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Friday, July 29, 2011

Eagle Materials Inc. (American Gypsum) Reports 1Q11 Earnings

Eagle Materials Inc. (NYSE: EXP) today reported financial results for the first quarter of fiscal 2012 ended June 30, 2011. Notable items for the quarter include:
  • Revenues of $119.8 million
  • Earnings per diluted share of $0.07
  • Net earnings of $3.1 million
Industry demand for building materials and construction products remains weak and we continue to "right-size" our operations to respond to these lower levels of construction activity. Revenues decreased from the prior year primarily due to lower sales volumes across all of our major businesses. 

Gypsum Wallboard and Paperboard
Gypsum Wallboard and Paperboard's first quarter operating earnings of $4.3 million were down 53% over the same quarter last year. Lower Gypsum Wallboard net sales prices and sales volumes were the primary driver of the quarterly earnings decline. 

Gypsum Wallboard and Paperboard revenues for the first quarter totaled $70.3 million, a 9% decrease from the same quarter a year ago. The revenue decline reflects lower Gypsum Wallboard and Paperboard sales volumes and lower average Gypsum Wallboard net sales prices slightly offset by higher Paperboard net sales prices. The average Gypsum Wallboard net sales price was 8% less than the same quarter a year ago. Gypsum Wallboard sales volume for the quarter of 412 million square feet (MMSF) represents a 9% decline from the same quarter last year. The average Paperboard net sales price this quarter was $505.61 per ton, 5% higher than the same quarter a year ago. Paperboard sales volume for the quarter was 57,000 tons, 3% lower than the same quarter a year ago.

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