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Eagle Materials Reports Record First Quarter Results With 16% EPS Growth

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Eagle Materials Inc. (NYSE: EXP) reported record first quarter results for fiscal 2025 ended June 30, 2024. Highlights include:

  • Record Revenue of $608.7 million, up 1%
  • Record Net Earnings of $133.8 million, up 11%
  • Record Net Earnings per diluted share of $3.94, up 16%
  • Adjusted EBITDA of $224.5 million, up 5%

The company repurchased approximately 348,000 shares for $85.5 million. Despite adverse weather conditions affecting sales volumes in core markets, Eagle's portfolio performed well. The company expects steady demand for its products, driven by infrastructure and heavy industrial projects, as well as resilient residential construction activity.

Eagle Materials Inc. (NYSE: EXP) ha riportato risultati record per il primo trimestre dell'anno fiscale 2025, che si è concluso il 30 giugno 2024. I punti salienti includono:

  • Ricavi record di 608,7 milioni di dollari, in aumento dell'1%
  • Utili netti record di 133,8 milioni di dollari, in aumento dell'11%
  • Utili netti per azione diluita record di 3,94 dollari, in aumento del 16%
  • EBITDA rettificato di 224,5 milioni di dollari, in aumento del 5%

La società ha riacquistato circa 348.000 azioni per 85,5 milioni di dollari. Nonostante le condizioni meteorologiche avverse che hanno influenzato i volumi di vendita nei mercati principali, il portafoglio di Eagle ha performato bene. L'azienda si aspetta una domanda costante per i suoi prodotti, sostenuta da progetti infrastrutturali e industriali pesanti, oltre a un'attività residenziale resiliente.

Eagle Materials Inc. (NYSE: EXP) reportó resultados récord para el primer trimestre del año fiscal 2025, que finalizó el 30 de junio de 2024. Los aspectos destacados incluyen:

  • Ingresos récord de 608,7 millones de dólares, un aumento del 1%
  • Utilidad neta récord de 133,8 millones de dólares, un aumento del 11%
  • Utilidad neta por acción diluida récord de 3,94 dólares, un aumento del 16%
  • EBITDA ajustado de 224,5 millones de dólares, un aumento del 5%

La compañía recompró aproximadamente 348.000 acciones por 85,5 millones de dólares. A pesar de las condiciones climáticas adversas que afectaron los volúmenes de ventas en los mercados clave, el portafolio de Eagle se desempeñó bien. La empresa espera una demanda constante para sus productos, impulsada por proyectos de infraestructura e industriales pesados, así como por una actividad de construcción residencial resistente.

Eagle Materials Inc. (NYSE: EXP)는 2025 회계연도 첫 분기(2024년 6월 30일 종료) 기록적인 실적을 발표했습니다. 주요 내용은 다음과 같습니다:

  • 608.7 백만 달러의 기록적인 수익, 1% 증가
  • 133.8 백만 달러의 기록적인 순이익, 11% 증가
  • 희석 주당순이익 3.94 달러, 16% 증가
  • 224.5 백만 달러의 조정 EBITDA, 5% 증가

회사는 약 348,000주의 주식을 8550만 달러에 재구매했습니다. 주요 시장에서 판매량에 영향을 미친 악천후에도 불구하고, Eagle의 포트폴리오는 좋은 성과를 거두었습니다. 이 회사는 인프라 및 중공업 프로젝트와 회복력 있는 주택 건설 활동에 의해 주도되는 제품에 대한 지속적인 수요를 기대하고 있습니다.

Eagle Materials Inc. (NYSE: EXP) a annoncé des résultats record pour le premier trimestre de l'exercice 2025, qui s'est terminé le 30 juin 2024. Les points saillants comprennent :

  • Un chiffre d'affaires record de 608,7 millions de dollars, en hausse de 1%
  • Un bénéfice net record de 133,8 millions de dollars, en hausse de 11%
  • Un bénéfice net par action diluée record de 3,94 dollars, en hausse de 16%
  • Un EBITDA ajusté de 224,5 millions de dollars, en hausse de 5%

La société a racheté environ 348 000 actions pour 85,5 millions de dollars. Malgré des conditions météorologiques défavorables affectant les volumes de ventes sur les marchés clés, le portefeuille d'Eagle a bien performé. L'entreprise s'attend à une demande stable pour ses produits, soutenue par des projets d'infrastructure et de construction industrielle lourde, ainsi qu'une activité résidentielle résiliente.

Eagle Materials Inc. (NYSE: EXP) hat für das erste Quartal des Geschäftsjahres 2025, das am 30. Juni 2024 endete, Rekordergebnisse bekannt gegeben. Die wichtigsten Punkte sind:

  • Rekordumsatz von 608,7 Millionen Dollar, ein Anstieg um 1%
  • Rekordnettogewinn von 133,8 Millionen Dollar, ein Anstieg um 11%
  • Rekordnettogewinn je verwässerter Aktie von 3,94 Dollar, ein Anstieg um 16%
  • Bereinigtes EBITDA von 224,5 Millionen Dollar, ein Anstieg um 5%

Das Unternehmen hat etwa 348.000 Aktien im Wert von 85,5 Millionen Dollar zurückgekauft. Trotz ungünstiger Wetterbedingungen, die die Verkaufszahlen in den Hauptmärkten beeinträchtigten, schnitt Eagles Portfolio gut ab. Das Unternehmen erwartet eine stabile Nachfrage nach seinen Produkten, die von Infrastruktur- und Schwerindustriebauprojekten sowie einer widerstandsfähigen Wohnbauaktivität getrieben wird.

Positive
  • Record revenue of $608.7 million, up 1% year-over-year
  • Record net earnings of $133.8 million, up 11%
  • Record net earnings per diluted share of $3.94, up 16%
  • Adjusted EBITDA increased 5% to $224.5 million
  • Gross margins improved by 140 bps to 30.7%
  • Average net Cement sales price increased 6% to $156.10 per ton
  • Paperboard sales volume up 10% to a record 91,000 tons
  • Paperboard average net sales price up 11% to $597.41 per ton
  • Heavy Materials operating earnings increased 14% to $92.1 million
  • Cement operating earnings increased 20% to $89.1 million
Negative
  • Cement sales volume declined 3% to 1.9 million tons
  • Concrete and Aggregates revenue down 9% to $61.0 million
  • Concrete and Aggregates operating earnings declined 58% to $3.0 million
  • Gypsum Wallboard sales volume declined 1% to 757 million square feet

Insights

Eagle Materials' Q1 FY2025 results demonstrate robust financial performance despite challenging weather conditions. The company achieved record revenue of $608.7 million, up 1% year-over-year and record net earnings of $133.8 million, an impressive 11% increase. The standout figure is the record EPS of $3.94, up 16%, outpacing revenue growth and indicating improved operational efficiency.

The company's financial health is further underscored by its strong balance sheet. With a net leverage ratio of 1.3x and substantial cash flow generation, Eagle Materials maintains significant financial flexibility. This positions the company well for both weathering potential economic headwinds and pursuing growth opportunities.

Notably, Eagle Materials' share repurchase program, buying back 348,000 shares for $85.5 million, signals management's confidence in the company's future prospects and commitment to delivering shareholder value. This strategy, combined with the company's solid financial position, suggests a balanced approach to capital allocation between growth initiatives and shareholder returns.

While the 1% revenue growth might seem modest, it's important to consider the context of adverse weather conditions affecting sales volumes. The company's ability to achieve record results despite these challenges speaks to its operational resilience and pricing power, particularly evident in the cement segment where average net sales price increased by 6%.

Eagle Materials' Q1 results offer valuable insights into broader market trends in the construction and building materials sector. The company's performance suggests a resilient demand environment, particularly in infrastructure and heavy industrial projects. This aligns with ongoing government infrastructure spending initiatives and could indicate sustained demand in these segments.

Interestingly, despite rising interest rates, Eagle Materials notes that residential construction activity remains resilient. This observation challenges the conventional wisdom that higher rates would significantly dampen housing demand. The company attributes this to chronic housing-supply shortages and continued underlying demand strength. This insight could be valuable for investors assessing the broader housing market and related industries.

The divergence in performance between the Heavy Materials and Light Materials segments is noteworthy. While both saw revenue increases, the Heavy Materials segment, particularly cement, showed stronger profitability growth. This could indicate a shift in construction activity towards infrastructure and commercial projects, which typically use more cement, compared to residential construction, which is a primary driver of gypsum wallboard demand.

Eagle Materials' ability to implement price increases, especially the 6% rise in cement prices, suggests the company maintains strong pricing power. This could be indicative of a broader trend in the industry, where demand remains strong enough to absorb price increases, potentially helping offset inflationary pressures.

Eagle Materials' Q1 results highlight several operational strengths and challenges. The company demonstrated impressive cost management and operational efficiency, particularly in the cement segment. Despite lower sales volume, cement operating earnings increased by 20%, driven by higher prices and lower fuel costs, improved preventative maintenance programs and the absence of one-time costs from the previous year.

The company's ability to improve gross margins by 140 basis points to 30.7% in a challenging environment is commendable. This suggests effective cost control measures and operational optimization across the business. The implementation of cost control initiatives in preventative maintenance programs is particularly noteworthy, as it can lead to long-term operational benefits and reduced downtime.

However, the impact of adverse weather conditions on sales volumes in the cement and concrete segments highlights a key vulnerability in the business. While this is a common challenge in the industry, it underscores the importance of geographic diversification and potentially investing in weather-resistant storage and distribution capabilities.

The record sales volume in the Paperboard segment, up 10%, is an interesting development. This could indicate either improved operational efficiency in this segment or a shift in market demand. The 11% price increase in Paperboard, linked to input costs, demonstrates the company's ability to pass on cost increases in this segment, which is important in maintaining profitability in an inflationary environment.

DALLAS--(BUSINESS WIRE)-- Eagle Materials Inc. (NYSE: EXP) today reported financial results for the first quarter of fiscal 2025 ended June 30, 2024. Notable items for the quarter are highlighted below. (Unless otherwise noted, all comparisons are with the prior year’s fiscal first quarter):

First Quarter Fiscal 2025 Highlights

  • Record Revenue of $608.7 million, up 1%
  • Record Net Earnings of $133.8 million, up 11%
  • Record Net Earnings per diluted share of $3.94, up 16%
  • Adjusted EBITDA of $224.5 million, up 5%
    • Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items (including certain non-cash expenses) in the manner described in Attachment 6
  • Repurchased approximately 348,000 shares of Eagle common stock for $85.5 million

Commenting on the first quarter results, Michael Haack, President and CEO, said, “Fiscal 2025 is off to a solid start for Eagle, with record revenue of $608.7 million, EPS of $3.94, and gross margins of 30.7%, an increase of 140 bps. Our portfolio of businesses continued to perform well despite adverse weather conditions during the quarter across many of our core markets, which affected sales volumes for our Cement and Concrete and Aggregates businesses. We repurchased approximately 348,000 shares of our common stock for $85.5 million and ended the quarter with debt of $1.1 billion and a net leverage ratio (net debt to Adjusted EBITDA) of 1.3x, giving us substantial financial flexibility that supports disciplined capital allocation and long-term growth.” (Net debt is a non-GAAP financial measure calculated by subtracting cash and cash equivalents from debt as described in Attachment 6).

Mr. Haack continued, “Underlying fundamentals in our markets continue to be favorable, and we expect demand for our products to remain steady for the balance of the year. Construction spending on infrastructure and heavy industrial projects continues to drive cement demand. In addition, despite some interest-rate sensitivity, residential construction activity remains resilient, given chronic housing-supply shortages and continued underlying demand strength. Our well-positioned balance sheet, significant cashflow generation and consistent, disciplined operational and strategic execution through shifting economic cycles positions Eagle for another strong fiscal year.”

Segment Financial Results

Heavy Materials: Cement, Concrete and Aggregates

Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, Joint Venture and intersegment Cement revenue, was $400.2 million, a 1% improvement. Heavy Materials operating earnings increased 14% to $92.1 million primarily because of higher Cement sales prices partially offset by lower Cement sales volume.

Cement revenue, including Joint Venture and intersegment revenue, was up 3% to $339.2 million. Operating earnings increased 20% to $89.1 million reflecting higher Cement sales prices partially offset by lower Cement sales volume. Additionally, Cement operating costs benefitted from lower fuel costs, and cost control initiatives in our preventative maintenance programs, and because the prior year’s first quarter included approximately $2.8 million of costs associated with the step-up in inventory values related to the Stockton Terminal Acquisition. The average net Cement sales price for the quarter increased 6% to $156.10 per ton. Cement sales volume for the quarter declined 3% to 1.9 million tons, as adverse weather conditions in many of our markets, most notably in Texas and the Midwest, delayed several construction projects and affected shipments.

Concrete and Aggregates revenue was down 9% to $61.0 million, and operating earnings declined 58% to $3.0 million, reflecting lower Concrete and Aggregates sales volume partially offset by increased Concrete and Aggregates prices.

Light Materials: Gypsum Wallboard and Paperboard

Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 2% to $248.1 million, primarily because of higher Gypsum Wallboard sales prices partially offset by lower Gypsum Wallboard sales volume. Gypsum Wallboard sales volume declined 1% to 757 million square feet (MMSF), while the average net sales price increased 1% to $239.43 per MSF.

Paperboard sales volume was up 10% to a record 91,000 tons. The average Paperboard net sales price in the quarter was $597.41 per ton, up 11%, consistent with the pricing provisions in our long-term sales agreements that factor in changes to input costs.

Operating earnings in the Light Materials sector were $102.5 million, an increase of 5%, reflecting higher Gypsum Wallboard sales prices and lower operating costs, most notably energy and maintenance costs.

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 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.

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 income statement. Refer to Attachment 3 for a reconciliation of these amounts.

About Eagle Materials Inc.

Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads and highways and for building and renovating residential, commercial and industrial structures across America. Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states and is headquartered in Dallas, Texas. Visit eaglematerials.com for more information.

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 Tuesday, July 30, 2024. The conference call will be webcast simultaneously 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 and their effects on infrastructure and other construction projects; 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; consolidation of our 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 can be expected to adversely 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 results of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, the outbreak, escalation or resurgence of health emergencies, 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 our operations and 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, 2024, 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 Non-GAAP Financial Measures

 

Attachment 1

Eagle Materials Inc.

Consolidated Statement of Earnings

(dollars in thousands, except per share data)

(unaudited)

 

 

Quarter Ended

June 30,

 

2024

 

2023

 

 

 

 

Revenue

$

608,689

 

 

$

601,521

 

 

 

 

 

Cost of Goods Sold

 

421,821

 

 

 

425,526

 

 

 

 

 

Gross Profit

 

186,868

 

 

 

175,995

 

 

 

 

 

Equity in Earnings of Unconsolidated JV

 

7,716

 

 

 

3,159

 

Corporate General and Administrative Expenses

 

(15,649

)

 

 

(11,679

)

Other Non-Operating Income

 

2,683

 

 

 

213

 

 

 

 

 

Earnings before Interest and Income Taxes

 

181,618

 

 

 

167,688

 

 

 

 

 

Interest Expense, net

 

(10,684

)

 

 

(12,239

)

 

 

 

 

Earnings before Income Taxes

 

170,934

 

 

 

155,449

 

 

 

 

 

Income Tax Expense

 

(37,092

)

 

 

(34,600

)

 

 

 

 

Net Earnings

$

133,842

 

 

$

120,849

 

 

 

 

 

 

 

 

NET EARNINGS PER SHARE

 

 

 

Basic

$

3.97

 

 

$

3.43

 

Diluted

$

3.94

 

 

$

3.40

 

 

 

 

 

AVERAGE SHARES OUTSTANDING

 

 

 

Basic

 

33,734,280

 

 

 

35,274,753

 

Diluted

 

33,993,023

 

 

 

35,532,284

 

 

 

 

 

 

Attachment 2

Eagle Materials Inc.

Revenue and Earnings by Lines of Business

(dollars in thousands)

(unaudited)

 

 

Quarter Ended

June 30,

 

2024

 

2023

Revenue*

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

Cement (Wholly Owned)

$

299,572

 

 

$

291,772

 

Concrete and Aggregates

 

61,038

 

 

 

67,415

 

 

 

360,610

 

 

 

359,187

 

 

 

 

 

Light Materials:

 

 

 

Gypsum Wallboard

$

217,826

 

 

$

219,097

 

Recycled Paperboard

 

30,253

 

 

 

23,237

 

 

 

248,079

 

 

 

242,334

 

 

 

 

 

Total Revenue

$

608,689

 

 

$

601,521

 

 

 

 

 

 

Segment Operating Earnings

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

Cement (Wholly Owned)

$

81,409

 

 

$

70,902

 

Cement (Joint Venture)

 

7,716

 

 

 

3,159

 

Concrete and Aggregates

 

2,980

 

 

 

7,034

 

 

 

92,105

 

 

 

81,095

 

 

 

 

 

Light Materials:

 

 

 

Gypsum Wallboard

$

93,976

 

 

$

90,857

 

Recycled Paperboard

 

8,503

 

 

 

7,202

 

 

 

102,479

 

 

 

98,059

 

 

 

 

 

Sub-total

 

194,584

 

 

 

179,154

 

 

 

 

 

Corporate General and Administrative Expense

 

(15,649

)

 

 

(11,679

)

Other Non-Operating Income

 

2,683

 

 

 

213

 

 

 

 

 

Earnings before Interest and Income Taxes

$

181,618

 

 

$

167,688

 

 

 

 

* 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

(dollars in thousands, except per unit data)

(unaudited)

 

 

Sales Volume

 

Quarter Ended

June 30,

 

2024

 

2023

 

Change

Cement (M Tons):

 

 

 

 

 

Wholly Owned

1,767

 

1,848

 

-4%

Joint Venture

180

 

165

 

+9%

 

1,947

 

2,013

 

-3%

 

 

 

 

 

 

Concrete (M Cubic Yards)

343

 

385

 

-11%

 

 

 

 

 

 

Aggregates (M Tons)

799

 

1,157

 

-31%

 

 

 

 

 

 

Gypsum Wallboard (MMSFs)

757

 

763

 

-1%

 

 

 

 

 

 

Recycled Paperboard (M Tons):

 

 

 

 

 

Internal

39

 

40

 

-3%

External

52

 

43

 

+21%

 

91

 

83

 

+10%

 

 

 

 

 

 

 

Average Net Sales Price*

 

Quarter Ended

June 30,

 

2024

 

2023

 

Change

Cement (Ton)

$

156.10

 

$

147.27

 

+6%

Concrete (Cubic Yard)

$

148.56

 

$

141.80

 

+5%

Aggregates (Ton)

$

12.61

 

$

11.30

 

+12%

Gypsum Wallboard (MSF)

$

239.43

 

$

236.66

 

+1%

Recycled Paperboard (Ton)

$

597.41

 

$

536.56

 

+11%

 

*Net of freight and delivery costs billed to customers

 

Intersegment and Cement Revenue

 

Quarter Ended

June 30,

 

2024

 

2023

Intersegment Revenue:

 

 

 

Cement

$

10,280

 

$

10,137

Concrete and Aggregates

 

3,777

 

 

3,038

Recycled Paperboard

 

23,987

 

 

22,091

 

$

38,044

 

$

35,266

 

 

 

 

Cement Revenue:

 

 

 

Wholly Owned

$

299,572

 

$

291,772

Joint Venture

 

29,310

 

 

27,123

 

$

328,882

 

$

318,895

 

Attachment 4

Eagle Materials Inc.

Consolidated Balance Sheets

(dollars in thousands)

(unaudited)

 

 

June 30,

 

March 31,

 

2024

 

2023

 

2024*

ASSETS

 

 

 

 

 

 

Current Assets –

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

46,540

 

 

$

53,149

 

 

$

34,925

 

Accounts and Notes Receivable, net

 

 

278,428

 

 

 

248,647

 

 

 

202,985

 

Inventories

 

 

371,619

 

 

 

302,525

 

 

 

373,923

 

Federal Income Tax Receivable

 

 

2,605

 

 

 

1,410

 

 

 

9,910

 

Prepaid and Other Assets

 

 

13,797

 

 

 

10,310

 

 

 

5,950

 

Total Current Assets

 

 

712,989

 

 

 

616,041

 

 

 

627,693

 

 

 

 

 

 

 

 

Property, Plant and Equipment, net

 

 

1,676,041

 

 

 

1,679,919

 

 

 

1,676,217

 

Investments in Joint Venture

 

 

121,409

 

 

 

89,770

 

 

 

113,478

 

Operating Lease Right-of-Use Asset

 

 

17,970

 

 

 

25,155

 

 

 

19,373

 

Goodwill and Intangibles

 

 

484,298

 

 

 

490,828

 

 

 

486,117

 

Other Assets

 

 

30,160

 

 

 

14,533

 

 

 

24,141

 

 

 

$

3,042,867

 

 

$

2,916,246

 

 

$

2,947,019

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities –

 

 

 

 

 

 

Accounts Payable

 

$

148,231

 

 

$

118,026

 

 

$

127,183

 

Accrued Liabilities

 

 

89,537

 

 

 

75,186

 

 

 

94,327

 

Income Taxes Payable

 

 

35,774

 

 

 

18,304

 

 

 

-

 

Current Portion of Long-Term Debt

 

 

10,000

 

 

 

10,000

 

 

 

10,000

 

Operating Lease Liabilities

 

 

7,008

 

 

 

8,181

 

 

 

7,899

 

Total Current Liabilities

 

 

290,550

 

 

 

229,697

 

 

 

239,409

 

Long-term Liabilities

 

 

67,818

 

 

 

67,134

 

 

 

70,979

 

Bank Credit Facility

 

 

180,000

 

 

 

222,000

 

 

 

170,000

 

Bank Term Loan

 

 

170,000

 

 

 

180,000

 

 

 

172,500

 

2.500% Senior Unsecured Notes due 2031

 

 

741,116

 

 

 

739,848

 

 

 

740,799

 

Deferred Income Taxes

 

 

242,585

 

 

 

239,156

 

 

 

244,797

 

Stockholders’ Equity –

 

 

 

 

 

 

Preferred Stock, Par Value $0.01; Authorized 5,000,000

 

 

 

 

 

 

Shares; None Issued

 

 

-

 

 

 

-

 

 

 

-

 

Common Stock, Par Value $0.01; Authorized 100,000,000

Shares; Issued and Outstanding 33,761,968; 35,446,312 and

34,143,945 Shares, respectively

 

 

338

 

 

 

354

 

 

 

341

 

Capital in Excess of Par Value

 

 

-

 

 

 

-

 

 

 

-

 

Accumulated Other Comprehensive Losses

 

 

(3,328

)

 

 

(3,499

)

 

 

(3,373

)

Retained Earnings

 

 

1,353,788

 

 

 

1,241,556

 

 

 

1,311,567

 

Total Stockholders’ Equity

 

 

1,350,798

 

 

 

1,238,411

 

 

 

1,308,535

 

 

 

$

3,042,867

 

 

$

2,916,246

 

 

$

2,947,019

 

 

*From audited financial statements

 

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 ended June 30, 2024 and 2023:

 

 

Depreciation, Depletion and Amortization

 

Quarter Ended

June 30,

 

2024

 

2023

 

 

 

 

Cement

$

22,917

 

$

21,679

Concrete and Aggregates

 

4,530

 

 

5,031

Gypsum Wallboard

 

6,473

 

 

5,461

Recycled Paperboard

 

3,690

 

 

3,719

Corporate and Other

 

740

 

 

792

 

$

38,350

 

$

36,682

 

 

 

 

 

Attachment 6

 

Eagle Materials Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)

(unaudited)

 

EBITDA and Adjusted EBITDA

We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of operating performance and allow for 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 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 calculation of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the quarters ended June 30, 2024 and 2023, and the trailing twelve months ended June 30, 2024, and March 31, 2024:

 

 

 

Quarter Ended

 

 

Twelve Months Ended

 

June 30,

 

June 30,

 

March 31,

 

2024

 

2023

 

2024

 

2024

 

 

 

 

 

 

Net Earnings, as reported

$

133,842

$

120,849

 

$

490,632

$

477,639

Income Tax Expense

 

37,092

 

34,600

 

 

142,790

 

140,298

Interest Expense

 

10,684

 

12,239

 

 

40,702

 

42,257

Depreciation, Depletion and Amortization

 

38,350

 

36,682

 

 

151,500

 

149,832

EBITDA

$

219,968

$

204,370

 

$

825,624

$

810,026

Purchase accounting 1

 

-

 

3,461

 

 

1,107

 

4,568

Stock-based Compensation

 

4,539

 

6,457

 

 

17,982

 

19,900

Adjusted EBITDA

$

224,507

$

214,288

 

$

844,713

$

834,494

 

1 Represents the impact of purchase accounting on inventory costs and related business development costs

 

Attachment 6, continued

 

Reconciliation of Net Debt to Adjusted EBITDA

GAAP does not define “Net Debt” and it should not be considered as an alternative to debt as 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 an alternative metric to assist it in understanding its 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.

 

 

As of

As of

 

June 30, 2024

March 31, 2024

 

 

 

Total debt, excluding debt issuance costs

$

1,110,000

$

1,102,500

Cash and cash equivalents

 

46,540

 

34,925

Net Debt

$

1,063,460

$

1,067,575

 

 

 

Trailing Twelve Months Adjusted EBITDA

$

844,713

 

834,494

Net Debt to Adjusted EBITDA

1.3x

1.3x

 

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

Alex Haddock

Senior Vice President, Investor Relations, Strategy and Corporate Development

Source: Eagle Materials Inc.

FAQ

What was Eagle Materials' (EXP) revenue in Q1 fiscal 2025?

Eagle Materials (EXP) reported record revenue of $608.7 million in Q1 fiscal 2025, up 1% year-over-year.

How much did Eagle Materials' (EXP) EPS grow in Q1 fiscal 2025?

Eagle Materials (EXP) reported record net earnings per diluted share of $3.94 in Q1 fiscal 2025, up 16% compared to the same quarter last year.

What was the average net Cement sales price for Eagle Materials (EXP) in Q1 fiscal 2025?

The average net Cement sales price for Eagle Materials (EXP) increased 6% to $156.10 per ton in Q1 fiscal 2025.

How did Eagle Materials' (EXP) Gypsum Wallboard sales perform in Q1 fiscal 2025?

Eagle Materials' (EXP) Gypsum Wallboard sales volume declined 1% to 757 million square feet, while the average net sales price increased 1% to $239.43 per MSF in Q1 fiscal 2025.

What was Eagle Materials' (EXP) Adjusted EBITDA for Q1 fiscal 2025?

Eagle Materials (EXP) reported Adjusted EBITDA of $224.5 million in Q1 fiscal 2025, up 5% compared to the same quarter last year.

Eagle Materials, Inc.

NYSE:EXP

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8.41B
33.14M
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104.09%
2.82%
Building Materials
Cement, Hydraulic
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United States of America
DALLAS