Eagle Materials posts record revenue for Q1

Eagle Materials reported first quarter 2022 revenue increased 11% to a company record $476 million. 

Revenue in the heavy materials sector, including cement, concrete and aggregates, was $315. million, up 3% improvement for the quarter.

Sales for the Dallas, Texas-based company’s light materials sector, which includes gypsum wallboard and paperboard, increased 25% to $191.3 million, reflecting higher wallboard sales volume and prices. Gypsum wallboard sales volume increased 8% to 763 million square feet, while the average Gypsum Wallboard net sales price increased 21% to $176.79 per million square feet.

Net earnings for the first quarter dipped 1% to $95,327 million from earnings of $96,206 million in the first quarter a year ago.

The company manufactures and distributes Portland cement, gypsum wallboard, recycled gypsum paperboard, and concrete and aggregates from more than 70 facilities across the US.

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The Bottom Line: Although profits slip by a point, Eagle Materials posts record revenue of $476 million.

What the CEO said: “We expect underlying market conditions to remain strong as the US economy recovers, and we are well-positioned to continue to benefit from this growth,” said Michael Hack, president and CEO.

Company info: Click here for Eagle Materials’ full first quarter 2022 report.