Martin's earnings higher than expected

October 29, 1993|By Ted Shelsby | Ted Shelsby,Staff Writer

Despite a run of bad luck for its space business in recent months, Martin Marietta Corp. yesterday posted higher-than-expected third-quarter earnings.

Net income rose 36 percent, to $131.1 million, equal to $1.21 a share, and sales jumped 59 percent, to $2.46 billion, thanks in part to contributions from the former General Electric Corp. Aerospace businesses.

"They did better than I expected," said Michael L. Mead, who follows Martin Marietta for Legg Mason Wood Walker Inc. "I was looking for something along the line of $1.05."

According to the mean estimate of 10 analysts surveyed by Zacks Investment Research, Martin Marietta was expected to earn $1.13 a share.

"These financial results reflect the initial benefits we envisioned from the combination of Martin Marietta and GE Aerospace businesses earlier this year," Norman R. Augustine, chairman and chief executive, said.

He made only passing mention of recent space problems, including the explosion of a giant Titan IV rocket, the loss of several satellites and the failure of the Mars Observer.

Martin Marietta Corp.

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

.. .. .. .. .. .. .. .. .. ..Symbol .. .Cls... .. .Chg.

.. .. .. .. .. .. .. .. .. .. .ML .. ...44 1/2 .. .. ....- 3/8

Period ended

9/30/93 .. .. .. .. .3rd qtr. .. ..Year ago .. ...Chg.

Revenue .. .. .. ..$2,466,100 .. .$1,548,800 ...+59.2%

Net Income .. .. ....$131,100 .. ....$96,100 ...+36.2%

Primary EPS .. .. .. ...$1.21 .. .. ...$1.02 ...+18.6%

.. .. .. .. .. .. .. ..9 mos. .. ..Year ago .. ...Chg.

Revenue .. .. .. .. .$6,248,000 ..$4,504,700 ...+38.7%

Net Income .. .. .. ..$(80,400) .. .$269,700 .. .. ..%

Primary EPS .. .. .. ...$(1.16) .. .. .$2.80 .. .. ..%

Figures in thousands (except per share data.)

By dialing Sunfax at (410) 332-6123 and entering the code 5680, readers can receive, by fax, a free copy of Martin Marietta's third-quarter earnings report.

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