RALEIGH, N.C., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) ("Martin Marietta" or the "Company") today announced that its Board of Directors approved a 12 percent increase in its quarterly cash dividend, raising it from $0.66 per share to $0.74 per share on the Company's outstanding common stock. This dividend, representing a cash dividend of $2.96 per share on an annualized basis, is payable September 29, 2023, to shareholders of record at the close of business on September 1, 2023.

Ward Nye, Chairman, President and Chief Executive Officer, stated, "We are pleased to announce another yearly increase to the dividend rate; our eighth consecutive year of doing so. This continues Martin Marietta's long history of delivering meaningful and sustainable dividends consistent with the Company's balanced capital allocation priorities. Our longstanding history of disciplined commercial and operational practices, strong financial position and free cash flow generation allow the Company to prudently return capital to shareholders while continuing to drive sustainable long-term growth and deliver superior shareholder value."

Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 28 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta's Magnesia Specialties business produces high-purity magnesia and dolomitic lime products used worldwide in environmental, industrial, agricultural and specialty applications. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.

Investor Contact:

Jacklyn Rooker

Director, Investor Relations

(919) 510-4736

Jacklyn.Rooker@martinmarietta.com

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Martin Marietta Increases Quarterly Cash Dividend