Eagle Materials cements Q1 sales

Eagle Materials, the Dallas, Texas building materials manufacturer, reported revenue for its first quarter was a company record of $561.4 million.

This is an 18% increase from revenue of $475.7 million for the quarter ended June 30 in 2021.

Sales in the Eagle’s Heavy Materials sector were up 10% to $346.1 million for the period. This includes sales of cement, concrete and aggregates, and a joint venture. Cement revenue was up 5% to $284.5 million for the period.

Revenue in the Light Materials sector, which includes gypsum wallboard and paperboard, increased 30% to $247.9 million, primarily driven by higher gypsum wallboard sales volume and prices. 

The manufacturer and supplier also posted net earnings of $105 million, rising 10%. This is a company earnings record as well. For the corresponding previous period, Eagle Materials posted net earnings of $95.3 million.

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The Bottom Line: Eagle Materials turns in record numbers for the company as revenue increases 18% and earnings rise 10%.

What the CEO said: “Our results this quarter exceeded our expectations, as our portfolio of businesses performed well, and we executed on the opportunities available to us,” said Michael Haack, CEO and president of Eagle Materials. “In our heavy materials business, we implemented a second round of cement price increases in early July given the strong demand environment and our sold-out position. Looking ahead, we expect demand for cement to remain strong.”

Company info: Click here for the full first quarter financial report from Eagle Materials.