US: Eagle Materials raised its sales in the first nine months of 2024, by under 1%, to US$1.79bn. Its profit also grew by under 1%, to US$569m. However, sales by its Heavy Materials Sector, which includes its cement, concrete and aggregates businesses, declined by 4% to US$352m. Cement revenue for the quarter was also down by 4% to US$295m, reflecting lower cement sales volume and increase in cement maintenance costs due to the planned outages at the company’s Oklahoma and Texas cement plants during the quarter. Cement sales volumes decreased by 7% to 1.7Mt.
President and CEO Michael Haack praised the company’s overall growth in the face of ‘ongoing adverse weather’ in the Midwest and Great Plains markets, which reportedly affected sales volume of the company’s cement business. He said “While the path to lower interest rates and improved home-buying affordability is less certain today, we remain optimistic about our businesses and our ability to execute on the opportunities in front of us. On the cement side, spending from the Infrastructure Investment and Jobs Act is still in the beginning phases, which should support multiple years of strong cement demand.”
