Eagle Materials revenue jumps in Q2
Eagle Materials reported second quarter 2022 revenue jumped 14% to $510 million.
Revenue in the Dallas, Texas-based company’s Heavy Materials sector, which includes cement, concrete and aggregates, a joint venture and intersegment cement revenue, was $341.1 million, a 5% improvement over the previous second quarter.
Cement revenue for the quarter, including a joint venture and intersegment revenue, was up 4% to $288.3 million The increase is partially due to improved cement net sales prices and sales volume. The average net sales price for the quarter was up 6% to $117.78 per ton. Cement sales volume for the quarter was a record 2.2 million tons, up 1%.
Concrete and aggregates revenue increased 14% to $52.8 million. The improvements reflect higher sales prices and sales volume, Eagle materials said.
Revenue in the Light Materials sector, which includes gypsum wallboard and paperboard, increased 28% to $200.8 million, reflecting higher sales volume and prices. gypsum wallboard sales volume increased 2% to 736 per million square feet (MSF) while the average gypsum wallboard net sales price increased 33% to $190.93 per MSF.
Paperboard sales volume for the quarter was flat from the prior year at 87,000 tons. The average Paperboard net sales price was $524.54 per ton, up 2%, consistent with the pricing provisions in our long-term sales agreements.
Eagle Materials also reported net earnings of $102.1 million, up nearly 6.4% from net earnings of $96 million in the second quarter 2021.
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The Bottom Line: A 14% increase in revenue helps drive Eagle’s net earnings up more than 6% in its second quarter 2022.
What the CEO said: ”Eagle achieved new quarterly records for revenue and earnings per share during the quarter,” said Michael Hack, president and CEO of Eagle Materials. “These results reflect continued strength in underlying market conditions and strong execution by our team. Our recent pricing actions across much of our footprint will continue to help offset increases in certain input costs, as will our consistent focus on driving operational efficiencies.”
Company info: Click here to read Eagle Materials’ full second quarter 2022 financial report.