Eagle Materials Q2 2011 results show $6 million in net earnings
Eagle Materials Inc.‘s financial results for the second quarter of fiscal 2012, ended Sept. 30, 2011, show the company with revenues of $134.8 million, cash flow from operations of $26.4 million, and net earnings of $6 million. Diluted earnings per share were $0.14
Revenues increased 2 percent from the prior year reflecting improved sales volumes across most of the business lines. Operating earnings were down 6 percent due primarily to higher raw material costs in gypsum wallboard segment. Operating cash flow was strong during the quarter, further strengthening the financial position. Prior year’s net earnings include about $2.5 million, or $0.06 per diluted share, of tax and interest benefits associated with the final assessment from the IRS related to their audit of the Republic asset acquisition in tax years 2001 through 2006.
Cement, Concrete, and Aggregates
Operating earnings from cement for the second quarter were $15.1 million, a 25 percent increase from the same quarter a year ago. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $72.6 million, 7 percent greater than the same quarter last year. Cement sales volumes for the quarter were 817,000 tons, 5 percent above the same quarter a year ago. The average net sales price this quarter was $81.23 per ton, 1 percent higher than the same quarter last year.
Concrete and aggregates reported a slight operating profit for the second quarter, down from the $0.5 million operating profit for the same quarter a year ago, primarily due to lower aggregates sales volumes and lower concrete average net sales prices.
Revenues from concrete and aggregates were $13.7 million for the quarter, 7 percent greater than the same quarter a year ago. Concrete sales volume increased 17 percent from the same quarter a year ago to 144,000 cubic yards. Concrete average net sales price for the quarter of $64.33 per cubic yard was 4 percent less than the same quarter a year ago. Aggregates sales volume of 0.8 million tons for this quarter was 3 percent less than the sales volume for the same quarter a year ago. The aggregates average net sales price for the quarter was $5.98 per ton, up 1 percent compared to last year’s second quarter.
Gypsum Wallboard and Paperboard
Gypsum wallboard and paperboard’s second quarter operating earnings of $1.5 million were down 71 percent compared to the same quarter last year. Lower wallboard average net sales prices and higher raw material costs were the primary driver of the quarterly earnings decline.
Gypsum wallboard and paperboard revenues for the second quarter totaled $72.3 million, a 2 percent increase from the same quarter a year ago. The revenue increase reflects higher wallboard sales volumes and higher paperboard sales prices, offset by lower gypsum wallboard average net sales prices.
The average gypsum wallboard net sales price this quarter was $92.09 per MSF, 4 percent less than the same quarter a year ago. Gypsum wallboard sales volume for the quarter of 403 million square feet (MSF) represents a 2 percent increase from the same quarter last year. The average paperboard net sales price this quarter was $524.20 per ton, 11 percent higher than the same quarter a year ago. Paperboard sales volumes for the quarter were 60,000 tons, 3 percent lower than the same quarter a year ago.
From our partners
Developing a solid relationship with Demolition Technologies Specialized Services enables Crushing Tigers…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- Don't drink and drive...that includes your wheel loader!218 Views
- Update: MnDOT makes decision in mine expansion208 Views
- Eliminate the fat and increase profits through lean processing189 Views
- Buffalo Crushed Stone cited for pollution179 Views
- Highway Trust Fund: A look at who’s in and who’s out in next Congress153 Views