US: Eagle Materials has reported financial results for the first quarter of the 2014 fiscal year, which ended on 30 June 2013. It saw its revenue for the quarter increase to US$227m, an increase of 47% year-on-year and earnings before interest and income taxes were up by 109% to US$49.5m. Its net earnings were US$30.1m, a 115% rise from US$14m in the first quarter of the prior fiscal year.
Eagle's Gypsum Wallboard and Paperboard businesses reported first quarter operating earnings of US$35.3m, up 83% from the same quarter of the prior fiscal year. Improved gypsum wallboard net sales prices were the primary driver of the quarterly earnings increase. Additional contributions came from improved sales volumes in both wallboard and paperboard.
Gypsum Wallboard and Paperboard revenues for the first quarter totalled US$114.9m, a 28% increase from the same quarter in the 2013 fiscal year. The revenue increase reflects higher average wallboard net sales prices and higher gypsum wallboard and paperboard sales volumes. The average gypsum wallboard net sales price this quarter was US$1.57 per square meter, 23% greater than the same quarter a year ago.
Wallboard sales volume for the quarter of 532 million square feet represented a 16% increase from the same quarter of the 2012 - 2013 fiscal year.
