August 10, 2017
Eagle Materials Inc. reported a 22 percent increase in earnings for the first quarter fiscal 2018 ending June 30, 2017. The report noted record revenues of $366.1 million, a 23 percent increase, and net earnings per diluted share of $1.13, an increase of 22 percent. The company says its first quarter financial results include approximately $1.2 million (pre-tax), or $0.02 per share, of acquisition and purchase accounting related costs.
The 22 percent increase in earnings reflects improved sales volumes and net sales prices across nearly all businesses and the results of Eagle’s acquisition of a cement plant in Fairborn, Ohio. Overall results were also impacted by approximately $1.5 million (before tax), or $0.02 per share, of costs associated with reduced production at one of its cement plants in connection with a plant modification project.
Concrete and aggregates reported revenues of $43.5 million, an increase of 26 percent. First quarter operating earnings were $6.0 million, a 63 percent improvement from the same quarter a year ago, due to improved concrete and aggregates pricing and concrete sales volumes.
Cement revenues totaled $182.9 million, which was 26 percent higher than the same quarter last year. The average net sales price for the quarter was $106.95 per ton, 6 percent higher than the same quarter last year. Total Cement sales volumes for the quarter were over 1.5 million tons, 21 percent higher than the same quarter a year ago. Like-for-like average net cement sales prices and sales volumes increased 4 percent and 7 percent, respectively, compared to the same period last year (excluding cement sales from the Fairborn Business since its acquisition date). Operating earnings from cement were a record $43.2 million, 37 percent greater than the same period last year, which was driven primarily by improved average net cement sales prices and cement sales volumes and earnings from the Fairborn Business.