Martin posts rise in sales, profits in 2nd quarter

July 21, 1993|By Ted Shelsby | Ted Shelsby,Staff Writer

Reflecting the first contributions from the aerospace division it acquired in April from General Electric, Martin Marietta Corp. yesterday reported sharp gains in second-quarter sales and earnings.

Net income for the three months that ended June 30 jumped 25 percent, to $124 million, and sales rose 65 percent, to $2.6 billion, from the same period last year.

Earnings per share amounted to $1.98 for the quarter, down from The decline was a result of an increase of 14.5 million common shares associated with the stock issued to GE in connection with Martin's purchase of the aerospace division.

The company posted a net loss of $211.5 million for the first half of 1993, due to an accounting change resulting in a one-time after-tax charge of $412 million in the first quarter related to retiree health benefits.

Without the accounting change, the company said, it would have posted a profit of $200 million in the first six months, compared with $174 million in the year-ago period.

The Electronics Group, which includes Martin's Middle River-based Aero & Naval Systems division, posted operating margins of nearly 9 percent in the second quarter, on sales in excess of $1.2 billion.

This is the largest of Martin's newly aligned operating segments, and the company said former GE aerospace units contributed strongly to the group's sales and earnings.

Martin Marietta Corp.

Martin.. .. .. .. .. ..Ticker .. .. .. ..Yesterday's

Marietta Corp... .. .. Symbol .. .. .. ..Cls. .. .. .. Chg.

.. .. .. .. .. .. .. .. ..ML .. .. .. .. 80 3/4 .. .. .. .. - 3/4

Period ended

6/30/93 .. .. .. .. .. 2nd qtr. .. .. .. Year ago .. .. .. Chg.

Revenue .. .. .. .. .. $2,613,300 .. .. $1,584,400 .. .. .. +64.9%

Net Income .. .. .. .. $124,100 .. .. .. .. $99,000 .. .. .. +25.3%

Primary EPS .. .. .. .. .. $2.28 .. .. .. .. $2.06 .. .. .. .+10.7%

.. .. .. .. .. .. .. .. 6 mos. .. .. .. .. Year ago .. .. .. .. Chg.

FRevenue .. .. .. .. .. $3,781,900 .. .. .. $2,955,900 .. .. .. +27.9%

Net Income .. .. .. .. $(211,500) .. .. .. ..$173,600 .. .. .. .. --

Primary EPS .. .. .. .. $(4.77) .. .. .. .. .. $3.57 .. .. .. .. --

Figures in thousands (except per share data.)

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