Eagle Materials Inc. announced financial results for the first quarter of fiscal 2017 ended June 30, 2016. The company reported record revenues of $297.5 million, up 4 percent; earnings before interest and income taxes of $71.2 million, up 18 percent; net earnings of $45.3 million, up 20 percent; and net earnings per diluted share of $0.93, up 24 percent.
Eagle’s construction products and building materials businesses performed well during the quarter. Cement revenues for the first quarter, including joint venture and intersegment revenues, totaled $144.8 million, which was 13 percent higher than the same quarter last year. The average net sales price for this quarter was $100.63 per ton, 2 percent higher than the same quarter last year.
Concrete and aggregates reported revenues for the first quarter of $34.5 million, an increase of 22 percent. First quarter operating earnings were $3.7 million for the first quarter, a 91 percent improvement from the same quarter a year ago, reflecting improved concrete and aggregates pricing and sales volumes.
Wholly-owned average net sales prices improved 6 percent from the same quarter last year. The average net cement sales price at its joint venture with Texas Lehigh Cement Co. declined year-over-year reflecting the shift from oil well cement to construction-grade cement over the past year; however, profitability remained strong at the joint venture. Total Cement sales volumes for the quarter were 1.3 million tons, 4 percent higher than the same quarter a year ago.
Operating earnings from cement for the first quarter were a record $31.6 million and 23 percent greater than the same quarter a year ago. The earnings improvement was driven primarily by improved average net cement sales prices and cement sales volumes and $3.1 million of earnings from the Skyway Cement facility acquired in July 2015.