Rock miner Martin Marietta Materials
First up: revenues. In 2004, those grew by 5% over the company's 2003 numbers. Next: earnings. Under generally accepted accounting principles (GAAP), operating earnings grew 16%, net earnings by 38%, and net earnings per diluted share by 39%, moving up to $2.66 per diluted share.
Where the good news stopped was on the company's cash flow statement, where free cash flow generation seems to have fallen off year over year. For 2003, Martin Marietta posted free cash flow of $157 million; for 2004, that declined to $103 million. Of course, things could be worse. Last month, rival Lafarge North America
The exceptions to the rule in this industry were two: First, Florida Rock
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