Martin Marietta Materials Q2 2026 Earnings Call Transcript

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Provided by Quartr
July 30, 2026

Key Takeaways

  • Positive Sentiment: Record second-quarter performance: Core aggregates revenue rose 16% to $1.5 billion, with organic shipments up 2.3%, while the company delivered record quarterly revenue and adjusted EBITDA.
  • Positive Sentiment: Martin Marietta raised full-year revenue guidance to $7.2 billion–$7.4 billion and maintained adjusted EBITDA guidance of $2.36 billion–$2.50 billion. Management cited strong infrastructure and heavy non-residential demand, including data centers, power, manufacturing, and warehousing.
  • Positive Sentiment: Cost controls are progressing, with organic controllable cost of goods sold per ton up only 2.1% in the quarter despite energy inflation. The company has identified approximately $350 million in run-rate pre-tax cash flow opportunities from network optimization, asset utilization, working capital, and lower sustaining capital needs.
  • Positive Sentiment: The planned combination with Lhoist North America would add a large, mission-critical lime business with a Sun Belt footprint, diversify end markets, and create potential commercial and operating synergies. Management expects to retain investment-grade credit quality and deleverage to its target range within 24 months after closing.
  • Neutral Sentiment: Reported aggregates pricing declined 2% because of acquisition and geographic mix, although organic mix-adjusted pricing increased 3.7%. Management expects headline pricing to remain pressured in the second half as New Frontier Materials contributes for a full period, while underlying pricing and margins should become clearer as purchase-accounting inventory charges largely roll off.
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Earnings Conference Call
Martin Marietta Materials Q2 2026
00:00 / 00:00

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Operator

Ladies and gentlemen, welcome to Martin Marietta's Q2 2026 earnings conference call. All participants are currently in a listen-only mode. A question and answer session will follow the company's prepared remarks. As a reminder, today's call is being recorded and will be available for replay on the company's website. I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta's Vice President of Investor Relations. Jacklyn, you may begin.

Jacklyn Rooker
Jacklyn Rooker
VP of Investor Relations at Martin Marietta

Good morning, everyone, thank you for joining Martin Marietta's Q2 2026 earnings call. With me today are Ward Nye, Chair, President, and Chief Executive Officer, and Michael Petro, Senior Vice President and Chief Financial Officer. As a reminder, today's discussion may include forward-looking statements as defined by U.S. securities laws. These statements relate to future events, operating results, or financial performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Martin Marietta undertakes no obligation to publicly update or revise any forward-looking statements, except as legally required, whether due to new information, future developments, or otherwise. For additional details, please refer to the legal disclaimers contained in today's earnings release and other public filings, which are available on both our own and the Securities and Exchange Commission's websites.

Jacklyn Rooker
Jacklyn Rooker
VP of Investor Relations at Martin Marietta

Supplemental information summarizing our financial results and trends is available during this webcast and in the Investors section of our website. Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the appendix to the supplemental information in our SEC filings and on our website. Today's earnings call will begin with Ward Nye, who will discuss our Q2 and year-to-date accomplishments, 2026 outlook, and supporting market trends. Michael Petro will then review our financial results and capital allocation details. After which, Ward will provide closing remarks. Please note that all comparisons are to the prior year's corresponding period. A question and answer session will follow. Please limit your Q&A participation to one question. I will now turn the call over to Ward.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you, Jacklyn. Good morning, thank you for joining today's teleconference. Martin Marietta delivered another strong quarter, highlighted by record Q2 revenues and adjusted EBITDA. Our results benefited from favorable demand in infrastructure and heavy non-residential markets, disciplined execution across the organization, and contributions from recent acquisitions. During the quarter, we also took significant steps to thoughtfully advance our SOAR 2030 priorities, positioning Martin Marietta for its next phase of growth. Specifically in May, we completed the acquisition of New Frontier Materials, or NFM, a complementary bolt-on to our aggregates position along the I-70 corridor in Missouri, creating opportunities to further leverage our existing scale across our differentiated central division footprint. Most recently, we announced a transformational agreement to combine with Lhoist North America, Inc., or LNA, the nation's leading producer of lime and industrial mineral products.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

The planned combination builds upon our aggregates-led foundation and is expected to substantially broaden our differentiated upstream specialties platform. The strategic fit is compelling. Like construction aggregates, lime production begins with limestone reserves and relies on many of the same core competencies that have long defined Martin Marietta's success, including quarry operations, mineral resource management, and reserves optimization. With nearly 200 heritage limestone quarries across our portfolio, we're uniquely positioned to unlock significant value through recognizing the full potential of the combined limestone reserve base. LNA brings to its leading positions in key geographies and end-user markets an advantaged Sun Belt footprint and more than 200 years of high-quality limestone reserves. Its products possess unique properties, making them mission-critical across industrial, infrastructure, manufacturing, environmental, and other applications.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

With limited substitutes and a modest share of customers' overall production costs, lime benefits from attractive and durable demand fundamentals throughout economic cycles. Upon closing, the combination will diversify our end market exposure, enhance free cash flow conversion, and create significant opportunities to realize commercial and operational synergies across our aggregates and specialties businesses. Taken together, the NFM acquisition and planned LNA combination demonstrate our disciplined approach to capital allocation and continued commitment to executing a strategy designed to enhance the quality, durability, and long-term growth profile of Martin Marietta for the benefit of our shareholders, customers, and employees. Importantly, our SOAR 2030 priorities extend far beyond portfolio optimization and acquisitions. They encompass a wide range of operational and commercial initiatives. Operationally, we identified approximately $350 million of run rate pre-tax cash flow improvement opportunities driven by enhanced asset utilization, network optimization, and lower sustaining capital requirements.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Year to date, as compared with the prior year period, disciplined inventory management and reductions in capital spending alone have unlocked more than $200 million of cash flow benefits. Combined with our organic Q2 cost performance, we've already made meaningful progress toward our efficiency and cash generation objectives with additional runway ahead of us. It's important to note that these benefits are not the result of deferred investment or actions that may negatively impact the business long term. Rather, they reflect a more efficient alignment of our footprint, production capabilities, and capital requirements with our current and evolving portfolio. Commercially, I'm pleased to report that in June, we completed the enterprise-wide rollout of our PreciseIQ mobile quoting application and associated pricing algorithm. PreciseIQ enables greater customer responsiveness, enhanced pricing precision, improved commercial insights, and more consistent execution of go-to-market strategies.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Turning to our year-to-date results, we delivered the best H1 safety performance in our company's history, as measured both by total injury and lost time incident rates. Safety is the foundation of everything we do and remains our most important measure of success. I'm grateful to every Martin Marietta employee, long-term team members, and recent additions alike, for embracing our shared responsibility to care for one another and ensure that every team member returns home safely each day. Based on our strong H1 performance and continued momentum, we're raising our full year revenue guidance to $7.2 billion-$7.4 billion and reaffirming our adjusted EBITDA from continuing operations guidance of $2.36 billion-$2.5 billion. This guidance does not include contributions from the pending LNA transaction, which we will update following the closing.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Looking at our end markets, infrastructure remains the most durable and visible source of aggregates demand. Recent legislative proposals and continued bipartisan support for transportation investment reinforce our confidence in the long-term funding environment. Although a short-term extension of the current surface transportation authorization appears increasingly likely, we do not expect it to materially impact project activity or funding flows. State departments of transportation continue to advance large multi-year construction programs supported by elevated state revenues and the over $150 billion of federal infrastructure funds yet to be invested. As a result, we remain confident in sustained infrastructure demand over the coming years. Heavy non-residential construction continues to provide an important source of growth, supported by investments in data centers, warehouses, power generation, and domestic manufacturing across our markets.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

According to Dodge Construction Network, more than 70% of planned or under construction data center square footage and 70% of manufacturing square footage are located within 55 miles of a Martin Marietta facility. This proximity advantage positions us to participate meaningfully in several of the secular growth trends reshaping the United States industrial economy. Upon closing, the planned LNA combination is expected to broaden our participation in these long-term growth opportunities while adding exposure to other durable end markets. LNA's high calcium and dolomitic lime products are essential to steel production, soil stabilization, water treatment, and other industrial applications. With its advantaged Sun Belt footprint, LNA is uniquely positioned to benefit as domestic steel production capacity and data center construction continues to migrate to the southeastern United States and Texas.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Taken together, these end markets provide an attractive balance of demand, a durable infrastructure base, compelling secular growth in heavy non-residential construction, and meaningful upside from an eventual residential recovery. I'll now turn the call over to Michael to discuss our Q2 financial results and capital allocation. Michael, over to you.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Thank you, Ward, and good morning, everyone. Our core aggregates business generated record revenues of $1.5 billion, an increase of 16%. Supported by strong infrastructure and heavy non-residential demand across our footprint, organic shipments increased 2.3%, while total shipments increased 17% to 61.6 million tons, reflecting contributions from Quikrete and a partial quarter contribution from the NFM acquisition. Average selling prices decreased 2%, but increased 3.7% on an organic basis after adjusting for geographic mix. The impact of acquisitions on headline ASP is expected to become more pronounced in the H2 of the year as NFM contributes for the full period. That said, we expect strong realization of mid-year increases in those relevant markets that are well below the company average.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Organic cost of goods sold per ton increased 3.6%, inclusive of a 150 basis point headwind from higher pass-through external freight costs, such that our controllable cost growth was notably below the implied 3% in our guidance. This strong performance underscores the execution of our operating teams and the effectiveness of our cost management initiatives. While we expect energy costs to remain elevated through year-end, our focus will remain on what we can control to mitigate the current inflationary pressures and to protect and enhance margins. Reported aggregates gross profit of $418 million was negatively impacted by a $52 million non-cash inventory step-up charge. Of which $45 million was an adjustment to EBITDA, as well as $42 million of higher depreciation, depletion, and amortization expenses.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

With most of the fair value inventory charges now behind us, we anticipate only modest residual impacts on aggregates gross profit during the balance of the year, allowing reported results to more closely align with the true underlying economics of the business. Our specialties business delivered record quarterly revenues of $152 million and gross profit of $50 million, reflecting contributions from the July 2025 Premier Magnesia acquisition and organic pricing gains across all products. As illustrated on slide seven and eight of our supplemental information, our single heritage lime plant in Woodville, Ohio, has demonstrated the ability to compound profitability through macroeconomic cycles. Of note, during the financial crisis, Woodville volumes declined only 7% as compared to the U.S. aggregates industry's 37% decline. By 2025, Woodville lime shipments exceeded 2006 levels by 2%, while U.S. aggregates production remained 25% below its peak.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

This consistent demand profile, combined with average selling prices compounding at mid-single digits, resulted in gross profit compounding at a high single-digit rate for 19 years. This favorable algorithm is continuing in 2026. Specifically, in the Q2, Woodville's average selling prices increased 4%, or 5% on a mix-adjusted basis, while shipments increased 1%, resulting in 7% growth and gross profit to a new record as compared with the prior year quarter's previous record, notwithstanding energy-related inflationary cost impacts. These results demonstrate lime's mission-critical nature and its value proposition to customers across a broad range of essential applications. Looking ahead, we increased our full-year revenue guidance and reaffirmed our full-year adjusted EBITDA from continuing operations guidance, reflecting our strong H1 performance and contributions from the NFM acquisition, partially offset by continued energy cost headwinds.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

As Ward mentioned, we plan to update our 2026 guidance following the closing of the LNA transaction. Turning to capital allocation. As indicated on slide nine, since 2022, we have fundamentally reshaped Martin Marietta's portfolio. We divested more than $525 million of EBITDA from our cement and ready-mix concrete assets at attractive valuations near cyclical peaks and redeployed those proceeds into aggregates and specialties businesses with more durable and higher margin earnings profiles, all in a largely balance sheet neutral manner. What makes this transformation particularly compelling is that despite divesting businesses that contributed more than half a billion dollars of EBITDA, we still expect adjusted EBITDA to compound at approximately 10% annually over the five-year period ending in 2026. This performance highlights both the success of our portfolio optimization strategy and the exceptional underlying earnings power embedded within our core business.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

That momentum has continued through the H1 of 2026 as organic growth and the acquired Quikrete assets outperformance relative to our initial expectations have more than offset the EBITDA associated with the divested assets and the exchange transaction. As a result, we delivered a new H1 record of more than $1 billion of adjusted EBITDA. The announced combination with LNA represents the next step in a natural extension of the portfolio strategy we have executed for years, further strengthening Martin Marietta through a broader mix of differentiated, mission-critical upstream materials businesses with compelling long-term growth prospects. This transaction enhances the quality, scale, and resilience of our earnings base, which expands our participation in attractive secular growth markets. Importantly, our approach remains unchanged.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

As we have consistently demonstrated through prior portfolio actions, we will pursue value creation with the same disciplined capital allocation framework that has guided our company for decades. Accordingly, we remain firmly committed to maintaining a strong investment-grade balance sheet and expect to de-lever back to our targeted range within 24 months post-closing of the LNA transaction. With that, I will now turn the call back over to Ward.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you, Michael. The strategic actions we've taken over the past several years have strengthened Martin Marietta's portfolio, expanded our growth opportunities, and enhanced our ability to serve customers across attractive end markets and geographies. As we continue advancing SOAR 2030, our priorities remain clear: operating safely and efficiently, successfully integrating acquired businesses, allocating capital with discipline, and delivering superior returns over the long term. Supported by a high-quality asset base, resilient market fundamentals, and the dedication of our talented teams, we remain confident in our ability to execute our strategy and create sustainable long-term value for our shareholders. If the operator will now provide the required instructions, we'll turn our attention to addressing your questions.

Operator

Thank you. We will now begin the question and answer session. If you've dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one a second time. If you're called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. To be able to take as many questions as possible, we ask that you please limit yourself to one question. Again, it is star one to join the queue. Our first question comes from the line of Adam Thalhimer with Thompson Davis. Your line is open.

Adam Thalhimer
Analyst at Thompson Davis

Hey, good morning, guys, and congrats on the solid Q2 print. Hey, Ward, I wanted to focus on your organic aggregates business. If you strip out deals, how is the underlying aggregates business performing versus your expectations?

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Good morning, Adam. Hey, I really appreciate the question because you're right, there are a lot of moving parts in today's release. Let me try to take you through that. Number one, I would say it was very strong, and here are the reasons why. Organic volume was up 2.3%. Let's put that in context. That's the fourth consecutive quarter of good, solid organic volume growth. Mixed adjusted pricing was up 3.7%, that's more in keeping with what we would have expected. Keep in mind, part of what we've seen this year is portions of the United States, such as the central and the west, growing at faster rates from a volume perspective than the east and the southwest have seen. That's going to automatically give us a little bit of an optical headwind as we go through it.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Again, mixed adjusted pricing up 3.7. Here's what I'm really proud of. If I look at the cost of goods sold, they're up just 2.1% if we exclude the pass-through external freight component of it. That tells me our teams are doing a great job in managing costs. Here's the fact to it. If we want to go out and say, "Okay, what would have happened if energy had been even and we hadn't seen the spike in energy?" We actually would have seen cost of goods sold flat for the quarter. I mean, to see that type of performance, I think in an inflationary environment, broadly speaking, is really impressive. What that means to the bottom line is organic gross profit was up about 4.3%.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

If we think about what this is going to look like going forward, Adam, I think that's really important. Much of the non-cash inventory charges are now pretty much behind us. That's obviously we're going to see some modest impacts from an NFM as we go into half two, but that's going to make the reported numbers much more easy to see. As we go through it, and I think as we're just talking about adjustments to make sure we get our heads around it, if we're looking at reported aggregates cash gross profit, and we think about a bridge, I mean, here's the way I rack it up in my mind. $418 million reported. If we come back and adjust for the fair market value inventory adjustment, that's $52 million.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

If we come back and look at the adjusted gross profit at that number, you're at $470. That's 9% over prior year. Equally, if we come back and take a look at the non-cash DD&A of $166 million, that gets us to adjusted cash gross profit of $636 million, and that's up 15% year-over-year. Adam, to your point, I think it's so easy for that to get lost when you're going through GAAP, and you're going through reported, and you're going through adjusted and all the rest of it. I really appreciate your question on what was happening in the organic aggregates business, I know that was a long answer, but I hope it answered your question.

Adam Thalhimer
Analyst at Thompson Davis

Great color. Thank you, Ward.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Okay, you bet.

Operator

Our next question comes from the line of Kathryn Thompson with Thompson Research Group. Your line is open.

Kathryn Thompson
Partner and CEO at Thompson Research Group

Hi. Thank you for taking my question today. Next up in queue and focus is acquisitions, and more specifically with the Lhoist. You've made the announcement. You've already had a call that gave some details at the time of the announcement of the acquisition. Where we sit today, what are you seeing as the risk and opportunities for this acquisition? Thank you.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Hey, thank you, Kathryn. I appreciate the question. I would say several things. We just look at the opportunities, I'll come back and address the risks too. I mean, the opportunities is this is the leading producer of dolomitic lime and high calcium lime in the United States. Look, there's a reason that we put some slides in today talking about what our heritage performances look like at Woodville. I think when you look at Woodville, number one, you think, "You know what? That's an impressive business. It's done really well." It's done really well in the central and northern tier of the United States. This business that we're picking up, one, is the market leader, and it's in the southern half of the United States.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

When we think about that geography and think about their network of 20 quarries and production facilities and then 45 distribution terminals and how that's going to click into what we've had historically, we think that's a great opportunity. We think the leading market positions that they have across really attractive markets, including the Sun Belt, as I said in my prepared remarks, is pretty important to us. We equally think the fact that it's mission-critical products, meaning you're not making steel without it. Water treatment is critical. Flue gas treatment is important. Non-ferrous metals are vital. Highways and mega construction projects are going to be very much in this business's wheelhouse now and after we close on the transaction. The other opportunities, I mentioned it briefly, is it's going to change our end market exposure because it makes it even more well-diversified.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Part of what we try to build, Kathryn, is an upstream business That's differentiated, that has the capacity in up markets to outperform, and in down markets to outperform. I think that's what we're doing. Keep in mind, part of what I love about this business is it represents about 1%-4% of our customers' production costs. When we're looking at something that they have to buy, that's not a big part of their overall cost. That looks, feels, and sounds to me, a lot like aggregates. Again, if we take a look at how this is trending, we continue to have really strong confidence in the synergies that we've talked about already. We hope to come back at some point and say that we will do better than those. Keep in mind, that's precisely what we did with TXI.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

The other part of your question, I'm not trying to ignore it at all, is what about risk mitigation? What I would say is, number one, we've got a proven track record of doing these types of deals and doing them well of scale. I'm not worried about that. We also have shown our ability to rapidly de-lever following transactions of scale. We've talked about the fact in 24 months, we think we'll be back there. Several things that we look at that we think mitigates the risk as well. I mean, the businesses are hugely complementary. Again, that's one of the reasons that we put in there what you've seen from Woodville today.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Lhoist has really operated almost as an independent business here in the U.S., which means clipping it into what we're doing is not going to have a lot of the high degree of integration risks that you might see in other businesses. We've seen the team there, at the end of the day, seeing the team, seeing the talent, seeing how well they performed, that they have a set of values and a culture that I think, again, joins ours very seamlessly. I see the opportunities. I'm never blind to the risks. I think the risks are very manageable, and the primary thing we want to do is get this deal closed. Again, Kathryn, I hope that helped.

Kathryn Thompson
Partner and CEO at Thompson Research Group

It does. In summary, maybe it could be said it's a little bit different, but not a whole lot different from Martin's core strategy. Is that a fair statement?

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Yeah, that's a totally fair statement. I think what people forget, we have 200 limestone quarries today. I mean, what we're talking about doing, as I said in my prepared remarks, are core fundamental things that Martin Marietta has long done and long done well. Again, if we're looking at a business that has even better margins than we've had, a business that's had wonderful pricing power, a business that has come through downturns with remarkable resilience, it's all very much what we do. I think it makes us better, and I think we can make them better.

Kathryn Thompson
Partner and CEO at Thompson Research Group

Thanks so much.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you, Kathryn.

Operator

Our next question comes from the line of Trey Grooms with Stephens. Your line is open.

Trey Grooms
Trey Grooms
Analyst at Stephens

Hey, good morning, everyone. Thanks for taking the question. My question is on the updated guidance for the year. You're taking the revenue guide up $140 million at the midpoint, reiterating the EBITDA range. Maybe if you could discuss some of the puts and takes here. You mentioned you're layering in NFM, any other details you could give us here around the guidance would be super helpful.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Trey. No, got it, Trey. Thank you very much. I'm going to give you some early comments on that. I'll ask Michael to come back and address in more detail. If you think about what's happening, are we seeing shipments trending toward the high end of our range? Yeah, we are. Are we seeing pricing going more toward the lower end of the range? Yeah, we are. A lot of that's explained by what we've discussed before on geographic mix, product mix, et cetera. I think the primary thing that we're doing is we're simply looking at the energy markets, and we're saying, "Let's not bet on that getting better in the H2 of the year." I think we're taking a very conservative view of the way that we're going to approach costs for the rest of the year.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

I'll ask Michael to take you through the guide and give you a bit more granularity. Michael.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

No, thank you, Ward. Trey, thanks for the question. Ward hit it, but in a nutshell, what we're saying is the contributions to EBITDA from New Frontier should largely offset continued elevated diesel costs. A bit of conservatism on the cost side. Shipments certainly trending towards the high end. In fact, year-to-date, organic volumes are up 4.3%. You should assume organic volumes certainly trending towards the high end of the original guide. On the ASP front, that's towards the low end organically. We got to the mix adjusted 4% in the quarter, but where we started the year, just mathematically, it's going to be difficult to get to the higher end, even with mid-years. We're talking about mid-years, what I would say is realization of those is going to be strong in both the New Frontier and Quikrete markets.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

We ought to get good momentum there. A, July 1st, for Quikrete, B, August 1st, for New Frontier, and that really is going to set up coming back January 1st, in both of those markets. On the Heritage business, we're also quoting work at higher rates. As Ward mentioned in his prepared remarks, we did complete the rollout of PreciseIQ. We have the quoting tool and the algorithm in all of our sales reps' hands. That targeted price in the algorithm accounts for elevated inflation. We ought to see nice new quoted work coming through at higher ASPs. The only segment that was relatively challenged relative to mid-years, and this probably doesn't come as a surprise, is given what's going on in single-family residential, price increases to the ready-mix concrete segment was probably not as strong as you would see on the quoted work.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

From a COGS per ton perspective, what we think, and it does get lost in a lot of the noise, is just how strong we've performed year-to-date. If you just strip out external pass-through freight alone, year-to-date, organic COGS is up 3%. What we said after Q1 was, "Hey, look, we understand diesel's elevated, but we're not changing our guide on COGS because we're pulling certain levers relative to network optimization that we think we can maintain that 3% COGS per ton guide." You certainly saw that flow through in Q2. We feel pretty good about where we sit going into Q3 and Q4, because we're starting to lap those comps on a COGS per ton basis of last year that were relatively elevated in the H2. The last piece I would say is just the specialties business.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

You saw the outperformance in Q2. The beauty of that business is it's not highly seasonal, so modeling it is very straightforward. You can almost apply that $50 million of gross profit pro rata across Q3 and Q4.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Hey, Trey, the one thing I'd come back on the guide and say it's not so much a granular portion of the guide for the rest of the year, but I think it's really important to look at the guide and try to put that in context, too. Because again, what we're going to deliver, and we said it in the prepared remarks, this is a CAGR of 10%, notwithstanding over half a billion dollars of divestitures with EBIT on neutral at 2.5 times exiting 2021 and 2.5 times today. I'm really very pleased and proud of the way that guide has shaped up and the way that the shaping of the portfolio has gone to put us in this type of a position.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Again, Trey, a lot of data, but I hope that's helpful because we said coming into this year with the M&A that we've seen, it is confusing. You do have to go through and make sure you're teasing out what's most relevant so you can truly see how the business is performing, and the business is performing very well.

Trey Grooms
Trey Grooms
Analyst at Stephens

Yeah. Excellent. Thank you guys. Thank you both for all the details. Super helpful. I'll pass it on. Thanks again.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

You bet. Thank you, Trey.

Operator

Our next question comes from the line of Tyler Brown with Raymond James. Your line is open.

Tyler Brown
Tyler Brown
Analyst at Raymond James

Hey, good morning.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Hey, Tyler.

Tyler Brown
Tyler Brown
Analyst at Raymond James

Hey. Ward, there has been quite a bit of noise in aggregates pricing, and I know that 2027 is still a bit away, but I was hoping that you could maybe help me out conceptually. It feels that 2026 has been impacted by geo mix, product mix, M&A dilution. As we look to next year, shouldn't those pricing optics improve because geo and product kind of comp out? The mid-year should have a bigger outsized impact. You've got, let's call it commercial harmonization in the acquired operations, and you've got this new PreciseIQ tool that's going to be fully utilized. I guess why wouldn't we see reported pricing well in excess of, call it, that 4% longer term average as we think about next year?

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Tyler, thanks for the question. Look, as you were going through your bullet points and your question mark, I kept thinking, "Yes, yes." Look, I think you've got it. It's fascinating for me to look at it because, for example, if we're looking at New Frontier, which we're so happy to own, their average selling price is $12 and some change. If we're looking at the Quikrete assets, again, which we are so happy to own, their ASP is $ per ton below our average. To your point, if we think about the fact that really in Q1 what you saw was a snowless period of time in the West, and the Central Division coming out really strongly.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

What's really happening this year is because of the timing of a really good Q1 for portions of our business that typically are sleepy, and they weren't sleepy because of weather. To your point, new acquisitions that are also coming in and the ASPs that come with those, that creates what you rightly said is an optical headwind. When we're looking reported down too, frankly, that doesn't mean anything. What means something is really what's happening relative to mix-adjusted pricing, and that's why seeing that trending toward 4% is more important than that. To your other point, as we think about the setup for 2027, here's what I'm excited about. When we go into 2027, we're going to be through all the inventory issues on purchase price accounting with Quikrete. We're going to be through all the inventory issues relative to New Frontier.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Part of what happens with Lhoist is, keep in mind, they don't keep a big host of inventory. They'll actually work through that relatively quickly, which means to your point on pricing in 2027, should it be a pretty compelling story? I think it should. Equally, when you think about 2027, what I'm excited about is we get to come out and just give you nice, clean, unadjusted numbers, and you get to see exactly what this business is doing. Back to your original question, yes, yes and yes as you went through your bullet points. Again, I wanted to make sure that we talked about, too, what I think the balance of the setup is going into 2027. I hope that answered your question.

Tyler Brown
Tyler Brown
Analyst at Raymond James

No, that's perfect. Thanks, Ward.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you, Tyler.

Operator

Our next question comes from the line of Philip Eng with Jefferies. Your line is open.

Analyst at Jefferies

Hey, guys. It's Jesse on for Phil. Just for Q2 pricing, could you just contextualize what the different mix headwinds were and which of those you think will abate in the H2 and which of those will kind of continue? Obviously, the M&A ones will continue, but any of the product and geo mix that will abate in the H2?

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Yeah. No, happy to do that. If you think headline was down two, 400 basis points of that was acquisition mix. The reason in the prepared remarks, we said that headline ASP impact would become more pronounced in the H2. Keep in mind, we only had 45 days of New Frontier in Q2, and as Ward just mentioned on the last question, that product's selling for $12 a ton. We're going to see that continue and become more pronounced of a mix headwind in the back half, also understanding that that's where we're going to get very strong realization of mid-years as well. That brings you to organic ASP on a headline basis of 2.1%, of which about 160 basis points was geo mix related.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

As we look at it, if we looked same on same geo mix from this quarter to last quarter, adjusted is 3.7%, getting close to 4% geo mix adjusted. That's due to the fact that our Central Division and actually, the takeaway is quite compelling. We're seeing a broadening out of demand, in particular with data centers, energy, and infrastructure, and what we often refer to as our differentiated Central Division, and that's what we mean. Not only was it the fastest growing volume division organically in the quarter, it was also the fastest growing ASP division in the quarter. We actually think that's a tailwind, not a headwind. That's obviously a headwind to reported metrics.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

That volume growing at that rate, our West Division volume growing at that rate, both of which have ASPs lower than the company average, but growing at a faster rate, really sets up 2027 to be quite compelling from an ASP standpoint. Keep in mind, Texas, as some others have reported, that was in a pretty bad spot with weather. That just gives you a sense of how strong the Central Division and the West Division were if we were still putting up 2.3% when our largest state by revenue had the type of weather impacts that it had.

Analyst at Jefferies

That's good detail. Just a quick follow-up. The $350 million number that you're calling out for cash cost saves, any way to contextualize that for actual drop-down to either earnings or saves on a cost per ton basis? Thanks.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Yep. We put it into three buckets. Think about it as OpEx, working capital, in particular inventory, and CapEx, sustaining CapEx, as the three buckets of cash opportunity. We quantified what we've already delivered year to date, just on inventory and CapEx alone. You can get to that pretty quickly in the cash flow statement. If you think about our CapEx guide for the year, it's a little over $200 million down from where it was exiting 2025. That gives you a sense where CapEx will be of that $350 number. We did not quantify the OpEx P&L direct piece just yet except to say, "Hey, look, we just delivered 2.1% organic COGS per ton growth in the quarter with nearly a $20 million energy headwind." That gives you a sense.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Without that energy headwind, we're starting to talk about organic COGS per ton as flat in the current inflationary environment. The best way to back into a number there would just assume an inflation rate, subtract what we're printing, and multiply it by the tons.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Jesse, I would add a bit more color to that. I would say, number one, we're anticipating that $350, at least in our minds today, as an exiting 2027 number, just to contextualize it for you. Look, I think before then, we're going to come back and probably adjust that for you and not adjust it down. I think we'll likely be adjusting that up. The other thing, as we think about CapEx, and of course, Mike was talking about the Heritage business or the going forward business in those numbers. Something that we're really pleased with as we've gotten to see even more of LNA, is how well that business has been invested in. We are not anticipating that's going to be a business that's going to be a significant outsized consumer of CapEx.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Candidly, that's different than you would find in most circumstances because it's more typical when you buy a business that an owner might have gone relatively light on CapEx for a period of time leading up to the sale. That's not what we found in that business. Again, some building blocks for you to put some context to the 350 number, please.

Analyst at Jefferies

Thanks, guys. Appreciate the color. I'll turn it over.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you.

Operator

Our next question comes from the line of Timna Tanners with Wells Fargo. Your line is open.

Timna Tanners
Timna Tanners
Analyst at Wells Fargo

Hey, good morning. I wanted to ask, first off, a clarification question on the Magnesia Specialties guidance, the Magnesia Specialties segment guidance, because of the comment from Michael on the run rate that implies the full year number could be closer to that $200 million to annualize the $50 million performance in Q2. I know we made it this far without talking about the weather, but I thought I might bring it up and ask if you can quantify the hit to Q2 and any guidance on the weather impact potential for Q3, because so far, I guess continuing to see pretty high rains in Texas. Thanks.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Thank you, Timna. On the specialties business, of course, we have year-to-date already. You saw the $50 and thereabout, you can probably plug in $50 for Q3 and Q4. That's not a bad modeling assumption. On the weather, the Southeast, I wouldn't say on a comp basis to prior year, it was notably impacted. In fact, in certain portions of North Carolina, we were in a drought until we got to July. Texas was the most impacted by weather in Q2. What's good about that is a couple of things. One, all of those projects were pushed out, so they're starting to pick up, certainly the mega projects, into the H2. Those mega projects have certain escalators in them, so they reprice as you start to ship. That's actually a nice tailwind moving into the H2.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

What I would say is July shipment trends, notwithstanding, it's probably rained every single day in North Carolina in the month of July. Daily shipment trends in July are very supportive of our guide.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Timna, coming back to it. Look, I think the bigger issue relative to winter is we really didn't have major hurricane activity last year.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

The fact is, we try not to talk about weather as much as possible because it's outside, we just have to manage through it. What we've seen is we manage through it really quite well. To your point, was the Southwest pretty wet in Q2? Yeah, it was. Is Texas our single largest revenue profit state, et cetera? Yeah, it is. Here's something I'll say, too. You know what's going to be great in helping stabilize some of those wet soils? A whole lot of lime. We're actually seeing some nice upsides in what we think will allow us even to manage weather differently going forward, Timna. I hope that helps you.

Timna Tanners
Timna Tanners
Analyst at Wells Fargo

Definitely. Thanks again.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

You bet.

Operator

Our next question comes from the line of Angel Castillo with Morgan Stanley. Your line is open.

Analyst at Morgan Stanley

Hi, this is Esther on for Angel. I guess maybe I wanted to hear more about how backlog and quoting activity has been converting to actual awards that you guys have been working on right now, particularly on the private and commercial side. On top of that, are you seeing any pull-forward or any push-out behavior from any of the private customers just to assess the current private demand market right now this year?

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Hey, thank you very much for the question, Esther. No, we're not seeing anything pushed off right now. We're seeing work just continue to flow through very nicely. If we're looking particularly on the private side and what's happening, of course, there's not that much happening on res right now. If we think about what the show really looks like, it's twofold, right? It's what's going on relative to infrastructure that's very constructive, and we don't see that changing. It's what's going on relative to heavy non-res. We continue to see the bidding, we can see the work, we see the backlog there. Very attractive. If we're looking at data centers in our world, they're up 90%. If we're looking at power in our world, it's up 23%. Keep in mind, that's going to continue to chase the data centers for a while.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

You would expect the data centers to be up more on a percentage basis and power to be somewhere behind that, but growing. We mentioned in the last couple of quarters that we continue to see good activity and increasing activity in warehousing. We're seeing that year-to-date up 53%. Again, that's not on any base that feels overbuilt at all. Part of what I outlined in my prepared remarks is the percentage of that type of activity that's within a very close geographic proximity of a Martin Marietta location. Again, Esther, I hope that answered your question specifically.

Analyst at Morgan Stanley

Thank you.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

You bet.

Operator

Our next question comes from the line of Steven Fisher with UBS. Your line is open.

Steven Fisher
Steven Fisher
Analyst at UBS

Thanks. Good morning. I just wanted to level set the pricing expectation for Q3 compared to that 3.7% mix adjusted price in Q2. Are we thinking that it's a little bit lower than that? Just to kind of frame that, if you could. Then really interesting to hear you're able to deliver those flat COGS after adjusting for the fuel and energy. I know Mike previously said there were some comps that were a factor, and you had some network optimization. Can you just give us a sense of what some of the key actions that you took to get to that flat in this broader inflationary environment, and is that sustainable in the H2?

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Yeah. Let me start with COGS, because I think some of these data points by COGS category on the organic business are quite compelling. If you look at labor per ton, that was down year-over-year. If you look at repairs, contract services, and other plant cost production, overhead, et cetera, all down. Really, if you look at line items, the only line items that were up year-over-year on a per ton basis were either energy directly or energy derived, call it internal rail freight to terminals. That's the type of cost performance that we saw. Some of it is network optimization, certainly flowing through from some of those early markets that we put that into place. Other is just really good cost control and starting to lap some of those comps.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

Exactly as we said when we came into the year, we said Q1 was going to be a difficult cost comp, then they got notably easier as we rolled through the balance of the year. You started to see that really in Q2. On the organic ASP, look, we feel confident in the remaining quarters of our organic ASP guide starting to be in that mid-singles ZIP code. That being said, on a headline basis, given that we have New Frontier rolling through for the full back half, the reported and headline number's going to be notably lower than where it was for Q2, since we only had 45 days

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

In that. We'll continue to break out the acquisition mix to ASP. We'll be transparent about that so that you can see the true underlying performance of the business. As Ward mentioned, just aggregates gross profit itself is going to be much cleaner in the back half, notwithstanding New Frontier impacts, because all of the fair market value step-up is largely behind us, both for Quikrete and most of it for New Frontier. We have some residual impacts here in July and maybe a little into August, then the rest of the year is just clean, reported aggregates gross profit.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Steven, the other thing that I think is just so important to say again, because I can't underscore it enough, there's opportunity in the fact that the ASPs and those acquired businesses are where they are. If you're looking at reported, again, it's an optical headwind. If you're looking at what the opportunity set is, it's pretty significant.

Michael Petro
Michael Petro
SVP and CFO at Martin Marietta

I mean, it is 50% below the company average, to put it in perspective.

Steven Fisher
Steven Fisher
Analyst at UBS

Yeah. Meaningful. Thank you so much.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you, Steven.

Operator

Our next question comes from the line of Michael Dudas with Vertical Research Partners. Your line is open.

Michael Dudas
Analyst at Vertical Research Partners

Hi. Good morning, everyone.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Good morning.

Michael Dudas
Analyst at Vertical Research Partners

Ward, wouldn't want to have a call end without you maybe sharing a little bit more insight on what might happen in Washington. Senate has been pretty quiet. They've been very busy on other things, though it seems like consensus is a CR is upon us. Your sense that something gets done before December 31st?

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Well, you're right. It would just be wrong not to have this conversation on an earnings call. I appreciate the question so much. Look.

Michael Dudas
Analyst at Vertical Research Partners

You're welcome.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

You always got my back. I'm grateful. Look, I mean, just to level set on where we are. Obviously, the House committee has come out with BUILD 250, approximately $580 billion over five years, right? That's going to be roughly $380 billion of guaranteed funding. To your point, the Senate continues to develop its legislation. We haven't seen any text come out of that yet. I think simply given that, it's just pragmatic to view that we're going to get a short-term extension. I think what's important is I haven't found a policy maker in either the House or the Senate who's not focused on maintaining the program continuity while preserving whatever time they need to negotiate a more broad multi-year arrangement. Do I think we'll end up with something before year end?

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

The short answer is yeah, I think we probably will. Do I think it's likely to be something that from a structure perspective is more geared toward highways, bridges, roads, and streets? Yeah, I think it is. If we look at what Senator Capito has said, who's clearly leading EPW, and that is she doesn't want to take anything that feels like a step backward on what we've seen from IIJA. I think she's really committed to that. Do I think they'll have something in place by September 30th? No, I don't. Do I think there'll be a pretty significant push to get something in place by December 31st? The answer is yeah, I think they probably will. Do I think that causes any degree of disruptions this year or heading into next year? No, I don't think it does.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

If we go back over time and just look at the way this process that's highly imperfect by nature typically works, this is pretty standard fare. I think we're going to end up in a perfectly good spot and have that most aggregates intensive portion of our business that tends to be, you've heard me describe it before, is the ballast in the boat. It's never something that pops aggregates way up or takes them down. It just makes it good and steady for the biggest piece of our business. I think that works very nicely going into 2027. Thank you for the question. I hope that answered it.

Michael Dudas
Analyst at Vertical Research Partners

Well done, Ward. Thank you.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you.

Operator

Our next question comes from the line of Ivan Yi with Wolfe Research. Your line is open.

Ivan Yi
Ivan Yi
Analyst at Wolfe Research

Hey, good morning. Thanks for the time. Wanted to go back to M&A, and we've heard some potential concerns about the Lhoist deal. While you're digesting such a large acquisition, does this mean Martin is perhaps out of the running for any future core aggregates acquisitions in sort of the near to medium term? Just want to see how does this acquisition change your future M&A strategy at all? Thank you.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Ivan, thanks for the question. I really appreciate it. The short answer is it really doesn't. The fact is, with the coast-to-coast footprint that we have now, in many respects, the aggregate transactions that we anticipate seeing the most of are nice, steady, consistent bolt-on aggregate transactions. If you think about the way that we structured LNA relative to cash and relative to equity, we did that very purposefully, and we did that in large measure so we could continue to underscore to the aggregate businesses with whom we're engaged, we're very interested in your business, we're focused on that, and we're in a position that we can move thoughtfully forward with you. The other thing that Michael and our team have done very well is communicate with great clarity to the rating agencies as well. We do not see losing our investment-grade credit rating.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

We will continue to be an aggregates-led business. Keep in mind what we've done. We've taken the specialty side of the house, the two different arms of the business. One was the magnesia arm, the other was the lime arm, we've made both of those leaders in the United States. We will see nice deleveraging over the next 24 months that will not get in the way materially towards us sticking to our knitting that's on the aggregate side. What we'll see over time is the specialties business will simply serve to further what we're doing on the aggregate side, I think in a pretty significant, material, and attractive way. Ivan, I hope that helped.

Ivan Yi
Ivan Yi
Analyst at Wolfe Research

Thank you so much.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

You're most welcome.

Operator

Our final question comes from the line of Garrett Greenblatt with JPMorgan. Your line is open.

Garrett Greenblatt
Garrett Greenblatt
Analyst at JPMorgan

Hi, thanks for taking my question. This may be part of the $350 million of additional cash generation you called out earlier, but can you give an update on the pilot program you started in Denver at the end of last year, the progress you've seen year-to-date within that particular market, and any additional markets you plan on rolling that out to?

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Yeah, no, what you're saying is exactly right. We basically took what happened in Denver. We've used that as the prototype and pilot for what we're doing on the $350 million. Keep in mind, based on what we've seen so far, really the $200 million that we've already put really to bed on that has been twofold, right? It's been relative to what's happened on inventory, what's happened on CapEx. What it hasn't fully taken into account yet is what this network optimization can look like. That's going to clearly be a primary focus of our division presidents, who are being led very capably by Chris Samborski. Keep in mind, Chris was in large measure the architect of what we did in Colorado. We will take what we did in Colorado, implement that same playbook, do it on a larger basis.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

That was in part what I was referencing before. Look, do I feel like we're probably going to come back to you in the fullness of time and say, "Look, that $350 that we talked about exiting 2027, we can probably refine that and most likely take that number up." I'd be surprised if we didn't. Again, I hope that gives you a sense of where we are in Colorado, how we've parlayed that into the balance of the organization, and even as we've done that so far, where we've taken some ground and where we have more to go.

Garrett Greenblatt
Garrett Greenblatt
Analyst at JPMorgan

Very helpful. Thank you.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Thank you.

Operator

That concludes our question and answer session. I will now turn the conference back over to Mr. Ward Nye for closing remarks.

Ward Nye
Ward Nye
Chair, President, and CEO at Martin Marietta

Abby, thank you, and thank you all for joining today's earnings conference call. As we look ahead, we're confident in Martin Marietta's long-term growth prospects. Through the continued evolution of our portfolio and disciplined allocation of capital, we're expanding our participation in attractive growth markets while further enhancing the resilience of our business. At the same time, our teams are strengthening Martin Marietta every day, building an increasingly differentiated company with a broader set of opportunities and a stronger foundation for the future. Guided by a culture of safety, stewardship, and disciplined execution, we believe Martin Marietta is well positioned for its next phase of growth and to continue creating enduring value for our shareholders. We look forward to sharing our Q3 2026 results in the fall. As always, we're available for any follow-up questions. Thank you again for your time and continued support of Martin Marietta.

Operator

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

Executives
Analysts
    • Jacklyn Rooker
      VP of Investor Relations at Martin Marietta
    • Ward Nye
      Chair, President, and CEO at Martin Marietta
    • Adam Thalhimer
      Analyst at Thompson Davis
    • Kathryn Thompson
      Partner and CEO at Thompson Research Group
    • Trey Grooms
      Analyst at Stephens
    • Tyler Brown
      Analyst at Raymond James
    • Analyst at Jefferies
    • Timna Tanners
      Analyst at Wells Fargo
    • Analyst at Morgan Stanley
    • Steven Fisher
      Analyst at UBS
    • Michael Dudas
      Analyst at Vertical Research Partners
    • Ivan Yi
      Analyst at Wolfe Research
    • Garrett Greenblatt
      Analyst at JPMorgan
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