Eagle Materials’ Michael Haack highlighted several positive trends for the business as his company released its latest quarterly financial results.
“Underlying fundamentals in our markets continue to be favorable, and we expect demand for our products to remain steady for the balance of the year,” says Haack, president and CEO of Eagle Materials. “Construction spending on infrastructure and heavy industrial projects continues to drive cement demand. In addition, despite some interest rate sensitivity, residential construction activity remains resilient, given chronic housing supply shortages and continued underlying demand strength.”
In its latest quarter ending June 30, which was Eagle Materials’ first quarter of fiscal 2025, the company detailed how it achieved a record revenue of $608.7 million and record net earnings of $133.8 million. Those totals were up 1 percent and 11 percent, respectively, from the prior year’s fiscal first quarter.
“Fiscal 2025 is off to a solid start for Eagle, with record revenue of $608.7 million, EPS of $3.94 and gross margins of 30.7 percent – an increase of 140 bps,” Haack says. “Our portfolio of businesses continued to perform well despite adverse weather conditions during the quarter across many of our core markets, which affected sales volumes for our cement and concrete and aggregates businesses.”
Revenue in Eagle Materials’ heavy materials sector, which includes cement, concrete and aggregates, as well as joint venture and intersegment cement revenue, was up 1 percent to $400.2 million. Operating earnings in the heavy materials sector increased 14 percent to $92.1 million, primarily because of higher cement sales prices that were partially offset by lower cement sales volumes.
More specifically, however, Eagle Materials’ concrete and aggregate revenues were down 9 percent in its latest quarter to $61 million. Operating earnings tied to concrete and aggregates declined 58 percent to $3 million, reflecting lower concrete and aggregate sales volumes that were partially offset by increased concrete and aggregate prices.
