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RALEIGH, N.C. - Martin Marietta Materials, Inc. (NYSE:MLM), a $33.5 billion building materials giant with a strong financial health rating according to InvestingPro, announced Tuesday the appointment of Michael J. Petro as Senior Vice President and Chief Financial Officer, effective immediately.
Petro, who previously served as the company’s Senior Vice President of Strategy and Development, replaces Robert J. Cardin, who has been interim CFO since April 2025. Cardin will return to his role as Senior Vice President, Controller and Chief Accounting Officer. The leadership change comes as Martin Marietta maintains its 32-year streak of consistent dividend payments, demonstrating strong financial stability.
Since joining Martin Marietta in 2015, Petro has been instrumental in executing the company’s strategic growth initiatives, including several acquisitions that expanded the building materials supplier’s geographic footprint. These transactions include the purchases of Bluegrass Materials, Lehigh Hanson’s West Region, and several other companies. The company’s strategic expansion has contributed to its robust annual revenue of $6.6 billion. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro.
"Michael’s work both on and leading our Strategy and Development team over the past ten years has meaningfully contributed to our Company’s success," said Ward Nye, Chair and CEO of Martin Marietta, in a press release statement. The company’s success is reflected in its strong market performance, with the stock trading near its 52-week high of $633.23.
In his new role, Petro will continue to oversee the company’s Strategy and Development team. Prior to joining Martin Marietta, he worked in investment banking at Wells Fargo Securities and as a consultant at PwC. He holds an accounting degree from Louisiana State University and an MBA from Duke University.
Martin Marietta, a member of the S&P 500 Index, supplies building materials including aggregates, cement, ready mixed concrete and asphalt through operations spanning 28 states, Canada and The Bahamas.
In other recent news, Martin Marietta Materials reported record-breaking financial results for the first quarter of 2025. The company exceeded earnings expectations with earnings per share (EPS) of $1.90, surpassing the forecasted $1.82. However, revenue fell slightly short of expectations, coming in at $1.35 billion. Despite this, Martin Marietta’s strong performance in the building materials and aggregates segments contributed to a 23% year-over-year increase in consolidated gross profit, reaching $335 million. Additionally, the company saw an 8% increase in building materials revenue and a 7% rise in aggregates revenue.
Meanwhile, RBC Capital initiated coverage on Martin Marietta with a sector perform rating and a price target of $515. RBC Capital highlighted potential catalysts for the company, including the SOAR 2030 initiative and the divestiture of its cement and Magnesia business segments. Furthermore, the company announced the results of its Annual Meeting of Shareholders, where ten directors were elected, and PricewaterhouseCoopers LLP was ratified as the independent auditor for 2025. Shareholders also approved the 2025 Employee Stock Purchase Plan. These developments reflect a period of strategic growth and shareholder engagement for Martin Marietta.
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