Eagle Materials 1Q profit declines

Eagle Materials 1Q profit declines
Published: 22 July 2010

Texas-based cement manufacturer Eagle Materials Inc posted first quarter net income of US$10.5m or US$0.24 per share, compared to US$12.0m or US$0.27 per share in the same quarter last year.

Revenues for the first quarter were $130.8 million, compared to $127.8 million in the preceding year period.

The company said the rise in revenue from the prior year is due primarily to higher sales volumes across all of the company’s major businesses.

Operating earnings from cement for the first quarter were US$13.6m, a 20% decline from the same quarter a year ago. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled US$62.5m, 1% more than the same quarter last year. Cement sales volumes for the quarter were 702,000 tons, 8% higher than the same quarter a year ago.

Eagle’s purchased cement sales volumes for the quarter were approximately 45,000t, or 6% of total cement sales volume, compared to approximately 27,000t, or 4% of total sales volume for the same quarter a year ago. The average net sales price this quarter was US$81.39/t, 8% less than the same quarter last year.