Martin Marietta Materials, Inc.

Ladies and gentlemen, welcome to Martin Marietta's first quarter 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. Jacqueline Rooker, Martin Marietta's Vice President of Investor Relations. Jacqueline, you may begin.

Good morning. And thank you for joining Martin Marietta's first quarter 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 United States 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. 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. Supplemental information summarizing our financial results and trends is available during this webcast and in the Investors section of our website. As a reminder, our full year 2026 guidance summary on slide 5 reflects continuing operations only. 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 first quarter operating performance, 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.

Thank you, Jacqueline. Good morning, and thank you for joining today's teleconference. Before reviewing our first quarter results, I'll take a moment to discuss the leadership appointment we announced earlier this week. As you may have seen, Chris Samborski was appointed Martin Marietta's Chief Operating Officer, effective May 1st. Chris is a highly respected and proven leader who most recently served as President of our West and Specialties Divisions. Under his leadership, both businesses delivered meaningful growth and strong operational execution. Since joining Martin Marietta in 2018, Chris has consistently made a significant and positive impact in every role he's held. His deep operational experience, disciplined leadership style, and strong commitment to our culture make him exceptionally well-suited for this role. With Chris serving as COO, Kirk Light will assume leadership of our West and Specialties Divisions while continuing in his role as President of our Southwest Division. In addition, our East Division President, Oliver Brooks, Central Division President, Bill Pedrosik, Vice President of Operational Excellence, Ronnie Walker, and Vice President of Safety and Health, Jessica Kozian, will report directly to Chris. This appointment and enhanced leadership structure reflect the deep bench of talent across our divisions, districts, and functions, all focused on consistent execution, continuous improvement, and a shared commitment to our one culture. I'm pleased to welcome Chris to his new position and am confident that as COO, he will continue to play a critical role in helping guide Martin Marietta to even greater success. With that, I'll now turn to the quarter. 2026 is off to a strong start with revenues increasing an impressive 17% to $1.4 billion, a new first quarter record. Organic aggregate shipments growth of 7.2% meaningfully exceeded our guidance, benefiting from an early start to the construction season in the Midwest and Colorado, as well as continued strength in infrastructure and heavy non-residential demand across our geographic footprint. As we look ahead, underlying fundamentals across the business remain favorable. Notably, the quarter's results reflect a 14% improvement in both adjusted EBITDA from continuing operations as well as adjusted earnings per diluted share from continuing operations. I'm especially pleased to report that our teams delivered the strongest first quarter safety performance in the company's history, as measured by both total and lost time incident rates. This achievement reflects the strength of our culture, unwavering commitment to world-class safety, and the operational discipline embedded throughout the organization. The quarter was also highlighted by the February 23rd closing of the Quikrete Asset Exchange, our largest aggregates acquisition to date. Importantly, this transaction accelerated our aggregates-led strategy by shifting the portfolio away from more cyclical cement and concrete assets, enhancing the quality and durability of our earnings profile while providing $450 million of cash to redeploy into aggregate acquisitions. Accordingly, And consistent with the company's SOAR 2030 strategic plan, on April 19, we entered into a definitive agreement to acquire New Frontier Materials, a complementary bolt-on to our central division that produces over 8 million tons of aggregates annually. This transaction is expected to close in the second half of the year, subject to regulatory approvals and other customary closing conditions. Looking ahead, our M&A pipeline remains active. and is primarily focused on pure plain aggregates opportunities across attractive SOAR-aligned geographies. As highlighted in this morning's release, our core aggregates product line delivered record first quarter shipments of 43.9 million tons, a 12% increase, and record revenues of $1.1 billion, representing a 14% increase. Our specialties business also achieved new all-time quarterly records, with revenues of $143 million, up 63% year-over-year, and gross profit of $45 million, an increase of 17%. Despite ongoing macroeconomic uncertainty and volatility, we continue to benefit from a business intentionally built for durability and resilience, enabling us to remain focused on what we can control regardless of underlying economic trends. With April's continued strong product demand, the impact of April 1 price increases, and ongoing optimization efforts, we're reaffirming our full-year 2026 adjusted EBITDA from continuing operations guidance of $2.43 billion at the midpoint. Turning to end-market trends, we continue to see a constructive backdrop for U.S. infrastructure, our most aggregates-intensive and counter-cyclical end-market. Sustained federal and state investment continues to provide meaningful multi-year funding visibility as we look ahead to the next surface transportation reauthorization. Notably, a significant portion of authorized funding under the Infrastructure Investment and Jobs Act, or IIJA, has yet to be deployed, with nearly half of highway and bridge funding remaining undistributed as of late February. Policymakers are negotiating a five-year successor surface transportation bill with committees targeting reauthorization by October 1st, following the current IIJA's expiration on September 30th. While the timing remains subject to the legislative process and could include an interim continuing resolution, industry commentary from the American Road and Transportation Builders of America, or ARPA, indicates that state departments of transportation retain multi-year visibility into their project pipelines, and continue to plan under assumptions of stable federal funding. As a result, we do not expect a short-term continuing resolution to disrupt construction activity in 2026 and for the near future. Beyond infrastructure, heavy non-residential construction demand continues to be driven by robust data center and power generation activity. Aggregates intensive LNG work along the Gulf Coast is also gaining momentum, including projects such as the one at Port Arthur LNG, which Martin Marietta is actively supplying. Warehouse and distribution construction trends continue to recover as shipments inflected positively in the third quarter of 2025 and have continued to trend favorably. By contrast, Affordability pressures tied to higher interest rates continue to influence the pace of light non-residential and residential construction activity. Taken together, all these trends underscore the durability of long-term construction demand across our footprint and bode well for our company and shareholders. I'll now turn the call over to Michael to discuss our first quarter financial results. Michael, over to you. Thank you, Ward, and good morning, everyone.