Eagle Materials earns $462.2 million in revenue in FY 2011
Revenues from Concrete and Aggregates were $9.4 million for the quarter, 25 percent greater than the same quarter a year ago. Concrete sales volume increased 51 percent for the quarter to 122,000 cubic yards. The Concrete average net sales price for this quarter was $57.36 per cubic yard, 12 percent less than the same quarter a year ago. Aggregates sales volume of 466,000 tons for the quarter was 19 percent greater than the quarter a year ago. Aggregates average net sales price for the quarter was $5.40 per ton, down 9 percent compared to last year’s fourth quarter.
Gypsum Wallboard and Paperboard
Fiscal 2011 operating earnings from Gypsum Wallboard and Paperboard were $13.3 million, a decrease of 18 percent compared to fiscal 2010. Revenues from Gypsum Wallboard and Paperboard were $271.7 million for fiscal 2011, 3 percent higher than last year’s revenues.
Gypsum Wallboard and Paperboard had a fourth quarter operating loss of $0.4 million compared to operating earnings of $1.1 million in the same quarter last year. Lower net wallboard sales prices and higher recycled fiber costs were the primary drivers of the quarterly earnings decline.
Gypsum Wallboard and Paperboard revenues for the fourth quarter totaled $64.8 million, a 3 percent decrease from the same quarter a year ago. The quarterly comparative revenue decline reflects lower Gypsum Wallboard net sales prices and lower Gypsum Wallboard and Paperboard sales volumes. The average Gypsum Wallboard net sales price for this quarter was $85.68 per MSF, 1 percent less than the same quarter a year ago. Gypsum Wallboard sales volumes of 428 million square feet (MMSF) were down about 4 percent from the prior year’s fourth quarter. The average Paperboard net sales price this quarter was $501.00 per ton, 15 percent greater than the same quarter a year ago. Paperboard sales volumes for the quarter were 48,000 tons, 16 percent less than the same quarter a year ago.
Other Corporate Items
During the fourth quarter, Eagle determined that it will not move forward with its planned modernization of Nevada Cement. This decision was based on the adverse economic impact of new environmental regulations combined with the current challenging market conditions in Northern Nevada and Northern California. As a result of this decision, the company’s fiscal 2011 financial results reflect a non-cash charge of approximately $8.9 million associated with the write-off of the deferred project costs. This charge is reported in Other Non-Operating Expense.
Included in the prior year fourth quarter was a gain on sale of land at one of Eagle’s wallboard facilities of $2.5 million (after-tax $0.04 per share). The gain on sale of land was reported in Other Operating Income in the prior year.
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- Former gravel quarry-turned-landfill transforms into nature reserve519 Views
- North Carolina grants Martin Marietta water quality certification for limestone quarry256 Views
- Vulcan-blocking bill dies in Alabama legislature251 Views
- Road restrictions may stop quarry construction in Kentucky216 Views
- Two suspects charged with arson in Jack’s Mountain Quarry case in Virginia128 Views