8-K
EAGLE MATERIALS INC (EXP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 20, 2025
Eagle Materials Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 1-12984 | 75-2520779 |
|---|---|---|
| (State or Other Jurisdiction<br> <br>of Incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
| 5960 Berkshire Ln., Suite 900<br> <br>Dallas, Texas | 75225 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (214) 432-2000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
|---|---|---|
| Common Stock, $0.01 par value | EXP | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition |
|---|
On May 20, 2025, Eagle Materials Inc., a Delaware corporation (“Eagle”), announced its results of operations for the quarter and fiscal year ended March 31, 2025. A copy of Eagle’s earnings press release announcing these results is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
|---|---|
| Exhibit<br>Number | Description |
| --- | --- |
| 99.1 | Earnings Press Release dated May 20, 2025 issued by Eagle Materials Inc. (announcing quarterly and fiscal-year-end operating results) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EAGLE MATERIALS INC. | |
|---|---|
| By: | /s/ D. Craig Kesler |
| D. Craig Kesler | |
| Executive Vice President – Finance and Administration and Chief Financial Officer |
Date: May 20, 2025
EX-99.1
EXHIBIT 99.1
| Contact at 214-432-2000<br><br><br>Michael R. Haack<br> <br>President and CEO<br><br><br>D. Craig Kesler<br> <br>Executive Vice President andCFO<br> <br>Alex Haddock<br> <br>Senior VicePresident |
|---|
News For Immediate Release
EAGLE MATERIALS ANNOUNCES FOURTH QUARTER AND
FISCAL YEAR 2025 RESULTS
Achieved Record Annual Revenue
Made Considerable Progress on Growth Initiatives
Maintained Flexible Capital Structure to Support Continued Growth and Disciplined Capital Allocation
DALLAS, TX (May 20, 2025) Eagle Materials Inc. (NYSE: EXP) today reported financial results for fiscal year 2025 and the fiscal fourth quarter ended March 31, 2025. Notable items for the fiscal year and quarter are highlighted below. (Unless otherwise noted, all comparisons are with the prior fiscal year or prior year’s fiscal fourth quarter, as applicable.)
Full Year Fiscal 2025 Highlights
| • | Record Revenue of $2.3 billion, up slightly from the prior year |
|---|---|
| • | Net Earnings of $463.4 million, down 3% |
| --- | --- |
| • | Record net earnings per diluted share of $13.77, up 1% |
| --- | --- |
| • | Adjusted net earnings per diluted share (Adjusted EPS) of $13.94, up 2% |
| --- | --- |
| • | Adjusted EPS is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in Attachment 6 |
| --- | --- |
| • | Adjusted EBITDA of $816.7 million, down 2% |
| --- | --- |
| • | 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 1.2 million shares of Eagle’s common stock for $298 million |
| --- | --- |
Fourth Quarter Fiscal 2025 Highlights
| • | Revenue of $470.2 million, down 1% |
|---|---|
| • | Net earnings of $66.5 million, down 14% |
| --- | --- |
| • | Net earnings per diluted share of $2.00, down 11% |
| --- | --- |
| • | Adjusted net earnings per diluted share (Adjusted EPS) of $2.08, down 7% |
| --- | --- |
| • | Adjusted EPS is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in Attachment 6 |
| --- | --- |
| • | Adjusted EBITDA of $141.2 million, down 9% |
| --- | --- |
| • | 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 418,000 shares of Eagle’s common stock for $97 million |
| --- | --- |
Commenting on the annual results, Michael Haack, President and CEO, said, “We are pleased to report another year of strong financial, strategic, and operational performance at Eagle. In fiscal 2025, we generated record revenue of $2.3 billion and gross profit margin of 29.8%, continued to advance our long-term growth and value-creation strategies, and achieved important milestones in employee health and safety. In addition, we returned $332 million of cash to shareholders through share repurchases and dividends and maintained our balance sheet strength, ending the year with debt of $1.2 billion and a net leverage ratio (net debt to Adjusted EBITDA) of 1.5x.” (Net debt is a non-GAAP financial measure calculated by subtracting cash and cash equivalents from debt as described in Attachment 6).
“On the strategic front, we expanded operationally within our existing geographic footprint and improved our ability to service customers in our growing markets. We completed the acquisition of two pure-play aggregates businesses – one in Kentucky and the other in Western Pennsylvania – for a combined investment of $175 million; began construction and made significant progress in expanding and modernizing our Wyoming cement plant; and started up a 500,000 ton slag-cement facility in Houston, which is operated through our Texas Lehigh Cement Company 50/50 joint venture. Last week, we announced a $330 million investment to modernize and expand our Duke, OK Gypsum Wallboard plant, which we expect will increase the annual plant capacity by 300 million square feet (mmsf), or 25%, lower the plant’s operating cost, and take advantage of our nearby, low-cost natural gypsum reserves. Construction is expected to begin soon with startup scheduled for the second half of calendar year 2027.”
“Employee health, safety, and environmental stewardship remain paramount objectives, and I’m very proud of our team’s efforts and results in these areas. In fiscal 2025, our safety performance continued to outpace the industry average, and our total recordable incident rate (TRIR) was the lowest since we began tracking this lagging indicator. More importantly, we had a 25% increase in hazard observation reporting, which is the most useful leading indicator to prevent incidents. As always, we continue to strive for zero safety incidents. We also invested in several projects that we expect will reduce the environmental impact of certain of our facilities and deliver meaningful economic benefits, most notably a project designed to reduce the water consumption of our Lawton, Oklahoma papermill by 50%.”
With respect to fourth quarter results, Mr. Haack said, “Our fourth quarter financial results reflect the impact of adverse weather on our Cement and Concrete and Aggregates businesses in the first two months of calendar 2025, with February being the most affected compared with the prior year. Fourth quarter results were also affected by higher production costs as we pulled forward the annual maintenance outage at our Texas Lehigh cement facility and experienced weather-related production interruptions at other facilities.”
Mr. Haack concluded, “Despite the recent volatility in the capital markets due to changing trade and fiscal policies, we remain optimistic about our business and focused on continuing to position Eagle for sustained performance through various economic cycles and uncertain times. Our financial strength and flexibility should continue to drive shareholder returns through shifting macroeconomic conditions.”
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Capital Allocation Priorities
Eagle seeks to maintain a disciplined capital allocation process to enhance shareholder value. Our allocation priorities remain: 1. Investing in growth opportunities that are consistent with our strategic priorities and meet our strict financial return standards; 2. Making operating capital investments to maintain and strengthen our low-cost producer position; and 3. Returning excess cash to shareholders, primarily through our share repurchase program.
Over the past five fiscal years, we have invested $388 million in acquisitions, $546 million in organic capital expenditures, and $1.8 billion in share repurchases and dividends.
Segment Financial Results
Heavy Materials: Cement,Concrete and Aggregates
Fiscal 2025 revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was down 2% to $1.4 billion, and annual operating earnings decreased 11% to $310.7 million. Both declines were due primarily to lower sales volume, which was partially offset by higher Cement net sales prices.
Fiscal 2025 Cement revenue, including Joint Venture and intersegment revenue, was down 2% to $1.2 billion, and Cement operating earnings declined 6% to $319.5 million. These declines reflect lower Cement sales volume, partially offset by higher net sales prices. While average annual net Cement sales price for the year increased 4% to $156.67 per ton, annual Cement sales volume was down 5% to 6.9 million tons.
Fourth quarter Cement revenue, including Joint Venture and intersegment revenue, was down 6% to $214.0 million, reflecting lower sales volume, partially offset by higher Cement sales prices. Operating earnings declined 26% to $27.6 million, reflecting lower sales volume and higher operating costs, namely approximately $10 million in maintenance costs, partially offset by higher net sales prices. Our Joint Venture pulled forward its annual maintenance outage from April to March this year and started up a new cement slag facility in Houston during the winter, which will extend our ability to meet the demand needs of our customers in a fast-growing market. The combined impact from the timing change of the annual outage and the commissioning costs for the new facility affected our Joint Venture results by approximately $4 million.
The average net Cement sales price for the quarter increased 2% to $157.62 per ton. Quarterly Cement sales volume was down 6% to 1.2 million tons, primarily because of adverse weather conditions, particularly in February.
Fiscal 2025 Concrete and Aggregates revenue declined 1% to $237.7 million, as a result of lower sales volume, which was partially offset by higher sales prices. The acquired aggregates businesses in Kentucky (completed in August 2024) and Western Pennsylvania (completed in January 2025) contributed approximately $11.6 million of revenue during fiscal 2025. Concrete and Aggregates reported an operating loss of $8.8 million in fiscal 2025. The loss was due to lower sales volume and the $2.5 million impact of selling acquired inventory after its markup to fair value as part of acquisition accounting.
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Fourth quarter Concrete and Aggregates revenue was $54.3 million, an increase of 12%, driven by higher Aggregates sales volume and the contribution of $6.7 million from the two acquired aggregates businesses. The fourth quarter operating loss of $9.4 million, resulted from lower Concrete sales volume due to difficult weather conditions during the quarter and the $1.9 million impact of selling acquired inventory after its markup to fair value as part of acquisition accounting.
Light Materials: Gypsum Wallboard and Recycled Paperboard
Fiscal 2025 revenue in the Light Materials sector, which includes Gypsum Wallboard and Recycled Paperboard, increased 3% to $969.2 million, driven by record Recycled Paperboard sales volume and higher Gypsum Wallboard and Recycled Paperboard net sales prices. Gypsum Wallboard annual sales volume was 3.0 billion square feet (BSF) up slightly from the prior year, and the average net sales price was up 1% to $236.04 per MSF. Recycled Paperboard annual sales volume was up 5% to 350,000 tons.
Fiscal 2025 Light Materials operating earnings were $388.8 million, an increase of 6%, driven principally by higher Gypsum Wallboard and Recycled Paperboard net sales prices and lower operating costs, namely lower energy and freight costs over the fiscal year.
Fourth quarter Light Materials revenue declined 1% to $235.2 million, reflecting lower Gypsum Wallboard sales volume, which decreased 3% to 722 million square feet (MMSF), while the average net sales price was down slightly to $231.54 per MSF. Sequentially, the Gypsum Wallboard net sales price was down 2%, primarily because of increased freight costs in the quarter.
Recycled Paperboard sales volume for the quarter was down 2% to 84,000 tons. The average Recycled Paperboard net sales price for the fourth quarter was $595.69 per ton, up 5%, consistent with the pricing provisions in our long-term sales agreements that factor in changes to input costs.
Fourth quarter operating earnings in the sector were $90.7 million, a decrease of 2%, reflecting lower Gypsum Wallboard and Recycled Paperboard sales volume.
Corporate General and Administrative Expenses
Fiscal 2025 Corporate General and Administrative Expenses increased by approximately 24% compared with the prior year. The increase was primarily related to higher information technology spending of $3.2 million for ongoing technology upgrades to our enterprise resource planning systems, and $3.8 million of costs associated with business-development and transaction-related activities, primarily related to the acquisitions of the Kentucky and Western Pennsylvania aggregates operations.
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 Eagle for making operating decisions and assessing performance.
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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. 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, highways, and residential, commercial and industrial structures across America. Headquartered in Dallas, Texas, Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states. Visit eaglematerials.com for more information.
Eagle’s senior management will conduct a conference call to discuss the financial results, forward-lookinginformation and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Tuesday, May 20, 2025. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will bearchived on the site for one year.
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Forward-Looking Statements. This press release contains forward-looking statementswithin 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 ofthe 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’sbelief 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 fromwhat 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 forour 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, naturalgas, 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 inthe cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpaymentor non-performance by any of our key customers; consolidation of our customers; interruptions in our supply chain; inability to timely execute or realize capacity expansions or efficiency gains fromcapital improvement projects; 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);changes in trade policy, including tariffs and the effects of any increases in tariffs on our business, including increases in inputs used in our facility expansion and modernization projects; possible losses or other adverse outcomes from pendingor 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 datasecurity 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 forresidential 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 ourstrategic 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 orincreases 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 orregional 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 andimpacts 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 responsesthereto 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 AnnualReport 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 andExchange 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 Companyundertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.
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, InvestorRelations, Strategy and Corporate Development
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
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Attachment 1
Eagle Materials Inc.
Consolidated Statement of Earnings
(dollars in thousands, except per share data)
(unaudited)
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 470,175 | $ | 476,707 | $ | 2,260,508 | $ | 2,259,297 | ||||
| Cost of Goods Sold | 365,563 | 357,027 | 1,587,371 | 1,573,976 | ||||||||
| Gross Profit | 104,612 | 119,680 | 673,137 | 685,321 | ||||||||
| Equity in Earnings of Unconsolidated JV | 4,417 | 8,791 | 26,396 | 31,581 | ||||||||
| Corporate General and Administrative Expenses | (19,596 | ) | (17,339 | ) | (73,942 | ) | (59,795 | ) | ||||
| Other Non-Operating Income | 1,632 | 250 | 6,420 | 3,087 | ||||||||
| Earnings Before Interest and Income Taxes | 91,065 | 111,382 | 632,011 | 660,194 | ||||||||
| Interest Expense, net | (10,067 | ) | (9,686 | ) | (40,526 | ) | (42,257 | ) | ||||
| Earnings Before Income Taxes | 80,998 | 101,696 | 591,485 | 617,937 | ||||||||
| Income Tax Expense | 14,518 | 24,597 | 128,069 | 140,298 | ||||||||
| Net Earnings | $ | 66,480 | $ | 77,099 | $ | 463,416 | $ | 477,639 | ||||
| NET EARNINGS PER SHARE | ||||||||||||
| Basic | $ | 2.01 | $ | 2.26 | $ | 13.88 | $ | 13.72 | ||||
| Diluted | $ | 2.00 | $ | 2.24 | $ | 13.77 | $ | 13.61 | ||||
| AVERAGE SHARES OUTSTANDING | ||||||||||||
| Basic | 33,025,648 | 34,066,929 | 33,378,050 | 34,811,560 | ||||||||
| Diluted | 33,264,197 | 34,391,722 | 33,646,395 | 35,097,871 |
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Attachment 2
Eagle Materials Inc.
Revenue and Earnings by Business Segment
(dollars in thousands)
(unaudited)
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue* | ||||||||||||
| Heavy Materials: | ||||||||||||
| Cement (Wholly Owned) | $ | 180,587 | $ | 189,386 | $ | 1,053,620 | $ | 1,077,918 | ||||
| Concrete and Aggregates | 54,350 | 48,721 | 237,723 | 240,012 | ||||||||
| 234,937 | 238,107 | 1,291,343 | 1,317,930 | |||||||||
| Light Materials: | ||||||||||||
| Gypsum Wallboard | 204,205 | 210,231 | 846,499 | 839,530 | ||||||||
| Recycled Paperboard | 31,033 | 28,369 | 122,666 | 101,837 | ||||||||
| 235,238 | 238,600 | 969,165 | 941,367 | |||||||||
| Total Revenue | $ | 470,175 | $ | 476,707 | $ | 2,260,508 | $ | 2,259,297 | ||||
| Segment Operating Earnings | ||||||||||||
| Heavy Materials: | ||||||||||||
| Cement (Wholly Owned) | $ | 23,218 | $ | 28,502 | $ | 293,060 | $ | 306,768 | ||||
| Cement (Joint Venture) | 4,417 | 8,791 | 26,396 | 31,581 | ||||||||
| Concrete and Aggregates | (9,353 | ) | (1,033 | ) | (8,765 | ) | 12,401 | |||||
| 18,282 | 36,260 | 310,691 | 350,750 | |||||||||
| Light Materials: | ||||||||||||
| Gypsum Wallboard | 80,254 | 82,911 | 350,764 | 334,536 | ||||||||
| Recycled Paperboard | 10,493 | 9,300 | 38,078 | 31,616 | ||||||||
| 90,747 | 92,211 | 388,842 | 366,152 | |||||||||
| Sub-total | 109,029 | 128,471 | 699,533 | 716,902 | ||||||||
| Corporate General and Administrative Expense | (19,596 | ) | (17,339 | ) | (73,942 | ) | (59,795 | ) | ||||
| Other Non-Operating Income | 1,632 | 250 | 6,420 | 3,087 | ||||||||
| Earnings Before Interest and Income Taxes | $ | 91,065 | $ | 111,382 | $ | 632,011 | $ | 660,194 | ||||
| * | Excluding Intersegment and Joint Venture Revenue listed on Attachment 3 | |||||||||||
| --- | --- |
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Attachment 3
Eagle Materials Inc.
Sales Volume, Net Sales Prices and Intersegment and Cement Revenue
(unaudited)
| Sales Volume | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | |||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||
| Cement (M Tons): | ||||||||||||||
| Wholly Owned | 1,081 | 1,140 | -5 | % | 6,237 | 6,610 | -6 | % | ||||||
| Joint Venture | 158 | 183 | -14 | % | 675 | 679 | -1 | % | ||||||
| 1,239 | 1,323 | -6 | % | 6,912 | 7,289 | -5 | % | |||||||
| Concrete (M Cubic Yards) | 246 | 273 | -10 | % | 1,235 | 1,328 | -7 | % | ||||||
| Aggregates (M Tons) | 1,183 | 702 | +69 | % | 3,854 | 4,064 | -5 | % | ||||||
| Gypsum Wallboard (MMSFs) | 722 | 747 | -3 | % | 2,968 | 2,965 | 0 | % | ||||||
| Recycled Paperboard (M Tons): | ||||||||||||||
| Internal | 31 | 35 | -11 | % | 142 | 145 | -2 | % | ||||||
| External | 53 | 51 | +4 | % | 208 | 188 | +11 | % | ||||||
| 84 | 86 | -2 | % | 350 | 333 | +5 | % | |||||||
| Average Net Sales Price* | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | |||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||
| Cement (Ton) | $ | 157.62 | $ | 154.59 | +2 | % | $ | 156.67 | $ | 150.99 | +4 | % | ||
| Concrete (Cubic Yard) | $ | 148.56 | $ | 148.60 | 0 | % | $ | 148.48 | $ | 145.98 | +2 | % | ||
| Aggregates (Ton) | $ | 13.83 | $ | 11.53 | +20 | % | $ | 13.09 | $ | 11.26 | +16 | % | ||
| Gypsum Wallboard (MSF) | $ | 231.54 | $ | 232.62 | 0 | % | $ | 236.04 | $ | 232.75 | +1 | % | ||
| Recycled Paperboard (Ton) | $ | 595.69 | $ | 567.55 | +5 | % | $ | 604.02 | $ | 551.72 | +9 | % | ||
| * | Net of freight and delivery costs billed to customers | |||||||||||||
| --- | --- | |||||||||||||
| Intersegment and Cement Revenue<br>(dollars in thousands) | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Intersegment Revenue: | ||||||||||||||
| Cement | $ | 7,051 | $ | 8,171 | $ | 36,799 | $ | 35,363 | ||||||
| Concrete and Aggregates | 1,775 | 2,705 | 13,913 | 12,940 | ||||||||||
| Recycled Paperboard | 19,516 | 20,422 | 89,058 | 82,351 | ||||||||||
| $ | 28,342 | $ | 31,298 | $ | 139,770 | $ | 130,654 | |||||||
| Cement Revenue: | ||||||||||||||
| Wholly Owned | $ | 180,587 | $ | 189,386 | $ | 1,053,620 | $ | 1,077,918 | ||||||
| Joint Venture | 26,382 | 30,023 | 110,943 | 112,736 | ||||||||||
| $ | 206,969 | $ | 219,409 | $ | 1,164,563 | $ | 1,190,654 |
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Attachment 4
Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
| 2024 | |||||
| ASSETS | |||||
| Current Assets – | |||||
| Cash and Cash Equivalents | 20,401 | $ | 34,925 | ||
| Accounts and Notes Receivable, net | 212,332 | 202,985 | |||
| Inventories | 415,175 | 373,923 | |||
| Federal Income Tax Receivable | 10,020 | 9,910 | |||
| Prepaid and Other Assets | 10,729 | 5,950 | |||
| Total Current Assets | 668,657 | 627,693 | |||
| Property, Plant and Equipment, net | 1,792,982 | 1,676,217 | |||
| Investments in Joint Venture | 140,089 | 113,478 | |||
| Operating Lease<br>Right-of-Use Assets | 29,313 | 19,373 | |||
| Goodwill and Intangibles | 595,752 | 486,117 | |||
| Other Assets | 37,795 | 24,141 | |||
| 3,264,588 | $ | 2,947,019 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current Liabilities – | |||||
| Accounts Payable | 129,895 | $ | 127,183 | ||
| Accrued Liabilities | 96,077 | 94,327 | |||
| Current Portion of Long-Term Debt | 15,000 | 10,000 | |||
| Operating Lease Liabilities | 4,032 | 7,899 | |||
| Total Current Liabilities | 245,004 | 239,409 | |||
| Long-Term Liabilities | 99,626 | 70,979 | |||
| Bank Credit Facility | 200,000 | 170,000 | |||
| Bank Term Loan | 281,250 | 172,500 | |||
| 2.500% Senior Unsecured Notes due 2031 | 742,066 | 740,799 | |||
| Deferred Income Taxes | 239,942 | 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 32,973,121<br>and 34,143,945 Shares, respectively. | 330 | 341 | |||
| Capital in Excess of Par Value | — | — | |||
| Accumulated Other Comprehensive Losses | (3,125 | ) | (3,373 | ) | |
| Retained Earnings | 1,459,495 | 1,311,567 | |||
| Total Stockholders’ Equity | 1,456,700 | 1,308,535 | |||
| 3,264,588 | $ | 2,947,019 |
All values are in US Dollars.
10
Attachment 5
Eagle Materials Inc.
Depreciation, Depletion and Amortization by Business Segment
(dollars in thousands)
(unaudited)
The following tablepresents depreciation, depletion and amortization by business segment for the quarters and fiscal years ended March 31, 2025 and 2024:
| Depreciation, Depletion and Amortization | ||||||||
|---|---|---|---|---|---|---|---|---|
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Cement | $ | 22,964 | $ | 22,758 | $ | 91,817 | $ | 89,138 |
| Concrete and Aggregates | 8,173 | 4,877 | 23,247 | 19,728 | ||||
| Gypsum Wallboard | 6,469 | 6,418 | 25,807 | 23,038 | ||||
| Recycled Paperboard | 3,700 | 3,690 | 14,782 | 14,811 | ||||
| Corporate and Other | 935 | 742 | 3,249 | 3,117 | ||||
| $ | 42,241 | $ | 38,485 | $ | 158,902 | $ | 149,832 |
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Attachment 6
Eagle Materials Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited)
(dollars inthousands)
Adjusted Earnings per Diluted Share (Adjusted EPS)
Adjusted EPS is a non-GAAP financial measure and represents net earnings per diluted share excluding the impacts from non-routine items, such as the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs and litigation losses (Non-routine Items). Management uses measures of earnings excluding the impact of Non-routine Items as a performance measure to compare operating results of the Company from period to period and for purposes of its budgeting and planning processes. Although management believes that Adjusted EPS is useful in evaluating the Company’s business, this information should be considered as supplemental in nature and is not meant to be considered in isolation, or as a substitute for, earnings per diluted share and the related financial information prepared in accordance with GAAP. In addition, our presentation of Adjusted EPS may not be the same as similarly titled measures reported by other companies, limiting its usefulness as a comparative measure. The following shows the calculation of Adjusted EPS and reconciles Adjusted EPS to net earnings per diluted share in accordance with GAAP for the quarters and fiscal years ended March 31, 2025 and 2024:
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Net Earnings, as reported | $ | 66,480 | $ | 77,099 | $ | 463,416 | $ | 477,639 | |||
| Non-routine Items: | |||||||||||
| Acquisition accounting and related expenses<br>^1^ | $ | 3,359 | $ | — | $ | 6,318 | $ | 4,568 | |||
| Litigation loss | — | — | 700 | — | |||||||
| Total Non-routine Items before Taxes | $ | 3,359 | $ | — | $ | 7,018 | $ | 4,568 | |||
| Tax Impact on Non-routine Items | (601 | ) | — | (1,523 | ) | (1,037 | ) | ||||
| After-tax Impact of<br>Non-routine Items | $ | 2,758 | $ | — | $ | 5,495 | $ | 3,531 | |||
| Adjusted Net Earnings | $ | 69,238 | $ | 77,099 | $ | 468,911 | $ | 481,170 | |||
| Diluted Average Shares Outstanding | 33,264 | 34,392 | 33,646 | 35,098 | |||||||
| Net earnings per diluted share, as reported | $ | 2.00 | $ | 2.24 | $ | 13.77 | $ | 13.61 | |||
| Adjusted net earnings per diluted share (Adjusted EPS) | $ | 2.08 | $ | 2.24 | $ | 13.94 | $ | 13.71 | |||
| ^1^ | Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition<br>accounting and business development costs | ||||||||||
| --- | --- |
12
Attachment 6, continued
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 and fiscal years ended March 31, 2025 and 2024:
| Quarter Ended<br>March 31, | Fiscal Year Ended<br>March 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Net Earnings, as reported | $ | 66,480 | $ | 77,099 | $ | 463,416 | $ | 477,639 |
| Income Tax Expense | 14,518 | 24,597 | 128,069 | 140,298 | ||||
| Interest Expense | 10,067 | 9,686 | 40,526 | 42,257 | ||||
| Depreciation, Depletion and Amortization | 42,241 | 38,485 | 158,902 | 149,832 | ||||
| EBITDA | $ | 133,306 | $ | 149,867 | $ | 790,913 | $ | 810,026 |
| Acquisition accounting and related expenses<br>^1^ | 3,359 | — | 6,318 | 4,568 | ||||
| Litigation Loss | — | — | 700 | — | ||||
| Stock-based Compensation | 4,522 | 4,544 | 18,743 | 19,900 | ||||
| Adjusted EBITDA | $ | 141,187 | $ | 154,411 | $ | 816,674 | $ | 834,494 |
| ^1^ | Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition<br>accounting and business development costs | |||||||
| --- | --- |
13
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.
| Fiscal Year Ended<br>March 31, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Total debt, excluding debt issuance costs | $ | 1,246,250 | $ | 1,102,500 |
| Cash and cash equivalents | 20,401 | 34,925 | ||
| Net Debt | $ | 1,225,849 | $ | 1,067,575 |
| Adjusted EBITDA | 816,674 | 834,494 | ||
| Net Debt to Adjusted EBITDA | 1.5x | 1.3x |
14