Eagle Materials Inc. released financial results for the third quarter of fiscal 2018 ended Dec. 31, 2017. The company is reporting record revenues of $359.4 million, up 19 percent; and record net earnings per diluted share of $2.08, up 78 percent.
Third quarter gross profit improved 8 percent, reflecting the financial results of the recently acquired cement plant in Fairborn, Ohio and related assets (the Fairborn Business) and improved net sales prices across most businesses.
Oil and Gas Proppants reported third quarter revenues of $21.9 million, a 208 percent increase from the prior year reflecting improved frac sand sales volumes and net sales prices. The third quarter’s operating loss of $1.0 million includes depreciation, depletion and amortization of $5.8 million.
Cement revenues for the third quarter, including joint venture and intersegment revenues, totaled $161.6 million, which was 17 percent higher than the same quarter last year. The average net sales price for this quarter was $106.83 per ton, 6 percent higher than the same quarter last year.
Total Cement sales volumes for the quarter were 1.3 million tons, 12 percent greater than the same quarter a year ago. Like-for-like average net cement sales prices increased 4 percent and sales volumes declined 2 percent, respectively, versus the third quarter of fiscal 2017 (comparison excludes cement sales from the Fairborn Business since its acquisition date).
Operating earnings from Cement for the third quarter were a record $52.5 million and 16 percent greater than the same quarter a year ago. The earnings improvement was driven primarily by earnings from the Fairborn Business and improved average net cement sales prices offset by lower sales volumes from our legacy facilities.
Concrete and Aggregates reported revenues for the third quarter of $38.5 million, a decline of 5 percent. Third quarter operating earnings were $3.4 million, 26 percent below the same quarter a year ago, reflecting lower concrete and aggregates sales volumes partially offset by record third quarter concrete and aggregates sales prices. Sales volumes in its Austin concrete and aggregates business were impacted by wet weather in the latter portion of the quarter.