Eagle Materials achieves 9% growth in Q3

Eagle Materials Inc. saw its numbers budge considerably in the third quarter, and mostly thanks to its Gypsum Wallboard and Paperboard segment.

Total revenues for the quarter jumped 9% to $302.4 million, with net earnings up 23% to $56.4 million. Eagle deemed both these metrics "record" figures.

Gypsum Wallboard and Paperboard revenues for the third quarter totaled $146.9 million, which were 12% greater than the same quarter a year ago. Cement revenues were up 2%, and Concrete and Aggregates jumped 29%. Oil and Gas Proppants was down 16%.

Another record, according to the company: net earnings per diluted share of $1.17, up 27%.

Additionally, third quarter cash flow from operations improved 18% and was used to fund capital improvements, pay dividends and reduce debt.

Eagle also purchased Cemex's Fairborn, Ohio cement plant and related assets in September, which had a purchase price of $400 million. Eagle expects that the acquisition will increase its U.S. annual cement capacity by approximately 20% to nearly 6 million tons. The transaction is expected to close in Eagle’s fiscal fourth quarter, but in Q3, Eagle incurred nearly $1 million of integration and related costs associated with the transaction.