Martin Marietta earnings rise 1.1% in quarter

July 23, 1992|By Ted Shelsby | Ted Shelsby,Staff Writer

Martin Marietta Corp. reported yesterday a slight gain in second-quarter earnings compared with the same period last year.

"Our corporation's performance in the second quarter continues reflect the benefits of our 'peace dividend' strategy," Norman R. Augustine, chairman and chief executive, said in a statement.

"We experienced solid performance in our defense businesses," Mr. Augustine said, "and sustained growth in our civil government and commercial business segments."

Earnings for the Electronics, Information and Missile Group were off 13 percent in the most recent quarter when compared with the year-earlier period, during which the company benefited from sales related to the Persian Gulf war.

The group's sales were up 2 percent, however, in part because of increased orders for engine thrust reversers for commercial jetliners, which are made at the company's Middle River complex.

The decline in earnings at the Electronics, Information and Missile Group were offset, however, by the Astronautics Group, which posted a 12 percent increase in operating profits, and by the Materials Group, where profits were up 15 percent.

Martin Marietta reported a midyear business backlog of $9.3 billion, down from $11.3 billion a year ago.

A decline in the backlog usually is a signal that tougher times are ahead. Martin Marietta noted that its latest figure did not include $1.7 billion in negotiated, but unexercised, options and approximately $10 billion in equivalent sales under contracts to manage U.S. Department of Energy facilities in Tennessee, Kentucky, Ohio and Florida.

Three months ended 6/30/92

.. .. .. .. .. .. Revenue .. .. .. .. .. Net .. .. .. .. Share

'92 .. .. .. .. .. 1,584,400,000 .. .. .. 99,000,000 .. .. 2.06

'91 .. .. .. .. .. 1,567,800,000 .. .. .. 97,900,000 .. .. 1.97

% change .. .. .. .. +1.0 .. .. .. .. .. .. +1.1 .. .. .. .. +4.4

Six months ended 6/30/92

.. .. .. .. .. .. Revenue .. .. .. .. .. Net .. .. .. .. Share

'92 .. .. .. .. .. 2,955,900,000 .. .. .. 173,600,000 .. .. 3.57

'91 .. .. .. .. .. 2,968,200,000 .. .. .. 169,000,000 .. .. .. 3.41

% change .. .. .. .. ..-0.4 .. .. .. .. .. .. +2.7 .. .. .. .. .. +4.5

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