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Operator
Good day, everyone, and welcome to Eagle Materials Fourth Quarter and Fiscal 2021 Earnings Conference Call. This call is being recorded.
At this time, I would like to turn the call over to Eagle s President and Chief Executive Officer, Mr. Michael Haack. Mr. Haack, please go ahead, sir.
Michael R. Haack
President and Chief Executive Officer
Good morning. Welcome to Eagle Materials conference call for our fiscal year and fourth fiscal quarter of 2021. This is Michael Haack. Joining me today are Craig Kesler, our Chief Financial Officer; and Bob Stewart, Executive Vice President of Strategy, Corporate Development and Communications. In addition, joining us today is Mike Nicholas, Eagle s Chairman of the Board, who is here to comment on two noteworthy developments that were included in our earnings release. One, related to the Board s decision to remain a combined company and the other to the reinstatement of our quarterly cash dividend. We are glad you could be with us
Shares of
Cornerstone Building Brands (NYSE:CNR) jumped more than 10% on Thursday morning on a Wall Street analyst upgrade. Demand for housing is strong right now, and Cornerstone is benefiting.
So what
On Tuesday evening, Cornerstone delivered better-than-expected first-quarter results, earning $0.03 per share on revenue of $1.27 billion when a $0.06-per-share loss on $1.2 billion was expected. Net sales and adjusted earnings both hit record highs thanks to strong residential end-market demand for the company s windows, siding, and other exterior building products.
Image source: Getty Images.
Despite the good quarter, the stock traded down on Wednesday, perhaps caught up in a broader market sell-off. But Thursday morning is a different story for both the market averages and Cornerstone shares specifically.
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