Achieved Record Annual Revenue and
Profitability
Announced Heavy Materials Organic Growth
Initiatives
Well-Positioned Capital Structure Supports
Growth and Disciplined Capital Allocation
Eagle Materials Inc. (NYSE: EXP) today reported financial
results for fiscal year 2024 and the fiscal fourth quarter ended
March 31, 2024. 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 2024 Highlights
- Record Revenue of $2.3 billion, up 5%
- Record Net Earnings of $477.6 million, up 3%
- Record diluted earnings per share of $13.61, up 9%
- Adjusted EBITDA of $834.5 million, up 7%
- 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 1.9 million shares of Eagle’s common stock for $343
million
Fourth Quarter Fiscal 2024 Highlights
- Revenue of $476.7 million, up 1%
- Net Earnings of $77.1 million, down 23%
- Diluted earnings per share of $2.24, down 20%
- Adjusted EBITDA of $154.4 million, down 10%
- 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 388,534 shares of Eagle’s common stock for $94
million
Commenting on the annual results, Michael Haack, President and
CEO, said, “We are pleased to announce another year of superior
performance at Eagle. We achieved record financial results and made
strong progress on our strategic priorities. During the fiscal
year, we expanded gross margins by 50 bps to 30.3%, reported record
earnings per share of $13.61, generated operating cash flow of $564
million, and repurchased 1.9 million shares of our common stock for
$343 million. We also recently initiated several growth investments
in our Heavy Materials business which we expect to be in line with
our capital return standards and to strengthen our low-cost
producer position. We ended the year with debt of $1.1 billion and
a net leverage ratio (net debt to Adjusted EBITDA) of 1.3x, giving
us substantial financial flexibility that supports disciplined
capital allocation and sustainable long-term growth (Net debt is a
non-GAAP financial measure calculated by subtracting cash and cash
equivalents from debt as described in Attachment 7). Our results
and financial position reflect the talent and dedication of our
employees and our culture of continuous improvement.”
“Employee health and safety and environmental stewardship remain
paramount objectives, and we achieved milestones in these areas
over the year. Our safety performance continued to outpace the
industry average, and we had a 10% increase in hazard observation
reporting, which is the most useful leading indicator to prevent
incidents. We also increased the production and sale of blended
cement products, including Portland Limestone Cement, to 75% of our
total manufactured product sales, advancing our efforts to reduce
the carbon intensity of our cement.”
“In February 2024, we meaningfully enhanced our disclosures
related to all our environmental, health and safety initiatives.
Our updated and expanded Corporate Sustainability Report is
available on our website.”
“Recently, we announced the planned start-up this summer of a
slag-cement facility in Houston which will have a manufacturing
capacity of 500,000 tons to meet increasing demand in the
fast-growing Texas market. The slag-cement facility will be
operated through Texas Lehigh Cement Company, our 50/50 joint
venture with Heidelberg Materials. And, last week we announced a
$430 million investment to modernize and expand our Mountain Cement
facility in Wyoming, which we expect will add 500,000 tons of
production, lower the plant’s manufacturing costs by approximately
25%, and reduce the carbon intensity of the facility. The project
is scheduled to be completed in the second half of 2026.”
Mr. Haack concluded, “While in the fourth quarter both Cement
and Concrete and Aggregates results were affected by adverse
weather conditions and Cement results by increased maintenance
costs, we expect underlying fundamentals to remain solid in our
markets during fiscal 2025. Large-scale infrastructure spending and
domestic manufacturing projects should support strong demand for
cement. We also anticipate increased residential construction
activity as mortgage rates stabilize and the well-documented
housing supply shortage continues. We remain positioned to
capitalize on these market dynamics given our geographical
footprint across the U.S. heartland and fast-growing Sun Belt
region. Our financial strength and flexibility are the key factors
that should enable us to drive shareholder returns through shifting
macroeconomic cycles.”
Capital Allocation Priorities
Eagle remains dedicated to a disciplined capital allocation
process to enhance shareholder value. Our allocation priorities
remain unchanged: 1. Investing in growth opportunities that are
consistent with our strategic focus and meet our strict financial
return standards; 2. 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 $913 million
in acquisitions, $486 million in organic capital expenditures, and
$1.8 billion in share repurchases and dividends.
Segment Financial Results
Heavy Materials: Cement, Concrete and Aggregates
Fiscal 2024 revenue in the Heavy Materials sector, which
includes Cement, Concrete and Aggregates, as well as Joint Venture
and intersegment Cement revenue, was $1.5 billion, a 12% increase.
Heavy Materials annual operating earnings increased 18% to $350.8
million, primarily because of higher Cement net sales prices.
Fiscal 2024 Cement revenue, including Joint Venture and
intersegment revenue, was up 14% to $1.2 billion, and Cement
operating earnings increased 21% to $338.3 million. These increases
reflect higher Cement sales volume and net sales prices as well as
the contribution of approximately $39 million of revenue from the
Stockton Import Terminal acquired in the first quarter of the
fiscal year.
The average annual net Cement sales price for the year increased
12% to $150.99 per ton. Cement sales volume for the year was up 2%
to 7.3 million tons. Excluding the sales volume from the acquired
Stockton Import Terminal, Cement sales volume declined 2%.
Fourth quarter Cement revenue, including Joint Venture and
intersegment revenue, was up 6% to $227.6 million, reflecting
higher Cement sales prices as well as the contribution of
approximately $9 million of revenue from the Stockton Import
Terminal acquired in the first quarter of the fiscal year.
Operating earnings declined 18% to $37.3 million, reflecting lower
organic sales volume and higher operating costs, namely
approximately $7 million in maintenance costs, partially offset by
higher net sales prices. The increase in maintenance costs was a
result of our proactive approach to maintenance during a seasonally
slower quarter. The average net Cement sales price for the quarter
increased 5% to $154.59 per ton. Cement sales volume for the
quarter was up 2% to 1.3 million tons. Excluding the sales volume
from the acquired Stockton Import Terminal, Cement sales volume
declined 3%, primarily as a result of adverse weather conditions,
particularly in January.
Fiscal 2024 revenue from Concrete and Aggregates increased
slightly to $240.0 million, reflecting higher Concrete sales prices
and Aggregates sales volume as well as the contribution of
approximately $7 million from the acquired aggregates business in
Kentucky. Concrete and Aggregates reported fiscal 2024 operating
earnings of $12.4 million, down 32%, because of lower Concrete
sales volume and higher input costs primarily related to concrete
raw materials.
Fourth quarter Concrete and Aggregates revenue was $48.7
million, a decrease of 8%, due to lower Concrete sales volume.
Revenue included the contribution of approximately $1 million from
the acquired aggregates business in Kentucky. The fourth quarter
operating loss was $1.0 million, reflecting lower Concrete sales
volume due to difficult weather conditions during the quarter, most
notably in our Austin and Kansas City concrete markets.
Light Materials: Gypsum Wallboard and Paperboard
Fiscal 2024 revenue in the Light Materials sector, which
includes Gypsum Wallboard and Paperboard, decreased 4% to $941.4
million, reflecting lower Wallboard sales volume and Paperboard
pricing partially offset by record Paperboard sales volume. Gypsum
Wallboard annual sales volume was 3.0 billion square feet (BSF),
down 3% reflecting a modest slowdown in residential construction
activity, and the average Gypsum Wallboard net sales price was up
slightly to $232.75 per MSF. Paperboard annual sales volume was up
2% to 333,000 tons.
Fiscal 2024 Light Materials operating earnings were $366.2
million, a decrease of 3%, driven principally by lower Wallboard
sales volume.
Fourth quarter Light Materials revenue declined 2% to $238.6
million, reflecting lower Wallboard pricing and sales volume.
Gypsum Wallboard sales volume decreased 1% to 747 million square
feet (MMSF), while the average Gypsum Wallboard net sales price
declined 3% to $232.62 per MSF. Paperboard sales volume for the
quarter was up 8% to 86,000 tons. The average Paperboard net sales
price for the fourth quarter was $567.55 per ton, up 3%, 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 $92.2
million, a decrease of 7%, reflecting lower Wallboard sales volume
and pricing.
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 and highways and for
building and renovating residential, commercial and industrial
structures across America. Eagle manufactures and sells its
products through a network of more than 70 facilities spanning 21
states and is headquartered in Dallas, Texas. 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 21, 2024. 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; adverse weather conditions; 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 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; inability to timely
execute announced capacity expansions; 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);
possible outcomes of 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; severe weather
conditions (such as winter storms, tornados and hurricanes) and
their effects on our facilities, operations and contractual
arrangements with third parties; competition; cyber-attacks or data
security breaches; 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 result 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, 2023
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 Lines of Business 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 Lines of Business
Attachment 6 Reconciliation of Non-GAAP Financial Measures
Attachment 7 Reconciliation of Net Debt to Adjusted EBITDA
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,
2024
2023
2024
2023
Revenue
$
476,707
$
470,127
$
2,259,297
$
2,148,069
Cost of Goods Sold
357,027
334,736
1,573,976
1,508,803
Gross Profit
119,680
135,391
685,321
639,266
Equity in Earnings of Unconsolidated
JV
8,791
11,843
31,581
35,474
Corporate General and Administrative
Expenses
(17,339
)
(15,686
)
(59,795
)
(53,630
)
Other Non-Operating Income
250
1,743
3,087
2,654
Earnings Before Interest and Income
Taxes
111,382
133,291
660,194
623,764
Interest Expense, net
(9,686
)
(10,329
)
(42,257
)
(35,171
)
Earnings Before Income Taxes
101,696
122,962
617,937
588,593
Income Tax Expense
(24,597
)
(22,606
)
(140,298
)
(127,053
)
Net Earnings
$
77,099
$
100,356
$
477,639
$
461,540
NET EARNINGS PER SHARE
Basic
$
2.26
$
2.81
$
13.72
$
12.54
Diluted
$
2.24
$
2.79
$
13.61
$
12.46
AVERAGE SHARES OUTSTANDING
Basic
34,066,929
35,724,101
34,811,560
36,798,354
Diluted
34,391,722
36,012,770
35,097,871
37,052,942
Attachment 2
Eagle Materials Inc.
Revenue and Earnings by Lines
of Business
(dollars in thousands)
(unaudited)
Quarter Ended March
31,
Fiscal Year Ended March
31,
2024
2023
2024
2023
Revenue*
Heavy Materials:
Cement (Wholly Owned)
$
189,386
$
172,784
$
1,077,918
$
927,637
Concrete and Aggregates
48,721
53,109
240,012
239,516
238,107
225,893
1,317,930
1,167,153
Light Materials:
Gypsum Wallboard
210,231
219,490
839,530
872,471
Recycled Paperboard
28,369
24,744
101,837
108,445
238,600
244,234
941,367
980,916
Total Revenue
$
476,707
$
470,127
$
2,259,297
$
2,148,069
Segment Operating Earnings
Heavy Materials:
Cement (Wholly Owned)
$
28,502
$
33,477
$
306,768
$
243,288
Cement (Joint Venture)
8,791
11,843
31,581
35,474
Concrete and Aggregates
(1,033
)
2,559
12,401
18,259
36,260
47,879
350,750
297,021
Light Materials:
Gypsum Wallboard
82,911
91,335
334,536
352,499
Recycled Paperboard
9,300
8,020
31,616
25,220
92,211
99,355
366,152
377,719
Sub-total
128,471
147,234
716,902
674,740
Corporate General and Administrative
Expense
(17,339
)
(15,686
)
(59,795
)
(53,630
)
Other Non-Operating Income
250
1,743
3,087
2,654
Earnings Before Interest and Income
Taxes
$
111,382
$
133,291
$
660,194
$
623,764
*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,
2024
2023
Change
2024
2023
Change
Cement (M Tons):
Wholly Owned
1,140
1,086
+5%
6,610
6,399
+3%
Joint Venture
183
210
-13%
679
734
-7%
1,323
1,296
+2%
7,289
7,133
+2%
Concrete (M Cubic Yards)
273
335
-19%
1,328
1,545
-14%
Aggregates (M Tons)
702
576
+22%
4,064
2,909
+40%
Gypsum Wallboard (MMSFs)
747
756
-1%
2,965
3,065
-3%
Recycled Paperboard (M Tons):
Internal
35
37
-5%
145
152
-5%
External
51
43
+19%
188
174
+8%
86
80
+8%
333
326
+2%
Average Net Sales
Price*
Quarter Ended March 31,
Fiscal Year Ended March 31,
2024
2023
Change
2024
2023
Change
Cement (Ton)
$
154.59
$
147.50
+5%
$
150.99
$
134.36
+12%
Concrete (Cubic Yard)
$
148.60
$
136.51
+9%
$
145.98
$
133.34
+9%
Aggregates (Ton)
$
11.53
$
13.07
-12%
$
11.26
$
11.53
-2%
Gypsum Wallboard (MSF)
$
232.62
$
239.39
-3%
$
232.75
$
232.31
0%
Recycled Paperboard (Ton)
$
567.55
$
550.52
+3%
$
551.72
$
590.67
-7%
*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,
2024
2023
2024
2023
Intersegment Revenue:
Cement
$
8,171
$
6,544
$
35,363
$
32,915
Concrete and Aggregates
2,705
-
12,940
-
Recycled Paperboard
20,422
21,016
82,351
92,835
$
31,298
$
27,560
$
130,654
$
125,750
Cement Revenue:
Wholly Owned
$
189,386
$
172,784
$
1,077,918
$
927,637
Joint Venture
30,023
34,453
112,736
113,518
$
219,409
$
207,237
$
1,190,654
$
1,041,155
Attachment 4
Eagle Materials Inc.
Consolidated Balance
Sheets
(dollars in thousands)
(unaudited)
March 31,
2024
2023
ASSETS
Current Assets –
Cash and Cash Equivalents
$
34,925
$
15,242
Accounts and Notes Receivable, net
202,985
195,052
Inventories
373,923
291,882
Federal Income Tax Receivable
9,910
16,267
Prepaid and Other Assets
5,950
3,060
Total Current Assets
627,693
521,503
Property, Plant and Equipment, net
1,676,217
1,662,061
Investments in Joint Venture
113,478
89,111
Operating Lease Right-of-Use Assets
19,373
20,759
Notes Receivable
-
7,382
Goodwill and Intangibles
486,117
466,043
Other Assets
24,141
14,143
$
2,947,019
$
2,781,002
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Current Liabilities –
Accounts Payable
$
127,183
$
110,408
Accrued Liabilities
94,327
86,472
Current Portion of Long-Term Debt
10,000
10,000
Operating Lease Liabilities
7,899
6,009
Total Current Liabilities
239,409
212,889
Long-Term Liabilities
70,979
66,543
Bank Credit Facility
170,000
157,000
Bank Term Loan
172,500
182,500
2.500% Senior Unsecured Notes due 2031
740,799
739,532
Deferred Income Taxes
244,797
236,844
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 34,143,945 and
35,768,376 Shares,
respectively.
341
358
Capital in Excess of Par Value
-
-
Accumulated Other Comprehensive Losses
(3,373
)
(3,547
)
Retained Earnings
1,311,567
1,188,883
Total Stockholders’ Equity
1,308,535
1,185,694
$
2,947,019
$
2,781,002
Attachment 5
Eagle Materials Inc.
Depreciation, Depletion and
Amortization by Lines of Business
(dollars in thousands)
(unaudited)
The following table presents
depreciation, depletion and amortization by lines of business for
the quarters and fiscal years ended March 31, 2024 and
2023:
Depreciation, Depletion and
Amortization
Quarter Ended March 31,
Fiscal Year Ended March 31,
2024
2023
2024
2023
Cement
$
22,758
$
20,750
$
89,138
$
81,643
Concrete and Aggregates
4,877
4,459
19,728
17,413
Gypsum Wallboard
6,418
5,205
23,038
21,744
Recycled Paperboard
3,690
3,745
14,811
14,942
Corporate and Other
742
706
3,117
2,812
$
38,485
$
34,865
$
149,832
$
138,554
Attachment 6
Eagle Materials Inc.
Reconciliation of Non-GAAP
Financial Measures
(unaudited)
(dollars in thousands)
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, 2024 and 2023:
Quarter Ended
March 31,
Fiscal Year Ended
March 31,
2024
2023
2024
2023
Net Earnings, as reported
$
77,099
$
100,356
$
477,639
$
461,540
Income Tax Expense
24,597
22,606
140,298
127,053
Interest Expense
9,686
10,329
42,257
35,171
Depreciation, Depletion and
Amortization
38,485
34,865
149,832
138,554
EBITDA
$
149,867
$
168,156
$
810,026
$
762,318
Purchase accounting 1
-
-
4,568
2,067
Stock-based Compensation
4,544
3,519
19,900
17,155
Adjusted EBITDA
$
154,411
$
171,675
$
834,494
$
781,540
1 Represents the impact of purchase
accounting on inventory costs and related business development
costs
Attachment 7
Eagle Materials Inc.
Reconciliation of Net Debt to
Adjusted EBITDA
(unaudited)
(dollars in thousands)
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,
2024
2023
Total debt, excluding debt issuance
costs
$
1,102,500
$
1,099,500
Cash and cash equivalents
34,925
15,242
Net Debt
$
1,067,575
$
1,084,258
Adjusted EBITDA
834,494
781,540
Net Debt to Adjusted EBITDA
1.3x
1.4x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521605505/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 Vice President, Investor Relations, Strategy
and Corporate Development
Eagle Materials (NYSE:EXP)
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Eagle Materials (NYSE:EXP)
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부터 9월(9) 2023 으로 9월(9) 2024