Eagle Materials Q1 Results Beat Estimates

(RTTNews) - Eagle Materials Inc. (EXP) on Wednesday reported net earnings of $95.33 million or $2.25 per share in the first quarter, down from $96.21 million or $2.31 per share in the same quarter a year ago. On average, twelve analysts surveyed by Thomson Reuters expected the company to report earnings of $2.07 per share for the quarter.

Prior-year results were benefited from a $52.0 million, or $0.93 per share, gain on the sale of northern California concrete and aggregates businesses.

Revenue for the quarter increased 11% to $475.77 million from $426.99 million last yer. The consensus estimate was for $464.12 million.

"We expect underlying market conditions to remain strong as the US economy recovers, and we are well-positioned to continue to benefit from this growth," said Michael Haack, President and CEO.