Eagle Materials reports heavy materials segment gains in latest quarterly report

By |  February 4, 2020

Logo: Eagle Materials Inc

Concrete and aggregate revenue was up significantly during Eagle Materials’ fiscal 2020 third quarter, which ended Dec. 31.

According to Eagle Materials, quarterly revenue in concrete and aggregate reached $46.8 million for an increase of 53 percent.

Third-quarter operating earnings in the segment were $3.3 million – a 222 percent increase – reflecting a record concrete sales volume, improved concrete and aggregate sales prices, and the financial results of a small concrete and aggregate business that Eagle Materials acquired in August 2019.

As a whole, Eagle Materials had a third-quarter revenue of $350.2 million – a mark that was up 5 percent. The company, however, reported a quarterly net loss of $114.6 million.

“We are pleased that during the third quarter of fiscal 2020 we capitalized on robust underlying demand across our geographic footprint to achieve a 5 percent revenue improvement,” says Michael Haack, president and CEO of Eagle Materials. “Notably, our cement sales volume was up 7 percent to a record 1.4 million tons.”

Haack’s outlook for the months to come is largely positive.

“We expect demand for our building materials and construction products will continue to be supported by several advantageous market dynamics, including ongoing growth in jobs, high consumer confidence and low interest rates,” he says.

Kevin Yanik

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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