Proppant decline pulls Eagle Materials earnings down 41%
Published: Thursday, 29 October 2015
The company reported positive sales volumes in gypsum and paper board as well as in its cement segment, however declining oil prices and the subsequent drop in proppant demand and sales have resulted in impairments and revaluations in Eagle’s oil and gas segment.
US gypsum producer Eagle Materials Inc. has
reported record quarterly revenues of $329m for the third
quarter of 2015, up by 16% from the previous year.
Total net earnings of $29.82m were however down 41% for the
period, due to impairment charges of $28.4m related to customer
contracts and a...