Eagle Materials reports record-setting Q2 results
Eagle Materials has reported its financial results for the second quarter of fiscal 2025 ended September 30, 2024.
Highlights are listed below (all comparisons are with the prior year’s fiscal second quarter):
- Record revenue of $623.6 million.
- Net earnings of $143.5 million.
- Net earnings per diluted share of $4.26.
- Adjusted EBITDA of $242.2 million.
- Repurchased approximately 253,000 shares of Eagle’s common stock for $61 million.
- Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, Joint Venture and intersegment Cement revenue, was $418.7 million, a 2 percent decrease.
- Cement revenue for the quarter, including Joint Venture and intersegment revenue, was down 2 percent to $352.8 million.
- Concrete and Aggregates revenue decreased slightly to $65.9 million, reflecting lower Concrete and Aggregates sales volume.
- Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 5 percent to $244.1 million.
- Paperboard sales volume for the quarter was up 6 percent to 85,000 tons.
Commenting on Q2's results, Eagle Materials CEO Michael Haack 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 $624 million and increased cashflow from operations by 35 percent to $233 million. We used our strong cashflow to continue advancing our long-term growth and value-creation strategies: during the quarter, we completed a bolt-on aggregates acquisition, returned $69 million of cash to shareholders through share repurchases and dividends, and strengthened our balance sheet.”
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.”
Read more about Eagle Materials' Q2 results here.
