How Eagle Materials finished 2023

By |  February 7, 2024

Logo: Eagle Materials

Eagle Materials reported a pair of quarterly records related to its fiscal third quarter ending Dec. 31, including a record revenue ($558.8 million) and record net earnings ($129.1 million).

The revenue mark was up 9 percent over the prior-year quarter, Eagle says, while its net earnings were up 10 percent.

“We are pleased to announce another exceptional quarter against the backdrop of shifting, albeit constructive, market conditions as interest rates moved materially lower during the latter half of the quarter,” says Michael Haack, president and CEO of Eagle Materials.

Revenue in Eagle Materials’ heavy materials sector, which includes cement, concrete and aggregates, as well as joint-venture and intersegment cement revenue, was up 18 percent to $366.4 million. Heavy materials operating earnings increased 43 percent to $107.3 million, primarily because of higher cement net sales prices and sales volume.

Cement revenue for the quarter, including joint-venture and intersegment revenue, was up 20 percent to $308.7 million, Eagle Materials says. The sector’s operating earnings were a record $105.6 million – up 46 percent.

According to Eagle Materials, these increases reflect higher cement sales volume and net sales prices, as well as the contribution of about $11 million of revenue from a recently acquired terminal.

Concrete and aggregate revenue, meanwhile, increased 5 percent to $57.8 million, reflecting an elevated aggregate sales volume and record concrete pricing. Operating earnings for concrete and aggregates, however, decreased 35 percent to $1.8 million, primarily because of higher input costs.

“Eagle’s heartland geographic footprint remains well-positioned for long-term growth, supported by trends in population growth, well-documented housing production deficits and supply shortages, and a multi-year federal highway bill further enhanced by state-level infrastructure spending,” Haack says.

Related: Elevated pricing boosts USLM in fourth quarter

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.

Comments are closed