Eagle Materials reports banner Q4
Building materials manufacturer and distributor Eagle Materials turned in a banner year for fiscal 2023.
The Dallas, Texas-based company reported net revenue in the fourth quarter increased 14% to a company record of $470.1 million.
Fourth quarter cement revenue was up 14% to $213.8 million. Concrete and Aggregates revenue was $53.1 million, for the quarter — an increase of 43% — due to higher pricing and concrete sales volume as well as the contribution of approximately $10 million from the acquired business in northern Colorado.
Light Materials revenue, including gypsum wallboard sales, increased 11% to $244.2 million. Eagle said the increase was due to higher wallboard pricing and a small increase in sales volume.
For the full year, Eagle Materials’ net revenue also hit a new company record and increased 15% to $2.1 billion.
Fiscal 2023 revenue in the heavy materials sector, which includes cement, concrete, and aggregates, rose 11% to $1.3 billion.
Net earnings for 2023 jumped ahead 23% to $461.5 million as earnings in the fourth quarter soared by 35% to $100.4 million.
Eagle Materials manufactures and distributes Portland Cement, gypsum wallboard, recycled gypsum paperboard, concrete, and aggregates from more than 70 facilities in the United States.
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The Bottom Line: Earnings move upward 35% to over $100 million in the fourth quarter as revenue hits a company record of $470.1 million.
What the CEO said: “We are pleased to announce another exceptional quarter and year at Eagle,” said Eagle President and CEO Michael Haack. “We achieved record financial results and made strong progress on all strategic priorities.”
“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,” Haack added.
Additionally, the CEO noted that Eagle Materials has released an updated Environmental and Social Disclosure Report.
“Employee health, safety and environmental stewardship remain core objectives, and we demonstrated meaningful progress in all areas over the year," Haack said.
Company Info: For the full fourth quarter and fiscal year 2023 financial report from Eagle Materials, click here.