Eagle Materials, producer of basic building products including cement and gypsum wallboard, reported sales of $154.0 million in the quarter ended June 30, up 29% from the same quarter last year.
The sales increase was driven primarily by increased wallboard average net sales prices and increased sales volumes for all of the company’s diversified businesses.
Net earnings for the quarter were $13.98 million, up from $807,000 in the prior-year quarter.
“Although we do not expect a significant increase in spending for infrastructure in calendar 2012, we do expect spending in 2012 will exceed that of 2011,” the company stated in its filing with the SEC.
Weak residential construction adversely impacted demand for wallboard. Eagle implemented a price increase in January 2012. The increase was described as a way to offset input cost increases that have added up over the last several years.