Eagle Materials Inc. Reports Third Quarter Results

Eagle Materials Inc. (NYSE: EXP) today reported financial results for the third quarter of fiscal 2012 ended December 31, 2011. Notable items for the quarter include (all comparisons, unless noted, are with the prior-year quarter):

• Revenues of $123.6 million, up 19%
• Cash flow from operations of $16.2 million, up 45%
• Adjusted earnings per diluted share of $0.20 and EPS of $0.07 (which includes Non-routine Items of $0.13) compared with $0.12
  • Adjusted earnings per share is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in attachment 5
  • Total loss from non-routine items (including the after-tax effect of a loss on debt retirement, certain tax and interest benefits and loss on arbitration ruling) was $5.8 million

Eagle’s low cost operations continued to execute well during this challenging environment for U.S. construction activity. Segment operating earnings increased 30% reflecting improved sales volumes in our cement, wallboard and paperboard businesses and higher wallboard and paperboard net sales prices as compared to the prior year. Operating cash flow was strong during the quarter, further strengthening our financial position.

Cement, Concrete and Aggregates

Operating earnings from Cement for the third quarter were $15.5 million, a 2% increase from the same quarter a year ago. The earnings increase primarily reflects improved sales volumes offset by $2.5 million of additional maintenance costs incurred this quarter versus the prior year quarter. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $61.5 million, 12% higher than the same quarter last year. Cement sales volumes for the quarter were 700,000 tons, 13% above the same quarter a year ago. The average net cement sales price this quarter was $80.02, generally flat with the same quarter last year.

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