Martin Marietta Corp. yesterday detailed a record $460 million capital spending program for 1981 and forecast another year of record profits in 1980.
But Norfolk & Western Railway, based in Roanoke, said its capital spending program for the next year will decline about 12 percent to $131 million.
J. Donald Rauth, chairman of Martin Marietta, told stockholders in a special report that spending plans for next year include some $200 million for expanded aluminum division production and more than $100 million for aerospace operations, currently the fastest growing segment of Martin's diverse businesses.
Sales from the aerospace operations will exceed $1 billion this year for the first time, and Rauth said yesterday that the division's sales should surpass $1.5 billion in 1981.
Overall, the Bethesda company expects earnings per share to rise to about $7.50 for 1980 from $7.10 last year, Rauth stated. "Given the recessionary economy, this anticipated increase over record 1979 results . . . may be viewed as a further demonstration of the inherent soundness of Martin Marietta's diversification in essential and basic industries," he added.
In addition to aerospace and aluminum, Martin's major business lines are cement, construction aggregates and chemicals. The 1981 spending program includes $390 million this year.
Projects planned include a coke plant, a joint venture with Union Pacific Corp.'s Champlin Petroleum in the Los Angeles area, from which one-third of output will go to Martin's aluminum reduction plants, and specialty laboratory-office complexes for aerospace operations in Denver and Orlando, Fla.