Eagle Materials Q3 Adj. Earnings Beat View, But Revenues Miss - Quick Facts

(RTTNews) - Eagle Materials Inc. (EXP) on Tuesday reported net loss for the third quarter of $114.63 million or $2.77 per share, compared to net income of $57.72 million or $1.24 per share in the year-ago period.

The company noted that asset impairments of $224.3 million related to the Oil and Gas Proppants business were the principal factor contributing to the net loss for the quarter.

Excluding items, adjusted earnings for the quarter were $1.51 per share.

Revenues for the quarter grew 5 percent to $350.25 million from $333.29 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.50 per share for the quarter on revenues of $353.17 million. Analysts' estimates typically exclude special items.

Looking ahead, Michael Haack, President and CEO of Eagle Materials said, "The outlook for calendar 2020 is positive. We expect demand for our building materials and construction products will continue to be supported by several advantageous market dynamics, including ongoing growth in jobs, high consumer confidence and low interest rates."