Eagle Materials advances cement volumes by 13%

In the first quarter of its financial year to 31 March, Eagle Materials' turnover, including its share of the Texas Lehigh cement joint venture, increased by 3.3 per cent to US$322.4m. The trading profit advanced by 17.9 per cent to US$71.2m and after an interest charge 13 per cent lower at US$3.9m, the pretax profit was up by 20.4 per cent to US$67.3m and the net attributable profit rose by 20.1 per cent to US$45.4m. The net debt at the end of June stood at US$489.5m, giving a gearing level of 46.3 per cent.

Cement turnover was ahead by 13 per cent to US$141.3m, with the wholly-owned operations increasing by 18.7 per cent to US$116.7m while Eagle's share of the Texas Lehigh joint venture declined by 7.9 per cent to US$24.9m. The trading profit was 22.9 per cent ahead at US$31.6m. Consolidated cement deliveries were four per cent higher at 1.13Mt (1.25Mst). Volumes in the wholly-owned operations were 4.2 per cent higher and in the Buda joint venture there was a 2.8 per cent increase. The average cement price improved by 2.3 per cent to US$91.97/t (US$100.63/st).

Turnover from aggregates and ready-mixed concrete was 21.9 per cent ahead at US$34.5m, while the trading profit was ahead by 91.3 per cent to US$1.37m. Aggregates shipments rose by 41.5 per cent to 0.86Mt (0.94Mst) but the average price was 4.5 per cent higher at US$9.15/t. The ready-mixed concrete volume increased by 0.7 per cent to 0.22Mm³, as the average price was 0.7 per cent higher at US$121.29/m³.

The plasterboard turnover eased by 1.6 per cent to US$113.3m and the trading profit declined by 3.8 per cent to US$39.3m as the plasterboard volume was off by 3.5 per cent and eased by the same percentage. The paperboard turnover rose by 36.3 per cent to US$28.3m and the trading profit advanced by 85.2 per cent to US$11.2m, with the average sales price being one per cent lower at US$549.95/t (US$498.82/st) on volumes that were some 20 per cent higher overall, with external sales staging a 32 per cent advance while internal volumes grew by four per cent just.