By Kelly Cloonan
Shares of Eagle Materials fell after the company logged lower profit and revenue in its latest quarter due to adverse weather and higher production costs.
The stock fell 7.5%, to $223.86, midday Tuesday. Shares have declined 13% over the past 12 months.
The company on Tuesday logged a profit of $66.5 million, or $2 a share, compared with $77.1 million, or $2.24 a share, a year earlier.
Adjusted earnings per share were $2.08, below estimates of $2.48 according to analysts polled by FactSet.
Revenue fell 1.4%, to $470.2 million. Analysts polled by FactSet expected $481.6 million.
Sales in the company's cement segment fell 6%, to $214 million, while its light materials revenue declined 1%, to $235.2 million, both on lower sales volumes. Its concrete and aggregates revenue rose 12%, to $54.3 million, due to higher sales volume and contributions from two acquired aggregates businesses.
Chief Executive Michael Haack said results in the company's cement and concrete and aggregates businesses were dented by adverse weather in January and February. Higher production costs also dragged on results as the company pulled forward an annual maintenance outage at one facility and experienced weather-related interruptions at its other facilities, he said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 20, 2025 13:15 ET (17:15 GMT)
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