DALLAS, Sept. 26 /PRNewswire-FirstCall/ -- Eagle Materials Inc. (NYSE:
EXP) today announced that it is lowering its annual earnings guidance for
fiscal 2007 to $3.80 to $4.20 per diluted share from $4.40 to $4.70 per
diluted share. The reduction in annual earnings is primarily attributable
to the accelerated decline in housing starts, which has led to weakened
business conditions in its Gypsum Wallboard and associated paper
businesses. Eagle also reaffirmed its earnings guidance for the second
quarter of its fiscal 2007 ended September 30, 2006, of $1.30 to $1.40 per
diluted share.
Eagle will be presenting at the New York Society of Security Analysts
Construction Materials Conference in New York City on Tuesday, September
26, 2006. Eagle's presentation is scheduled to begin at approximately 3:50
p.m. EDT and will be webcast live and may be accessed through the Eagle
Materials website at http://www.eaglematerials.com . The presentation will
be archived on Eagle Materials' website, http://www.eaglematerials.com ,
until September 26, 2007.
Eagle Materials Inc. is a Dallas-based company that manufactures and
distributes Cement, Gypsum Wallboard, Recycled Paperboard, and Concrete and
Aggregates.
Forward-Looking Statements. This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Forward-looking statements may be
identified by the context of the statement and generally arise when the
Company is discussing its beliefs, estimates or expectations. These
statements are not historical facts or guarantees of future performance but
instead represent only the Company's belief at the time the statements were
made regarding future events which are subject to certain risks,
uncertainties and other factors many of which are outside the Company's
control. Actual results and outcomes may differ materially from what is
expressed or forecast in such forward-looking statements. The principal
risks and uncertainties that may affect the Company's actual performance
include the following: the cyclical and seasonal nature of the Company's
business; public infrastructure expenditures; adverse weather conditions;
availability of raw materials; changes in energy costs including, without
limitation, natural gas; changes in the cost and availability of
transportation; unexpected operational difficulties; inability to timely
execute announced capacity expansions; governmental regulation and changes
in governmental and public policy; changes in economic conditions specific
to any one or more of the Company's markets; competition; announced
increases in capacity in the gypsum wallboard and cement industries;
general economic conditions; and interest rates. For example, increases in
interest rates, decreases in demand for construction materials or increases
in the cost of energy (including natural gas) could affect the revenues and
operating earnings of our operations. In addition, changes in national or
regional economic conditions and levels of infrastructure and construction
spending could also adversely affect the Company's result of operations.
These and other factors are described in the Company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2006 and its quarterly report
on Form 10-Q for the fiscal quarter ended June 30, 2006. These reports are
filed with the Securities and Exchange Commission. All forward-looking
statements made herein are made as of the date hereof, and the risk that
actual results will differ materially from expectations expressed herein
will increase with the passage of time. The Company undertakes no duty to
update any forward-looking statement to reflect future events or changes in
the Company's expectations.
SOURCE Eagle Materials Inc.
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Related links:
http://www.eaglematerials.com
CONTACT:
Steven R. Rowley, President & CEO,
+1-214-432-2000, or Arthur R. Zunker, Jr., Senior Vice President
& CFO, +1-214-432-2000, both of Eagle Materials Inc.
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