(Reuters) -Martin Marietta Materials posted a 12% rise in second-quarter profit on Thursday, aided by stronger pricing and infrastructure demand. Higher demand for data centers powering artificial intelligence has helped boost construction activity. Construction firms have also benefited from former U.S. President Joe Biden’s Infrastructure Investment and Jobs Act, which outlined $1 trillion in investments. […]
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Martin Marietta second-quarter profit rises on infrastructure demand
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(Reuters) -Martin Marietta Materials posted a 12% rise in second-quarter profit on Thursday, aided by stronger pricing and infrastructure demand.
Higher demand for data centers powering artificial intelligence has helped boost construction activity.
Construction firms have also benefited from former U.S. President Joe Biden’s Infrastructure Investment and Jobs Act, which outlined $1 trillion in investments.
“Infrastructure activity remains robust, underpinned by sustained record levels of federal and state investment,” Martin Marietta CEO Ward Nye said in a statement.
The company’s net earnings rose to $328 million, or $5.43 per share, in the quarter ended June 30, from $294 million, or $4.76 per share, a year ago.
The U.S. construction materials supplier’s quarterly revenue was up 3% at $1.81 billion.
(Reporting by Nathan Gomes in Bengaluru; Editing by Maju Samuel)