Eagle Materials Reports Second Quarter Results
Eagle Materials (NYSE: EXP) reported financial results for Q2 FY2025, achieving record revenue of $623.6 million. Net earnings reached $143.5 million, with earnings per diluted share of $4.26. The company reported Adjusted EBITDA of $242.2 million and repurchased 253,000 shares for $61 million.
Despite adverse weather affecting cement and aggregates sales volumes, operating cashflow increased 35% to $233 million. The Heavy Materials sector saw a 2% revenue decrease to $418.7 million, while Light Materials revenue grew 5% to $244.1 million. The company maintained a strong balance sheet with debt of $1.1 billion and a net leverage ratio of 1.2x.
Eagle Materials (NYSE: EXP) ha riportato i risultati finanziari per il secondo trimestre dell'anno fiscale 2025, raggiungendo un fatturato record di $623,6 milioni. Gli utili netti sono ammontati a $143,5 milioni, con un utile per azione diluita di $4,26. L'azienda ha riportato un EBITDA rettificato di $242,2 milioni e ha riacquistato 253.000 azioni per $61 milioni.
Nonostante le condizioni meteorologiche avverse abbiano influenzato i volumi di vendita di cemento e aggregati, il flusso di cassa operativo è aumentato del 35% raggiungendo i $233 milioni. Il settore dei Materiali Pesanti ha registrato una diminuzione del fatturato del 2% a $418,7 milioni, mentre il fatturato dei Materiali Leggeri è cresciuto del 5% a $244,1 milioni. L'azienda ha mantenuto un bilancio solido con un debito di $1,1 miliardi e un rapporto di leva finanziaria netto di 1,2x.
Eagle Materials (NYSE: EXP) reportó resultados financieros para el segundo trimestre del año fiscal 2025, logrando un ingreso récord de $623.6 millones. Las ganancias netas alcanzaron los $143.5 millones, con ganancias por acción diluida de $4.26. La compañía reportó un EBITDA ajustado de $242.2 millones y recompró 253,000 acciones por $61 millones.
A pesar de que el clima adverso afectó los volúmenes de ventas de cemento y agregados, el flujo de caja operativo aumentó un 35% a $233 millones. El sector de Materiales Pesados vio una disminución del 2% en los ingresos, alcanzando los $418.7 millones, mientras que los ingresos de Materiales Livianos crecieron un 5% a $244.1 millones. La compañía mantuvo un balance sólido con una deuda de $1.1 mil millones y una relación de apalancamiento neto de 1.2x.
이글 머터리얼즈 (NYSE: EXP)는 2025 회계연도 2분기 재무 결과를 발표하며 기록적인 수익 $623.6백만 달러를 달성했습니다. 순익은 $143.5백만 달러에 도달하며, 희석주당 수익은 $4.26입니다. 회사는 조정 EBITDA로 $242.2백만 달러를 보고하고, 253,000주를 $61백만 달러에 재매입했습니다.
불리한 날씨로 인해 시멘트 및 골재 판매량에 영향을 받았음에도 불구하고 운영 현금 흐름은 35% 증가하여 $233백만 달러에 달했습니다. 중량 자재 부문은 수익이 2% 감소하여 $418.7백만 달러에 이르렀고, 경량 자재 수익은 5% 증가해 $244.1백만 달러에 도달했습니다. 회사는 $1.1십억 달러의 부채와 1.2배의 순 레버리지 비율을 유지하며 강력한 대차대조표를 유지하고 있습니다.
Eagle Materials (NYSE: EXP) a annoncé ses résultats financiers pour le deuxième trimestre de l'exercice 2025, atteignant un chiffre d'affaires record de 623,6 millions de dollars. Le bénéfice net a atteint 143,5 millions de dollars, avec un bénéfice par action diluée de 4,26 dollars. La société a déclaré un EBITDA ajusté de 242,2 millions de dollars et a racheté 253 000 actions pour 61 millions de dollars.
Bien que des conditions météorologiques défavorables aient affecté les volumes de vente de ciment et d'agrégats, le flux de trésorerie d'exploitation a augmenté de 35%, atteignant 233 millions de dollars. Le secteur des Matériaux Lourds a connu une baisse de 2% du chiffre d'affaires, s'établissant à 418,7 millions de dollars, tandis que le chiffre d'affaires des Matériaux Légers a augmenté de 5% pour atteindre 244,1 millions de dollars. L'entreprise a maintenu un solide bilan avec une dette de 1,1 milliard de dollars et un ratio d'endettement net de 1,2x.
Eagle Materials (NYSE: EXP) hat die finanziellen Ergebnisse für das 2. Quartal des Geschäftsjahres 2025 bekannt gegeben und dabei einen Rekordumsatz von 623,6 Millionen Dollar erzielt. Der Nettogewinn erreichte 143,5 Millionen Dollar, mit einem verwässerten Gewinn pro Aktie von 4,26 Dollar. Das Unternehmen berichtete von einem bereinigten EBITDA von 242,2 Millionen Dollar und kaufte 253.000 Aktien für 61 Millionen Dollar zurück.
Trotz widriger Wetterbedingungen, die die Verkaufsvolumina von Zement und Aggregaten beeinträchtigten, stieg der operative Cashflow um 35% auf 233 Millionen Dollar. Der Bereich Schwermaterialien verzeichnete einen Rückgang des Umsatzes um 2% auf 418,7 Millionen Dollar, während der Umsatz im Bereich Leichtmaterialien um 5% auf 244,1 Millionen Dollar zunahm. Das Unternehmen wies eine starke Bilanz mit einer Verschuldung von 1,1 Milliarden Dollar und einem Nettoverschuldungsgrad von 1,2x auf.
- Record quarterly revenue of $623.6 million
- Operating cashflow increased 35% to $233 million
- Light Materials sector revenue grew 5% to $244.1 million
- Paperboard sales volume increased 6% with 10% higher pricing
- Gypsum Wallboard sales volume improved 3%
- Strong balance sheet with 1.2x net leverage ratio
- Heavy Materials sector revenue decreased 2% to $418.7 million
- Cement sales volume decreased 5% to 2.0 million tons
- Cement maintenance costs increased by $7 million
- Concrete and Aggregates segment reported operating loss of $1.0 million
Insights
Eagle Materials delivered a strong Q2 FY2025 with
The healthy balance sheet with a 1.2x net leverage ratio provides significant financial flexibility. While cement volume declined
The results reflect resilient demand fundamentals in construction materials despite weather headwinds. The
The company's commentary on housing supply shortages and infrastructure spending suggests sustained demand drivers. The
Second Quarter Fiscal 2025 Highlights
-
Record Revenue of
$623.6 million -
Net Earnings of
$143.5 million -
Net Earnings per diluted share of
$4.26 -
Adjusted net earnings per share (Adjusted EPS) of
$4.31 - Adjusted EPS is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in Attachment 6
-
Adjusted EBITDA of
$242.2 million - 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 approximately 253,000 shares of Eagle’s common stock for
$61 million
Commenting on the second quarter results, Michael Haack, President and CEO, said, “Eagle’s portfolio of businesses continued to perform well despite ongoing adverse weather during the quarter, which affected sales volumes primarily in our Cement and Concrete and Aggregates businesses. We generated record revenue of
Mr. Haack continued, “We remain optimistic about our near-term and future opportunities and confident in our ability to execute on them. The current economic environment is constructive for our businesses. Employment is strong, recent inflation data should support a more accommodative monetary environment, spending from the Infrastructure Investment and Jobs Act (IIJA) is still in the beginning phases, and housing supply remains chronically short because of decade-long production deficits.”
“We believe our well-positioned balance sheet should give us substantial financial flexibility and support our capital allocation priorities and long-term growth, and our consistent, disciplined operational and strategic approach should position us to continue to perform well through economic cycles and drive superior value for our shareholders.”
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
Cement revenue for the quarter, including Joint Venture and intersegment revenue, was down
Concrete and Aggregates revenue decreased slightly to
Light Materials: Gypsum Wallboard and Paperboard
Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased
Paperboard sales volume for the quarter was up
Operating earnings in the sector were
Corporate General and Administrative Expenses
Corporate General and Administrative Expenses during the second quarter includes approximately
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 income statement. Refer to Attachment 3 for a reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. is a leading
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, October 29, 2024. 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 website 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; the effects of adverse weather conditions on infrastructure and other construction projects as well as our facilities and operations; 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 of 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 losses or other adverse outcomes from 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; competition; cyber-attacks or data security breaches, together with the costs of protecting our systems against such incidents and the possible effects thereof on our operations; 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 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Business Segment
Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Business Segment
Attachment 6 Reconciliation of Non-GAAP Financial Measures
Attachment 1 |
|||||||||||||||
Eagle Materials Inc. |
|||||||||||||||
Statement of Consolidated Earnings |
|||||||||||||||
(dollars in thousands, except per share data) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
623,619 |
|
|
$ |
622,236 |
|
|
$ |
1,232,308 |
|
|
$ |
1,223,757 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of Goods Sold |
|
419,775 |
|
|
|
413,218 |
|
|
|
841,596 |
|
|
|
838,744 |
|
|
|
|
|
|
|
|
|
||||||||
Gross Profit |
|
203,844 |
|
|
|
209,018 |
|
|
|
390,712 |
|
|
|
385,013 |
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Unconsolidated JV |
|
9,276 |
|
|
|
10,346 |
|
|
|
16,992 |
|
|
|
13,505 |
|
Corporate General and Administrative Expenses |
|
(17,879 |
) |
|
|
(16,576 |
) |
|
|
(33,528 |
) |
|
|
(28,255 |
) |
Other Non-Operating Income |
|
724 |
|
|
|
1,605 |
|
|
|
3,407 |
|
|
|
1,818 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings before Interest and Income Taxes |
|
195,965 |
|
|
|
204,393 |
|
|
|
377,583 |
|
|
|
372,081 |
|
Interest Expense, net |
|
(10,714 |
) |
|
|
(10,204 |
) |
|
|
(21,398 |
) |
|
|
(22,443 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings before Income Taxes |
|
185,251 |
|
|
|
194,189 |
|
|
|
356,185 |
|
|
|
349,638 |
|
Income Tax Expense |
|
(41,731 |
) |
|
|
(43,636 |
) |
|
|
(78,823 |
) |
|
|
(78,236 |
) |
|
|
|
|
|
|
|
|
||||||||
Net Earnings |
$ |
143,520 |
|
|
$ |
150,553 |
|
|
$ |
277,362 |
|
|
$ |
271,402 |
|
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS PER SHARE |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
4.29 |
|
|
$ |
4.29 |
|
|
$ |
8.26 |
|
|
$ |
7.72 |
|
Diluted |
$ |
4.26 |
|
|
$ |
4.26 |
|
|
$ |
8.19 |
|
|
$ |
7.66 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
||||||||
Basic |
|
33,431,315 |
|
|
|
35,056,973 |
|
|
|
33,581,970 |
|
|
|
35,165,268 |
|
Diluted |
|
33,716,036 |
|
|
|
35,336,966 |
|
|
|
33,853,703 |
|
|
|
35,433,837 |
|
Attachment 2 |
|||||||||||||||
Eagle Materials Inc. |
|||||||||||||||
Revenue and Earnings by Business Segment |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue* |
|
|
|
|
|||||||||||
|
|
|
|
|
|||||||||||
Heavy Materials: |
|
|
|
|
|||||||||||
Cement (Wholly Owned) |
$ |
313,571 |
|
$ |
322,593 |
|
$ |
613,143 |
|
$ |
614,365 |
|
|||
Concrete and Aggregates |
|
65,930 |
|
|
66,104 |
|
|
126,968 |
|
|
133,519 |
|
|||
|
|
379,501 |
|
|
388,697 |
|
|
740,111 |
|
|
747,884 |
|
|||
|
|
|
|
|
|||||||||||
Light Materials: |
|
|
|
|
|||||||||||
Gypsum Wallboard |
|
214,975 |
|
|
209,233 |
|
|
432,801 |
|
|
428,330 |
|
|||
Recycled Paperboard |
|
29,143 |
|
|
24,306 |
|
|
59,396 |
|
|
47,543 |
|
|||
|
|
244,118 |
|
|
233,539 |
|
|
492,197 |
|
|
475,873 |
|
|||
|
|
|
|
|
|||||||||||
Total Revenue |
$ |
623,619 |
|
$ |
622,236 |
|
$ |
1,232,308 |
|
$ |
1,223,757 |
|
|||
|
|||||||||||||||
Segment Operating Earnings |
|
|
|
|
|||||||||||
|
|
|
|
|
|||||||||||
Heavy Materials: |
|
|
|
|
|||||||||||
Cement (Wholly Owned) |
$ |
106,657 |
|
$ |
111,083 |
|
$ |
188,066 |
|
$ |
181,985 |
|
|||
Cement (Joint Venture) |
|
9,276 |
|
|
10,346 |
|
|
16,992 |
|
|
13,505 |
|
|||
Concrete and Aggregates |
|
(995 |
) |
|
4,640 |
|
|
1,985 |
|
|
11,674 |
|
|||
|
|
114,938 |
|
|
126,069 |
|
|
207,043 |
|
|
207,164 |
|
|||
|
|
|
|
|
|||||||||||
Light Materials: |
|
|
|
|
|||||||||||
Gypsum Wallboard |
|
90,141 |
|
|
85,705 |
|
|
184,117 |
|
|
176,562 |
|
|||
Recycled Paperboard |
|
8,041 |
|
|
7,590 |
|
|
16,544 |
|
|
14,792 |
|
|||
|
|
98,182 |
|
|
93,295 |
|
|
200,661 |
|
|
191,354 |
|
|||
|
|
|
|
|
|||||||||||
Sub-total |
|
213,120 |
|
|
219,364 |
|
|
407,704 |
|
|
398,518 |
|
|||
|
|
|
|
|
|||||||||||
Corporate General and Administrative Expense |
|
(17,879 |
) |
|
(16,576 |
) |
|
(33,528 |
) |
|
(28,255 |
) |
|||
Other Non-Operating Income |
|
724 |
|
|
1,605 |
|
|
3,407 |
|
|
1,818 |
|
|||
|
|
|
|
|
|||||||||||
Earnings before Interest and Income Taxes |
$ |
195,965 |
|
$ |
204,393 |
|
$ |
377,583 |
|
$ |
372,081 |
|
|||
* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3 |
|||||||||||||||
Attachment 3 |
|||||||||||||
Eagle Materials Inc. |
|||||||||||||
Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue |
|||||||||||||
(dollars in thousands, except per unit data) |
|||||||||||||
(unaudited) |
|||||||||||||
|
|
||||||||||||
|
Sales Volume |
||||||||||||
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||
|
|
|
|
|
|
|
|||||||
Cement (M Tons): |
|
|
|
|
|
|
|||||||
Wholly Owned |
1,848 |
1,959 |
-6 |
% |
3,615 |
3,807 |
-5 |
% |
|||||
Joint Venture |
176 |
170 |
+4 |
% |
356 |
335 |
+6 |
% |
|||||
|
2,024 |
2,129 |
-5 |
% |
3,971 |
4,142 |
-4 |
% |
|||||
|
|
|
|
|
|
|
|||||||
Concrete (M Cubic Yards) |
348 |
362 |
-4 |
% |
691 |
747 |
-7 |
% |
|||||
|
|
|
|
|
|
|
|||||||
Aggregates (M Tons) |
979 |
1,171 |
-16 |
% |
1,778 |
2,328 |
-24 |
% |
|||||
|
|
|
|
|
|
|
|||||||
Gypsum Wallboard (MMSFs) |
752 |
733 |
+3 |
% |
1,509 |
1,496 |
+1 |
% |
|||||
|
|
|
|
|
|
|
|||||||
Recycled Paperboard (M Tons): |
|
|
|
|
|
|
|||||||
Internal |
35 |
33 |
+6 |
% |
74 |
73 |
+1 |
% |
|||||
External |
50 |
47 |
+6 |
% |
102 |
90 |
+13 |
% |
|||||
|
85 |
80 |
+6 |
% |
176 |
163 |
+8 |
% |
|||||
|
|
|
|
|
|
|
|||||||
|
Average Net Sales Price* |
||||||||||||||
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||
|
|
|
|
|
|
|
|||||||||
Cement (Ton) |
$ |
156.51 |
$ |
151.99 |
+ |
$ |
156.31 |
$ |
149.70 |
+ |
|||||
Concrete (Cubic Yard) |
$ |
149.16 |
$ |
145.39 |
+ |
$ |
148.86 |
$ |
143.55 |
+ |
|||||
Aggregates (Ton) |
$ |
12.69 |
$ |
11.15 |
+ |
$ |
12.65 |
$ |
11.21 |
+ |
|||||
Gypsum Wallboard (MSF) |
$ |
236.88 |
$ |
233.69 |
+ |
$ |
238.16 |
$ |
235.20 |
+ |
|||||
Recycled Paperboard (Ton) |
$ |
595.19 |
$ |
542.28 |
+ |
$ |
596.33 |
$ |
539.35 |
+ |
|||||
*Net of freight and delivery costs billed to customers. |
|
||||||||||||||
|
Intersegment and Cement Revenue |
||||||||||
|
Quarter Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Intersegment Revenue: |
|
|
|
|
|
|
|
||||
Cement |
$ |
10,384 |
|
$ |
9,251 |
|
$ |
20,664 |
|
$ |
19,388 |
Concrete and Aggregates |
|
4,050 |
|
|
3,783 |
|
|
7,827 |
|
|
6,821 |
Recycled Paperboard |
|
21,634 |
|
|
18,710 |
|
|
45,621 |
|
|
40,801 |
|
$ |
36,068 |
|
$ |
31,744 |
|
$ |
74,112 |
|
$ |
67,010 |
|
|
|
|
|
|
|
|
||||
Cement Revenue: |
|
|
|
|
|
|
|
||||
Wholly Owned |
$ |
313,571 |
|
$ |
322,593 |
|
$ |
613,143 |
|
$ |
614,365 |
Joint Venture |
|
28,825 |
|
|
28,907 |
|
|
58,135 |
|
|
56,030 |
|
$ |
342,396 |
|
$ |
351,500 |
|
$ |
671,278 |
|
$ |
670,395 |
Attachment 4 |
||||||||||||
Eagle Materials Inc. |
||||||||||||
Consolidated Balance Sheets |
||||||||||||
(dollars in thousands) |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
||||||||
|
|
September 30, |
|
March 31, |
||||||||
|
|
2024 |
|
2023 |
|
2024* |
||||||
ASSETS |
|
|
|
|
|
|
||||||
Current Assets – |
|
|
|
|
|
|
||||||
Cash and Cash Equivalents |
|
$ |
93,909 |
|
|
$ |
47,321 |
|
|
$ |
34,925 |
|
Accounts and Notes Receivable, net |
|
|
246,349 |
|
|
|
244,832 |
|
|
|
202,985 |
|
Inventories |
|
|
375,602 |
|
|
|
301,374 |
|
|
|
373,923 |
|
Federal Income Tax Receivable |
|
|
2,474 |
|
|
|
8,144 |
|
|
|
9,910 |
|
Prepaid and Other Assets |
|
|
12,115 |
|
|
|
10,135 |
|
|
|
5,950 |
|
Total Current Assets |
|
|
730,449 |
|
|
|
611,806 |
|
|
|
627,693 |
|
|
|
|
|
|
|
|
||||||
Property, Plant and Equipment, net |
|
|
1,724,288 |
|
|
|
1,676,738 |
|
|
|
1,676,217 |
|
Investments in Joint Venture |
|
|
130,685 |
|
|
|
100,115 |
|
|
|
113,478 |
|
Operating Lease Right of Use Asset |
|
|
17,316 |
|
|
|
22,068 |
|
|
|
19,373 |
|
Goodwill and Intangibles |
|
|
489,232 |
|
|
|
490,180 |
|
|
|
486,117 |
|
Other Assets |
|
|
29,833 |
|
|
|
16,187 |
|
|
|
24,141 |
|
|
|
$ |
3,121,803 |
|
|
$ |
2,917,094 |
|
|
$ |
2,947,019 |
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||||||
Current Liabilities – |
|
|
|
|
|
|
||||||
Accounts Payable |
|
$ |
131,411 |
|
|
$ |
113,737 |
|
|
$ |
127,183 |
|
Accrued Liabilities |
|
|
95,337 |
|
|
|
90,815 |
|
|
|
94,327 |
|
Income Taxes Payable |
|
|
69,450 |
|
|
|
1,778 |
|
|
|
- |
|
Current Portion of Long-Term Debt |
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
Operating Lease Liabilities |
|
|
6,029 |
|
|
|
8,205 |
|
|
|
7,899 |
|
Total Current Liabilities |
|
|
312,227 |
|
|
|
224,535 |
|
|
|
239,409 |
|
Long-term Liabilities |
|
|
68,261 |
|
|
|
62,590 |
|
|
|
70,979 |
|
Bank Credit Facility |
|
|
155,000 |
|
|
|
162,000 |
|
|
|
170,000 |
|
Bank Term Loan |
|
|
167,500 |
|
|
|
177,500 |
|
|
|
172,500 |
|
|
|
|
741,433 |
|
|
|
740,165 |
|
|
|
740,799 |
|
Deferred Income Taxes |
|
|
245,733 |
|
|
|
243,670 |
|
|
|
244,797 |
|
Stockholders’ Equity – |
|
|
|
|
|
|
||||||
Preferred Stock, Par Value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common Stock, Par Value |
|
|
335 |
|
|
|
350 |
|
|
|
341 |
|
Capital in Excess of Par Value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Accumulated Other Comprehensive Losses |
|
|
(3,283 |
) |
|
|
(3,451 |
) |
|
|
(3,373 |
) |
Retained Earnings |
|
|
1,434,597 |
|
|
|
1,309,735 |
|
|
|
1,311,567 |
|
Total Stockholders’ Equity |
|
|
1,431,649 |
|
|
|
1,306,634 |
|
|
|
1,308,535 |
|
|
|
$ |
3,121,803 |
|
|
$ |
2,917,094 |
|
|
$ |
2,947,019 |
|
*From audited financial statements |
||||||||||||
Attachment 5 |
|||||
Eagle Materials Inc. |
|||||
Depreciation, Depletion and Amortization by Business Segment |
|||||
(dollars in thousands) |
|||||
(unaudited) |
|||||
|
|||||
The following table presents Depreciation, Depletion and Amortization by business segment for the quarters ended September 30, 2024 and 2023: |
|||||
|
|
||||
|
Depreciation, Depletion and Amortization |
||||
|
Quarter Ended
|
||||
|
2024 |
|
2023 |
||
|
|
|
|||
Cement |
$ |
22,907 |
$ |
22,187 |
|
Concrete and Aggregates |
|
5,283 |
|
4,962 |
|
Gypsum Wallboard |
|
6,451 |
|
5,548 |
|
Recycled Paperboard |
|
3,669 |
|
3,708 |
|
Corporate and Other |
|
767 |
|
792 |
|
|
$ |
39,077 |
$ |
37,197 |
|
|
|
|
|||
Attachment 6 |
Eagle Materials Inc. |
Reconciliation of Non-GAAP Financial Measures |
(unaudited) |
(dollars in thousands, other than earnings per share amounts, and number of shares in thousands) |
Adjusted Earnings per Diluted Share (Adjusted EPS)
|
|
|
Quarter Ended
|
||||||
|
2024 |
|
2023 |
||||
|
|
|
|||||
Net Earnings, as reported |
$ |
143,520 |
|
$ |
150,553 |
|
|
|
|
|
|||||
Non-routine Items: |
|
|
|||||
Acquisition accounting and related expenses 1 |
$ |
1,618 |
|
$ |
1,107 |
|
|
Litigation loss |
|
700 |
|
|
- |
|
|
Total Non-routine Items before Taxes |
$ |
2,318 |
|
$ |
1,107 |
|
|
Tax Impact on Non-routine Items |
|
(522 |
) |
|
(249 |
) |
|
After-tax Impact of Non-routine Items |
$ |
1,796 |
|
$ |
858 |
|
|
|
|
|
|||||
Adjusted Net Earnings |
$ |
145,316 |
|
$ |
151,411 |
|
|
|
|
|
|||||
Diluted Average Shares Outstanding |
|
33,716 |
|
|
35,337 |
|
|
|
|
|
|||||
|
|
|
|||||
Net earnings per diluted share, as reported |
$ |
4.26 |
|
$ |
4.26 |
|
|
Adjusted net earnings per diluted share (Adjusted EPS) |
$ |
4.31 |
|
$ |
4.28 |
|
|
1 Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs |
|||||||
Attachment 6, continued |
|
EBITDA and Adjusted EBITDA
|
|
Quarter Ended |
|
Six Months Ended |
||||||||||
|
September 30, |
|
September 30, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
|
|
|
||||||||
Net Earnings, as reported |
$ |
143,520 |
$ |
150,553 |
$ |
277,362 |
$ |
271,402 |
||||
Income Tax Expense |
|
41,731 |
|
43,636 |
|
78,823 |
|
78,236 |
||||
Interest Expense |
|
10,714 |
|
10,204 |
|
21,398 |
|
22,443 |
||||
Depreciation, Depletion and Amortization |
|
39,077 |
|
37,197 |
|
77,427 |
|
73,879 |
||||
EBITDA |
$ |
235,042 |
$ |
241,590 |
$ |
455,010 |
$ |
445,960 |
||||
Acquisition accounting and related expenses 1 |
|
1,618 |
|
1,107 |
|
1,618 |
|
4,568 |
||||
Litigation loss |
|
700 |
|
- |
|
700 |
|
- |
||||
Stock-based Compensation |
|
4,864 |
|
4,542 |
|
9,403 |
|
10,999 |
||||
Adjusted EBITDA |
$ |
242,224 |
$ |
247,239 |
$ |
466,731 |
$ |
461,527 |
||||
|
Twelve Months Ended |
||||
|
September 30, |
|
March 31, |
||
|
2024 |
|
2024 |
||
|
|
|
|||
Net Earnings, as reported |
$ |
483,599 |
$ |
477,639 |
|
Income Tax Expense |
|
140,885 |
|
140,298 |
|
Interest Expense |
|
41,212 |
|
42,257 |
|
Depreciation, Depletion and Amortization |
|
153,380 |
|
149,832 |
|
EBITDA |
$ |
819,076 |
$ |
810,026 |
|
Acquisition accounting and related expenses 1 |
|
1,618 |
|
4,568 |
|
Litigation loss |
|
700 |
|
- |
|
Stock-based Compensation |
|
18,304 |
|
19,900 |
|
Adjusted EBITDA |
$ |
839,698 |
$ |
834,494 |
|
1 Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs |
|||||
Attachment 6, continued |
Reconciliation of Net Debt to Adjusted EBITDA
|
|
As of |
As of |
|||
|
September 30, 2024 |
March 31, 2024 |
|||
|
|
|
|||
Total debt, excluding debt issuance costs |
$ |
1,082,500 |
$ |
1,102,500 |
|
Cash and cash equivalents |
|
93,909 |
|
34,925 |
|
Net Debt |
$ |
988,591 |
$ |
1,067,575 |
|
|
|
|
|||
Trailing Twelve Months Adjusted EBITDA |
$ |
839,698 |
|
834,494 |
|
Net Debt to Adjusted EBITDA |
1.2x |
1.3x |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029767506/en/
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
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What was Eagle Materials (EXP) cement sales volume in Q2 FY2025?
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