Eagle Materials Inc. reported financial results for fiscal year 2016 and the fiscal fourth quarter ended March 31, 2016.
The company is reporting year-over-year:
- Record revenues of $1.1 billion, up 7 percent.
- Cash flow from operations of $265.8 million, up 14 percent.
- Net earnings per diluted share of $3.05, down 18 percent.
Concrete and aggregates reported fiscal 2016 operating earnings of $9.8 million, up 46 percent compared to the prior year. Revenues from concrete and aggregates were $127.2 million for fiscal 2016, 19 percent higher than last year.
Eagle’s oil and gas proppants business reported fiscal 2016 revenues of $57.6 million, a decline of 29 percent from the prior year, which reflects the significant slowdown in oil and gas drilling activity during our fiscal year. The fiscal 2016 operating loss was $68.5 million, which includes $37.8 million of Non-Routine Items recorded in the second quarter of fiscal 2016 and depreciation, depletion and amortization expense of $27.2 million.
Fiscal 2016 operating earnings from cement were a record $137.9 million, an increase of 17 percent compared to fiscal 2015. Revenues from cement, including joint venture and intersegment sales, were $528.5 million for fiscal 2016, 8 percent higher than last year.
The company fourth quarter results include:
- Record revenues of $252.1 million, up 13 percent.
- Cash flow from operations of $49.5 million, down 6 percent.
- Net earnings per diluted share of $0.80, down 14 percent.
Eagle’s 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. Additionally, in Texas, increased demand for construction grade cement continues to offset much of the impact from lower oil well cement demand.
Fourth quarter operating earnings from cement were a record $21.8 million, a 4 percent increase from the same quarter a year ago. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $100.1 million, 10 percent greater than the same quarter last year.
Cement sales volumes for the quarter were 879,000 tons, 6 percent higher than the same quarter a year ago. The average net sales price for this quarter was $100.41 per ton, a slight improvement from the same quarter last year.