Eagle Materials Inc. announced financial results for fiscal year 2015 and fourth quarter ended March 31, 2015. Notable items for the fiscal year and quarter include revenues of $1.1 billion, up 19 percent for the fiscal year, and record fourth quarter revenues of $223.8 million, up 18 percent.
Fiscal 2015 operating earnings from cement were a record $117.5 million, an increase of 31 percent compared to fiscal 2014. Revenues from cement, including joint venture and intersegment sales, were $488.6 million for fiscal 2015, 12 percent higher than last year.
Operating earnings from cement were a fourth quarter record of $21.0 million, a 74 percent increase from the same quarter a year ago. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $90.8 million, 11 percent greater than the same quarter last year.
Cement sales volumes for the quarter were 827,000 tons, 3 percent higher than the same quarter a year ago. The average net sales price for this quarter was a record $100.03 per ton, 8 percent higher than the same quarter last year.
Moreover, on March 3, 2015, Eagle entered into a definitive agreement with Holcim (US) Inc. to purchase their 600,000-tpy Granulated Ground Blast Furnace Slag (GGBFS) plant in South Chicago (Skyway). Among other applications, GGBFS is used in conjunction with portland cement to make durable concrete structures. The purchase price of $30.0 million is subject to customary post-closing adjustments and will be funded from operating cashflow. The transaction is expected to close in the second fiscal quarter, and is conditioned upon the closing of the Lafarge-Holcim global merger.