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Eagle Materials Inc. (NYSE: EXP) today reported financial results for the second quarter of fiscal 2014 which ended September 30, 2013. Notable items for the quarter in relation to the prior-year’s second quarter include:
Revenues of $252.6 million, up 53%
Earnings before interest and income taxes of $63.5 million, up 114%
Net earnings per diluted share of $0.80, up 100%
Sales volumes improved across all business lines, with cement volumes setting a quarterly record at 1.4 million tons. Net sales prices strengthened across nearly all businesses, with wallboard sales prices increasing 21% over the prior year’s second quarter. Quarterly revenue and earnings improvement also reflects the acquisition of assets, primarily two cement plants in Missouri and Oklahoma and the related aggregates and ready-mix businesses in Kansas City (the Acquired Assets) on November 30, 2012.
Cement, Concrete and Aggregates
Operating earnings from Cement for the second quarter were $32.4 million, an 86% increase from the same quarter a year ago. The earnings increase resulted from increased sales volumes and average net cement sales prices.
Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $133.2 million, 70% greater than the same quarter last year. The revenue improvement reflects a 66% increase in our second quarter Cement sales volume, including sales volumes attributable to the Acquired Assets. Our average net cement sales price this quarter was $85.34 per ton, 3% higher than the same quarter last year.
Concrete and Aggregates reported a small operating loss for the second quarter, an improvement from the same quarter a year ago.
Gypsum Wallboard and Paperboard
Gypsum Wallboard and Paperboard’s second quarter operating earnings of $36.8 million were up 52% compared to the same quarter last year. Improved Gypsum Wallboard net sales prices were the primary driver of the quarterly earnings increase. Additional contribution came from improved sales volumes in both wallboard and paperboard.