Press Releases

Eagle Materials Reports Record Second Quarter Results

Oct 29, 2020

EPS From Continuing Operations up 20% on Record Revenue of $448 Million

DALLAS--(BUSINESS WIRE)--Oct. 29, 2020-- Eagle Materials Inc. (NYSE: EXP) today reported financial results for the second quarter of fiscal 2021 ended September 30, 2020. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year’s fiscal second quarter):

Second Quarter Fiscal 2021 Results

  • Record second quarter revenue of $447.7 million, up 12%
  • Record second quarter diluted earnings per share from continuing operations of $2.16, up 20%
    • Net earnings from continuing operations include a non-recurring tax benefit of $5.9 million, or $0.14 per share, due to regulations issued during the quarter clarifying the calculation of certain interest deduction limitations.

Commenting on the second quarter results, Michael Haack, President and CEO, said, “We are pleased to have delivered another quarter of record revenue and net earnings growth while further strengthening our balance sheet. Our end markets remain resilient as COVID-related uncertainty persists: the housing market continued its strong rebound, and cement demand remained robust, despite wet weather in the first half of September. Our wallboard shipments were up 6%, and we shipped an all-time record 2.2 million tons of cement during the quarter. We generated strong operating cash flow, which, combined with the receipt of the majority of our tax refund in the quarter, significantly improved our balance sheet and liquidity position.”

Mr. Haack continued, “We also achieved a major strategic goal of exiting a non-core business with the sale of our Oil and Gas Proppants business in September. We are very pleased with our second-quarter performance and the resilience of our markets, and we are closely monitoring the disruptions caused by the COVID-19 pandemic and their possible impact on our business in current and future periods. We continue to enforce strict health and safety protocols to protect our employees, customers and business partners, and we will continue to manage our cash flow prudently and protect our balance sheet.”

Segment Results

Heavy Materials: Cement, Concrete and Aggregates

Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates as well as Joint Venture and intersegment Cement revenue, was $324.4 million, a 15% improvement. Heavy Materials operating earnings increased 15% to $85.2 million primarily because of improved Cement net sales prices and earnings from the recently acquired Kosmos Cement Business.

Cement revenue for the quarter, including Joint Venture and intersegment revenue, was up 22% to $278.1 million and operating earnings were a record $79.9 million, up 20%. These increases reflect improved Cement net sales prices and the contribution of the recently acquired Kosmos Cement Business, which accounted for approximately $50.0 million of revenue and $14.4 million of operating earnings during the quarter.

The average net sales price for the quarter increased 2% to $111.59 per ton. Excluding the impact from the Kosmos Cement Business, the average net sales price increased 4%. Cement sales volume for the quarter was a record 2.2 million tons, up 23% versus the prior year. Excluding sales volume from the recently acquired Kosmos Cement Business and the impact from selling our Northern California concrete business, our Cement sales volume would have been up 1%.

Concrete and Aggregates revenue decreased 17% to $46.3 million. The decline reflects the sale of our Northern California concrete and aggregates businesses during the first quarter of fiscal 2021. Excluding the results from the sold businesses, Concrete and Aggregates revenue was up 1%. Second quarter operating earnings for Concrete and Aggregates were down 28% to $5.3 million, primarily reflecting the sale of our northern California businesses. Excluding the results from the sold businesses, operating earnings decreased 8% reflecting lower concrete sales volume.

Light Materials: Gypsum Wallboard and Paperboard

Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 1% from the prior year, as improved sales volume was partially offset by lower pricing. Gypsum Wallboard sales volume was a second quarter record 720 million square feet (MMSF), up 6%, while the average Gypsum Wallboard net sales price declined 3% to $143.41 per MSF.

Paperboard sales volume for the quarter also increased 1% to a record 87,000 tons. The average Paperboard net sales price was $513.11 per ton, up 8% from the prior year, consistent with the pricing provisions in our long-term sales agreements.

Operating earnings were $48.3 million in the sector, a decline of 1%, reflecting improved Wallboard and Paperboard sales volume offset by lower Wallboard net sales prices.

Sale of Oil and Gas Proppants Business

On September 18, 2020, the Company sold its Oil and Gas Proppants business to Smart Sand, Inc. The purchase price was $2 million, paid in shares of Smart Sand, Inc. The Company also agreed to make available up to $5 million in loans for working capital and expenses of the sold business for up to one-year, after which, any unpaid borrowings will convert to a note receivable maturing in September 2024. The sale of the business resulted in a $9 million gain on sale. The gain on sale and current-year and prior-year financial results of the Oil and Gas Proppants segment have been classified as Discontinued Operations on the Statement of Earnings. The assets and liabilities of the Oil and Gas Proppants segment have been reflected on separate lines for Discontinued Operations on the Balance Sheet.

Planned Separation of Heavy Materials and Light Materials Businesses

As previously announced on May 30, 2019, the Company plans to separate its Heavy Materials and Light Materials businesses into two independent, publicly traded corporations by means of a tax-free spin-off to Eagle shareholders. We remain committed to the separation and continue to make preparations to ensure that the two businesses are well-positioned for the separation, although the timing of the separation remains uncertain given the effects of the COVID-19 pandemic.

Details of Financial Results

We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.

In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.

About Eagle Materials Inc.

Eagle Materials Inc. manufactures and distributes Portland Cement, Gypsum Wallboard, Recycled Gypsum Paperboard and Concrete and Aggregates from more than 70 facilities across the US. Eagle’s corporate headquarters is in Dallas, Texas.

Eagle’s senior management will conduct a conference call to discuss the financial results, forward-looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, October 29, 2020. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in energy costs including, without limitation, natural gas, coal and oil; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in or changes in the nature of activity in the oil and gas industry, including fluctuations in the level of fracturing activities and the demand for frac sand and changes in processes or substitutions in materials used in well fracturing; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company’s markets; competition; cyber-attacks or data security breaches; announced increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) could affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. With respect to our acquisition of certain assets from Kosmos Cement Company, factors, risks and uncertainties that may cause actual future events and developments to vary materially from those anticipated in such forward-looking statements include, but are not limited to, failure to realize expected synergies from or other benefits of the transaction, significant difficulties encountered in integration or unexpected ownership transition costs, unknown liabilities or other adverse developments affecting the assets acquired and the target business, including the effect on the acquired business of the same or similar factors discussed above to which our Heavy Materials business is subject. Additionally, the proposed separation of our Heavy Materials and Light Materials businesses into two independent, publicly traded corporations is subject to various risks and uncertainties, including risks related to conditions in debt and equity markets and risks related to the effects of the COVID-19 pandemic, and may not be completed on the terms or timeline currently contemplated, or at all. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on economic conditions, capital and financial markets. The COVID-19 pandemic and responses thereto may disrupt our business and are likely to have an adverse effect on demand for our products, attributable to, among other things, reductions in consumer spending, increases in unemployment and decreases in revenues and construction budgets of state or local governments. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.

Attachment 1 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Lines of Business
Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Lines of Business

 

Attachment 1

 

Eagle Materials Inc.

Statement of Consolidated Earnings

(dollars in thousands, except per share data)

(unaudited)

 

 

Quarter Ended

September 30,

 

Six Months Ended

September 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

Revenue

$

447,684

 

 

$

400,569

 

 

$

874,673

 

 

$

755,934

 

 

 

 

 

 

 

 

 

 

 

Cost of Goods Sold

 

324,835

 

 

 

291,549

 

 

 

649,527

 

 

 

568,820

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

122,849

 

 

 

109,020

 

 

 

225,146

 

 

 

187,114

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Unconsolidated JV

 

10,577

 

 

 

12,357

 

 

 

18,373

 

 

 

21,789

 

 

Corporate General and Administrative Expenses

 

(11,109

)

 

 

(13,458

)

 

 

(28,898

)

 

 

(34,712

)

 

Gain on Sale of Businesses

 

-

 

 

 

-

 

 

 

51,973

 

 

 

-

 

 

Other Non-Operating (Loss) Income

 

(90

)

 

 

585

 

 

 

(399

)

 

 

723

 

 

 

 

 

 

 

 

 

 

 

Earnings from Continuing Operations before Interest and Income Taxes

 

122,227

 

 

 

108,504

 

 

 

266,195

 

 

 

174,914

 

 

 

Interest Expense, net

 

(12,556

)

 

 

(10,137

)

 

 

(26,597

)

 

 

(18,983

)

 

 

 

 

 

 

 

 

 

 

Earnings from Continuing Operations before Income Taxes

 

109,671

 

 

 

98,367

 

 

 

239,598

 

 

 

155,931

 

 

 

Income Tax Expense

 

(19,800

)

 

 

(23,303

)

 

 

(52,636

)

 

 

(37,534

)

 

 

 

 

 

 

 

 

 

 

Earnings from Continuing Operations

$

89,871

 

 

$

75,064

 

 

$

186,962

 

 

$

118,397

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) from Discontinued Operations, net of tax

 

6,163

 

 

 

(3,271

)

 

 

5,278

 

 

 

(5,300

)

 

 

 

 

 

 

 

 

 

 

Net Earnings

$

96,034

 

 

$

71,793

 

 

$

192,240

 

 

$

113,097

 

 

 

 

 

 

 

 

 

 

 

 

BASIC EARNINGS (LOSS) PER SHARE

 

 

 

 

 

 

 

 

Continuing Operations

$

2.17

 

 

$

1.81

 

 

$

4.51

 

 

$

2.77

 

 

Discontinued Operations

$

0.15

 

 

$

(0.08

)

 

$

0.13

 

 

$

(0.12

)

 

Net Earnings

$

2.32

 

 

$

1.73

 

 

$

4.64

 

 

$

2.65

 

 

 

 

 

 

 

 

 

 

 

DILUTED EARNINGS (LOSS) PER SHARE

 

 

 

 

 

 

 

 

Continuing Operations

$

2.16

 

 

$

1.80

 

 

$

4.49

 

 

$

2.75

 

 

Discontinued Operations

$

0.15

 

 

$

(0.08

)

 

$

0.13

 

 

$

(0.12

)

 

Net Earnings

$

2.31

 

 

$

1.72

 

 

$

4.62

 

 

$

2.63

 

 

 

 

 

 

 

 

 

 

 

AVERAGE SHARES OUTSTANDING

Basic

 

41,450,013

 

 

41,572,127

 

 

41,430,511

 

 

42,714,896

 

Diluted

 

41,649,319

 

 

41,833,775

 

 

41,606,401

 

 

42,985,715

 

 
 

Attachment 2

Eagle Materials Inc.

Revenue and Earnings by Lines of Business

(dollars in thousands)

(unaudited)

 

 

Quarter Ended

September 30,

 

Six Months Ended

September 30,

 

2020

2019

 

2020

 

2019

Revenue*

 

 

 

 

 

 

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

 

 

 

Cement (Wholly Owned)

$ 244,602

$ 190,422

 

$ 474,682

 

$ 353,977

Concrete and Aggregates

46,300

55,564

 

90,384

 

94,965

 

290,902

245,986

 

565,066

 

448,942

 

 

 

 

 

 

 

Light Materials:

 

 

 

 

 

 

Gypsum Wallboard

131,210

128,660

 

261,360

 

255,384

Gypsum Paperboard

25,572

25,923

 

48,247

 

51,608

 

156,782

154,583

 

309,607

 

306,992

 

 

 

 

 

 

 

Total Revenue

$ 447,684

$ 400,569

 

$ 874,673

 

$ 755,934

 

 

 

Segment Operating Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

 

 

 

Cement (Wholly Owned)

$ 69,336

$ 54,169

 

$ 121,995

 

$ 80,858

Cement (Joint Venture)

10,577

12,357

 

18,373

 

21,789

Concrete and Aggregates

5,255

7,255

 

10,673

 

11,689

 

85,168

73,781

 

151,041

 

114,336

 

 

 

 

 

 

 

Light Materials:

 

 

 

 

 

 

Gypsum Wallboard

37,606

38,456

 

78,931

 

76,388

Gypsum Paperboard

10,652

10,095

 

13,547

 

20,039

 

48,258

48,551

 

92,478

 

96,427

 

 

 

 

 

 

 

Other Operations

-

(955)

 

-

 

(1,860)

 

 

 

 

 

 

 

Sub-total

133,426

121,377

 

243,519

 

208,903

 

 

 

 

 

 

 

Corporate General and Administrative Expense

(11,109)

(13,458)

 

(28,898)

 

(34,712)

Gain on Sale of Businesses

-

-

 

51,973

 

-

Other Non-Operating Income

(90)

585

 

(399)

 

723

 

 

 

 

 

 

 

Earnings from Continuing Operations before Interest and Income Taxes

$ 122,227

$108,504

 

$ 266,195

 

$ 174,914

 
 

* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3

 
 

Attachment 3

Eagle Materials Inc.

Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue

(unaudited)

 

 

Sales Volume

 

Quarter Ended

September 30,

 

Six Months Ended

September 30,

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

Cement (M Tons):

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned

1,947

 

1,529

 

+27%

 

3,813

 

2,847

 

+34%

Joint Venture

233

 

249

 

-6%

 

452

 

481

 

-6%

 

2,180

 

1,778

 

+23%

 

4,265

 

3,328

 

+28%

 

 

 

 

 

 

 

 

 

 

 

 

Concrete (M Cubic Yards)

357

 

428

 

-17%

 

705

 

738

 

-4%

 

 

 

 

 

 

 

 

 

 

 

 

Aggregates (M Tons)

475

 

1,060

 

-55%

 

950

 

1,859

 

-49%

 

 

 

 

 

 

 

 

 

 

 

 

Gypsum Wallboard (MMSFs)

720

 

681

 

+6%

 

1,424

 

1,341

 

+6%

 

 

 

 

 

 

 

 

 

 

 

 

Paperboard (M Tons):

 

 

 

 

 

 

 

 

 

 

 

Internal

39

 

33

 

+18%

 

69

 

66

 

+5%

External

48

 

53

 

-9%

 

95

 

101

 

-6%

 

87

 

86

 

+1%

 

164

 

167

 

-2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Net Sales Price*

 

Quarter Ended

September 30,

 

Six Months Ended

September 30,

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

Cement (Ton)

$

111.59

 

$

109.35

 

+2%

 

$

110.38

 

$

109.51

 

+1%

Concrete (Cubic Yard)

$

116.55

 

$

107.69

 

+8%

 

$

115.10

 

$

105.94

 

+9%

Aggregates (Ton)

$

10.02

 

$

9.25

 

+8%

 

$

9.90

 

$

9.42

 

+5%

Gypsum Wallboard (MSF)

$

143.41

 

$

148.16

 

-3%

 

$

144.83

 

$

149.53

 

-3%

Paperboard (Ton)

$

513.11

 

$

475.98

 

+8%

 

$

489.13

 

$

492.71

 

-1%

 

*Net of freight and delivery costs billed to customers.

 

 

Intersegment and Cement Revenue

 

Quarter Ended

September 30,

 

Six Months Ended

September 30,

 

2020

 

2019

 

2020

 

2019

Intersegment Revenue:

 

 

 

 

 

 

 

Cement

$

6,267

 

$

6,703

 

$

12,298

 

$

10,956

Concrete and Aggregates

 

-

 

 

407

 

 

106

 

 

784

Paperboard

 

20,499

 

 

15,924

 

 

34,568

 

 

32,939

 

$

26,766

 

$

23,034

 

$

46,972

 

$

44,679

 

 

 

 

 

 

 

 

Cement Revenue:

 

 

 

 

 

 

 

Wholly Owned

$

244,602

 

$

190,422

 

$

474,682

 

$

353,977

Joint Venture

 

27,193

 

 

29,888

 

 

52,493

 

 

57,393

 

$

271,795

 

$

220,310

 

$

527,175

 

$

411,370

 

Attachment 4

Eagle Materials Inc.

Consolidated Balance Sheets

(dollars in thousands)

(unaudited)

 

 

 

September 30,

 

March 31,

 

 

2020

 

2019

 

2020*

ASSETS

 

 

 

 

 

 

Current Assets –

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

200,858

 

 

$

53,684

 

 

$

118,648

 

Restricted Cash

 

 

5,000

 

 

 

-

 

 

 

-

 

Accounts and Notes Receivable, net

 

 

177,138

 

 

 

170,268

 

 

 

145,808

 

Inventories

 

 

227,106

 

 

 

233,661

 

 

 

272,121

 

Federal Income Tax Receivable

 

 

28,671

 

 

 

-

 

 

 

128,413

 

Prepaid and Other Assets

 

 

9,634

 

 

 

7,520

 

 

 

6,135

 

Current Assets of Discontinued Operations

 

 

-

 

 

 

21,922

 

 

 

7,092

 

Total Current Assets

 

 

648,407

 

 

 

487,055

 

 

 

678,217

 

 

 

 

 

 

 

 

Property, Plant and Equipment, net

 

 

1,706,200

 

 

 

1,268,495

 

 

 

1,756,417

 

Investments in Joint Venture

 

 

74,331

 

 

 

71,662

 

 

 

73,958

 

Operating Lease Right of Use Asset

 

 

28,139

 

 

 

40,605

 

 

 

29,483

 

Notes Receivable

 

 

8,287

 

 

 

6,436

 

 

 

9,139

 

Goodwill and Intangibles

 

 

394,524

 

 

 

230,619

 

 

 

396,463

 

Assets from Discontinued Operations

 

 

-

 

 

 

210,715

 

 

 

6,739

 

Other Assets

 

 

11,395

 

 

 

10,624

 

 

 

10,604

 

 

 

$

2,871,283

 

 

$

2,326,211

 

 

$

2,961,020

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities –

 

 

 

 

 

 

Accounts Payable and Accrued Liabilities

 

$

156,275

 

 

$

139,511

 

 

$

154,625

 

Operating Lease Liabilities

 

 

6,810

 

 

 

5,971

 

 

 

6,585

 

Current Portion of Senior Notes

 

 

-

 

 

 

36,500

 

 

 

-

 

Current Liabilities of Discontinued Operations

 

 

-

 

 

 

12,793

 

 

 

8,487

 

Total Current Liabilities

 

 

163,085

 

 

 

194,775

 

 

 

169,697

 

Long-term Liabilities

 

 

79,005

 

 

 

67,816

 

 

 

74,071

 

Bank Credit Facility

 

 

245,000

 

 

 

585,000

 

 

 

560,000

 

Bank Term Loan

 

 

661,621

 

 

 

-

 

 

 

660,761

 

4.500% Senior Unsecured Notes due 2026

 

 

346,095

 

 

 

345,426

 

 

 

346,554

 

Deferred Income Taxes

 

 

208,446

 

 

 

98,298

 

 

 

166,667

 

Liabilities from Discontinued Operations

 

 

-

 

 

 

24,141

 

 

 

15,427

 

Stockholders’ Equity –

 

 

 

 

 

 

Preferred Stock, Par Value $0.01; Authorized 5,000,000

 

 

 

 

 

 

Shares; None Issued

 

 

-

 

 

 

-

 

 

 

-

 

Common Stock, Par Value $0.01; Authorized 100,000,000

Shares; Issued and Outstanding 41,816,942; 41,625,996 and

41,649,041 Shares, respectively

 

 

418

 

 

 

416

 

 

 

416

 

Capital in Excess of Par Value

 

 

18,584

 

 

 

2,990

 

 

 

10,943

 

Accumulated Other Comprehensive Losses

 

 

(3,276

)

 

 

(3,248

)

 

 

(3,581

)

Retained Earnings

 

 

1,152,305

 

 

 

1,010,597

 

 

 

960,065

 

Total Stockholders’ Equity

 

 

1,168,031

 

 

 

1,010,755

 

 

 

967,843

 

 

 

$

2,871,283

 

 

$

2,326,211

 

 

$

2,961,020

 

 

*From audited financial statements

 

Attachment 5

Eagle Materials Inc.

Depreciation, Depletion and Amortization by Lines of Business

(dollars in thousands)

(unaudited)

The following table presents Depreciation, Depletion and Amortization by lines of business for the quarters ended September 30, 2020 and 2019:

 

 

Depreciation, Depletion and Amortization

 

Quarter Ended

September 30,

 

 

2020

 

2019

 

 

 

 

 

 

Cement

$

19,258

 

$

13,868

 

Concrete and Aggregates

 

2,698

 

 

2,754

 

Gypsum Wallboard

 

5,661

 

 

5,147

 

Paperboard

 

3,344

 

 

2,203

 

Corporate and Other

 

1,201

 

 

598

 

 

$

32,162

 

$

24,570

 

 

 

 

 

 

 

For additional information, contact at 214-432-2000.
Michael R. Haack 
President and Chief Executive Officer

D. Craig Kesler 
Executive Vice President and Chief Financial Officer

Robert S. Stewart 
Executive Vice President, Strategy, Corporate Development and Communications

Source: Eagle Materials Inc.

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