Eagle Materials Inc., a construction materials company, announced increased earnings and revenue for the third quarter on Thursday, outperforming analysts' expectations.
The company's quarterly earnings saw a 10 percent increase, rising from last year's $117.18 million or $3.20 per share to $129.13 million or $3.72 per share this year.
A major contributor to Eagle Materials' increased earnings was a 43 percent jump in operating earnings from their Heavy Materials unit. This was mainly due to higher net sales prices and sales volumes for cement.
According to a poll conducted by Thomson Reuters, on average, ten analysts had anticipated third-quarter earnings to be around $3.55 per share. These estimates usually do not take into account special items.
The company also witnessed a rise in revenue by 9 percent, moving up from $511.48 million in the previous year to $558.83 million this year. In comparison, the anticipated revenue according to market analysts was $536.57 million.
In pre-market trading activity, shares of Eagle Materials are currently trading at $210 on the New York Stock Exchange, marking a 1.24% increase.
