Eagle Materials says it has sold over 2 Mt of cement in a single quarter for the first time in its history. Sales volumes rose by 35 per cent to 2.09 Mt in the first quarter of its financial year to 30 June 2020 from 1.6 Mt in the same period in 2019. Sales revenue from its Heavy Materials division grew by 35 per cent to $274 million from $203 million.
"While we are very pleased with our first-quarter performance, we recognise a high level of uncertainty persists in our markets and the overall economy: despite the decline in jobless claims from the March peak, total unemployment remains historically high; state and local governments face ongoing revenue pressure, which could have the potential to constrain infrastructure budgets; and, in some geographic areas important to our business, Covid-19 case numbers continue to escalate," said Michael Haack, president and chief executive officer (CEO).
The group announced plans in May 2019 to split its Heavy Materials and Light Materials divisions into two independent businesses. However, it says the timing remains "uncertain."
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