Eagle Materials Inc. reported financial results for the first quarter of fiscal 2014 ended June 30, 2013. Notable items for the quarter include revenues of $227.0 million, up 47 percent from prior-year, and record quarterly cement sales volumes of 1.2 million tons.
First quarter earnings before interest and income taxes increased 109 percent, reflecting improved sales volumes and net sales prices across all heritage businesses as compared to the prior year’s first quarter and the acquisition of assets, consisting primarily of two cement plants in Oklahoma and Missouri and related aggregates and ready-mix businesses in Kansas City (the Acquired Assets) in Nov. 2012.
Operating earnings from cement for the first quarter were $19.0 million, a 93 percent increase from the same quarter a year ago. The earnings increase was driven by increased sales volumes and average net cement sales prices partially offset by a slight increase in operating costs.
Cement revenues for the first quarter, including joint venture and intersegment revenues, totaled $117.7 million, 55 percent greater than the same quarter last year. The revenue improvement reflects a 46 percent increase in first quarter cement sales volume, including sales volume attributable to the Acquired Assets. The average net sales price for this quarter was $86.15 per ton, 6 percent greater than the same quarter last year.