Building materials company Eagle Materials Inc. (EXP), Tuesday reported a lower profit for the fourth quarter despite a surge in revenues, as earnings from cement segment plunged due to higher maintenance costs.
Dallas, Texas-based Eagle Materials profit for the fourth quarter dropped to $7.8 million or $0.16 per share, from $9.0 million or $0.20 per share last year.
On average, eleven analysts polled by Thomson Reuters expected earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Eagle Materials said fourth-quarter results were impacted by special items of about $0.04 per share, including acquisition and litigation costs. Fourth-quarter cement earnings dropped 69 percent, hurt mainly by maintenance costs of recently acquired assets of about $14 million.
Revenues for the quarter grew 36 percent to $159.1 million from $116.8 million last year. Analysts estimated revenues of $171.4 million for the quarter.
Fourth-quarter sales volumes improved across all businesses, reflecting improving construction fundamentals in the US and acquisitions.
Cement revenues rose 50 percent from a year ago, as sales volumes improved 45 percent with price increase of 4 percent. Gypsum wallboard and paperboard revenues advanced 20 percent, as sales price was 23 percent greater than a year ago.
EXP closed Tuesday's trading at $72.01, up $0.65 or 0.91%, on the NYSE.
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