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Text: This is Michael Haack.
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These statements are subjects to risks and uncertainties that could cause results to differ from those discussed during the call.
I'm pleased to be able to report another consecutive quarter of record revenue and net earnings growth, along with further strengthening of our balance sheet.
Let me begin with four important facts: first, our earnings per share was up 20%, which I'm sure you appreciate, is no small feat in this pandemic environment; second, we shipped an all-time record 2.2 million tons of cement during the quarter; third, we shipped the second quarter record 720 million square feet of Wallboard; and fourth, and most importantly, we achieved these results safely.
Now let's turn to the outlook for each of our businesses.
Let me start with Cement.
Cement volumes were up 23% for the quarter and up 28% for the fiscal year, reflecting the overall strength across all of our organic markets.
Some on the call may not realize that state and local budgets account for the lion's share of infrastructure funds, not the federal government.
State and local budgets have been stretched during this pandemic, but state DOT budgets have remained resilient to date.
A significant portion of local government funds is property taxes.
It is worth noting that property values actually have been rising considerably through this pandemic.
Sales taxes represent another significant portion of the pie.
And as you know, retail sales have rebounded, and retail sales are now, in fact, above pre-pandemic levels.
Gasoline taxes have rebounded as well with the increase in miles driven.
The states will be under undeniable pressure since expenditures have been rising as well as revenues.
Each state will face different challenges and different urgencies with their infrastructure's priorities.
The states with the largest negative funding variances from their five-year averages, are states, largely outside our footprint, such as Washington, Oregon and some Northeastern and Southeastern states.
Many of our Heartland geographies are faring better.
We anticipate that demand over the longer-term should be positive, especially with the added potential contribution from the federal government for infrastructure funding at some point.
I do not want to discount that there is also the potential for slower trend growth over the near term, especially with the current significant uncertainties about the overall economy.
The reality is that, we at Eagle, are operating at very high levels of capacity utilization today.
We are working hard to squeeze out every last bit of Cement capacity to meet the customer's existing demand.
If demand were to continue at the pace we have seen, frankly, our production would not be able to grow with it.
Now let me turn to Wallboard.
The South leads the nation in the housing starts, and it is more important than the Northeast, West and Midwest combined in terms of construction activity.
We have long belief that the Sunbelt, meaning for us, the lower half of the U.S. and now California is the right place to be it Wallboard through cycles.
We have strategically positioned ourselves here due to long-term construction activity, growth and demographic migration trends.
Recent developments around out migration from the Northeast, Chicago and in California, and the prospects of even higher taxation in some states, is reinforcing our optimism that this is a good long-term strategic position.
Our Wallboard shipments were up 6% this quarter and were up 6% for the fiscal year, a consistent trend.
Latest industry data showed industry shipments, up 1% for the quarter.
We fared better through the pandemic dip, simply due to our geographic positioning.
Continued strong housing starts and the latest single-family permits would suggest these trends should remain intact for the foreseeable future.
The relationship between single-family starts and Wallboard demand is a close one.
Single-family construction utilizes more Wallboard than a multi-family on a per unit basis.
Against this backdrop, we have announced a Wallboard price increase to be implemented next week.
Finally, let me comment on the status of the planned separation of these two businesses, Cement and Wallboard.
Industrial logic for the separation remains intact, as does our intention to complete the separation, but the timing remains uncertain.
Timing is a factor we must watch closely and carefully evaluate.
While the economy in 2020 trough seems to be in the rearview mirror, the path to normality remains exceptionally and remarkably uncertain.
Because of this uncertainty, we have not determined the timing for the split.
We will continue to evaluate and watch the market.
It should be noted that although, it is not a driver for the decision timing, a distinct benefit of the business remaining together beyond the obvious ability to weather uncertainty as a larger enterprise is the speed of company deleveraging that is occurring.
This deleveraging is highly supportive of a successful separation launch and a benefit that should not be underestimated, as we formulate the capital structures and policies around return of cash to shareholders for each business.
Second quarter revenue was a record $448 million, an increase of 12% from prior year.
This increase primarily reflects contribution from the Kosmos Cement Business, we acquired in March, and organic revenue improved 2%, reflecting increased Cement and Wallboard sales volume.
Second quarter earnings per share from continuing operations were $2.16, an improvement of 20%.
This benefit related to regulations issued during the quarter to clarify the calculation of certain interest deduction limitations.
Before we turn to the segment performance, I'd note that having completed the sale of our Oil and Gas Proppants business during September, the current and prior period financial results of that business have been presented separately as discontinued operations on the income statement and balance sheet.
Let's look at our Heavy Material results for the quarter, highlighted on the next slide.
The Heavy Materials sector includes our Cement, Concrete and Aggregates segments.
Revenue in this sector increased 15%, driven primarily by the addition of the recently acquired Kosmos Cement business.
Organic cement sales volume and prices improved 1% and 4%, respectively.
Operating earnings also increased 15%, again, reflecting the addition of the Kosmos Cement Business.
As we discussed last quarter, because of COVID-19, we delayed certain planned cement plant maintenance outages until our second quarter, which resulted in approximately $5 million of higher maintenance costs this quarter compared with the prior year period.
Moving to the Light Materials sector on the next slide.
Second quarter revenue in our Wallboard and Paper business was up 1%, as improved sales volume was partially offset by lower Wallboard prices.
Quarterly operating earnings in this sector declined 1% to $48 million, again reflecting lower Wallboard sales prices, partially offset by increased volume.
Looking now at our cash flow, which remains strong.
During the first six months of the year, operating cash flow increased 94%, reflecting earnings growth, disciplined working capital management and the receipt of the majority of our IRS refund.
Capital spending declined to $41 million, and we continue to expect capital spending in the range of $60 million to $70 million for fiscal 2021.
Finally, a look at our capital structure.
We continue to prioritize debt reduction as a primary use of cash at this time, and the preservation of financial flexibility in line with pandemic-related uncertainties.
At September 30, 2020, our net debt-to-cap ratio was 48% and our net debt-to-EBITDA leverage ratio was two times.
Total liquidity at the end of the quarter was over $700 million, and we have no near-term debt maturities.
We'll now move to the question-and-answer session.

user
compname reports q2 earnings per share $2.16 from continuing operations.
q2 earnings per share $2.16 from continuing operations.
q2 revenue $448 million versus refinitiv ibes estimate of $445.7 million.
remain committed to separation.
continue to make preparations to ensure that two businesses are well-positioned for separation.
timing of separation remains uncertain given effects of covid-19 pandemic.

assistant