‘Demand for building materials and construction products remains weak,’ Eagle Materials says in Q2 results
Eagle Materials Inc. reported in its financial results for the second quarter of fiscal 2011, which ended Sept. 30, 2010, revenues of $132.1 million.
The company reported that cash flow from company operations was $40.8 million and net earnings of $9.6 million. It reported diluted earnings per share at $0.22.
Demand for building materials and construction products remains weak, according to Eagle Materials. “Implementing capital projects that will reduce our costs and enhance our competitive positions remains a major focus for all Eagle Materials employees,” the company says in its earnings report.
Other notable items from the Eagle Materials quarterly report include the following:
Gypsum wallboard and paperboard
Gypsum wallboard and paperboard’s second quarter operating earnings of $5.1 million were down 10 percent compared to the same quarter last year. Lower wallboard sales volumes were the primary driver of the quarterly earnings decline.
Gypsum wallboard and paperboard revenues for the second quarter totaled $70.7 million, a 3 percent increase from the same quarter a year ago. The revenue increase reflects higher wallboard sales prices and higher paperboard sales volumes and prices, offset by lower gypsum wallboard sales volumes.
The average gypsum wallboard net sales price this quarter was $96.08 per MSF, 4-percent higher than the same quarter a year ago. Gypsum Wallboard sales volume for the quarter of 397 million square feet (MMSF) represents a 15-percent decline from the same quarter last year. The average Paperboard net sales price this quarter was $474.29 per ton, 14-percent higher than the same quarter a year ago. Paperboard sales volumes for the quarter were 62,000 tons, 19% higher than the same quarter a year ago.
Cement, concrete and aggregates
Operating earnings from cement for the second quarter were $12.1 million, a 38-percent decline from the same quarter a year ago. Cement operating earnings were impacted by approximately $5 million, or $0.09 per diluted share, in major maintenance costs occurring during the quarter that did not occur in the same quarter last year. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $67.8 million, 7-percent less than the same quarter last year. Cement sales volumes for the quarter were 775,000 tons, 2-percent below the same quarter a year ago. The average net sales price this quarter was $80.03 per ton, 7-percent less than the same quarter last year.
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