As wallboard prices rise, Eagle soars
Eagle Materials, producer of basic building materials from wallboard to cement, reported second quarter revenues of $266.3 million, up 17% from the same three-month period last year.
In the quarter, sales of gypsum wallboard increased 17% to $112.7 million. The company implemented a wallboard price increase effective January 2014 and recently announced a 15% price increase effective in January 2015.
The company’s total net earnings increased 25% to $37.7 million.
Industry shipments of gypsum wallboard exceeded 20 billion square feet in calendar 2013, and the company said it should see shipments increase in calendar 2014. No new plants are expected to be added in calendar 2014, but it is possible that previously idled plants or curtailed lines could be brought back into service.
In an environment where most forecasts point to a continued pick-up in demand in housing construction as well as repair and remodeling, the company said the cyclic recovery of the construction industry is underway – though different materials are expected to grow at different paces, depending on location.
Scotts appoints Michelle Johnson to its board
Scotts Miracle-Gro Company has named StudentsFirst CEO Michelle Johnson to its board of directors, effective immediately.
Johnson will serve on the company’s Compensation and Organization and Innovation and Marketing Committees; her term expires in 2015.
"Michelle is an innovator, a change agent and has clearly helped shape the national dialogue in her field," said Jim Hagedorn, chairman and CEO. "We look forward to her bringing a unique perspective to our board that will help shape our thinking and make Scotts a stronger and smarter company as we look to the future."
Johnson founded Sacramento-based StudentsFirst in 2010, which helps kids secure access to quality teachers and schools as part of a bipartisan, grassroots effort.
Johnson also launched The New Teacher Project, of which organization she was CEO and president. She is also the former chancellor of the District of Columbia Public Schools.
AV Homes touches down in Jacksonville
AV Homes is expanding its footprint into the Jacksonville market with the purchase of 80 acres in the metro, which deal closed Aug. 8 for an undisclosed price.
"This property is beautiful and truly unique," said David Smith, Florida division president. "The AV Homes team is committed to creating a community in harmony with its natural surroundings for future residents to enjoy."
The move puts AV Homes on the map in a community whose economic fundamentals have made a strong showing as of late, creating ripe conditions for new home demand.
"AV Homes recognizes the current and future housing needs in Jacksonville — the timing is right," said Smith. "Jacksonville is a vibrant city, and we know the AV Homes brand will be well received here."
Plans for the community so far are based upon an urban park design featuring front porches and extensive sidewalk space for pedestrians.
The property is located off the 295 Beltway and Butler Boulevard near St. Johns Town Center.