Eagle Materials Inc. reported financial results for the third quarter of fiscal 2015 which ended Dec. 31, 2014. Notable items for the quarter in relation to the prior-year’s third quarter include: record quarterly revenues of $292 million, up 27 percent; and record third quarter cement earnings of $37.6 million, up 44 percent.
Sales volumes improved across all major business lines, with cement volumes setting a third quarter record of over 1.2 million tons sold. Net sales prices also strengthened across all businesses, with average cement sales prices increasing 8 percent over the prior year’s third quarter.
On Nov. 14, 2014, Eagle Materials completed its previously announced acquisition of CRS Proppants LLC and its subsidiaries, including Great Northern Sand LLC (CRS Proppants). Eagle used cash proceeds from borrowings under its bank credit facility to fund the purchase price of $237.2 million. The results of operations of CRS Proppants are included in the results disclosed for the period from Nov. 14 through Dec. 31, 2014.
Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $124.0 million, 17 percent greater than the same quarter last year. The revenue improvement reflects an 8 percent increase in third quarter cement sales volume. The company’s average net cement sales price this quarter was $93.76 per ton, 8 percent higher than the same quarter last year.
Concrete and aggregates reported operating earnings of $1.6 million for the third quarter, a $3.1 million improvement from the same quarter a year ago, reflecting improved concrete and aggregates pricing along with improved concrete sales volumes.