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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Mar. 31, 2022
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | (O) QUARTERLY RESULTS (UNAUDITED)
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |
|  | (dollars in thousands, except per share data) |
First Quarter |  |  |  |  |  |
Revenue |  | $ | 475,770 |  |  | $ | 426,989 |
Gross Profit |  |  | 126,511 |  |  |  | 102,297 |
Earnings from Continuing Operations Before Income Taxes |  |  | 121,719 |  |  |  | 129,927 |
Net Earnings from Continuing Operations |  |  | 95,327 |  |  |  | 97,091 |
Net Earnings |  |  | 95,327 |  |  |  | 96,206 |
Diluted Earnings per Share from Continuing Operations |  | $ | 2.25 |  |  | $ | 2.33 |
Diluted Earnings per Share |  | $ | 2.25 |  |  | $ | 2.31 |
Second Quarter |  |  |  |  |  |
Revenue |  | $ | 509,694 |  |  | $ | 447,684 |
Gross Profit |  |  | 155,341 |  |  |  | 122,849 |
Earnings from Continuing Operations Before Income Taxes |  |  | 131,315 |  |  |  | 109,671 |
Net Earnings from Continuing Operations |  |  | 102,125 |  |  |  | 89,871 |
Net Earnings |  |  | 102,125 |  |  |  | 96,034 |
Diluted Earnings per Share from Continuing Operations |  | $ | 2.46 |  |  | $ | 2.16 |
Diluted Earnings per Share |  | $ | 2.46 |  |  | $ | 2.31 |
Third Quarter |  |  |  |  |  |
Revenue |  | $ | 462,941 |  |  | $ | 404,667 |
Gross Profit |  |  | 138,586 |  |  |  | 113,379 |
Earnings from Continuing Operations Before Income Taxes |  |  | 131,846 |  |  |  | 105,072 |
Net Earnings from Continuing Operations |  |  | 102,479 |  |  |  | 81,193 |
Net Earnings |  |  | 102,479 |  |  |  | 81,193 |
Diluted Earnings per Share from Continuing Operations |  | $ | 2.53 |  |  | $ | 1.94 |
Diluted Earnings per Share |  | $ | 2.53 |  |  | $ | 1.94 |
Fourth Quarter |  |  |  |  |  |
Revenue |  | $ | 413,117 |  |  | $ | 343,302 |
Gross Profit |  |  | 99,176 |  |  |  | 69,830 |
Earnings from Continuing Operations Before Income Taxes |  |  | 90,214 |  |  |  | 79,442 |
Net Earnings from Continuing Operations |  |  | 74,316 |  |  |  | 66,011 |
Net Earnings |  |  | 74,316 |  |  |  | 66,011 |
Diluted Earnings per Share from Continuing Operations |  | $ | 1.90 |  |  | $ | 1.56 |
Diluted Earnings per Share |  | $ | 1.90 |  |  | $ | 1.56 |
Our financial results for the fourth quarter of fiscal 2021 were adversely affected 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 2021 fourth quarter.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
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