The company has also confirmed third quarter diluted earnings per share from continuing operations of $1.94, up 87%.
Additionally, prior-year diluted earnings per share include an asset impairment charge of $0.47 related to continuing operations.
Revenue in the heavy materials sector, which includes cement, concrete and aggregates, as well as joint venture and intersegment cement revenue, was $277.6 million, a 21% improvement. Heavy Materials operating earnings increased 31% to $75.5 million primarily because of improved cement net sales prices and earnings from the recently acquired Kosmos Cement Business.
Cement revenue for the quarter, including joint venture and intersegment revenue, was up 28% to $234.1 million, and operating earnings were $70.4 million, up 30%. These increases reflect improved Cement net sales prices and the significant contribution of the recently acquired Kosmos Cement Business, which accounted for approximately $45 million of revenue and $13 million of operating earnings during the quarter.
The average net sales price for the quarter increased 2% to $111.91 per tonne. Excluding the impact from the Kosmos Cement Business, the average net sales price increased 4%. Cement sales volume for the quarter was 1.8 million tonnes, up 28% versus the prior-year period. Excluding the impact from the Kosmos Cement Business, cement sales volume was flat with the prior-year period.
Concrete and aggregates revenue decreased 7% to $43.5 million. The decline reflects the sale of our Northern California concrete and aggregates businesses during the first quarter of fiscal 2021. Excluding the results from the sold businesses, concrete and aggregates revenue was up 13%. Third quarter operating earnings for concrete and aggregates increased 52% to $5.1 million, primarily reflecting improvements in organic concrete sales volume, concrete sales prices, and operating efficiencies, as well as lower diesel fuel costs.
Eagle CEO Michael Haack says: “Our third quarter results demonstrate the overall resilience of our portfolio. Despite continued pandemic-related economic uncertainty, our wallboard shipments were up 9%, a third quarter record for American Gypsum, and our cement shipments were up 28%, reflecting the strong performance of the recently acquired Kosmos Cement Business and the strength of our core markets. We continued to generate strong operating cash flow, which significantly improved our balance sheet and liquidity position providing us with increased financial flexibility.”
“As we continue to navigate the COVID-19 environment, I want to thank our team for their exceptional work under extraordinary circumstances, delivering strong results, remaining focused on the integration of Kosmos and keeping our strategic projects on schedule,” Haack continues. “We continue to closely monitor the disruptions caused by the COVID-19 pandemic and their possible impact on our business in current and future periods. We also continue to enforce strict health and safety protocols to protect our employees, customers and business partners, and we will continue to manage our cash flow prudently and protect our balance sheet.”
