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Thursday, May 5, 2011

Eagle Materials / American Gypsum Report 1Q11 Earnings

Gypsum Wallboard and Paperboard
Fiscal 2011 operating earnings from Gypsum Wallboard and Paperboard were $13.3 million, a decrease of 18% compared to fiscal 2010. Revenues from Gypsum Wallboard and Paperboard were $271.7 million for fiscal 2011, 3% higher than last year’s revenues.

Gypsum Wallboard and Paperboard had a fourth quarter operating loss of $0.4 million compared to operating earnings of $1.1 million in the same quarter last year. Lower net wallboard sales prices and higher recycled fiber costs were the primary drivers of the quarterly earnings decline.

Gypsum Wallboard and Paperboard revenues for the fourth quarter totaled $64.8 million, a 3% decrease from the same quarter a year ago. The quarterly comparative revenue decline reflects lower Gypsum Wallboard net sales prices and lower Gypsum Wallboard and Paperboard sales volumes.  Gypsum Wallboard sales volumes of 428 million square feet (MMSF) were down approximately 4% from the prior year’s fourth quarter. The average Paperboard net sales price this quarter was $501.00 per ton, 15% greater than the same quarter a year ago. Paperboard sales volumes for the quarter were 48,000 tons, 16% less than the same quarter a year ago.

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