Eagle Materials Inc. reported financial results for the third quarter of fiscal 2016 ended Dec. 31, 2015. The company is reporting:
- Quarterly revenues of $277.4 million, down 5 percent.
- Net earnings of $45.8 million, down 12 percent.
- Cash flow from operations of $108.7 million, up 66 percent.
- Record third quarter cement earnings of $41.8 million, up 11 percent.
Eagle’s construction products and building materials businesses performed well during the quarter, with cement reporting record third quarter operating earnings despite lower sales volumes in Texas and Oklahoma, which were impacted by heavy rains in October and December. Additionally, in Texas, increased demand for construction grade cement continues to offset much of the impact from lower oil well cement demand.
Operating earnings from cement during the quarter were $41.8 million, 11 percent higher than the same quarter a year ago. The earnings increase was driven primarily by a 4 percent increase in average net cement sales prices and record quarterly cement sales volumes.
Cement revenues for the third quarter, including joint venture and intersegment revenues, totaled $135.4 million, 9 percent greater than the same quarter last year. Average net cement sales price for this quarter was $97.10 per ton, 4 percent higher than the same quarter last year. Cement sales volumes were a third quarter record of 1.2 million tons, 1 percent higher than the same quarter a year ago.