Martin Marietta Materials' (NYSE:MLM) Promising Earnings May Rest On Soft Foundations
Martin Marietta Materials' (NYSE:MLM) Promising Earnings May Rest On Soft Foundations
Despite posting some strong earnings, the market for Martin Marietta Materials, Inc.'s (NYSE:MLM) stock hasn't moved much. We did some digging, and we found some concerning factors in the details.
虽然发布了一些强劲的业绩,但马丁-玛丽埃塔材料股票(纽交所:MLM)的市场并没有太多波动。我们进行了一番调查,发现了一些令人担忧的细节因素。
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The Impact Of Unusual Items On Profit
除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。
Importantly, our data indicates that Martin Marietta Materials' profit received a boost of US$1.3b in unusual items, over the last year. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. We can see that Martin Marietta Materials' positive unusual items were quite significant relative to its profit in the year to June 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
重要的是,我们的数据表明,马丁-玛丽埃塔材料的利润在上一年度增加了13亿美元的非常规项目。虽然我们喜欢看到利润增长,但非常规项目对其作出重大贡献时,我们倾向于更加谨慎。当我们对成千上万上市公司的数据进行分析时,我们发现一年中非常规项目的提升通常不会在下一年重复。这一点并不令人惊讶,因为它的名称如此。我们可以看到,马丁-玛丽埃塔材料在2024年6月上半年的非正常项目是相当显著的。因此,我们可以推断出,非常规项目正在使其法定利润显著增强,否则其利润将比它现在的水平低。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让您想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看基于其估计的未来盈利能力的互动图表。
Our Take On Martin Marietta Materials' Profit Performance
我们对马丁-玛丽埃塔材料的利润表现的看法
As we discussed above, we think the significant positive unusual item makes Martin Marietta Materials' earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that Martin Marietta Materials' underlying earnings power is lower than its statutory profit. But the good news is that its EPS growth over the last three years has been very impressive. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Be aware that Martin Marietta Materials is showing 3 warning signs in our investment analysis and 1 of those can't be ignored...
正如我们上面讨论的那样,我们认为显著的正常外项目使马丁-玛丽埃塔材料的盈利成为其基本盈利能力的差劣指标。因此,我们认为马丁-玛丽埃塔材料的基本盈利能力可能低于其法定盈利水平。但好消息是,它过去三年的每股收益增长非常令人印象深刻。总之,如果您想正确了解公司,必须考虑以上因素之外的更多因素。因此,如果您想进一步分析该公司,了解其中的风险信息非常重要。请注意,我们的投资分析中马丁-玛丽埃塔材料正在显示3个警告信号,其中1个不能被忽视...
Today we've zoomed in on a single data point to better understand the nature of Martin Marietta Materials' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
今天,我们将注意力集中在一个单一的数据点上,以更好地了解马丁-玛丽埃塔材料的利润性质。但如果你能够把自己的注意力集中在细节上,就总能发现更多。有些人认为高净资产收益率是高质量企业的一个好迹象。虽然可能需要您进行一些研究,但你可能会发现对于股票收益非常重要的这些公司以及拥有重要内部持股的股票列表将会非常有用。
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