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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Mar. 31, 2021
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | (O) QUARTERLY RESULTS (UNAUDITED)
|  | For the Years Ended March 31, |
|  | 2021 |  |  | 2020 |
|  | (dollars in thousands, except per share data) |
First Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 426,989 |  |  | $ | 355,365 |
Gross Profit |  |  | 102,297 |  |  |  | 78,094 |
Earnings from Continuing Operations Before Income Taxes |  |  | 129,927 |  |  |  | 57,564 |
Net Earnings from Continuing Operations |  |  | 97,091 |  |  |  | 43,333 |
Net Earnings |  |  | 96,206 |  |  |  | 41,304 |
Diluted Earnings Per Share from Continuing Operations |  | $ | 2.34 |  |  | $ | 0.98 |
Diluted Earnings Per Share |  | $ | 2.31 |  |  | $ | 0.94 |
Second Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 447,684 |  |  | $ | 400,569 |
Gross Profit |  |  | 122,849 |  |  |  | 109,020 |
Earnings from Continuing Operations Before Income Taxes |  |  | 109,671 |  |  |  | 98,367 |
Net Earnings from Continuing Operations |  |  | 89,871 |  |  |  | 75,064 |
Net Earnings |  |  | 96,034 |  |  |  | 71,793 |
Diluted Earnings Per Share from Continuing Operations |  | $ | 2.16 |  |  | $ | 1.80 |
Diluted Earnings Per Share |  | $ | 2.31 |  |  | $ | 1.72 |
Third Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 404,667 |  |  | $ | 342,904 |
Gross Profit |  |  | 113,379 |  |  |  | 93,203 |
Earnings from Continuing Operations Before Income Taxes |  |  | 105,072 |  |  |  | 56,157 |
Net Earnings from Continuing Operations |  |  | 81,193 |  |  |  | 43,474 |
Net Earnings |  |  | 81,193 |  |  |  | (114,632 | )
Diluted Earnings Per Share from Continuing Operations |  | $ | 1.94 |  |  | $ | 1.04 |
Diluted Earnings Per Share |  | $ | 1.94 |  |  | $ | (2.76 | )
Fourth Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 343,302 |  |  | $ | 305,195 |
Gross Profit |  |  | 69,830 |  |  |  | 62,349 |
Earnings from Continuing Operations Before Income Taxes |  |  | 79,442 |  |  |  | 43,607 |
Net Earnings from Continuing Operations |  |  | 66,011 |  |  |  | 69,320 |
Net Earnings |  |  | 66,011 |  |  |  | 72,429 |
Diluted Earnings Per Share from Continuing Operations |  | $ | 1.56 |  |  | $ | 1.67 |
Diluted Earnings Per Share |  | $ | 1.56 |  |  | $ | 1.74 |
Operating Earnings for our Cement, Gypsum Wallboard, and Recycled Paperboard segments were adversely affected during the fourth quarter of fiscal 2021 by a severe winter storm in February 2021. This storm had a significant impact on Texas and the broader southern United States. Our cement facilities in Texas, Missouri, and Oklahoma were forced to curtail production and energy prices spiked during this time period. We estimate the storm’s impact was approximately $6.0 million in additional cement costs during the fiscal fourth quarter. Our paper mill, which is located in Oklahoma, was forced to curtail production during the week of the storm, and also experienced higher energy costs during the shutdown. Shipments of gypsum wallboard were significantly affected by the extreme winter conditions. We estimate that the storm affected fourth quarter Light Materials sector earnings by approximately $6.0 million. Although the operating earnings of our Light Materials sector were adversely affected by the storm, we were able to curtail some of our operations and release a portion of our natural gas commitments to third parties in a timely manner. The release of these commitments contributed to a significant increase in Other Non-Operating Income (Loss) in the fiscal fourth quarter. We are still engaged in discussions with contractual counterparties regarding the responsibility for certain charges and obligations arising as a result of the storm. It is therefore it is not possible at the present time to make a final determination as to the storms impact on the financial results of our cement facilities and Light Materials sector. The third quarter of fiscal 2020 included a pre-tax impairment loss of approximately $25.1 million related to assets included in our Oil and Gas Proppants segment. These assets were not included in the sale of the Oil and Gas Proppants business in September 2020. See Footnotes (A) and (C) for more information. The fourth quarter of fiscal 2020 included pre-tax costs related to business development and separation costs of approximately $6.5 million, outage and purchase accounting costs at Kosmos Cement Company of approximately $6.8 million, and plant expansion costs at our recycled paper mill of approximately $3.0 million. The outage and purchase accounting costs and expansion costs are included in Cost of Goods Sold, while the business development and separation costs are included in Corporate, General, and Administrative Expense on our Consolidated Statement of Earnings. The Company also recorded a $31.7 million net income tax benefit related to the CARES Act during the fourth quarter. See Footnote (J) for more information about the CARES Act.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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