Eagle Materials reports record revenues

Eagle Materials Inc. pointed to record revenues and double-digit sales growth in the second quarter ended Sept. 30.

Net revenues of $284.8 million put the company up 13% on a year-over-year basis, thanks in large part to what it deemed record cement sales volumes of 1.5 million tons.

Likewise, Eagle also hit a new record in quarterly cement earnings -- $38.5 million to be exact, up 19% since last year. However, wallboard experienced the most growth in terms of earnings, up 24% to $37.0 million.

Overall, net earnings hit $50.3 million for the quarter, up from last year's $39.9 million.

The company also noted its recent agreement to acquire CRS Proppants LLC, with a cash purchase price of $225 million that's still subject to customary post-closing adjustments. It also began operating its frac-sand mine in Utica, Illinois and began its first shipments of raw sand to its Corpus Christi facility.