Eagle revenues soar 19% in Q4
Eagle Materials reported significant growth in its fourth fiscal quarter and full year ended March 31, 2014.
Revenues for the quarter were up 19.3%, totaling $189.9 million. Net earnings were $22.6 million, up from $7.8 million year-over-year.
For the full year, Eagle pulled in sales of $898.4 million, up considerably from 2013’s performance of $642.6 million. The company’s bottom line also fared well for the year, netting $124.2 million and more than doubling 2013’s net income.
Eagle attributed its improved performance to higher sales volumes across the board, especially that of a record-setting cement and wallboard segment. The results are also a reflection of new acquisitions, including two cement plants in Missouri and Oklahoma.
Cemex patriarch Lorenzo Zambrano dies at 70
Cemex CEO Lorenzo Zambrano, who is credited with turning his family’s business into Mexico’s first sprawling multinational company, has died unexpectedly at age 70.
Zambrano was on a business trip in Madrid and was said to have died of natural causes on Monday, according to multiple media reports.
Zambrano is famous for his role in globalizing the company and putting Mexico on the map as a competitive force, drawing both admirers of his ambition and critics of his competition-squashing tactics.
The sudden nature of his death raises questions of succession at Cemex, where he held less than 1% of the company’s shares and had no clear successor in line.
Cemex was originally founded by Zambrano’s grandfather in 1906 in Monterrey, Mexico. Zambrano, who was born many years later in 1944, would eventually join the family business in 1968, only to become the cheif executive in 1985 and chairman 10 years later.
Zambrano is survived by his sister, Nina, and two brothers, Jorge and Hernán. He was unmarried and had no children.
Electrolux pumps extra $30m into Anderson facility
Electrolux is making a $30 million investment in its Anderson, South Carolina manufacturing facility, where it produces top-mount and under-the-counter refrigerators.
The money will go toward increasing the 810,000-sq.-ft. plant’s manufacturing capacity. Electrolux had previously invested an additional $30 million in the facility in order to add a Refrigeration Research and Development Center.
"Our primary focus at Electrolux is on the development of new innovation, based on consumer insight, that delivers high-quality products our consumers depend on," said Jack Truong, president and CEO of Electrolux Major Appliances North America. "We make award-winning products at this plant and our investment will drive future growth while also positively impacting our local base of employees and the South Carolina communities in which we live and work."
The plant, which sits on 225 acres, employes 1,900 full-time and contract employees and produces one out of every two top-freezer refrigerators shipped in North America, according to the company.