Eagle Materials(EXP) - 2026 Q2 - Quarterly Results

Financial Performance - Record revenue of $639 million for Q2 fiscal 2026, an increase from the previous year [3] - Net earnings of $137.4 million, with diluted EPS of $4.23 [6] - Gross margins at 31.3%, reflecting strong operational performance [3] - Adjusted EBITDA reached $233.3 million, indicating strong cash flow generation [6] - Earnings before interest and income taxes for the quarter were $185,836,000, down 5% from $195,965,000 in the same quarter of 2024 [23] - Adjusted EBITDA for the quarter was $233,293,000, compared to $242,224,000 in the prior year, reflecting a decrease of 4% [32] - Trailing Twelve Months Adjusted EBITDA decreased to $798,276,000 from $816,674,000 [34] Sales Performance - Cement sales volume increased by 8% to 2.2 million tons, driven by public infrastructure spending [4] - Organic aggregates sales volume surged 35%, contributing to a 24% revenue increase in the Concrete and Aggregates segment [9] - Heavy Materials revenue rose 11% to $466.5 million, supported by higher sales volume and contributions from recent acquisitions [7] - Heavy Materials revenue increased to $426,299,000, up 12% from $379,501,000 year-over-year, driven by a 9% increase in cement sales volume [26] - Cement sales volume increased by 8% to 2,196,000 tons in Q2 2025, while concrete sales volume remained flat at 347,000 cubic yards [26] - The average net sales price for cement decreased by 1% to $155.10 per ton, while the average price for aggregates increased by 13% to $14.31 per ton [26] Segment Performance - Light Materials revenue decreased by 13% to $212.6 million, primarily due to a 14% decline in Gypsum Wallboard sales volume [10] - Light Materials revenue decreased to $212,607,000, down 13% from $244,118,000, primarily due to a 14% decline in Gypsum Wallboard sales volume [23] - Segment operating earnings for Heavy Materials rose to $127,698,000, a 11% increase from $114,938,000 in the prior year [23] Shareholder Actions - The company repurchased 395,500 shares for approximately $89 million, enhancing shareholder value [6] Capital Expenditures and Investments - The company is modernizing its Mountain Cement plant and expanding its Duke, OK Gypsum Wallboard plant, positioning for future growth [5] Balance Sheet and Debt - Total current assets decreased to $671,300,000 from $730,449,000 year-over-year, primarily due to a reduction in cash and cash equivalents [29] - Total debt as of September 30, 2025, is $1,293,750,000, an increase from $1,246,250,000 as of March 31, 2025 [34] - Cash and cash equivalents increased to $35,033,000 from $20,401,000 [34] - Net Debt as of September 30, 2025, is $1,258,717,000, up from $1,225,849,000 [34] - Net Debt to Adjusted EBITDA ratio increased to 1.6x from 1.5x [34]