The Raleigh, North Carolina-based Martin Marietta Materials, Inc. (MLM) is a natural resource-based building materials company that supplies aggregates and heavy-side building materials to the construction industry. With a market cap of $35.6 billion, the company also produces magnesia-based chemicals products and is expected to announce its fiscal Q3 earnings results before the market opens on Wednesday, Oct. 30. 

Ahead of this event, analysts expect the building materials company to report a profit of $6.78 per share, down 2.3% from $6.94 per share in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in three of the last four quarters while missing on one another occasion. In Q2, the company’s adjusted EPS of $5.26 missed the consensus estimates by 5.6% and declined 6.1% from a year ago. 

For fiscal 2024, analysts expect MLM to report an EPS of $19.07, down 1.3% from $19.32 in fiscal 2023. Nonetheless, EPS is expected to increase 15.3% year-over-year to $21.98 in fiscal 2025.

Shares of MLM have gained 15.6% on a YTD basis, underperforming the S&P 500 Index's ($SPX) 22.7% rise but outpacing the Materials Select Sector SPDR Fund’s (XLB) 12.2% return over the same period.

On Aug. 8, MLM released its Q2 earnings results. Along with its earnings, its revenue of $1.76 billion lagged behind the consensus estimates of $1.81 billion and fell 3.1% from a year ago. The weaker-than-expected performance was primarily driven by weather-related challenges marked by historic precipitation in Texas and in parts of the Midwest coupled with restrictive monetary policy in the economy and softening demand in the private construction sector. However, shares of MLM closed up marginally after its Q2 earnings release. 

Analysts' consensus view on Martin Marietta Materials’ stock is moderately optimistic, with a "Moderate Buy" rating overall. Among 16 analysts covering the stock, 10 recommend "Strong Buy," two suggest "Moderate Buy," and four indicate “Hold.” 

The average analyst price target for MLM is $615.16, indicating an 8.5% potential upside from the current levels. 

• Mondelez International's Quarterly Earnings Preview: What You Need to Know
• What's Next for Super Micro Computer Stock After the Split?
• What You Need to Know Ahead of Alliant Energy's Earnings Release
• Stocks Fall as Bond Yields Rise on Expectations of Slower Fed Rate Cuts