Eagle Materials Announces Record Fourth Quarter and Fiscal Year 2023 Results
Record annual revenue of
Record annual EPS of
Record fourth quarter revenue of
Record fourth quarter EPS of
Full Year Fiscal 2023 Highlights
-
Record Revenue of
$2.1 billion 15% -
Net Earnings of
$461.5 million 23% -
Record diluted earnings per share of
$12.46 36% -
Adjusted EBITDA of
$781.5 million 19% - Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6
-
Repurchased 3.1 million shares of Eagle’s common stock for
$388 million
Fourth Quarter Fiscal 2023 Highlights
-
Record Revenue of
$470.1 million 14% -
Net Earnings of
$100.4 million 35% -
Record diluted earnings per share of
$2.79 47% -
Adjusted EBITDA of
$171.7 million 30% - Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6
-
Repurchased 528,000 shares of Eagle’s common stock for
$74 million
Commenting on the annual results, Michael Haack, President and CEO, said, “We are pleased to announce another exceptional quarter and year at Eagle. We achieved record financial results and made strong progress on all strategic priorities. During the fiscal year, we expanded gross margins by 190 bps to
“Employee health, safety and environmental stewardship remain core objectives, and we demonstrated meaningful progress in all areas over the year. We released our updated Environmental and Social Disclosure report, which is available on our website. In fiscal 2023, our safety performance continued to outpace the industry average, and we achieved the lowest recordable injury rate in the company’s history. We also made significant progress in reducing our carbon footprint with the increased production and sale of our Portland Limestone Cement product, which has a lower carbon intensity than standard cement with similar performance attributes.”
Mr. Haack concluded, “Looking ahead, we anticipate continued attractive fundamentals in our markets, despite headwinds relating to higher interest rates and affordability constraints in single-family residential construction. Among the favorable demand factors we expect will affect our results in future periods are projected funding increases for infrastructure projects and healthy demand for heavy industrial projects and multi-family residential construction. We remain well-positioned to capitalize on these conditions given our geographical footprint across the US heartland and fast-growing Sunbelt and our financial strength and flexibility.”
Capital Allocation Priorities
Eagle remains dedicated to a disciplined capital allocation process to enhance shareholder value. Consistent with our track record, our allocation priorities remain unchanged, as follows: 1. investing in growth opportunities that meet our strict financial return standards and are consistent with our strategic focus; 2. operating capital investments to maintain and strengthen our low-cost producer positions; and 3. returning excess cash to shareholders, primarily through our share repurchase program.
In the past five fiscal years, we have invested nearly
Segment Financial Results
Heavy Materials: Cement, Concrete and Aggregates
Fiscal 2023 revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was
Fiscal 2023 Cement revenue, including Joint Venture and intersegment revenue, was up
The average annual net Cement sales price for the year increased
Fourth quarter Cement revenue, including Joint Venture and intersegment revenue, was up
Fiscal 2023 revenue from Concrete and Aggregates increased
Fourth quarter Concrete and Aggregates revenue was
Light Materials: Gypsum Wallboard and Paperboard
Fiscal 2023 revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased
Fiscal 2023 Light Materials operating earnings were
Fourth quarter Light Materials revenue increased
Fourth quarter operating earnings in the sector were
Details of Financial Results
We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our
In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the Consolidated Statement of Earnings. Refer to Attachment 3 for a reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. manufactures and distributes Portland Cement, Gypsum Wallboard, Recycled Gypsum Paperboard, and Concrete and Aggregates from more than 70 facilities across the US. Eagle’s corporate headquarters is in
Eagle’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, May 18, 2023. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the site for one year.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statements and generally arise when the Company is discussing its beliefs, estimates or expectations as to future events. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; fluctuations in public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; the availability and fluctuations in the cost of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil (including diesel), and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (for example, spot market prices), governmental orders and other matters; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions or the nature or level of activity in any one or more of the markets or industries in which the Company or its customers are engaged; severe weather conditions (such as winter storms, tornados and hurricanes) and their effects on our facilities, operations and contractual arrangements with third parties; competition; cyber-attacks or data security breaches; increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; the availability of acquisitions or other growth opportunities that meet our financial return standards and fit our strategic focus; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions, including inflation and recessionary conditions; and changes in interest rates and the resulting effects on the Company and demand for our products. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) or the cost of our raw materials could affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on economic conditions, capital and financial markets. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.
Attachment 1 Consolidated Statement of Earnings
Attachment 2 Revenue and Earnings by Lines of Business
Attachment 3 Sales Volume, Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Lines of Business
Attachment 6 Reconciliation of EBITDA and Adjusted EBITDA
Attachment 7 Reconciliation of Net Debt to Adjusted EBITDA
| Attachment 1 | |||||||||||
Eagle Materials Inc. |
|||||||||||
Consolidated Statement of Earnings |
|||||||||||
(dollars in thousands, except per share data) |
|||||||||||
(unaudited) |
|||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
|
||||
Revenue |
$ |
470,127 |
|
$ |
413,117 |
|
$ |
2,148,069 |
|
$ |
1,861,522 |
|
|
|
|
|
|
|
|
||||
Cost of Goods Sold |
|
334,736 |
|
|
313,941 |
|
|
1,508,803 |
|
|
1,341,908 |
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
135,391 |
|
|
99,176 |
|
|
639,266 |
|
|
519,614 |
|
|
|
|
|
|
|
|
||||
Equity in Earnings of Unconsolidated JV |
|
11,843 |
|
|
7,703 |
|
|
35,474 |
|
|
32,488 |
Corporate General and Administrative Expenses |
|
(15,686) |
|
|
(13,815) |
|
|
(53,630) |
|
|
(46,801) |
Loss on Early Retirement of Senior Notes |
|
- |
|
|
- |
|
|
- |
|
|
(8,407) |
Other Non-Operating Income |
|
1,743 |
|
|
3,132 |
|
|
2,654 |
|
|
9,073 |
|
|
|
|
|
|
|
|
||||
Earnings Before Interest and Income Taxes |
|
133,291 |
|
|
96,196 |
|
|
623,764 |
|
|
505,967 |
Interest Expense, net |
|
(10,329) |
|
|
(5,982) |
|
|
(35,171) |
|
|
(30,873) |
|
|
|
|
|
|
|
|
||||
Earnings Before Income Taxes |
|
122,962 |
|
|
90,214 |
|
|
588,593 |
|
|
475,094 |
Income Tax Expense |
|
(22,606) |
|
|
(15,898) |
|
|
(127,053) |
|
|
(100,847) |
|
|
|
|
|
|
|
|
||||
Net Earnings |
$ |
100,356 |
|
$ |
74,316 |
|
$ |
461,540 |
|
$ |
374,247 |
|
|
|
|
|
|
|
|
||||
NET EARNINGS PER SHARE |
|
|
|
|
|
|
|
||||
Basic |
$ |
2.81 |
|
$ |
1.91 |
|
$ |
12.54 |
|
$ |
9.23 |
Diluted |
$ |
2.79 |
|
$ |
1.90 |
|
$ |
12.46 |
|
$ |
9.14 |
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
Basic |
35,724,101 |
|
38,867,550 |
|
36,798,354 |
|
40,547,048 |
Diluted |
36,012,770 |
|
39,208,296 |
|
37,052,942 |
|
40,929,712 |
| Attachment 2 | |||||||||||
Eagle Materials Inc. |
|||||||||||
Revenue and Earnings by Lines of Business |
|||||||||||
(dollars in thousands) |
|||||||||||
(unaudited) |
|||||||||||
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Revenue* |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Heavy Materials: |
|
|
|
|
|
|
|
||||
Cement (Wholly Owned) |
$ |
172,784 |
|
$ |
155,926 |
|
$ |
927,637 |
|
$ |
880,280 |
Concrete and Aggregates |
|
53,109 |
|
|
37,234 |
|
|
239,516 |
|
|
177,122 |
|
|
225,893 |
|
|
193,160 |
|
|
1,167,153 |
|
|
1,057,402 |
|
|
|
|
|
|
|
|
||||
Light Materials: |
|
|
|
|
|
|
|
||||
Gypsum Wallboard |
|
219,490 |
|
|
189,316 |
|
|
872,471 |
|
|
692,152 |
Gypsum Paperboard |
|
24,744 |
|
|
30,641 |
|
|
108,445 |
|
|
111,968 |
|
|
244,234 |
|
|
219,957 |
|
|
980,916 |
|
|
804,120 |
|
|
|
|
|
|
|
|
||||
Total Revenue |
$ |
470,127 |
|
$ |
413,117 |
|
$ |
2,148,069 |
|
$ |
1,861,522 |
|
|||||||||||
Segment Operating Earnings |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Heavy Materials: |
|
|
|
|
|
|
|
||||
Cement (Wholly Owned) |
$ |
33,477 |
|
$ |
20,720 |
|
$ |
243,288 |
|
$ |
227,068 |
Cement (Joint Venture) |
|
11,843 |
|
|
7,703 |
|
|
35,474 |
|
|
32,488 |
Concrete and Aggregates |
|
2,559 |
|
|
1,469 |
|
|
18,259 |
|
|
18,467 |
|
|
47,879 |
|
|
29,892 |
|
|
297,021 |
|
|
278,023 |
|
|
|
|
|
|
|
|
||||
Light Materials: |
|
|
|
|
|
|
|
||||
Gypsum Wallboard |
|
91,335 |
|
|
71,051 |
|
|
352,499 |
|
|
261,476 |
Gypsum Paperboard |
|
8,020 |
|
|
5,936 |
|
|
25,220 |
|
|
12,603 |
|
|
99,355 |
|
|
76,987 |
|
|
377,719 |
|
|
274,079 |
|
|
|
|
|
|
|
|
||||
Sub-total |
|
147,234 |
|
|
106,879 |
|
|
674,740 |
|
|
552,102 |
|
|
|
|
|
|
|
|
||||
Corporate General and Administrative Expense |
|
(15,686) |
|
|
(13,815) |
|
|
(53,630) |
|
|
(46,801) |
Loss on Early Retirement of Senior Notes |
|
- |
|
|
- |
|
|
- |
|
|
(8,407) |
Other Non-Operating Income |
|
1,743 |
|
|
3,132 |
|
|
2,654 |
|
|
9,073 |
|
|
|
|
|
|
|
|
||||
Earnings Before Interest and Income Taxes |
$ |
133,291 |
|
$ |
96,196 |
|
$ |
623,764 |
|
$ |
505,967 |
*Excluding Intersegment and Joint Venture Revenue listed on Attachment 3 |
|||||||||||
Attachment 3 |
|||||||||||
Eagle Materials Inc. |
|||||||||||
Sales Volume, Net Sales Prices and Intersegment and Cement Revenue |
|||||||||||
(unaudited) |
|||||||||||
|
Sales Volume |
||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
Cement (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned |
1,086 |
|
1,128 |
|
- |
|
6,399 |
|
6,711 |
|
- |
Joint Venture |
210 |
|
209 |
|
|
|
734 |
|
823 |
|
- |
|
1,296 |
|
1,337 |
|
- |
|
7,133 |
|
7,534 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Concrete (M Cubic Yards) |
335 |
|
270 |
|
+ |
|
1,545 |
|
1,333 |
|
+ |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates (M Tons) |
576 |
|
342 |
|
+ |
|
2,909 |
|
1,525 |
|
+ |
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MMSFs) |
756 |
|
750 |
|
+ |
|
3,065 |
|
2,944 |
|
+ |
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
Internal |
37 |
|
35 |
|
+ |
|
152 |
|
144 |
|
+ |
External |
43 |
|
47 |
|
- |
|
174 |
|
190 |
|
- |
|
80 |
|
82 |
|
- |
|
326 |
|
334 |
|
- |
|
Average Net Sales Price* |
|||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||||||
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cement (Ton) |
$ |
147.50 |
|
$ |
126.71 |
|
+ |
|
$ |
134.36 |
|
$ |
119.13 |
|
+ |
|
Concrete (Cubic Yard) |
$ |
136.51 |
|
$ |
124.13 |
|
+ |
|
$ |
133.34 |
|
$ |
120.97 |
|
+ |
|
Aggregates (Ton) |
$ |
13.07 |
|
$ |
11.12 |
|
+ |
|
$ |
11.53 |
|
$ |
10.45 |
|
+ |
|
Gypsum Wallboard (MSF) |
$ |
239.39 |
|
$ |
204.20 |
|
+ |
|
$ |
232.31 |
|
$ |
190.76 |
|
+ |
|
Paperboard (Ton) |
$ |
550.52 |
|
$ |
628.96 |
|
- |
|
$ |
590.67 |
|
$ |
558.28 |
|
+ |
|
*Net of freight and delivery costs billed to customers |
||||||||||||||||
|
Intersegment and Cement Revenue (dollars in thousands) |
||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Intersegment Revenue: |
|
|
|
|
|
|
|
||||
Cement |
$ |
6,544 |
|
$ |
4,558 |
|
$ |
32,915 |
|
$ |
22,915 |
Paperboard |
|
21,016 |
|
|
22,585 |
|
|
92,835 |
|
|
82,086 |
|
$ |
27,560 |
|
$ |
27,143 |
|
$ |
125,750 |
|
$ |
105,001 |
|
|
|
|
|
|
|
|
||||
Cement Revenue: |
|
|
|
|
|
|
|
||||
Wholly Owned |
$ |
172,784 |
|
$ |
155,926 |
|
$ |
927,637 |
|
$ |
880,280 |
Joint Venture |
|
34,453 |
|
|
26,876 |
|
|
113,518 |
|
|
103,899 |
|
$ |
207,237 |
|
$ |
182,802 |
|
$ |
1,041,155 |
|
$ |
984,179 |
Attachment 4 |
|||||
Eagle Materials Inc. |
|||||
Consolidated Balance Sheets |
|||||
(dollars in thousands) |
|||||
(unaudited) |
|||||
|
March 31, |
||||
|
2023 |
|
2022 |
||
ASSETS |
|
|
|
|
|
Current Assets – |
|
|
|
|
|
Cash and Cash Equivalents |
$ |
15,242 |
|
$ |
19,416 |
Accounts and Notes Receivable, net |
|
195,052 |
|
|
176,276 |
Inventories |
|
291,882 |
|
|
236,661 |
Federal Income Tax Receivable |
|
16,267 |
|
|
7,202 |
Prepaid and Other Assets |
|
3,060 |
|
|
3,172 |
Total Current Assets |
|
521,503 |
|
|
442,727 |
|
|
|
|
|
|
Property, Plant and Equipment, net |
|
1,662,061 |
|
|
1,616,539 |
Investments in Joint Venture |
|
89,111 |
|
|
80,637 |
Operating Lease Right of Use Asset |
|
20,759 |
|
|
23,856 |
Notes Receivable |
|
7,382 |
|
|
8,485 |
Goodwill and Intangibles |
|
466,043 |
|
|
387,898 |
Other Assets |
|
14,143 |
|
|
19,510 |
|
$ |
2,781,002 |
|
$ |
2,579,652 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current Liabilities – |
|
|
|
|
|
Accounts Payable |
$ |
110,408 |
|
$ |
113,679 |
Accrued Liabilities |
|
86,472 |
|
|
86,754 |
Current Portion of Long-Term Debt |
|
10,000 |
|
|
- |
Operating Lease Liabilities |
|
6,009 |
|
|
7,118 |
Total Current Liabilities |
|
212,889 |
|
|
207,551 |
|
|
|
|
|
|
Long-Term Liabilities |
|
66,543 |
|
|
67,911 |
Bank Credit Facility |
|
157,000 |
|
|
200,000 |
Bank Term Loan |
|
182,500 |
|
|
- |
|
|
739,532 |
|
|
738,265 |
Deferred Income Taxes |
|
236,844 |
|
|
232,369 |
Stockholders’ Equity – |
|
|
|
|
|
Preferred Stock, Par Value |
|
|
|
|
|
Shares; None Issued |
|
- |
|
|
- |
Common Stock, Par Value |
|
|
|
|
|
Issued and Outstanding 35,768,376 and 38,710,929 Shares,
|
|
358 |
|
|
387 |
Capital in Excess of Par Value |
|
- |
|
|
- |
Accumulated Other Comprehensive Losses |
|
(3,547) |
|
|
(3,175) |
Retained Earnings |
|
1,188,883 |
|
|
1,136,344 |
Total Stockholders’ Equity |
|
1,185,694 |
|
|
1,133,556 |
|
$ |
2,781,002 |
|
$ |
2,579,652 |
Attachment 5 |
|||||||||||
Eagle Materials Inc. |
|||||||||||
Depreciation, Depletion and Amortization by Lines of Business |
|||||||||||
(dollars in thousands) |
|||||||||||
(unaudited) |
|||||||||||
The following table presents depreciation, depletion and amortization by lines of business for the quarters and fiscal years ended March 31, 2023 and 2022: |
|||||||||||
|
Depreciation, Depletion and Amortization |
||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
|
||||
Cement |
$ |
20,750 |
|
$ |
20,077 |
|
$ |
81,643 |
|
$ |
79,560 |
Concrete and Aggregates |
|
4,459 |
|
|
2,314 |
|
|
17,413 |
|
|
9,656 |
Gypsum Wallboard |
|
5,205 |
|
|
5,546 |
|
|
21,744 |
|
|
22,024 |
Paperboard |
|
3,745 |
|
|
3,705 |
|
|
14,942 |
|
|
14,721 |
Corporate and Other |
|
706 |
|
|
691 |
|
|
2,812 |
|
|
2,850 |
|
$ |
34,865 |
|
$ |
32,333 |
|
$ |
138,554 |
|
$ |
128,811 |
|
|
|
|
|
|
|
|
||||
Attachment 6 |
|||||||||
Eagle Materials Inc. |
|||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||
(unaudited) |
|||||||||
(dollars in thousands) |
|||||||||
EBITDA and Adjusted EBITDA |
|||||||||
We present Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that further excludes the impact from non-routine items, such as purchase accounting on inventory costs and losses on early retirement of Senior Notes (Non-routine Items) and stock-based compensation. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations, or any other measure of financial performance or liquidity in accordance with GAAP. The following shows the calculations of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the quarters and fiscal years ended March 31, 2023 and 2022: |
|||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||
|
2023 |
2022 |
|
2023 |
2022 |
||||
|
|
|
|
|
|
||||
Net Earnings, as reported |
$ |
100,356 |
$ |
74,316 |
|
$ |
461,540 |
$ |
374,247 |
Income Tax Expense |
|
22,606 |
|
15,898 |
|
|
127,053 |
|
100,847 |
Interest Expense |
|
10,329 |
|
5,982 |
|
|
35,171 |
|
30,873 |
Depreciation, Depletion and Amortization |
|
34,865 |
|
32,333 |
|
|
138,554 |
|
128,811 |
EBITDA |
$ |
168,156 |
$ |
128,529 |
|
$ |
762,318 |
$ |
634,778 |
|
|
- |
|
- |
|
|
2,067 |
|
- |
Loss on early Retirement of Senior Notes |
|
- |
|
- |
|
|
- |
|
8,407 |
Stock-based Compensation 2 |
|
3,519 |
|
3,627 |
|
|
17,155 |
|
14,264 |
Adjusted EBITDA |
$ |
171,675 |
$ |
132,156 |
|
$ |
781,540 |
$ |
657,449 |
1 Represents the cost impact of the fair value markup of acquired inventory. |
|||||||||
2 The increase in stock-based compensation is due to the retirement of two senior executives during the first quarter of fiscal 2023. |
|||||||||
Attachment 7 |
||||
Eagle Materials Inc. |
||||
Reconciliation of Net Debt to Adjusted EBITDA |
||||
(unaudited) |
||||
(dollars in thousands) |
||||
GAAP does not define “Net Debt” and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicate the amount of total debt that would remain if the Company applied the cash and cash equivalents held by it to the payment of outstanding debt. The Company also uses “Net Debt to Adjusted EBITDA,” which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months, as a metric of its current leverage position. We present this metric for the convenience of the investment community and rating agencies who use such metrics in their analysis, and for investors who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. |
||||
|
Fiscal Year Ended
|
|||
|
2023 |
2022 |
||
|
|
|
||
Total debt, excluding debt issuance costs |
$ |
1,099,500 |
$ |
950,000 |
Cash and cash equivalents |
|
15,242 |
|
19,416 |
Net Debt |
$ |
1,084,258 |
$ |
930,584 |
|
|
|
||
Adjusted EBITDA |
|
781,540 |
|
657,449 |
Net Debt to Adjusted EBITDA |
1.4x |
1.4x |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230518005049/en/
For additional information, contact at 214-432-2000.
Michael R. Haack
President and Chief Executive Officer
D. Craig Kesler
Executive Vice President and Chief Financial Officer
Robert S. Stewart
Executive Vice President, Strategy, Corporate Development and Communications
Source: Eagle Materials Inc.
