Eagle wraps it up in Q4

Eagle Materials Inc. touted its record revenues in both the fourth quarter and fiscal year 2016, though net earnings were down over the year on both accounts.

Net revenues for the fourth quarter ended March 31 came in at $252.1 million, a 13% year-over-year increase. However, net earnings of $39.2 million were down from the previous year's $46.8 million.

For the year, revenues rose 7% to $1.1 billion. However, earnings fell from $186.9 million in 2015 to $152.6 million in 2016.

The construction products and building materials businesses performed well during the quarter, with the Cement business reporting record fourth-quarter operating earnings of $21.8 million (and a record $137.9 million in fiscal 2016, up 17%). Additionally, in Texas, increased demand for construction grade cement continues to offset much of the impact from lower oil well cement demand.

Fourth quarter Gypsum wallboard sales volumes benefited from pre-buying activity in advance of a price increase, with operating earnings from Gypsum Wallboard and Paperboard of $191.5 million up 8% compared to fiscal 2015. For the fourth quarter, operating earnings of $51.2 million were up 34% from the same quarter last year.

The company added that its settlement with the IRS regarding the Republic acquisition was finalized during the previous year's fourth quarter. The tax impact from the settlement (including state benefits) was approximately $16.6 million and was recorded as a reduction of income tax expense during the fourth quarter.