- Diluted net earnings per share were $3.76, down 5% due to lower earnings mostly in cement from higher operating costs, partially offset by a 3% reduction in fully diluted shares from share buybacks.
- Eagle Materials reported record first quarter revenue of $634.7 million, a 4% increase primarily driven by higher Cement and Wallboard sales volume and contributions from recently acquired aggregates businesses.
- Heavy Materials sector revenue increased 5%, with aggregate sales volume up 117% including acquisitions and 29% organically, but operating earnings declined 5% due to lower production volumes and increased raw material costs.
- Light Materials sector revenue rose 1% with higher wallboard sales volume offset by lower prices; operating earnings slightly down due to lower net sales prices partially offset by lower input costs.
- Net debt-to-capital ratio remained at 46%, net debt-to-EBITDA leverage was 1.6x, with $60 million cash on hand and $525 million total committed liquidity, and no significant near-term debt maturities.
- Operating cash flow increased 3% to $137 million, capital spending rose to $76 million mainly for modernization projects, and the company repurchased 358,000 shares for $79 million while paying $87 million in dividends.
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Dafinchi