Martin Marietta posts 16 pct decline in 3Q profit

Martin Marietta Materials Inc., a maker of construction materials, said Tuesday its third-quarter net income slid 16 percent as delays in infrastructure projects hurt revenue.

The company earned $55.5 million, or $1.23 per share, down from $66.3 million, or $1.57 per share, in the prior-year period.

Quarterly sales were $428.6 million, down nearly 19 percent from $525.7 million in the year ago period. Total revenue - which includes freight and delivery revenue - fell to $488.3 million.

Analysts surveyed by Thomson Reuters expected third-quarter earnings of $1.18 per share with revenue of about $498 million.

Based on its current economic view, the company lowered its full-year earning guidance to a range of $2.20 to $2.45 per share, down from $2.70 to $3.30 per share. Analyst expect $2.77 per share, on average.

The company gave a fairly upbeat forecast for 2010, saying it expects the impact from the government stimulus spending plan, which includes money for infrastructure projects, to begin next year.

Shares of Martin Marietta fell $2.09, or 2.5 percent, to $80.16 in late morning trading.