Achieved Record Annual Revenue
Made Considerable Progress on Growth
Initiatives
Maintained Flexible Capital Structure to
Support Continued Growth and Disciplined Capital Allocation
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.”
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.
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.
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-looking information 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 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; 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; interruptions in our
supply chain; inability to timely execute or realize capacity
expansions or efficiency gains from capital 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 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.
Consolidated Statement of
Earnings
(dollars in thousands, except
per share data)
(unaudited)
Quarter Ended
March 31,
Fiscal Year Ended
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
Attachment 2
Eagle Materials Inc.
Revenue and Earnings by
Business Segment
(dollars in thousands)
(unaudited)
Quarter Ended
March 31,
Fiscal Year Ended
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
Attachment 3
Eagle Materials Inc.
Sales Volume, Net Sales Prices
and Intersegment and Cement Revenue
(unaudited)
Sales Volume
Quarter Ended
March 31,
Fiscal Year Ended
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
March 31,
Fiscal Year Ended
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
(dollars in thousands)
Quarter Ended
March 31,
Fiscal Year Ended
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
Attachment 4
Eagle Materials Inc.
Consolidated Balance
Sheets
(dollars in thousands)
(unaudited)
March 31,
2025
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 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 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
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 and fiscal years ended March 31, 2025 and
2024:
Depreciation, Depletion and
Amortization
Quarter Ended
March 31,
Fiscal Year Ended
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
Attachment 6
Eagle Materials Inc.
Reconciliation of Non-GAAP
Financial Measures
(unaudited)
(dollars in thousands)
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
March 31,
Fiscal Year Ended
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 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 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 accounting and business development costs
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
March 31,
Fiscal Year Ended
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 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 accounting and 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.
Fiscal Year Ended
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250520854339/en/
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
Eagle Materials (NYSE:EXP)
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