Report: Aggregate, concrete revenue up at Eagle Materials

By Kevin Yanik| May 18, 2023

Eagle Materials was yet another beneficiary of price increases early this year in its heavy materials business.

The company, which shared its financial performance for its fiscal-year 2023 fourth quarter ending March 31, notes that revenue tied to concrete and aggregates was up 43 percent due to higher pricing and concrete sales volumes, as well as the contribution of about $10 million from an acquired business in northern Colorado.

The company’s fiscal-year fourth-quarter revenue deriving from concrete and aggregates was $53.1 million.

Additionally, Eagle Materials says its fiscal-year fourth-quarter operating earnings in concrete and aggregates was $2.6 million – a 74 percent increase that reflects higher pricing and sales volume.

“We are pleased to announce another exceptional quarter and year at Eagle,” says Michael Haack, president and CEO of Eagle Materials. “We achieved record financial results and made strong progress on all strategic priorities.

“We also increased production of our eco-friendly portland limestone cement product and integrated several acquisitions, which should improve our already enviable low-cost producer position.”

Looking ahead, Eagle Materials expects to find attractive fundamentals in its markets along with headwinds related to interest rates and single-family housing affordability.

“Among the favorable demand factors we expect will affect our results in future periods are projected funding increases for infrastructure projects and healthy demand for heavy industrial projects and multifamily residential construction,” Haack says. “We remain well-positioned to capitalize on these conditions given our geographical footprint across the U.S. heartland and fast-growing Sun Belt and our financial strength and flexibility.”