- Martin Marietta Materials and Flowserve shares rise after earnings top Wall Street.
- Transportation Secretary Elaine Chao said this week details on the infrastructure plan will come "pretty soon."
Construction stocks soared on Tuesday after several companies reported better-than-expected earnings and investors bet demand will get a big lift from President Trump's infrastructure plan later this year.
Shares of Martin Marietta Materials, a maker of concrete and cement, closed up more than 7 percent, while Vulcan Materials closed up more than 4 percent. Valve maker Flowserve gained as much as 2 percent during Tuesday's trade, closing relatively flat.
Martin Marietta blew Street estimates out of the water, reporting first-quarter earnings of 67 cents per share on revenue of $791.7 million. According to FactSet, analysts expected earnings of 39 cents per share on revenue of $724.2 million.
The CEO of Martin Marietta, Ward Nye, was optimistic in a press release, calling the construction industry "vibrant."
"We remain highly confident that we are in a multi-year construction recovery and that Martin Marietta is particularly well positioned to benefit from the expected increased demand," Nye added.
Flowserve reported first-quarter earnings of 25 cents per share on revenue of $863.6 million on Monday. The Texas-based company beat analyst expectations, which estimated earnings at 18 cents per share on revenue of $813.3 million, according to FactSet.