Eagle Materials sets record quarterly revenues

Aggregate and concrete revenue at Eagle Materials decreased 17 percent in the company’s second quarter of fiscal 2021 to $46.3 million.

Eagle’s second quarter of fiscal 2021 ended Sept. 30.

According to Eagle, the decline in aggregate and concrete reflects the sale of the company’s Northern California concrete and aggregate businesses during the first quarter of fiscal 2021. Excluding the results from the sold businesses, aggregate and concrete revenue was up 1 percent, the company says.

Second-quarter operating earnings for aggregate and concrete were down 28 percent to $5.3 million, primarily reflecting the sale of Northern California businesses, the company adds. Excluding the results from the sold businesses, operating earnings decreased 8 percent, reflecting lower concrete sales volume.

Additional insights

Quarterly revenue in Eagle’s Heavy Materials sector, which includes cement, concrete and aggregate, as well as joint-venture and intersegment cement revenue, was $324.4 million – a 15 percent improvement. Heavy materials operating earnings increased 15 percent to $85.2 million, primarily because of improved cement net sales prices and earnings from the recently acquired Kosmos cement business.

Eagle set record second-quarter revenues with $447.7 million, a figure that is up 12 percent.

“We are pleased to have delivered another quarter of record revenue and net earnings growth while further strengthening our balance sheet,” says Michael Haack, president and CEO of Eagle. “Our end markets remain resilient as COVID-related uncertainty persists. The housing market continued its strong rebound, and cement demand remained robust despite wet weather in the first half of September.

“Our wallboard shipments were up 6 percent, and we shipped an all-time record 2.2 million tons of cement during the quarter,” Haack adds.