Leading construction materials company Boral Limited (ASX: BLD) has reported an 8% rise in adjusted profits, however, the result has failed to win over investors with the shares being sold down around 4%.

Here are the key numbers investors need to know.

Revenue from continuing operations was flat year on year at $4.3 billion with higher revenues from both the Australian and USA housing markets offsetting declines in revenue from major project activities such as LNG projects.

Importantly, Boral’s CEO Mr Kane noted that a number of major road and infrastructure projects are ramping up which Boral has secured supply into. These should help to further offset the decline in LNG projects in the future.

Adjusted earnings before interest and tax (EBIT) increased 12% to $398 million thanks to improved margins. At the bottom line, adjusted profit grew 8% to $268 million, with earnings per share climbing 12% to 35.8 cents per share (cps).

The board declared a final dividend of 11.5 cps. Coupled with the interim, the full year dividend was 22.5 cps fully franked, representing a rise of 25% year on year.

On a divisional basis, the Australian operations which contain the construction materials, cement and building product businesses achieved relatively flat overall results.

The Gypsum business achieved a 27% uplift in earnings from a 10% increase in revenue with a positive contribution from the Australian operations outweighing a mixed contribution from the Asian operations.

The USA business achieved a 23% increase in revenue and a significant uplift in earnings, however, the returns from this division remain sub-par.

Good results but not good enough?

With Boral’s shares trading on a price-to-earnings ratio of around 19 times, the stock would appear to be relatively fully priced when compared to the wider market and when compared to certain peers such as CSR Limited (ASX: CSR).

While Mr Kane did state that he expects “a solid performance with continued growth in FY2017” this guidance is arguably not bullish enough for investors to justify Boral’s high PE multiple, when you consider the recent upbeat commentary by fellow USA-exposed building materials company James Hardie Industries plc (ASX: JHX).

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Motley Fool contributor Tim McArthur has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.