- Revenues of $123.6 million, up 19%
- Cash flow from operations of $16.2 million, up 45%
- Adjusted earnings per diluted share of $0.20 and EPS of $0.07 (which includes Non-routine Items of $0.13) compared with $0.12
- Adjusted earnings per share is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in attachment 5
- Total loss from non-routine items (including the after-tax effect of a loss on debt retirement, certain tax and interest benefits and loss on arbitration ruling) was $5.8 million
Cement, Concrete and Aggregates
Operating earnings from Cement for the third quarter were $15.5 million, a 2% increase from the same quarter a year ago. The earnings increase primarily reflects improved sales volumes offset by $2.5 million of additional maintenance costs incurred this quarter versus the prior year quarter. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $61.5 million, 12% higher than the same quarter last year. Cement sales volumes for the quarter were 700,000 tons, 13% above the same quarter a year ago. The average net cement sales price this quarter was $80.02, generally flat with the same quarter last year.
Concrete and Aggregates reported an operating loss of $0.6 million for the third quarter compared to operating earnings of $0.2 million from the same quarter a year ago, primarily due to reduced sales volumes.
Gypsum Wallboard and Paperboard
Gypsum Wallboard and Paperboard reported third quarter operating earnings of $5.4 million compared to an operating loss of $0.4 million in the same quarter last year. Gypsum Wallboard and Paperboard revenues for the third quarter totaled $73.5 million, a 24% increase from the same quarter a year ago. Higher wallboard and paperboard net sales prices combined with improved paperboard sales volumes were the primary drivers of the quarterly earnings and revenues increase.
Gypsum Wallboard sales volumes for the quarter of 421 million square feet (MMSF) increased 9% from the same quarter last year. The average Paperboard net sales price this quarter was $527.42 per ton, 10% higher than the same quarter a year ago. Paperboard sales volumes for the quarter were 57,000 tons, 21% greater than the same quarter a year ago.