Eagle Materials reports big gains for the fiscal year
Dallas-based building materials manufacturer and distributor Eagle Materials reported big sales and earnings gains for the fiscal year ended March 31.
The maker and distributor of cement, gypsum wallboard and other materials reported full year revenues of $642.6 million, an increase of 30%. Net earnings for the year were $57.7 million, up from $18.7 million a year ago.
Fiscal 2013 operating earnings from gypsum wallboard and paperboard were $94.9 million, an increase of 308% compared to fiscal 2012, the company said. Revenues from gypsum wallboard and paperboard were $382.1 million for fiscal 2013, 29% higher than last year’s revenues.
Eagle operates 40 facilities across the U.S.
Fourth quarter revenues increased 36% to $159.1 million. Net income for the quarter declined 13% to $7.8 million.
Fourth quarter sales volumes improved across all businesses, reflecting improving construction fundamentals in the US and the addition of recent acquisitions, the company said.
The compay also saw prices improve in all businesses other than paperboard. Gypsum Wallboard experienced the most significant improvement, with an increase in average net sales prices of 23% as compared with the prior year’s fourth quarter.
Builders FirstSource plans debt refinancing
Dallas-based pro dealer Builders FirstSource said it plans to offer $350 million of senior secured notes due in 2021.
Also, the pro dealer intends to enter into a new revolving credit facility, expected to provide for revolving credit borrowings of up to $175.0 million.
Ply Gem Holdings plans to go public
Cary, N.C.-based Ply Gem Holdings, a manufacturer of exterior building products, announced plans to launch its initial public offering of nearly 16 million shares of its common stock.
Ply Gem plans to use the proceeds from the public offering to pay off debt, to pay transaction fees and for general corporate purposes, according to the announcement.
The stock has been approved for listing on the New York Stock Exchange under the symbol “PGEM.”
Ply Gem produces a product line of windows and patio doors, vinyl siding, designer accents, cellular PVC trim and mouldings, among other categories. Ply Gem owns a wide variety of brand names, including Mastic Home Exteriors, Variform, NAPCO, Ply Gem Stone, Kroy, Cellwood, Gutter Warrior and Monticello Columns.
The company’s brands are sold through short-line and two-step distributors, pro dealers, home improvement dealers and big box retailers.