Eagle Materials(EXP) - 2025 Q4 - Annual Results

Financial Performance - Record annual revenue of $2.3 billion, up slightly from the prior year[4] - Net earnings of $463.4 million, down 3%, with record net earnings per diluted share of $13.77, up 1%[4] - Adjusted EBITDA of $816.7 million, down 2%[4] - Fourth quarter revenue of $470.2 million, down 1%, with net earnings of $66.5 million, down 14%[4] - Fiscal 2025 revenue in the Heavy Materials sector down 2% to $1.4 billion, with operating earnings decreasing 11% to $310.7 million[9] - Fiscal 2025 revenue in the Light Materials sector increased 3% to $969.2 million, driven by higher sales volume and prices[16] - Total revenue for the quarter ended March 31, 2025, was $470.175 million, a decrease of 1.1% from $476.707 million in the same quarter of 2024[30] - Net earnings for the quarter were $66.480 million, down 13.7% from $77.099 million year-over-year[30] - The company reported a gross profit of $104.612 million for the quarter, compared to $119.680 million in the prior year, reflecting a decrease of 12.6%[30] - The total revenue for the fiscal year ended March 31, 2025, was $2.260 billion, slightly up from $2.259 billion in the previous fiscal year[30] - Adjusted EBITDA for the fiscal year ended March 31, 2025, was $816,674,000, down from $834,494,000 in 2024, a decrease of 2.1%[41] Investments and Acquisitions - Completed acquisitions of two aggregates businesses for a combined investment of $175 million[6] - Announced a $330 million investment to modernize and expand the Duke, OK Gypsum Wallboard plant, expected to increase capacity by 300 million square feet (25%)[6] Expenses and Costs - Corporate General and Administrative Expenses increased by approximately 24% due to higher IT spending and acquisition-related costs[20] - The company’s corporate general and administrative expenses increased to $19.596 million for the quarter, compared to $17.339 million in the same quarter of 2024[32] - The company incurred $3,359,000 in acquisition accounting and related expenses for the quarter ended March 31, 2025[40] Debt and Leverage - Maintained a net leverage ratio of 1.5x, ending the year with debt of $1.2 billion[5] - Total debt, excluding debt issuance costs, rose to $1,246,250,000 in 2025 from $1,102,500,000 in 2024, an increase of 13.1%[43] - Net Debt to Adjusted EBITDA ratio increased to 1.5x in 2025 from 1.3x in 2024, indicating a higher leverage position[43] Sales and Pricing - The average net sales price for cement increased by 2% to $157.62 per ton compared to $154.59 per ton in the previous year[34] - Cement sales volume decreased by 5% to 1.081 million tons for the quarter, while the total sales volume for the fiscal year decreased by 6% to 6.237 million tons[34] - Revenue from recycled paperboard increased by 9% year-over-year to $604.02 per ton for the fiscal year ended March 31, 2025[34] Assets and Equity - Total current assets increased to $668,657,000 in 2025 from $627,693,000 in 2024, representing a growth of 6.5%[36] - The company reported a total stockholders' equity of $1,456,700,000 in 2025, up from $1,308,535,000 in 2024, an increase of 11.3%[36] Cash Flow - Cash and cash equivalents decreased to $20,401,000 in 2025 from $34,925,000 in 2024, a decline of 41.5%[43] Depreciation and Amortization - Depreciation, depletion, and amortization for the quarter ended March 31, 2025, totaled $42,241,000, an increase from $38,485,000 in 2024, reflecting a rise of 9.2%[38] Interest Expense - The company’s interest expense for the fiscal year was $40.526 million, down from $42.257 million in the previous year[30] Earnings Per Share - Adjusted net earnings per diluted share (Adjusted EPS) for the fiscal year ended March 31, 2025, was $13.94, slightly up from $13.71 in 2024, an increase of 1.7%[40]