First Quarter Fiscal 2019 Results
Record revenue of $393.8 million, up 8%
Net earnings per diluted share of $1.38, up 22%
First Quarter Fiscal 2019 results were affected by the following items:
A $6.5 million (pre-tax) increase in maintenance expenses primarily due to the timing of the annual maintenance outage at our Fairborn cement plant; the previous outage occurred at Fairborn in the fourth quarter of fiscal 2017, shortly after we purchased the plant
A $1.8 million litigation loss at our Paperboard subsidiary
$1.6 million of start-up costs at our new frac sand plant in Illinois
New frac sand drying plant in Illinois started up on-time, on-budget and began production in late June
Approximately 500,000 shares were repurchased for $52 million
Commenting on the first quarter results, Dave Powers, President and CEO, said, “We are pleased to report another quarter of record revenue and net earnings. We saw strong margin improvement in our Light Materials sector and pricing improved across nearly all businesses during the quarter. We were also pleased to announce the start-up of our new frac sand drying plant in Illinois and we began loading railcars in late June. Tight freight markets continued to limit our ability to move product and led to higher freight costs which impacted net sales prices in both cement and wallboard this quarter.”
Mr. Powers concluded, “Looking ahead, we anticipate another strong year, as the backlog of work in our markets continues to drive demand for our products.”
Eagle Materials Reports First Quarter EPS Up 22% On Record Revenues | Eagle Materials Inc.
