Eagle Materials profits slide in Q3
Eagle Materials Inc., reported third quarter 2019 revenues fell 7% to $333.3 million from revenues of $359.3 million in the third quarter 2018.
The Dallas, Texas-based company also posted net earnings of $57.7 million for the quarter, down from net earnings of $101.3 million for the corresponding period a year ago.
Eagle’s prior-year financial results included two non-recurring including a tax benefit of approximately $61 million from the Tax Cuts and Jobs Act enacted in December 2017.
Eagle manufactures and distributes Portland cement, gypsum wallboard and recycled gypsum paperboard, and concrete, sand and aggregates from more than 75 facilities across the country.
Revenue in the heavy materials, including cement, concrete and aggregates, along with cement revenue, fell 3% to $194.2 million for the quarter.
Light materials revenue, which includes gypsum wallboard and paperboard, decreased 5% to $153.8 million. The decline was caused by lower wallboard and paperboard sales volume partially offset by improved wallboard net sales prices, the company said.
The Dallas, Texas-based company also posted net earnings of $57.7 million for the quarter, down from net earnings of $101.3 million for the corresponding period a year ago.
Eagle’s prior-year financial results included two non-recurring including a tax benefit of approximately $61 million from the Tax Cuts and Jobs Act enacted in December 2017.
Eagle manufactures and distributes Portland cement, gypsum wallboard and recycled gypsum paperboard, and concrete, sand and aggregates from more than 75 facilities across the country.
Revenue in the heavy materials, including cement, concrete and aggregates, along with cement revenue, fell 3% to $194.2 million for the quarter.
Light materials revenue, which includes gypsum wallboard and paperboard, decreased 5% to $153.8 million. The decline was caused by lower wallboard and paperboard sales volume partially offset by improved wallboard net sales prices, the company said.