Eagle Materials CEO reflects on start to 2024

By |  May 22, 2024
Logo: Eagle Materials Inc

Eagle Materials reported financial results for its most recent quarter, noting that aggregate and concrete revenue in its fiscal fourth quarter ending March 31 decreased 8 percent.

Eagle Materials attributes the drop to lower concrete sales volumes. Revenue in this area included the contribution of about $1 million from an acquired aggregate business in Kentucky.

“While in the fourth quarter both cement and concrete and aggregates results were affected by adverse weather conditions and cement results by increased maintenance costs, we expect underlying fundamentals to remain solid in our markets during fiscal 2025,” says Michael Haack, president and CEO of Eagle Materials. “Large-scale infrastructure spending and domestic manufacturing projects should support strong demand for cement.

“We also anticipate increased residential construction activity as mortgage rates stabilize and the well-documented housing supply shortage continues,” Haack adds. “We remain positioned to capitalize on these market dynamics given our geographical footprint across the U.S. heartland and fast-growing Sun Belt region.”

Related: How Vulcan Materials fared in the first quarter of 2024

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About the Author:

Kevin Yanik is editor-in-chief of Pit & Quarry. He can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

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