makes a lot of sense. From Magnesia deal, any additional color you could give us there? Sorry if I missed it, but understanding the impact is going to be limited this year due to purchase accounting, but any additional color you could give us on the size, expected impact there, how it fits into and compares to the existing Mag Specialties business, which is clearly performing really well?

所以你提到了將 Midlothian 換成 Quikrete，這很有意義。從鎂砂交易來看，您能給我們任何其他資訊嗎？抱歉，如果我錯過了，但是由於購買會計，今年對其影響的理解將是有限的，但是您能否給我們提供更多關於其規模、預期影響、它與現有 Mag Specialties 業務的契合度和可比性的信息？後者的表現顯然非常好。

Trey, thank you for the question. I'm going to turn that over to Michael to talk about some of the specifics. I'll give you some broad strokes on that.

特雷，謝謝你的提問。我將把這個話題交給麥可來談論一些具體細節。我將對此作一些概括性的介紹。

So if you really think about it strategically, we're building, as I've indicated before, an ags and mag business, and it's going to be heavily emphasized on the ags piece of it. If you think about the criticality, though, to your question on magnesia, the business that we've had, very impressive business, high margins, just had a record quarter, and it's primarily synthetic magnesia.

因此，如果你真的從戰略角度考慮這個問題，正如我之前指出的那樣，我們正在建立一個農業和雜誌業務，並將重點放在農業部分。不過，如果您考慮到關於鎂砂的問題的關鍵性，我們的業務非常令人印象深刻，利潤率很高，剛剛創下了一個創紀錄的季度，而且主要是合成鎂砂。

If you look at the business that we just acquired, it's more natural magnesia. And what's important to remember is they both begin with varying degrees of [quarrying]. And I think it's easy for the uninitiated to look at mag and ag and not have a sense of how tightly they overlap and what the required skills are between the two and how they go back and forth.

如果你看一下我們剛收購的業務，你會發現它更多的是天然鎂砂。重要的是要記住，它們都是從不同程度的[採石]。我認為，對於初學者來說，在看待 mag 和 ag 時，很容易不了解它們之間的重疊程度、兩者之間所需的技能以及它們如何相互轉換。

Obviously, Michael drove that process before he started wearing two different hats. So I'll ask him to go back and talk a little bit about what that business looks like and what you can expect from a contribution perspective.

顯然，在麥可開始身兼兩職之前，他已經推動了這個過程。因此，我會請他回去談談這項業務的情況以及從貢獻的角度來看你可以期待什麼。

Yeah. No, thank you, Ward. Yes, Trey, just you hit the nail on the head with the guide. We were saying only about $10 million of contribution this year. And what we're saying is that's really 2 months out of 12, given the purchase accounting impacts for the first three months as we sell through the inventory that's valued at fair market.

是的。不，謝謝你，沃德。是的，Trey，你的指南說得非常對。我們說今年的捐款只有大約 1000 萬美元。我們所說的是，這實際上是 12 個月中的 2 個月，因為我們出售的是公平市場估價的庫存，所以前三個月會產生採購會計影響。

So if you just did the quick math, that would imply on an annualized basis, about $50 million of EBITDA, so that's what you can use for now on a pre-synergy basis. We do expect pretty good synergies to come from this, both commercially and operationally, but more to come as we get into integration there.

因此，如果你只是做了一個快速的計算，那就意味著按年率計算，EBITDA 約為 5000 萬美元，所以這就是你現在可以在協同效應之前使用的金額。我們確實期望由此產生相當好的綜效，無論是在商業上或營運上，但隨著我們進行整合，將會產生更多的綜效。

All right. Perfect. I'll leave it there. Thanks a lot for all the color. Very helpful.

好的。完美的。我就把它留在那裡。非常感謝所有的色彩。非常有幫助。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

First, just a quick clarification. The $4 million of corporate, was there any special item in there? It seemed a bit low And then the real question is, I just want to make sure I get the volume message right. The new guidance reflects about 3 million tons lower expectation than what you had in the first quarter. So I was wondering if you could just sort of break that down into the Q2 weather impact versus other factors. Is this somewhat lower guide your -- as you were talking about before, trying not to be on the wrong side of it? In other words, there still could be some upside because it sounds like you're seeing a bit more positive momentum. Thank you.

首先，簡單澄清一下。那400萬美元的公司資金裡面有什麼特殊專案嗎？它似乎有點低，然後真正的問題是，我只是想確保我收到正確的音量訊息。新的指導值比第一季的預期低了約 300 萬噸。所以我想知道您是否可以將其分解為第二季度天氣影響與其他因素。這是否是您的較低指導方針——正如您之前所說的，試圖不站在錯誤的一邊？換句話說，仍然可能存在一些上行空間，因為聽起來你看到了更積極的動力。謝謝。

You bet, Steven. I'll take the volume piece of it, then Michael will come back. Yeah, I think we're being measured and thoughtful on the way that we look at that. Clearly, weather through half one was an impediment. I don't want to count on even normal weather through half two, and I'm not counting on a kind November and December.

當然，史蒂文。我會承擔其中的一部分，然後麥可就會回來。是的，我認為我們在看待這個問題時是經過深思熟慮和衡量的。顯然，上半場的天氣是一個障礙。我不想期待二月下旬的天氣會是正常的，也不期待十一月和十二月會是好天氣。

And the fact is if we've got a warmer and dry November and December and this season is extended, then I could see there would be upside in the volume piece of it. As I indicated, if we're just looking through July right now, we would be above the midpoint of the prior guide. So I don't look at volume and feel in any respect, weak in the knees. Again, I'm tired of being on the wrong side of that.

事實是，如果我們迎來更溫暖乾燥的十一月和十二月，並且這個季節延長，那麼我認為產量方面會有上升空間。正如我所指出的，如果我們現在只看 7 月份，我們的預期就會高於先前指南的中點。因此，我不看成交量，感覺膝蓋無力。再說了，我厭倦了站在錯誤的一邊。

Michael, do you want to address the rest?

邁克爾，你想解決剩下的問題嗎？

Yeah. No, I think the question was on corporate expense or SG&A in the quarter and two items really impacting the comp to prior. One is the only adjusted metric we report now is adjusted EBITDA, and there was roughly $20 million of acquisition-related expenses that got added back to EBITDA last year, which would be in that corporate expense line item.

是的。不，我認為問題是關於本季的公司費用或銷售、一般及行政費用，以及兩項真正影響與去年同期比較的項目。我們現在報告的唯一調整指標是調整後的 EBITDA，去年約有 2000 萬美元的收購相關費用加回 EBITDA 中，這將包含在該公司費用項目中。

And then the other piece of the comp is really just effective SG&A cost management. We've been focused on that. So those are really the two levers if you're trying to say, well, EBITDA grew at 8% and net earnings grew double digits, that's -- it was that adjustment for the acquisition expenses.

然後，公司的另一部分實際上是有效的銷售、一般和行政費用管理 (SG&A) 成本管理。我們一直專注於此。因此，如果你想說，EBITDA 成長了 8%，淨利潤成長了兩位數，那麼這實際上就是兩個槓桿，這是對收購費用的調整。

Perfect. Thank you.

完美的。謝謝。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

This is actually Zack Pacheco on for Garik today. Maybe just more on the SG&A reduction. Any more color of what the main driver was? And I guess, how to think about run rating that into the second half? Thanks.

今天實際上是 Zack Pacheco 代替加里克 (Garik)。也許只是更多有關銷售、一般及行政費用減少的資訊。還有更多有關主要驅動因素的詳細資訊嗎？我想，該如何考慮下半場的跑壘率呢？謝謝。

Yeah. No, we would typically say to just run rate right around 7% of sales for a full year. SG&A as a percent of sales, that's a good modeling number. So it may tick back -- between quarters that may ebb and flow a bit, but I think 7% is a good number to keep in your model.

是的。不，我們通常會說全年的銷售額的運行率就在 7% 左右。銷售、一般及行政費用佔銷售額的百分比，這是一個很好的建模數字。因此，它可能會在季度之間回落，可能會有所起伏，但我認為 7% 是模型中值得保留的一個好數字。

Understood. I'll pass it on. Thanks.

明白了。我會傳達的。謝謝。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

Congrats, Ward and Mike on the transaction (inaudible) quarter.

恭喜沃德和麥克在交易（聽不清楚）季度取得佳績。

Thanks, David. Good to hear your voice.

謝謝，大衛。很高興聽到你的聲音。

Yeah. Thanks. On the tons that you've acquired, the 20 million tons, just how would you characterize the pricing on those tons within the context of their respective markets? Are they underpriced? Are they fairly priced? Is there a future ASP lift opportunity? And then if I could just squeeze in maybe some commentary around the rail mergers and the potential impact there? Thanks.

是的。謝謝。對於您所收購的 2000 萬噸，您如何根據各自的市場來描述這些噸位的定價？它們的價格被低估了嗎？它們的價格合理嗎？未來是否存在平均售價提升的機會？然後我是否可以就鐵路合併及其潛在影響發表一些評論？謝謝。

Thank you very much, David. I'd say a couple of things. I think where I was before is probably right in that. And I do think we are very focused on value. I think we're appropriately focused on value. And I think this is a good quarter to demonstrate it right. You saw pricing outperform. You saw volume probably about where you thought it was going to be, frankly, maybe even a little bit better. And you see very good financial performance that comes from that.

非常感謝，大衛。我想說幾件事。我認為我之前所處的位置可能就在那裡。我確實認為我們非常注重價值。我認為我們適當地關注價值。我認為這是一個很好的季度來證明這一點。您看到定價表現優異。您看到的交易量可能與您預想的差不多，坦白說，甚至可能更好一點。並且您會看到由此產生的非常好的財務表現。

I think that opportunity continues to exist as we go forward, particularly in the markets in which you'll see us either entering or just having more business than David. So I think that's a piece of it.

我認為，隨著我們不斷前進，機會仍然存在，特別是在我們進入的市場或我們比大衛擁有更多業務的市場。所以我認為這是其中的一部分。

Relative to the railroad mergers, I'll say this. One, we move more stone by rail in the United States than any other aggregates producer.

關於鐵路合併，我會這樣說。首先，我們在美國透過鐵路運輸的石材比其他骨材生產商都多。

And we have good and valued relationships with all of the Class 1 railroads and think well of those businesses, think well of their management. It will be fascinating to watch, provided the UP Norfolk Southern transaction goes forward. Number one, that's a really impressive network that they're going to have in place. We have a lot of experience, obviously, with the UP because we probably send more on UP than any other railroad. Their efficiency has been very good.

我們與所有一級鐵路公司都保持著良好且寶貴的關係，對這些企業和他們的管理都評價很高。如果聯合太平洋大學諾福克南方分校的交易能夠順利進行，那麼將會非常值得關注。首先，他們將要建立的是一個非常令人印象深刻的網路。顯然，我們在 UP 鐵路方面擁有豐富的經驗，因為我們透過 UP 鐵路運送的貨物可能比透過任何其他鐵路運送的貨物都多。他們的效率非常好。

You're really not changing the structure per se in the Eastern United States because right now, you've got CSX on one hand and Norfolk Southern on the other. And after this, you would still have CSX on one hand, and now you'd have UP or the combined organization on the other. So we don't look at it and feel that there's any peril to our business. They are good business partners. They move material for us from producing locations to yards throughout the United States.

你實際上並沒有改變美國東部的結構本身，因為現在，你一方面有 CSX，另一方面有諾福克南方鐵路。在這之後，你一方面仍然擁有 CSX，另一方面擁有 UP 或合併後的組織。所以我們並不認為這會對我們的業務造成任何危險。他們是很好的商業夥伴。他們幫助我們將材料從生產地運送到美國各地的貨場。

And keep in mind, we've got nearly 90 yards that are out there. So the quantum of yards that we have either by ship or rail is much more significant than others. But at the end of the day, they're all good customers, too, because they do buy ballast material from us to make sure their rail lines operate as they should.

請記住，我們還有近 90 碼的距離。因此，我們透過船舶或鐵路擁有的堆場數量比其他堆場多得多。但歸根結底，他們也都是好客戶，因為他們確實從我們這裡購買道碴材料，以確保他們的鐵路線路正常運作。

And again, for the uninitiated, when you're driving across a railroad crossing, if you look to your right and look to your left, and you see all the stone on which the rails are sitting, hopefully, that's our stone. So I've tried to answer both your questions, the first one commercially and the second one relative to the proposal between UP and NS. And I hope that helps, David.

再說一次，對於不熟悉的人來說，當你開車穿過鐵路道口時，如果你向右看，向左看，你會看到鐵軌所在的所有石頭，希望那就是我們的石頭。因此，我嘗試回答您的兩個問題，第一個問題與商業有關，第二個問題與 UP 和 NS 之間的提議有關。我希望這能有所幫助，大衛。

Great. Thanks, Ward.

偉大的。謝謝，沃德。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Maybe could you just share some thoughts on unit cost performance? Again, driving that double digit is quite helpful above that SG&A line, some of the trends you see there. And just on the transaction, net-net of all that's going on, you're going to get $450 million of cash. And is that going to be kind of pointed towards some debt reduction or some other near-term uses that you may have on that?

或許可以分享一些關於單位成本表現的想法嗎？再次強調，推動這一兩位數的成長對於銷售、一般和行政費用高於該水平非常有幫助，您可以在那裡看到一些趨勢。僅就這筆交易而言，所有正在進行的交易淨額將為 4.5 億美元現金。這是否會指向一些債務削減或其他一些近期用途？

You know what, I'll take the cost portion, and I'll ask Michael to come back and take the boot portion. So as we look at the cost, I thought the cost was actually in the quarter. Cost could have been better in the quarter, and here was the big issue. It ranked. I mean, the fact is it's really difficult to have your cost flow through the way that you would like if you've got a lot of stop start in an outdoor sport that's a heavy industrial use.

你知道嗎，我會承擔成本部分，然後我會讓麥可回來承擔引導部分。因此，當我們查看成本時，我認為成本實際上是在本季。本季的成本本來可以更低，而這正是最大的問題。它排名。我的意思是，事實上，如果在重工業用途的戶外運動中經常停止啟動，那麼很難讓你的成本按照你想要的方式流動。

And that's what we had in Q2. And even with that, I like the overall cost performance. I mean, obviously, what we're seeing is inflation coming down. And we're seeing our costs also come down, and we're seeing our ASP go up, and you're seeing that margin continue to grow.

這就是我們在第二季所取得的成績。即便如此，我仍然喜歡整體的性價比。我的意思是，顯然我們看到的是通貨膨脹正在下降。我們看到我們的成本也在下降，我們看到我們的平均售價正在上升，你也看到利潤率持續成長。

So I would expect we would continue to see very good cost behavior. As you may recall, I think Bob Cardin was right in Q1 when he said, look, we had a home-run quarter on cost control. But that was actually a quarter because so much of it was January and February that you know exactly what you're having to do and where the levers are.

因此我預計我們會繼續看到非常好的成本行為。您可能還記得，我認為鮑勃卡丁在第一季說得對，他說，看，我們在成本控制方面取得了本壘打。但那實際上是一個季度，因為其中大部分是一月和二月，所以你確切地知道你必須做什麼以及槓桿在哪裡。

It gets a little bit more complicated when you're in Q2 and you need to be running everywhere. I think that's answer to part one of your question. Part two of your question was relative to the boot. And for that, over to Michael.

當你進入 Q2 並且需要到處奔波時，事情會變得有點複雜。我想這就是你問題第一部分的答案。您的問題的第二部分與靴子有關。為此，請麥可發言。

Yeah. Thank you, Ward. Relative to the boot, I think a couple of things. One, capital allocation priorities are going to stay focused on dollar 1 to M&A. That being said, we did close the Premier transaction in July. So you can almost think of that boot as already having a home M&A-wise. We do have, actually, our first 30-year bond ever issued as a public company coming due at the end of this year for it was $125 million bond at a 7% interest rate. So we're going to go ahead and pay that off when it becomes due.

是的。謝謝你，沃德。關於靴子，我想到幾件事。首先，資本配置重點仍將集中在併購。話雖如此，我們確實在 7 月完成了 Premier 交易。因此，您幾乎可以認為該靴子在併購方面已經擁有本土優勢。事實上，我們作為上市公司發行的第一筆 30 年期債券將於今年底到期，金額為 1.25 億美元，利率為 7%。因此，我們會繼續付款，並在到期時還清。

That being said, we should end the year well within our leverage range. And as we said in the prepared remarks, M&A pipeline remains active. So hopefully, more to come.

話雖如此，我們應該在今年年底之前保持良好的槓桿率範圍。正如我們在準備好的演講中所說，併購管道仍然活躍。所以希望未來會有更多。

I wish I owned some of those 7% bonds. Thanks.

我希望我能擁有一些 7% 的債券。謝謝。

(laughter) You and me, both.

（笑聲）你和我都是。

Jonathan Bettenhausen, Truist Securities.

喬納森·貝滕豪森（Jonathan Bettenhausen），Truist Securities。

I'm on for Keith this morning. So obviously, aggregates pricing is still really solid. Last quarter was no exception. But given that weather has been a drag on volumes for this many quarters and we know this impacts the pace of price realization. Can you quantify how much or even if weather is set back pricing in the industry? And then so -- like is this a gap that can be closed if we get, say, 12 months of notably below average rainfall?

今天早上我代替 Keith 上場。因此顯然整體定價仍然非常穩固。上個季度也不例外。但考慮到天氣已經連續多個季度拖累了銷量，我們知道這會影響價格實現的速度。您能否量化天氣對產業定價的影響程度，甚至是否影響產業定價？那麼——如果我們經歷 12 個月明顯低於平均值的降雨量，這個差距是否可以彌補？

Go ahead, Michael.

繼續吧，麥可。

Yeah. No, I think that's a good observation. It's certainly more difficult to realize price when volumes are subdued as a result of weather. So yeah, no, I think there certainly could be some uptick as a result of that if we get a nice clean dry run like we saw in July.

是的。不，我認為這是一個很好的觀察。當天氣原因導致產量低迷時，實現價格肯定會更加困難。所以，是的，不，我認為如果我們能像 7 月那樣進行一次乾淨利落的試運行，那麼肯定會出現一些上升趨勢。

That being said, this pricing environment at 7.5% price is well above historical normal levels. We've been saying we think that there is a new normal in pricing. We said it wasn't going to be double digits forever, but it certainly wasn't going to go back to kind of the 3% to 4% pre-COVID levels either. So we'll see where that ultimately shakes out, but we feel pretty confident in the price guide that we put out for the full year.

話雖如此，7.5% 的定價環境遠高於歷史正常水準。我們一直在說，我們認為定價已經出現了新常態。我們說過，它不會永遠保持兩位數，但肯定也不會回到新冠疫情之前的 3% 到 4% 的水平。因此，我們將拭​​目以待最終結果，但我們對我們全年發布的價格指南非常有信心。

Jonathan, activity begets confidence; confidence begets pricing. And I believe the activity could be higher if the weather had permitted. And I think when I go back to the genesis of your question, I think that really does answer it. If we see activity continue to ramp up, if contractors continue to see their backlogs grow, I think all of that actually portends quite well for overall ASPs.

喬納森，活動產生信心；信心產生定價。我相信，如果天氣允許的話，活動可能會更活躍。我認為，當我回顧你問題的起源時，我認為它確實回答了這個問題。如果我們看到活動繼續增加，如果承包商繼續看到他們的積壓訂單增加，我認為所有這些實際上預示著整體 ASP 將會很好。

Perfect. That's helpful color. Thanks, guys.

完美的。這是很有幫助的顏色。謝謝大家。

Garrett Greenblatt, JPMorgan.

摩根大通的加勒特·格林布拉特。

I just wanted to lean in a little more on the magnesia side of the business. How big of a focus is this going forward in terms of acquisitions? And how big do you think this business could become over time?

我只是想多了解一下鎂業務方面的情況。就收購而言，未來的重點是什麼？您認為隨著時間的推移，這項業務會發展到多大？

Thank you for the question. Look, it's never going to be a huge part of what we do, but it's going to be an important part of what we do. And it's going to be additive I think, to overall margins, cash flow because they have some of the highest cash flow conversions of any business we've ever seen. And I think it adds that nice differentiating component that's important to us.

謝謝你的提問。你看，它永遠不會成為我們工作的很大一部分，但它將成為我們工作的重要組成部分。我認為這會對整體利潤率和現金流產生附加作用，因為他們的現金流轉換率是我們所見過的企業中最高的。我認為它增加了對我們很重要的差異化元素。

One of the things that we've long talked about is as we went through the financial crisis, I don't know of any other heavy side company in our space who could say we never cut or suspended a dividend all the way through that time period.

我們長期討論的一件事是，當我們經歷金融危機時，我不知道我們這個領域還有哪家重量級公司可以說我們在那段時期從未削減或暫停過股息。

And two things made that happen. One was Magnesia Specialties and its ability to go through cycles in a very resilient fashion. And the other was the Midwestern United States, where we're just adding more quarries today because those are the areas that, as you go through more challenged times, tend to outperform. So do I expect us to continue doing bolt-ons, maybe here or there in mag. I think that's entirely possible, and I think you should look for that. Do I think you're ever going to see a transaction there that you're going to say, boy, that doesn't look like an aggregates-led company? No, I don't think you're going to see that.

有兩件事促成了這個結果。其中一個是 Magnesia Specialties，它具有非常強的適應能力。另一個是美國中西部，我們今天在這裡增加了更多的採石場，因為這些地區在經歷更多挑戰時往往會表現出色。因此，我是否希望我們繼續進行螺栓固定，也許在雜誌的這裡或那裡。我認為這是完全有可能的，而且我認為你應該尋找這一點。我是否認為您會看到那裡有一筆交易，您會說，這看起來不像是一家聚合主導的公司？不，我認為你不會看到這個。

But I do think it's a nice differentiator. And I think when you look at that, combined with the aggregate operations that are coming in with this transaction with Quikrete and the geography in which that's occurring, it's actually a very nice and very consistent story with what helped us come through a financial downturn very differently than others.

但我確實認為這是一個很好的區別因素。我認為，當你看到這一點，結合與 Quikrete 交易的整體運作以及交易發生的地理位置，這實際上是一個非常美好且非常一致的故事，它幫助我們以與其他人截然不同的方式度過了金融衰退。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Just any more color on the land purchases you mentioned in the prepared comments. Are these related to potential greenfield opportunities? Or are these more adjacent to current operations? Thanks.

只是對您在準備好的評論中提到的土地購買情況進行更多的說明。這些與潛在的綠地機會有關嗎？或者這些與當前的操作更接近？謝謝。

Brian, nice to hear your voice, and thanks for the question. No, they tend to be more adjacent. And in my view, that's the more constructive way to go about that today because when you're greenfielding -- look, do we have that as a tool in our kit? The answer is yes, we do. But I would rather go to existing operations that we can expand.

布萊恩，很高興聽到你的聲音，謝謝你的提問。不，它們往往更相鄰。在我看來，這是今天解決這個問題的更具建設性的方式，因為當你在進行綠地建設時——看看，我們的工具包裡有這個工具嗎？答案是肯定的，我們有。但我寧願繼續現有的、我們可以擴展的業務。

If you think of it this way, Brian, if you buy the property next door and you already have necessary setbacks, when you buy the property, it's not just that you're buying the property next door on which you'll expand your operation, you're actually opening up some of your own reserves that used to be in a setback that no longer are.

布萊恩，如果你這樣想，如果你購買了隔壁的房產，並且已經遇到了必要的挫折，那麼當你購買房產時，你不僅僅是購買了隔壁的房產來擴大你的經營，你實際上還開闢了一些曾經處於挫折中的儲備，而這些儲備現在不再處於挫折之中。

So you end up winning multiple times when you're buying adjacent reserves, and that's primarily what we're doing. As a practical matter, when we look at quarries and they have less than 20 years, to us, that's a little bit of a flashing yellow light. We feel like we need to do something there. Frankly, we have very little of that. But on occasion point, we have less than 20 or in some places, when we just have the right opportunity to buy property next to a very attractive operation, and typically buy it for numbers that would not be commensurate to the value that it's going to create when it's under our ownership, we move on that.

因此，當您購買相鄰的儲備時，您最終會贏得多次勝利，而這正是我們主要做的事情。實際上，當我們看到採石場時，如果它們的使用壽命不到 20 年，對我們來說，這就像是閃爍的黃燈。我們覺得我們需要在那裡做點什麼。坦白說，我們很少有這樣的情況。但有時，我們擁有的房產少於 20 處，或者在某些地方，當我們有合適的機會購買毗鄰非常有吸引力的業務的房產時，通常購買價格與我們擁有該房產時所創造的價值不相稱，我們就會繼續這樣做。

So that's what you're primarily seeing. And as Michael indicated in his prepared remarks, we have been at CapEx numbers over historic in the last several years. We do anticipate that coming back down to more normal metrics next year. But to answer your question directly, no, it's not greenfielding. Yes, it is adjacent. It is reserves, and that's the overall philosophy.

這就是你主要看到的。正如麥可在其準備好的演講中所指出的，過去幾年我們的資本支出數字一直高於歷史水準。我們確實預計明年這項指標將恢復到更正常的水平。但直接回答你的問題，不，這不是綠地投資。是的，相鄰。這是儲備，這就是整體理念。

Very helpful. Thank you.

非常有幫助。謝謝。

Ivan Yi, Wolfe Research.

伊凡·易（Ivan Yi），沃爾夫研究公司。

Ward, can you just give us an early preview of the upcoming Capital Markets Day? What should we expect to hear from you all? Will you be providing any long-term guidance on revenues or EBITDA, for example? Just any color would be great. Thank you.

沃德，您能否提前為我們介紹即將到來的資本市場日？我們希望聽到你們的什麼消息？例如，您會對收入或 EBITDA 提供任何長期指導嗎？任何顏色都可以。謝謝。

Ivan, thank you very much. Look, we'll be together early next month at the Mandarin Oriental in New York. As you know, we refresh our SOAR plans every five years, part of what we've done in every SOAR plan to date. And Ivan, I'm not saying this is what we're going to say when we're together. But we have been in a position that we have doubled our market cap every five years.

伊万，非常感謝。你看，我們下個月初會在紐約文華東方酒店相聚。如您所知，我們每五年更新一次 SOAR 計劃，這是我們迄今為止在每個 SOAR 計劃中所做的工作之一。伊万，我並不是說我們在一起時會說這些話。但我們的市值每五年就會翻倍。

I think this company has an exciting growth trajectory ahead of it. I want to talk about that. I think this company has exciting geographies in which that will be focused. I want to talk about that. I think there are a lot of new tools that are coming out today, particularly relative to what's going on commercially in the industry and our business. I want to talk about that. I think we've got an outstanding team that I get to see every day. I want to put you in a position that you got to see that in a more granular basis as well.

我認為這家公司未來將擁有令人興奮的成長軌跡。我想談談這個。我認為這家公司將把重點放在令人興奮的地區。我想談談這個。我認為如今出現了許多新工具，特別是與行業商業化和我們的業務相關的工具。我想談談這個。我認為我們擁有一支出色的團隊，我每天都能看到他們。我想讓你能夠更詳細地了解這一點。

So is this about long-term markets? Yes. Is it about what M&A can look like for this company for the next five years and beyond? Absolutely. Will we give you a sense of how we're going to market and the sophistication that's increasingly being brought to bear in that? Of course.

那麼這與長期市場有關嗎？是的。這是否與該公司未來五年及以後的併購前景有關？絕對地。我們能否向您介紹一下我們將如何進行行銷以及其中日益複雜的情況？當然。

And where you going to see what I think -- and I'm not talking about me, I'm talking about the rest of them that I believe is the most talented team in the industry? Absolutely. And I want to make sure you, investors, and others get time with them and can affirm my judgment that you're going to like what you see.

那麼您從哪裡可以看到我的想法呢——我不是在談論我自己，而是在談論我認為是業內最有才華的團隊？絕對地。我希望確保你們、投資者和其他人有時間與他們相處，並確認我的判斷，你們會喜歡你們所看到的東西。

Thank you.

謝謝。

And at this time, there are no further questions. I'd like to hand the conference back to Mr. Ward Nye for any additional or closing remarks.

目前，沒有其他問題。我想將會議交還給沃德·奈先生，請他發表任何補充意見或結束語。

Again, thank you for joining today's earnings conference call. Through deliberate and disciplined execution of our SOAR plans, we fortified our portfolio and aligned our business in structurally advantaged markets that offer both resilience and compelling long-term potential growth. With this durable foundation and a clearly defined differentiated growth strategy underpinned by our strategic framework, we remain well positioned to manage through macroeconomic volatility while continuing to create meaningful long-term shareholder value.

再次感謝您參加今天的收益電話會議。透過謹慎、嚴格地執行我們的 SOAR 計劃，我們鞏固了我們的投資組合，並將我們的業務調整到具有結構優勢的市場中，這些市場既具有彈性，又具有引人注目的長期潛在成長。憑藉著這個持久的基礎和以我們的策略框架為基礎的明確的差異化成長策略，我們能夠更好地應對宏觀經濟波動，同時繼續創造有意義的長期股東價值。

As a final reminder, and as we were just discussing with Ivan, we'll be holding our Capital Markets Day on Wednesday, September 3, in New York, where our leadership team will discuss strategic opportunities for long-term value creation through our updated five-year strategic operating analysis and review plan or SOAR 2030. We look forward to your participation. And as always, we're available for follow-up questions.

最後提醒一下，正如我們剛剛與 Ivan 討論的那樣，我們將於 9 月 3 日星期三在紐約舉辦資本市場日，我們的領導團隊將透過我們更新的五年策略營運分析和審查計劃或 SOAR 2030 討論長期價值創造的策略機會。我們期待您的參與。像往常一樣，我們可以回答後續問題。

Thank you for your time and your continued support of Martin Marietta.

感謝您抽出時間並繼續支持 Martin Marietta。

Once again, ladies and gentlemen, that does conclude today's conference. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議又結束了。感謝您的參與。您現在可以斷開連線。