Eagle Materials Inc. reported its financial results for the second quarter and the first half of fiscal 2024, revealing a modest increase in revenue but a decline in net earnings compared to the same periods in the previous year. For the three months ended September 30, 2024, the company generated revenue of $623.6 million, a slight increase from $622.2 million in Q2 2023. However, net earnings decreased by 5% to $143.5 million from $150.6 million in the prior year. The gross profit for the quarter was $203.8 million, down from $209.0 million, reflecting a gross margin of 33%, attributed to higher operating costs and lower sales volume.
In the first half of fiscal 2024, total revenue rose to $1.23 billion, up 1% from $1.22 billion in the same period of 2023. Net earnings increased by 2% to $277.4 million, compared to $271.4 million in the previous year. The gross profit for the first half was $390.7 million, also a 1% increase from $385.0 million in 2023. Earnings per share (EPS) diluted rose to $8.19, up from $7.66.
The company’s performance was influenced by various factors across its product lines. Cement revenue for Q2 2024 decreased by 2% to $352.8 million, while gypsum wallboard revenue increased by 3% to $215.0 million. The recycled paperboard segment saw a significant revenue increase of 18% to $50.8 million. The acquisition of an aggregates operation in Battletown, Kentucky, for approximately $24.9 million contributed $1.7 million to revenue in the quarter, although it also incurred operating losses due to depreciation and amortization.
Eagle Materials also reported a significant increase in capital expenditures, totaling $99.6 million for the first half of fiscal 2024, compared to $65.5 million in the same period of 2023. This increase is primarily due to the ongoing modernization and expansion of the Mountain Cement facility.
The company’s financial position improved, with cash and cash equivalents rising to $93.9 million as of September 30, 2024, compared to $34.9 million at the end of the previous fiscal year. Total assets increased to $3.12 billion, up from $2.95 billion. The debt-to-capitalization ratio decreased to 43.1%, down from 45.7% at the end of March 2024, indicating improved leverage.
Eagle Materials continues to navigate challenges in the construction materials market, including fluctuating demand and rising operational costs, while focusing on strategic growth through acquisitions and capital investments.
About EAGLE MATERIALS INC
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