DALLAS, Jul 22, 2010 (BUSINESS WIRE) -- Eagle Materials Inc. (NYSE: EXP) today reported financial results for the first quarter of fiscal 2011 ended June 30, 2010. Notable items for the quarter include:

Revenues of $130.8 million, up 2% compared with the fiscal 2010 first quarter

Earnings per diluted share of $0.24

Net earnings of $10.5 million

Cash flow from operations of approximately $15.7 million

The revenue increase from the prior year is due primarily to higher sales volumes across all of our major businesses. Industry demand for building materials and construction products remains weak, and we have "right sized" our operations to maximize earnings at this low level of construction activity.

Gypsum Wallboard and Paperboard

Gypsum Wallboard and Paperboard's first quarter operating earnings of $9.0 million were up 7% over the same quarter last year. Higher sales volumes were the primary driver of the quarterly earnings improvement.

Gypsum Wallboard and Paperboard revenues for the first quarter totaled $77.0 million, a 9% increase from the same quarter a year ago. The revenue improvement reflects higher Gypsum Wallboard and Paperboard sales volumes and higher Paperboard net sales prices. The average Gypsum Wallboard net sales price this quarter was $98.15 per MSF, 2% less than the same quarter a year ago. Gypsum Wallboard sales volume for the quarter of 454 million square feet (MMSF) represents a 2% improvement from the same quarter last year. The average Paperboard net sales price this quarter was $481.47 per ton, 20% higher than the same quarter a year ago. Paperboard sales volume for the quarter was 59,000 tons, 5% higher than the same quarter a year ago.

Cement, Concrete and Aggregates

Operating earnings from Cement for the first quarter were $13.6 million, a 20% decline from the same quarter a year ago. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $62.5 million, 1% more than the same quarter last year. Cement sales volumes for the quarter were 702,000 tons, 8% higher than the same quarter a year ago.

Eagle's purchased cement sales volumes for the quarter were approximately 45,000 tons, or 6% of total cement sales volume, compared to approximately 27,000 tons, or 4% of total sales volume for the same quarter a year ago. The average net sales price this quarter was $81.39 per ton, 8% less than the same quarter last year.

Concrete and Aggregates reported operating earnings of $0.3 million for the first quarter, down from the $1.5 million operating profit for the same quarter a year ago, primarily due to lower concrete sales volumes and net sales prices.

Revenues from Concrete and Aggregates were $11.2 million for the quarter, 22% less than the same quarter a year ago. Concrete sales volume decreased 25% from the same quarter a year ago to 117,000 cubic yards. Concrete average net sales price for the quarter of $63.99 per cubic yard was 6% less than the same quarter a year ago. Aggregates sales volume of 627,000 tons for this quarter was 9% more than the sales volume for the same quarter a year ago. Aggregates average net sales price for the quarter was $6.05, down 10% compared to last year's first quarter.