On this page of StockholderLetter.com we present the latest annual shareholder letter from MARTIN MARIETTA MATERIALS INC — ticker symbol MLM. Reading current and past MLM letters to shareholders can bring important insights into the investment thesis.

 •  4/15/2024 Letter Continued (Full PDF)
 •  3/13/2023 MLM Stockholder Letter
 •  More "Construction Materials & Machinery" Category Stockholder Letters
 •  MLM Benford's Law Stock Score = 73

MLM Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT
2023

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

Production and Sales
Magnesia Specialties Manufacturing Facilities
    Cement Production Plants1

1
Cement Production Plants as of 12/31/2023. Hunter Cement Plant divested 2/9/2024.

Mission. Vision. Values.
Letter to Shareholders ... .... .. .... .... .. .... ... .... .. .... .. ... ..... ..... ... ..... .... ....... ...... ....... ..... .... ....... .. 2-7
Financial Highlights .. .... .. .... .. .... .... .. ... .... .... .. .... .. ... ...... ....... ..... .... ....... .. .... ....... ..... .... ......... ... 8
Statement of Responsibility and Management' s Report on Internal Control
Over Financial Reporting ...... ........ ........ ............. ........ ........ ..... ........ ........ ............. ........ ..... 9
Report of Independent Registered Public Accounting FirmPricewaterhouseCoopers LLP ................................................................................... 10-11
Consolidated Statements of Earnings ............................................................................... 12
Consolidated Statements of Comprehensive Earnings ..................................................... 13
Consolidated Balance Sheets ............................................................................................ 14
Consolidated Statements of Cash Flows ........................................................................... 15
Consolidated Statements of Total Equity ......................................................................... 16
Notes to Financial Statements ..................................................................................... 17-50
Management' s Discussion and Analysis of Financial Condition
and Results of Operations ......................................................................................... 51-82
Common Stock Performance Graph ................................................................................. 83
Additional Non-GAAP Reconciliations .............................................................................. 84
Company Directory ...................................................................................................... 85-89
General Information ......................................................................................................... 90
2023 Annual Report     Page 1

LETTER TO SHAREHOLDERS
Martin Marietta is North America's Premier, Aggregates-led
Building Materials Company
Another Year of Record Safety Performance and Profitability Again
Proves Efficacy of our Long-Term Strategic Plan and Positions Martin Marietta
for Sustainable Growth Ahead
Dear Fellow Shareholders,
I am proud to report that, once again, Martin Marietta achieved its safest and
most profitable year in our history.
In 2023, we delivered our 12th-consecutive year of profit growth and
our seventh-consecutive year of world-class lost-time incident rate (LTIR)
performance, reflecting the continued success of our commercial and
operational excellence efforts, value-over-volume strategy, active portfolio
management and disciplined capital allocation. Our outstanding 2023 results
underscore the durability of our business and our strategic plan. Equally, they
reinforce our confidence in Martin Marietta's ability to continue delivering
superior and sustainable shareholder value. The chart below lists just a few of
our most remarkable accomplishments last year.
2023 Safety & Financial Highlights from Continuing Operations

Southwest and East Divisions outperformed world class with
Total Injury Incident Rates (Tl IRs) of 0.63 and 0.69, respectively

Achieved world-class TIIR for the 3rd consecutive year with
companywide TIIR of 0. 78

99.9% of employees experienced zero lost-time incidents

Adjusted EBITDA increased 33%, surpassing $2.1 billion

Achieved 41% growth of diluted EPS to $19.32

Grew aggregates gross profit per ton by 46% to $6.93

Delivered Total Shareholder Return of 49% vs. the S&P 500 of 26%
Our Strategic Operating Analysis and Review (SOAR) plan, which is formally
refreshed in five-year intervals and provides the framework to responsibly
and sustainably grow our business and return capital to shareholders, remains
a key driver of Martin Marietta's success. Since its original inception and
implementation in 2010, our SOAR process has helped us transform the
business and build significant shareholder value, evidenced by our position
as a market-leading supplier of aggregates and 558% cumulative total
shareholder return (TSR) over the past 14 years.
Page 2     2023 Annual Report
C. Howard Nye
Chairman, President and Chief Executive Officer

LETTER TO SHAREHOLDERS
Total Shareholder Return
(12/31/2009 - 12/31/2023)
558%
462%
MLM
S&P 500
We have now surpassed the midpoint of SOAR 2025 and are well on our way to achieving our goals for this five-year period
relative to world-class safety, portfolio optimization, financial performance and ESG. Clearly 2023 was a milestone year for
the Company in advancing toward these goals, despite lower yearly shipments and a volatile macro-environment. Notably,
we also executed a number of transactions across the portfolio to ensure ample balance sheet flexibility and to optimize our
geographic footprint for future growth.
Underpinning our outstanding financial and operational performance is our commitment to advancing sustainability efforts,
being an employer of choice, and governing Martin Marietta in accordance with best practices, together with an overarching
fidelity to excellence. Our success in these vital areas is highlighted by our environmental stewardship, community and
employee well-being programs and year-round, transparent shareholder engagement. In addition to our robust yearround dialogue with our shareholders on a variety of topics, in the fall of 2023 we undertook a Fall Engagement Program .
This included contacting our top 40 shareholders to respond to the feedback we received, and elicit further comments,
in connection with the 2023 Annual Shareholders Meeting votes regarding certain climate matters and our compensation
program design. We continue to take purposeful actions that result from direct engagement with our shareholders and ensure
that we are investing in a sustainable future .
I am so proud of our team and all that was accomplished in 2023 . Our commitment to health and safety, focus on capital
allocation and continued operational and financial outperformance have positioned Martin Marietta as a durable, agile,
profitable, and coast-to-coast aggregates-led building materials company with a curated geographic footprint in the country's
fastest-growing markets. We are delivering sustainable growth and superior value for shareholders, while positioning the
company for an even brighter future.
Industry Leading Safety and Financial Performance
World-Class Safety Achieved
Our successful long-term strategy is to build and maintain the safest, best-performing and premier aggregates-led building
materials company in markets that exhibit favorable growth dynamics. As noted previously, we just concluded Martin
Marietta's safest year on record with a world-class lost-time incident rate (LTI R) for the seventh-consecutive year and a
world-class total injury incident rate (TIIR) for the third-consecutive year. Notwithstanding our excellent progress,
we continue to work toward our goal of zero safety incidents - which we fervently believe is achievable given most of our
operations prove this is possible each year.
2023 Annual Report     Page 3



 4/15/2024 Letter Continued (Full PDF)