Record revenue of $1.9 billion, up 15%
Record EPS of $9.14, up 14%
Increase in Share Repurchase Authorization
DALLAS--(BUSINESS WIRE)--Eagle Materials Inc. (NYSE: EXP) today reported financial results for fiscal year 2022 and the fiscal fourth quarter ended March 31, 2022. 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 2022 Highlights
Fourth Quarter Fiscal 2022 Highlights
Commenting on the annual results, Michael Haack, President and CEO, said, “As we look back on another extraordinary year, I am extremely proud of our team’s ability to deliver record operating and financial results despite multiple external challenges, including transportation disruptions, supply chain constraints and, of course, continuing to navigate the COVID-19 pandemic. During the fiscal year, we expanded gross margins by 270 bps to 27.9%, reported record earnings per share of $9.14, generated operating cash flow of $517 million and repurchased nearly 4 million shares of our common stock for $590 million. Early in the year, we completed the refinancing of our capital structure, which included using cash on-hand and proceeds from a new $750 million 10-year bond with an interest rate of 2.50%, to repay existing loans. This refinancing resulted in a low-cost, long-dated capital structure with significant liquidity. At the end of the fiscal year, debt was $950 million, and our net leverage ratio (net debt to Adjusted EBITDA from Continuing Operations) was 1.4x, giving us substantial financial flexibility.”
“As we begin our new fiscal year, Eagle is well-positioned, both financially and geographically, to capitalize on the underlying demand fundamentals that are expected to support steady and sustainable construction activity growth over the near- and long-term. We expect that infrastructure investment should increase in the latter part of our fiscal year, as federal funding from the recently enacted Infrastructure Investment and Jobs Act begins in earnest. And, despite recent interest rate increases, housing demand remains strong across our geographies, outpacing the supply of homes. Nonresidential construction activity is also picking up.”
Mr. Haack concluded, “Employee health, safety and environmental stewardship remain core objectives, and we demonstrated meaningful progress in all areas over the year. Our safety performance outpaced the industry average, and we took significant steps to reduce our carbon footprint this year and over the next several years with the introduction of our new Portland Limestone Cement product. This product has lower carbon intensity than standard cement with similar performance attributes. A tremendous amount of effort went into this project, and we are beginning to realize the benefits.”
Capital Allocation Priorities
Eagle remains dedicated to a disciplined capital allocation process to enhance shareholder value. Consistent with our track record, our allocation priorities remain unchanged, as follows: 1. investing in growth opportunities that meet our strict financial return standards and are consistent with our strategic focus; 2. operating capital investments to maintain and strengthen our low-cost producer positions; and 3. returning excess cash to shareholders, primarily through our share repurchase program.
In the past three fiscal years, we have invested nearly $700 million in acquisitions, $260 million in organic capital expenditures and $956 million in share repurchases and dividends.
Increase in Authorization to Repurchase Common Stock
Eagle’s Board of Directors has authorized the repurchase of an additional 7.5 million shares of its common stock. This increase is in addition to the remaining authorized shares under the existing share repurchase authorization. The total new authorization plus remaining authorization is approximately 10.3 million shares and represents nearly 25% of Company shares outstanding. Share repurchases may be made from time to time in the open market or in privately negotiated transactions, which may include executing any or all of self-tender offers, entering into accelerated share repurchase programs with financial institutions, and making open market purchases and block trades, including plans intended to comply with the safe-harbor provided by Rule 10b5-1. Funding for such share repurchases will come from internally generated cash flow or from existing or new credit facilities.
Financial Results
Heavy Materials: Cement, Concrete and Aggregates
Fiscal 2022 revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was $1.2 billion, a 6% increase. Heavy Materials annual operating earnings increased 10% to $278.0 million primarily because of higher Cement net sales prices.
Fiscal 2022 Cement revenue, including Joint Venture and intersegment revenue, was up 7% to $1.0 billion, and Cement operating earnings increased 11% to $259.6 million. The annual revenue and earnings increases reflect higher net sales prices.
The average annual net Cement sales price for the year increased 7% to $119.13 per ton. Cement sales volume for the year was a record 7.5 million tons, up 1%.
Fourth quarter Cement revenue, including Joint Venture and intersegment revenue, was up 10% to $187.4 million. Operating earnings increased 23% to $28.4 million reflecting higher net sales prices, as well as lower operating costs. Prior-year operating expenses included a $6 million increase in energy costs primarily associated with the impact from Winter Storm Uri. The average net Cement sales price for the quarter increased 12% to $126.71 per ton. Cement sales volume for the quarter was down 2% to 1.3 million tons.
Fiscal 2022 revenue from Concrete and Aggregates increased 5% to $177.1 million driven by higher sales prices and increased Concrete volume. Concrete and Aggregates reported fiscal 2022 operating earnings of $18.5 million, down 3%, reflecting higher operating costs primarily related to diesel fuel.
Fourth quarter Concrete and Aggregates revenue was $37.2 million, an increase of 7%, due to higher pricing and improved Concrete sales volume. Fourth quarter operating earnings were $1.5 million, a 56% decrease, reflecting lower Aggregates sales volume and increased operating costs, primarily related to diesel fuel.
Light Materials: Gypsum Wallboard and Paperboard
Fiscal 2022 revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 27% to $804.1 million, reflecting improved Wallboard sales volume and pricing. Gypsum Wallboard annual sales volume was a record 2.9 billion square feet (BSF), up 3%, and the average Gypsum Wallboard net sales price increased 27% to $190.76 per MSF. Paperboard annual sales volume was also a record at 334,000 tons, up 3%.
Fiscal 2022 Gypsum Wallboard and Paperboard operating earnings were $274.1 million, an increase of 42%, driven by improved sales volume and pricing, the effects of which were partially offset by increased operating costs primarily related to recycled fiber and energy.
Fourth quarter Gypsum Wallboard and Paperboard revenue increased 32% to $220.0 million, reflecting improved Wallboard sales volume and pricing. Gypsum Wallboard sales volume increased 6% to 750 million square feet (MMSF), while the average Gypsum Wallboard net sales price increased 27% to $204.20 per MSF.
Paperboard sales volume for the quarter was the same as the prior year at 82,000 tons. The average Paperboard net sales price for the fourth quarter was $628.96 per ton, up 31%, consistent with the pricing provisions in our long-term sales agreements.
Fourth quarter operating earnings in the sector were $77.0 million, an increase of 47%, reflecting improved Wallboard sales volume and pricing as well as higher Paperboard 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.
On September 18, 2020, the Company sold its Oil and Gas Proppants business to Smart Sand, Inc. The prior-year financial results of the Oil and Gas Proppants segment have been classified as Discontinued Operations on the Consolidated Statement of Earnings. The assets and liabilities of the Oil and Gas Proppants segment have been reflected on separate lines for Discontinued Operations on the Balance Sheet.
About Eagle Materials Inc.
Eagle Materials Inc. manufactures and distributes Portland Cement, Gypsum Wallboard, Recycled Gypsum Paperboard, and Concrete and Aggregates from more than 70 facilities across the US. Eagle’s corporate headquarters is in Dallas, Texas.
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 Thursday, May 19, 2022. 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 statement and generally arise when the Company is discussing its beliefs, estimates or expectations. 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; 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; availability of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil, and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (such as fluctuations in 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; 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; announced 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; and interest rates. 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) and the cost of our raw materials could 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, 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 economic conditions, capital and financial markets. Any resurgence of the COVID-19 pandemic and responses thereto may disrupt our business operations or have an adverse effect on demand for our products. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021 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 Consolidated Statement of Earnings Attachment 2 Revenue and Earnings by Lines of Business Attachment 3 Sales Volume, 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 EBITDA and Adjusted EBITDA 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
|
|
Fiscal Year Ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|||||||||
Revenue |
$ |
413,117 |
|
|
$ | 343,302 |
|
|
$ |
1,861,522 |
|
|
$ |
1,622,642 |
|
|
|
|
|
|
|
|
|||||||||
Cost of Goods Sold |
|
313,941 |
|
|
273,472 |
|
|
|
1,341,908 |
|
|
|
1,214,287 |
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit |
|
99,176 |
|
|
69,830 |
|
|
|
519,614 |
|
|
|
408,355 |
|
|
|
|
|
|
|
|
|
|||||||||
Equity in Earnings of Unconsolidated JV |
|
7,703 |
|
|
8,985 |
|
|
|
32,488 |
|
|
|
37,441 |
|
|
Corporate General and Administrative Expenses |
|
(13,815 |
) |
|
(9,286 |
) |
|
|
(46,801 |
) |
|
|
(49,511 |
) |
|
Loss on Early Retirement of Senior Notes |
|
- |
|
|
- |
|
|
|
(8,407 |
) |
|
|
- |
|
|
Gain on Sale of Businesses |
|
- |
|
|
- |
|
|
|
- |
|
|
|
51,973 |
|
|
Other Non-Operating Income |
|
3,132 |
|
|
18,376 |
|
|
|
9,073 |
|
|
|
20,274 |
|
|
|
|
|
|
|
|
|
|||||||||
Earnings from Continuing Operations before Interest and Income Taxes |
|
96,196 |
|
|
87,905 |
|
|
|
505,967 |
|
|
|
468,532 |
|
|
Interest Expense, net |
|
(5,982 |
) |
|
(8,463 |
) |
|
|
(30,873 |
) |
|
|
(44,420 |
) |
|
|
|
|
|
|
|
|
|||||||||
Earnings from Continuing Operations before Income Taxes |
|
90,214 |
|
|
79,442 |
|
|
|
475,094 |
|
|
|
424,112 |
|
|
Income Tax Expense |
|
(15,898 |
) |
|
(13,431 |
) |
|
|
(100,847 |
) |
|
|
(89,946 |
) |
|
|
|
|
|
|
|
|
|||||||||
Net Earnings from Continuing Operations |
$ |
74,316 |
|
|
$ | 66,011 |
|
|
$ |
374,247 |
|
|
$ |
334,166 |
|
|
|
|
|
|
|
|
|||||||||
Earnings from Discontinued Operations, net of tax |
|
- |
|
|
- |
|
|
|
- |
|
|
|
5,278 |
|
|
|
|
|
|
|
|
|
|||||||||
Net Earnings |
$ |
74,316 |
|
|
$ | 66,011 |
|
|
$ |
374,247 |
|
|
$ |
339,444 |
|
|
|
|
|
|
|
|
|||||||||
BASIC EARNINGS PER SHARE |
|
|
|
|
|
|
|||||||||
Continuing Operations |
$ |
1.91 |
|
|
$ | 1.58 |
|
|
$ |
9.23 |
|
|
$ |
8.04 |
|
Discontinued Operations |
|
- |
|
|
- |
|
|
|
- |
|
|
|
0.13 |
|
|
Net Earnings |
$ |
1.91 |
|
|
$ | 1.58 |
|
|
$ |
9.23 |
|
|
$ |
8.17 |
|
|
|
|
|
|
|
|
|||||||||
DILUTED EARNINGS PER SHARE |
|
|
|
|
|
|
|||||||||
Continuing Operations |
$ |
1.90 |
|
|
$ | 1.56 |
|
|
$ |
9.14 |
|
|
$ |
7.99 |
|
Discontinued Operations |
|
- |
|
|
- |
|
|
|
- |
|
|
|
0.13 |
|
|
Net Earnings |
$ |
1.90 |
|
|
$ | 1.56 |
|
|
$ |
9.14 |
|
|
$ |
8.12 |
|
|
|
|
|
|
|
|
|||||||||
AVERAGE SHARES OUTSTANDING |
|
|
|
||||||||||||
Basic |
|
38,867,550 |
|
41,821,935 |
|
|
40,547,048 |
|
|
41,543,067 |
|
||||
Diluted |
|
39,208,296 |
|
42,264,279 |
|
|
40,929,712 |
|
|
41,826,709 |
|
||||
Attachment 2 |
|||||||||||||||
Eagle Materials Inc. Revenue and Earnings by Lines of Business (dollars in thousands) (unaudited) |
|||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenue* |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Heavy Materials: |
|
|
|
|
|
|
|
||||||||
Cement (Wholly Owned) |
$ |
155,926 |
|
|
$ |
142,080 |
|
|
$ |
880,280 |
|
|
$ |
818,503 |
|
Concrete and Aggregates |
|
37,234 |
|
|
|
34,809 |
|
|
|
177,122 |
|
|
|
168,723 |
|
|
|
193,160 |
|
|
|
176,889 |
|
|
|
1,057,402 |
|
|
|
987,226 |
|
|
|
|
|
|
|
|
|
||||||||
Light Materials: |
|
|
|
|
|
|
|
||||||||
Gypsum Wallboard |
|
189,316 |
|
|
|
141,991 |
|
|
|
692,152 |
|
|
|
539,009 |
|
Gypsum Paperboard |
|
30,641 |
|
|
|
24,422 |
|
|
|
111,968 |
|
|
|
96,407 |
|
|
|
219,957 |
|
|
|
166,413 |
|
|
|
804,120 |
|
|
|
635,416 |
|
|
|
|
|
|
|
|
|
||||||||
Total Revenue |
$ |
413,117 |
|
|
$ |
343,302 |
|
|
$ |
1,861,522 |
|
|
$ |
1,622,642 |
|
|
|||||||||||||||
Segment Operating Earnings |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
Heavy Materials: |
|
|
|
|
|
||||||||||
Cement (Wholly Owned) |
$ |
20,720 |
|
|
$ | 14,170 |
$ |
227,068 |
|
|
$ |
196,516 |
|
||
Cement (Joint Venture) |
|
7,703 |
|
|
8,985 |
|
32,488 |
|
|
|
37,441 |
|
|||
Concrete and Aggregates |
|
1,469 |
|
|
3,306 |
|
18,467 |
|
|
|
19,054 |
|
|||
|
|
29,892 |
|
|
26,461 |
|
278,023 |
|
|
|
253,011 |
|
|||
|
|
|
|
|
|
|
|||||||||
Light Materials: |
|
|
|
|
|
|
|||||||||
Gypsum Wallboard |
|
71,051 |
|
|
47,613 |
|
261,476 |
|
|
|
167,336 |
|
|||
Gypsum Paperboard |
|
5,936 |
|
|
4,741 |
|
12,603 |
|
|
|
25,449 |
|
|||
|
|
76,987 |
|
|
52,354 |
|
274,079 |
|
|
|
192,785 |
|
|||
|
|
|
|
|
|
|
|||||||||
Sub-total |
|
106,879 |
|
|
78,815 |
|
552,102 |
|
|
|
445,796 |
|
|||
|
|
|
|
|
|
|
|||||||||
Corporate General and Administrative Expense |
|
(13,815 |
) |
|
(9,286 |
) |
|
(46,801 |
) |
|
|
(49,511 |
) |
||
Gain on Sale of Businesses |
|
- |
|
|
- |
|
- |
|
|
|
51,973 |
|
|||
Loss on Early Retirement of Senior Notes |
|
- |
|
|
- |
|
(8,407 |
) |
|
|
- |
|
|||
Other Non-Operating Income |
|
3,132 |
|
|
18,376 |
|
9,073 |
|
|
|
20,274 |
|
|||
|
|
|
|
|
|
|
|||||||||
Earnings from Continuing Operations before Interest and Income Taxes |
$ |
96,196 |
|
|
$ | 87,905 |
$ |
505,967 |
|
|
$ |
468,532 |
|
||
*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, |
||||||||
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
Cement (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned |
1,128 |
|
1,147 |
|
-2% |
|
6,711 |
|
6,576 |
|
+2% |
Joint Venture |
209 |
|
212 |
|
-1% |
|
823 |
|
890 |
|
-8% |
|
1,337 |
|
1,359 |
|
-2% |
|
7,534 |
|
7,466 |
|
+1% |
|
|
|
|
|
|
|
|
|
|
|
|
Concrete (M Cubic Yards) |
270 |
|
268 |
|
+1% |
|
1,333 |
|
1,300 |
|
+3% |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates (M Tons) |
342 |
|
423 |
|
-19% |
|
1,525 |
|
1,956 |
|
-22% |
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MMSFs) |
750 |
|
706 |
|
+6% |
|
2,944 |
|
2,857 |
|
+3% |
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
Internal |
35 |
|
34 |
|
+3% |
|
144 |
|
135 |
|
+7% |
External |
47 |
|
48 |
|
-2% |
|
190 |
|
190 |
|
0% |
|
82 |
|
82 |
|
0% |
|
334 |
|
325 |
|
+3% |
|
Average Net Sales Price* |
||||||||||||||
|
Quarter Ended March 31, |
|
Fiscal Year Ended March 31, |
||||||||||||
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cement (Ton) |
$ |
126.71 |
|
$ |
112.77 |
|
+12% |
|
$ |
119.13 |
|
$ |
111.19 |
|
+7% |
Concrete (Cubic Yard) |
$ |
124.13 |
|
$ |
115.30 |
|
+8% |
|
$ |
120.97 |
|
$ |
115.59 |
|
+5% |
Aggregates (Ton) |
$ |
11.12 |
|
$ |
9.39 |
|
+18% |
|
$ |
10.45 |
|
$ |
9.51 |
|
+10% |
Gypsum Wallboard (MSF) |
$ |
204.20 |
|
$ |
161.07 |
|
+27% |
|
$ |
190.76 |
|
$ |
149.62 |
|
+27% |
Paperboard (Ton) |
$ |
628.96 |
|
$ |
481.40 |
|
+31% |
|
$ |
558.28 |
|
$ |
486.15 |
|
+15% |
*Net of freight and delivery costs billed to customers |
|
Intersegment and Cement Revenue (dollars in thousands) |
||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Intersegment Revenue: |
|
|
|
|
|
|
|
||||
Cement |
$ |
4,558 |
|
$ |
3,323 |
|
$ |
22,915 |
|
$ |
20,862 |
Concrete and Aggregates |
|
- |
|
|
- |
|
|
- |
|
|
106 |
Paperboard |
|
22,585 |
|
|
16,668 |
|
|
82,086 |
|
|
67,100 |
|
$ |
27,143 |
|
$ |
19,991 |
|
$ |
105,001 |
|
$ |
88,068 |
|
|
|
|
|
|
|
|
||||
Cement Revenue: |
|
|
|
|
|
|
|
||||
Wholly Owned |
$ |
155,926 |
|
$ |
142,080 |
|
$ |
880,280 |
|
$ |
818,503 |
Joint Venture |
|
26,876 |
|
|
25,588 |
|
|
103,899 |
|
|
105,191 |
|
$ |
182,802 |
|
$ |
167,668 |
|
$ |
984,179 |
|
$ |
923,694 |
Attachment 4 |
||||||||
Eagle Materials Inc. Consolidated Balance Sheets (dollars in thousands) (unaudited) |
||||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
ASSETS |
|
|
|
|
|
|||
Current Assets – |
|
|
|
|
|
|||
|
Cash and Cash Equivalents |
$ |
19,416 |
|
|
$ |
263,520 |
|
|
Restricted Cash |
|
- |
|
|
|
5,000 |
|
|
Accounts and Notes Receivable, net |
|
176,276 |
|
|
|
147,133 |
|
|
Inventories |
|
236,661 |
|
|
|
235,749 |
|
|
Federal Income Tax Receivable |
|
7,202 |
|
|
|
2,838 |
|
|
Prepaid and Other Assets |
|
3,172 |
|
|
|
7,449 |
|
|
Current Assets of Discontinued Operations |
|
- |
|
|
|
- |
|
|
Total Current Assets |
|
442,727 |
|
|
|
661,689 |
|
|
|
|
|
|
|
|||
Property, Plant and Equipment, net |
|
1,616,539 |
|
|
|
1,659,100 |
|
|
Investments in Joint Venture |
|
80,637 |
|
|
|
75,399 |
|
|
Operating Lease Right of Use Asset |
|
23,856 |
|
|
|
25,811 |
|
|
Notes Receivable |
|
8,485 |
|
|
|
8,419 |
|
|
Goodwill and Intangibles |
|
387,898 |
|
|
|
392,315 |
|
|
Other Assets |
|
19,510 |
|
|
|
15,948 |
|
|
|
$ |
2,579,652 |
|
|
$ |
2,838,681 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|||
Current Liabilities – |
|
|
|
|
|
|||
|
Accounts Payable |
$ |
113,679 |
|
|
$ |
84,171 |
|
|
Accrued Liabilities |
|
86,754 |
|
|
|
78,840 |
|
|
Operating Lease Liabilities |
|
7,118 |
|
|
|
6,343 |
|
|
Total Current Liabilities |
|
207,551 |
|
|
|
169,354 |
|
|
|
|
|
|
|
|||
Long-term Liabilities |
|
67,911 |
|
|
|
75,735 |
|
|
Bank Credit Facility |
|
200,000 |
|
|
|
- |
|
|
Bank Term Loan |
|
- |
|
|
|
662,186 |
|
|
2.500% Senior Unsecured Notes due 2031 |
|
738,265 |
|
|
|
- |
|
|
4.500% Senior Unsecured Notes due 2026 |
|
- |
|
|
|
346,430 |
|
|
Deferred Income Taxes |
|
232,369 |
|
|
|
225,986 |
|
|
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 38,710,929 and 42,370,878 Shares, respectively. |
|
387 |
|
|
|
424 |
|
Capital in Excess of Par Value |
|
- |
|
|
|
62,497 |
|
|
Accumulated Other Comprehensive Losses |
|
(3,175 |
) |
|
|
(3,440 |
) |
|
Retained Earnings |
|
1,136,344 |
|
|
|
1,299,509 |
|
|
|
Total Stockholders’ Equity |
|
1,133,556 |
|
|
|
1,358,990 |
|
|
$ |
2,579,652 |
|
|
$ |
2,838,681 |
|
|
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, 2022 and 2021: |
|||||||||||
|
Depreciation, Depletion and Amortization |
||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
|
|
|
|
|
|
|
||||
Cement |
$ |
20,077 |
|
$ |
19,686 |
|
$ |
79,560 |
|
$ |
77,524 |
Concrete and Aggregates |
|
2,314 |
|
|
2,697 |
|
|
9,656 |
|
|
10,807 |
Gypsum Wallboard |
|
5,546 |
|
|
5,445 |
|
|
22,024 |
|
|
21,646 |
Paperboard |
|
3,705 |
|
|
3,708 |
|
|
14,721 |
|
|
13,913 |
Corporate and Other |
|
691 |
|
|
1,272 |
|
|
2,850 |
|
|
4,976 |
|
$ |
32,333 |
|
$ |
32,808 |
|
$ |
128,811 |
|
$ |
128,866 |
|
|
|
|
|
|
|
|
Attachment 6 |
||||||||||||
Eagle Materials Inc. Reconciliation of EBITDA and Adjusted EBITDA (unaudited) (dollars in thousands) |
||||||||||||
We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA from Continuing Operations) and Adjusted EBITDA from Continuing Operations to provide more consistent comparison of operating performance from period to period. EBITDA from Continuing Operations 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 from Continuing Operations is also a non-GAAP financial measure that excludes the impact from non-routine items, such as impairment losses, business development costs and gains on sale of businesses (Non-routine Items) and stock-based compensation. Management uses EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations 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 from Continuing Operations may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA from Continuing Operations in the same manner. Neither EBITDA from Continuing Operations nor Adjusted EBITDA from Continuing Operations 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 from Continuing Operations and Adjusted EBITDA from Continuing Operations and reconciles them to net earnings in accordance with GAAP for the quarters and fiscal years ended March 31, 2022 and 2021: |
||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||
|
2022 |
2021 |
|
2022 |
2021 |
|||||||
|
|
|
|
|
|
|||||||
Net Earnings, as reported |
$ |
74,316 |
$ |
66,011 |
|
$ |
374,247 |
$ |
339,444 |
|
||
(Earnings) Loss from Discontinued Operations |
|
- |
|
- |
|
|
- |
|
(5,278 |
) |
||
Income Tax Expense |
|
15,898 |
|
13,431 |
|
|
100,847 |
|
89,946 |
|
||
Interest Expense |
|
5,982 |
|
8,463 |
|
|
30,873 |
|
44,420 |
|
||
Depreciation, Depletion and Amortization |
|
32,333 |
|
32,808 |
|
|
128,811 |
|
128,866 |
|
||
EBITDA from Continuing Operations |
$ |
128,529 |
$ |
120,713 |
|
$ |
634,778 |
$ |
597,398 |
|
||
Gain on Sale of Businesses |
|
- |
|
- |
|
|
- |
|
(51,973 |
) |
||
Business Development Costs 1 |
|
- |
|
- |
|
|
- |
|
6,575 |
|
||
Kosmos purchase accounting 2 |
|
- |
|
- |
|
|
- |
|
3,700 |
|
||
Loss on early Retirement of Senior Notes |
|
- |
|
- |
|
|
8,407 |
|
- |
|
||
Stock-based Compensation |
|
3,627 |
|
3,236 |
|
|
14,264 |
|
15,293 |
|
||
Adjusted EBITDA from Continuing Operations |
$ |
132,156 |
$ |
123,949 |
|
$ |
657,449 |
$ |
570,993 |
|
||
1 Represents non-routine expenses associated with acquisitions and separation costs 2 Represents the impact of purchase accounting on inventory 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 cash flow or liquidity measures 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 from Continuing Operations,” which it defines as Net Debt divided by Adjusted EBITDA from Continuing Operations for the trailing twelve months, as a metric of its current 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
|
||||
|
2022 |
2021 |
|||
|
|
|
|||
Total debt, excluding debt issuance costs |
$ |
950,000 |
$ |
1,015,000 |
|
Cash and cash equivalents |
|
19,416 |
|
263,520 |
|
Net Debt |
$ |
930,584 |
$ |
751,480 |
|
|
|
|
|||
Adjusted EBITDA from Continuing Operations |
|
657,449 |
|
570,993 |
|
Net Debt to Adjusted EBITDA from Continuing Operations |
1.4x |
1.3x |
Рекордный доход в размере 1,9 миллиарда долларов, увеличившись на 15%
Рекордная прибыль на акцию составила $9,14, увеличившись на 14%
Увеличение Разрешения на выкуп акций
ДАЛЛАС--(BUSINESS WIRE)--Eagle Materials Inc. (NYSE: EXP) сегодня сообщила о финансовых результатах за 2022 финансовый год и четвертый финансовый квартал, закончившийся 31 марта 2022 года. Основные статьи за финансовый год и квартал выделены ниже. (Если не указано иное, все сравнения проводятся с предыдущим финансовым годом или четвертым финансовым кварталом предыдущего года, в зависимости от обстоятельств.)
Основные моменты за Весь 2022 финансовый год
Основные моменты Четвертого квартала 2022 финансового года
Комментируя годовые результаты, Майкл Хаак, президент и главный исполнительный директор, сказал: “Оглядываясь назад на еще один выдающийся год, я чрезвычайно горжусь способностью нашей команды добиваться рекордных операционных и финансовых результатов, несмотря на многочисленные внешние проблемы, включая перебои в транспортировке, ограничения в цепочке поставок и, конечно же, продолжающиеся ориентируйтесь в условиях пандемии COVID-19. В течение финансового года мы увеличили валовую прибыль на 270 базисных пунктов до 27,9%, сообщили о рекордной прибыли на акцию в размере 9,14 доллара, сгенерировали операционный денежный поток в размере 517 миллионов долларов и выкупили почти 4 миллиона наших обыкновенных акций за 590 миллионов долларов. В начале года мы завершили рефинансирование нашей структуры капитала, которое включало использование наличных денежных средств и поступлений от новых 10-летних облигаций на сумму 750 миллионов долларов США с процентной ставкой 2,50% для погашения существующих кредитов. Это рефинансирование привело к созданию недорогой, долгосрочной структуры капитала со значительной ликвидностью. На конец финансового года долг составлял 950 миллионов долларов, а наш коэффициент чистого левереджа (чистый долг к скорректированной EBITDA от продолжающейся деятельности) составлял 1,4 x, что дает нам значительную финансовую гибкость”.
“Поскольку мы начинаем наш новый финансовый год, Eagle имеет хорошие позиции, как финансовые, так и географические, чтобы извлечь выгоду из основных факторов спроса, которые, как ожидается, будут поддерживать устойчивый и устойчивый рост строительной активности в ближайшей и долгосрочной перспективе. Мы ожидаем, что инвестиции в инфраструктуру должны увеличиться во второй половине нашего финансового года, поскольку федеральное финансирование в соответствии с недавно принятым Законом об инвестициях в инфраструктуру и создании рабочих мест начинается всерьез. И, несмотря на недавнее повышение процентных ставок, спрос на жилье остается высоким во всех регионах нашей страны, опережая предложение домов. Активность в сфере нежилого строительства также набирает обороты”.
Г-н Хаак заключил: “Здоровье, безопасность и охрана окружающей среды сотрудников остаются основными целями, и за год мы продемонстрировали значительный прогресс во всех областях. Наши показатели безопасности превзошли средние показатели по отрасли, и мы предприняли значительные шаги по сокращению нашего углеродного следа в этом году и в течение следующих нескольких лет с внедрением нашего нового продукта из портландцементного известняка. Этот продукт имеет более низкую углеродоемкость, чем стандартный цемент с аналогичными эксплуатационными характеристиками. В этот проект было вложено огромное количество усилий, и мы начинаем осознавать его преимущества”.
Приоритеты распределения капитала
Eagle по-прежнему привержена дисциплинированному процессу распределения капитала для повышения акционерной стоимости. В соответствии с нашим послужным списком, наши приоритеты распределения остаются неизменными, а именно: 1. инвестирование в возможности роста, которые соответствуют нашим строгим стандартам финансовой доходности и соответствуют нашей стратегической направленности; 2. инвестиции в операционный капитал для поддержания и укрепления позиций наших производителей с низкими издержками; и 3. возврат избыточных денежных средств акционерам, в первую очередь через нашу программу обратного выкупа акций.
За последние три финансовых года мы инвестировали почти 700 миллионов долларов в приобретения, 260 миллионов долларов в органические капитальные затраты и 956 миллионов долларов в выкуп акций и выплату дивидендов.
Увеличение разрешения на выкуп обыкновенных акций
Совет директоров Eagle санкционировал выкуп дополнительных 7,5 миллионов обыкновенных акций компании. Это увеличение является дополнением к оставшимся объявленным акциям в соответствии с действующим разрешением на выкуп акций. Общая сумма новых разрешений плюс оставшихся разрешений составляет примерно 10,3 миллиона акций и составляет почти 25% акций Компании в обращении. Выкуп акций может осуществляться время от времени на открытом рынке или в рамках сделок, заключенных в частном порядке, которые могут включать выполнение любых или всех предложений о проведении самостоятельных торгов, участие в программах ускоренного выкупа акций с финансовыми учреждениями, а также совершение покупок на открытом рынке и блокирование сделок, включая планы, направленные на соблюдение правил безопасного-гавань, предусмотренная Правилом 10b5-1. Финансирование таких выкупов акций будет осуществляться за счет внутренних денежных потоков или за счет существующих или новых кредитных линий.
Финансовые результаты
Тяжелые материалы: Цемент, Бетон и Заполнители
Выручка в секторе тяжелых материалов за 2022 финансовый год, которая включает Цемент, Бетон и Заполнители, а также доходы от совместных предприятий и межсегментного цемента, составила 1,2 миллиарда долларов, увеличившись на 6%. Годовая операционная прибыль Heavy Materials увеличилась на 10% до 278,0 млн долларов США в основном из-за более высоких чистых цен реализации цемента.
Выручка от продажи цемента в 2022 финансовом году, включая выручку от совместных предприятий и межотраслевых операций, выросла на 7% до 1,0 млрд долларов, а операционная прибыль от продажи цемента увеличилась на 11% до 259,6 млн долларов. Ежегодный рост выручки и прибыли отражает более высокие чистые цены реализации.
Среднегодовая чистая цена реализации цемента за год выросла на 7% и составила 119,13 доллара за тонну. Объем продаж цемента за год составил рекордные 7,5 млн тонн, увеличившись на 1%.
Выручка от продажи цемента в четвертом квартале, включая выручку от совместных предприятий и межотраслевых операций, выросла на 10% до 187,4 млн долларов. Операционная прибыль увеличилась на 23% до 28,4 млн долларов США, что отражает более высокие чистые цены реализации, а также более низкие операционные расходы. Операционные расходы предыдущего года включали увеличение затрат на электроэнергию на 6 миллионов долларов, в основном связанное с воздействием зимнего шторма Uri. Средняя чистая цена продажи цемента за квартал выросла на 12% до 126,71 доллара за тонну. Объем продаж цемента за квартал снизился на 2% до 1,3 млн тонн.
Выручка от продажи бетона и заполнителей в 2022 финансовом году увеличилась на 5% до 177,1 млн долларов США благодаря более высоким ценам продаж и увеличению объема бетона. Concrete and Aggregates сообщила об операционной прибыли за 2022 финансовый год в размере 18,5 млн долларов, что на 3% меньше, что отражает более высокие эксплуатационные расходы, в основном связанные с дизельным топливом.
Выручка от продажи бетона и заполнителей в четвертом квартале составила 37,2 млн долларов, увеличившись на 7% из-за более высоких цен и увеличения объема продаж бетона. Операционная прибыль в четвертом квартале составила 1,5 млн долларов, что на 56% меньше, что отражает снижение объема продаж агрегатов и увеличение операционных расходов, в первую очередь связанных с дизельным топливом.
Легкие материалы: Гипсокартон и Картон
Выручка в секторе легких материалов в 2022 финансовом году, которая включает гипсокартон и картон, увеличилась на 27% до 804,1 млн долларов, что отражает улучшение объема продаж и ценообразования на стеновые панели. Годовой объем продаж гипсокартона составил рекордные 2,9 миллиарда квадратных футов (BSF), увеличившись на 3%, а средняя чистая цена продажи гипсокартона увеличилась на 27% до 190,76 доллара за MSF. Годовой объем продаж картона также стал рекордным и составил 334 000 тонн, увеличившись на 3%.
Операционная прибыль гипсокартона и картона в 2022 финансовом году составила 274,1 млн долларов, увеличившись на 42%, что обусловлено увеличением объема продаж и ценообразования, последствия которого были частично компенсированы увеличением операционных расходов, в основном связанных с переработанным волокном и энергией.
Выручка от производства гипсокартона и картона в четвертом квартале увеличилась на 32% до 220,0 млн долларов, что отражает увеличение объема продаж и цен на гипсокартон. Объем продаж гипсокартона увеличился на 6% до 750 миллионов квадратных футов (MMSF), в то время как средняя чистая цена продажи гипсокартона увеличилась на 27% до 204,20 долларов США за MSF.
Объем продаж картона за квартал остался таким же, как и в предыдущем году, и составил 82 000 тонн. Средняя чистая цена продажи картона в четвертом квартале составила 628,96 доллара за тонну, что на 31% больше, что соответствует ценовым положениям наших долгосрочных соглашений о продажах.
Операционная прибыль в четвертом квартале в этом секторе составила 77,0 млн долларов, увеличившись на 47%, что отражает увеличение объема продаж и цен на стеновые панели, а также более высокие цены на картон.
Подробная информация о финансовых результатах
Мы осуществляем одну из операций нашего цементного завода через совместное предприятие 50/50, Texas Lehigh Cement Company LP (Совместное предприятие). Мы используем метод долевого участия для учета нашей 50%-ной доли участия в Совместном предприятии. Только для целей сегментной отчетности мы пропорционально консолидируем нашу 50%-ную долю выручки и операционной прибыли Совместного предприятия, что согласуется с тем, как руководство организует сегменты в Eagle для принятия операционных решений и оценки эффективности.
Кроме того, для целей сегментной отчетности мы сообщаем о межсегментной выручке как о части общей выручки сегмента. Межсегментные продажи исключаются из Консолидированного отчета о прибылях и убытках. Сверка этих сумм приведена в Приложении 3.
18 сентября 2020 года Компания продала свой бизнес по производству проппантов для нефти и газа компании Smart Sand, Inc. Финансовые результаты сегмента Нефтегазовых проппантов за предыдущий год были классифицированы в Консолидированном отчете о прибылях и убытках как Прекращенная деятельность. Активы и обязательства сегмента Нефтегазовых проппантов были отражены в Балансе отдельными строками для Прекращенной деятельности.
О компании Eagle Materials Inc.
Eagle Materials Inc. производит и распространяет Портландцемент, Гипсокартон, Переработанный Гипсокартон, а также Бетон и Заполнители с более чем 70 предприятий по всей территории США. Штаб-квартира корпорации Eagle находится в Далласе, штат Техас.
Высшее руководство Eagle проведет телефонную конференцию для обсуждения финансовых результатов, прогнозной информации и других вопросов в 8:30 утра по восточному времени (7:30 утра по центральному времени) в четверг, 19 мая 2022 года. Селекторное совещание будет транслироваться в Интернете на веб-сайте Eagle, eaglematerials.com . Воспроизведение веб-трансляции и презентации будет храниться на сайте в течение одного года.
Прогнозные Заявления. Настоящий пресс-релиз содержит прогнозные заявления по смыслу Раздела 27A Закона о ценных бумагах 1933 года, Раздела 21E Закона о биржах ценных бумаг 1934 года и Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Заявления прогнозного характера могут быть идентифицированы по контексту заявления и обычно возникают, когда Компания обсуждает свои убеждения, оценки или ожидания. Эти заявления не являются историческими фактами или гарантиями будущих результатов, а вместо этого представляют собой лишь мнение Компании на момент составления заявлений относительно будущих событий, которые подвержены определенным рискам, неопределенностям и другим факторам, многие из которых находятся вне контроля Компании. Фактические результаты и результаты могут существенно отличаться от того, что выражено или прогнозируется в таких прогнозных заявлениях. Основные риски и неопределенности, которые могут повлиять на фактические показатели следующие: циклический и сезонный характер бизнеса компании; общественной инфраструктуры расходы; неблагоприятные погодные условия; тот факт, что наши продукты являются товаром, а цены на нашу продукцию являются предметом материал колебания под влиянием рыночных условий и других факторов, находящихся вне нашего контроля; доступность сырья; изменения в расходах энергии, включая, без ограничений, природного газа, угля и нефти, и природа нашего обязательства по отношению к контрагентам в рамках договоров о поставке энергии, таких как те, которые связаны с условий на рынке (например, колебания цен на рынке наличного товара), государственных заказов и прочих вопросов; изменение стоимости и наличия транспорта; непредвиденные трудности, в том числе непредвиденные затраты на обслуживание, простои техники и отрыва от производства; материал неуплату или неисполнение любой из наших ключевых клиентов; невозможность своевременно выполнять объявил производственных мощностей; с трудностями и задержками в развитии новых направлений бизнеса; государственное регулирование и изменения в государственной и общественной политики (в том числе, без ограничения, изменения климата и других экологических правил); возможные исходы предстоящих или будущих судебных или арбитражных процессах; изменения экономических условий или характера или уровня активности в каком-либо одном или нескольких рынках или отраслях, в которых компания и ее клиенты-занятые; неблагоприятные погодные условия (такие, как зимние штормы, смерчи и ураганы) и их воздействие на наши объекты, операции и контрактные соглашения с третьими сторонами; конкурс; кибератаки или нарушения защиты данных; объявили об увеличении мощности в гипсовой штукатурки и цементной промышленности; изменения спроса на жилищное строительство или коммерческое строительство или строительные проекты, осуществляемые государством или органами местного самоуправления; наличие приобретения или иных возможностей роста, которые отвечают нашим финансовую отдачу стандартам и соответствует нашим стратегическим направлением; риски, связанные с погоней за поглощения, создания совместных предприятий и иных операций или исполнение или осуществление таких операций, включая учет операций, приобретенных компанией; общие экономические условия; и процентные ставки. Например, повышение процентных ставок, снижение спроса на строительные материалы или увеличение стоимости энергии (включая, помимо прочего, природный газ, уголь и нефть) и стоимость нашего сырья могут повлиять на выручку и операционную прибыль от нашей деятельности. Кроме того, изменения в национальных или региональных экономических условиях и уровнях расходов на инфраструктуру и строительство также могут негативно повлиять на результаты деятельности Компании. Наконец, любые прогнозные заявления, сделанные Компанией, подвержены рискам и последствиям, связанным со стихийными бедствиями, пандемиями или другими непредвиденными событиями, включая, помимо прочего, пандемию COVID-19 и меры реагирования на нее, направленные на сдерживание ее распространения и смягчение последствий для общественного здравоохранения, а также их влияние на экономические условия, рынки капитала и финансовые рынки. Любое возобновление пандемии COVID-19 и ответные меры на нее могут нарушить нашу деловую деятельность или оказать негативное влияние на спрос на нашу продукцию. Эти и другие факторы описаны в Годовом отчете Компании по форме 10-K за финансовый год, закончившийся 31 марта 2021 года, и последующих квартальных и годовых отчетах после подачи. Эти отчеты представляются в Комиссию по ценным бумагам и биржам. Все заявления прогнозного характера, сделанные в настоящем документе, сделаны на дату настоящего документа, и риск того, что фактические результаты будут существенно отличаться от ожиданий, выраженных в настоящем документе, будет увеличиваться с течением времени. Компания не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, чтобы отразить будущие события или изменения в ожиданиях Компании.
Attachment 1 Consolidated Statement of Earnings Attachment 2 Revenue and Earnings by Lines of Business Attachment 3 Sales Volume, 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 EBITDA and Adjusted EBITDA 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
|
|
Fiscal Year Ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|||||||||
Revenue |
$ |
413,117 |
|
|
$ | 343,302 |
|
|
$ |
1,861,522 |
|
|
$ |
1,622,642 |
|
|
|
|
|
|
|
|
|||||||||
Cost of Goods Sold |
|
313,941 |
|
|
273,472 |
|
|
|
1,341,908 |
|
|
|
1,214,287 |
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit |
|
99,176 |
|
|
69,830 |
|
|
|
519,614 |
|
|
|
408,355 |
|
|
|
|
|
|
|
|
|
|||||||||
Equity in Earnings of Unconsolidated JV |
|
7,703 |
|
|
8,985 |
|
|
|
32,488 |
|
|
|
37,441 |
|
|
Corporate General and Administrative Expenses |
|
(13,815 |
) |
|
(9,286 |
) |
|
|
(46,801 |
) |
|
|
(49,511 |
) |
|
Loss on Early Retirement of Senior Notes |
|
- |
|
|
- |
|
|
|
(8,407 |
) |
|
|
- |
|
|
Gain on Sale of Businesses |
|
- |
|
|
- |
|
|
|
- |
|
|
|
51,973 |
|
|
Other Non-Operating Income |
|
3,132 |
|
|
18,376 |
|
|
|
9,073 |
|
|
|
20,274 |
|
|
|
|
|
|
|
|
|
|||||||||
Earnings from Continuing Operations before Interest and Income Taxes |
|
96,196 |
|
|
87,905 |
|
|
|
505,967 |
|
|
|
468,532 |
|
|
Interest Expense, net |
|
(5,982 |
) |
|
(8,463 |
) |
|
|
(30,873 |
) |
|
|
(44,420 |
) |
|
|
|
|
|
|
|
|
|||||||||
Earnings from Continuing Operations before Income Taxes |
|
90,214 |
|
|
79,442 |
|
|
|
475,094 |
|
|
|
424,112 |
|
|
Income Tax Expense |
|
(15,898 |
) |
|
(13,431 |
) |
|
|
(100,847 |
) |
|
|
(89,946 |
) |
|
|
|
|
|
|
|
|
|||||||||
Net Earnings from Continuing Operations |
$ |
74,316 |
|
|
$ | 66,011 |
|
|
$ |
374,247 |
|
|
$ |
334,166 |
|
|
|
|
|
|
|
|
|||||||||
Earnings from Discontinued Operations, net of tax |
|
- |
|
|
- |
|
|
|
- |
|
|
|
5,278 |
|
|
|
|
|
|
|
|
|
|||||||||
Net Earnings |
$ |
74,316 |
|
|
$ | 66,011 |
|
|
$ |
374,247 |
|
|
$ |
339,444 |
|
|
|
|
|
|
|
|
|||||||||
BASIC EARNINGS PER SHARE |
|
|
|
|
|
|
|||||||||
Continuing Operations |
$ |
1.91 |
|
|
$ | 1.58 |
|
|
$ |
9.23 |
|
|
$ |
8.04 |
|
Discontinued Operations |
|
- |
|
|
- |
|
|
|
- |
|
|
|
0.13 |
|
|
Net Earnings |
$ |
1.91 |
|
|
$ | 1.58 |
|
|
$ |
9.23 |
|
|
$ |
8.17 |
|
|
|
|
|
|
|
|
|||||||||
DILUTED EARNINGS PER SHARE |
|
|
|
|
|
|
|||||||||
Continuing Operations |
$ |
1.90 |
|
|
$ | 1.56 |
|
|
$ |
9.14 |
|
|
$ |
7.99 |
|
Discontinued Operations |
|
- |
|
|
- |
|
|
|
- |
|
|
|
0.13 |
|
|
Net Earnings |
$ |
1.90 |
|
|
$ | 1.56 |
|
|
$ |
9.14 |
|
|
$ |
8.12 |
|
|
|
|
|
|
|
|
|||||||||
AVERAGE SHARES OUTSTANDING |
|
|
|
||||||||||||
Basic |
|
38,867,550 |
|
41,821,935 |
|
|
40,547,048 |
|
|
41,543,067 |
|
||||
Diluted |
|
39,208,296 |
|
42,264,279 |
|
|
40,929,712 |
|
|
41,826,709 |
|
||||
Attachment 2 |
|||||||||||||||
Eagle Materials Inc. Revenue and Earnings by Lines of Business (dollars in thousands) (unaudited) |
|||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenue* |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Heavy Materials: |
|
|
|
|
|
|
|
||||||||
Cement (Wholly Owned) |
$ |
155,926 |
|
|
$ |
142,080 |
|
|
$ |
880,280 |
|
|
$ |
818,503 |
|
Concrete and Aggregates |
|
37,234 |
|
|
|
34,809 |
|
|
|
177,122 |
|
|
|
168,723 |
|
|
|
193,160 |
|
|
|
176,889 |
|
|
|
1,057,402 |
|
|
|
987,226 |
|
|
|
|
|
|
|
|
|
||||||||
Light Materials: |
|
|
|
|
|
|
|
||||||||
Gypsum Wallboard |
|
189,316 |
|
|
|
141,991 |
|
|
|
692,152 |
|
|
|
539,009 |
|
Gypsum Paperboard |
|
30,641 |
|
|
|
24,422 |
|
|
|
111,968 |
|
|
|
96,407 |
|
|
|
219,957 |
|
|
|
166,413 |
|
|
|
804,120 |
|
|
|
635,416 |
|
|
|
|
|
|
|
|
|
||||||||
Total Revenue |
$ |
413,117 |
|
|
$ |
343,302 |
|
|
$ |
1,861,522 |
|
|
$ |
1,622,642 |
|
|
|||||||||||||||
Segment Operating Earnings |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
Heavy Materials: |
|
|
|
|
|
||||||||||
Cement (Wholly Owned) |
$ |
20,720 |
|
|
$ | 14,170 |
$ |
227,068 |
|
|
$ |
196,516 |
|
||
Cement (Joint Venture) |
|
7,703 |
|
|
8,985 |
|
32,488 |
|
|
|
37,441 |
|
|||
Concrete and Aggregates |
|
1,469 |
|
|
3,306 |
|
18,467 |
|
|
|
19,054 |
|
|||
|
|
29,892 |
|
|
26,461 |
|
278,023 |
|
|
|
253,011 |
|
|||
|
|
|
|
|
|
|
|||||||||
Light Materials: |
|
|
|
|
|
|
|||||||||
Gypsum Wallboard |
|
71,051 |
|
|
47,613 |
|
261,476 |
|
|
|
167,336 |
|
|||
Gypsum Paperboard |
|
5,936 |
|
|
4,741 |
|
12,603 |
|
|
|
25,449 |
|
|||
|
|
76,987 |
|
|
52,354 |
|
274,079 |
|
|
|
192,785 |
|
|||
|
|
|
|
|
|
|
|||||||||
Sub-total |
|
106,879 |
|
|
78,815 |
|
552,102 |
|
|
|
445,796 |
|
|||
|
|
|
|
|
|
|
|||||||||
Corporate General and Administrative Expense |
|
(13,815 |
) |
|
(9,286 |
) |
|
(46,801 |
) |
|
|
(49,511 |
) |
||
Gain on Sale of Businesses |
|
- |
|
|
- |
|
- |
|
|
|
51,973 |
|
|||
Loss on Early Retirement of Senior Notes |
|
- |
|
|
- |
|
(8,407 |
) |
|
|
- |
|
|||
Other Non-Operating Income |
|
3,132 |
|
|
18,376 |
|
9,073 |
|
|
|
20,274 |
|
|||
|
|
|
|
|
|
|
|||||||||
Earnings from Continuing Operations before Interest and Income Taxes |
$ |
96,196 |
|
|
$ | 87,905 |
$ |
505,967 |
|
|
$ |
468,532 |
|
||
*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, |
||||||||
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
Cement (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned |
1,128 |
|
1,147 |
|
-2% |
|
6,711 |
|
6,576 |
|
+2% |
Joint Venture |
209 |
|
212 |
|
-1% |
|
823 |
|
890 |
|
-8% |
|
1,337 |
|
1,359 |
|
-2% |
|
7,534 |
|
7,466 |
|
+1% |
|
|
|
|
|
|
|
|
|
|
|
|
Concrete (M Cubic Yards) |
270 |
|
268 |
|
+1% |
|
1,333 |
|
1,300 |
|
+3% |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates (M Tons) |
342 |
|
423 |
|
-19% |
|
1,525 |
|
1,956 |
|
-22% |
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MMSFs) |
750 |
|
706 |
|
+6% |
|
2,944 |
|
2,857 |
|
+3% |
|
|
|
|
|
|
|
|
|
|
|
|
Paperboard (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
Internal |
35 |
|
34 |
|
+3% |
|
144 |
|
135 |
|
+7% |
External |
47 |
|
48 |
|
-2% |
|
190 |
|
190 |
|
0% |
|
82 |
|
82 |
|
0% |
|
334 |
|
325 |
|
+3% |
|
Average Net Sales Price* |
||||||||||||||
|
Quarter Ended March 31, |
|
Fiscal Year Ended March 31, |
||||||||||||
|
2022 |
|
2021 |
|
Change |
|
2022 |
|
2021 |
|
Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cement (Ton) |
$ |
126.71 |
|
$ |
112.77 |
|
+12% |
|
$ |
119.13 |
|
$ |
111.19 |
|
+7% |
Concrete (Cubic Yard) |
$ |
124.13 |
|
$ |
115.30 |
|
+8% |
|
$ |
120.97 |
|
$ |
115.59 |
|
+5% |
Aggregates (Ton) |
$ |
11.12 |
|
$ |
9.39 |
|
+18% |
|
$ |
10.45 |
|
$ |
9.51 |
|
+10% |
Gypsum Wallboard (MSF) |
$ |
204.20 |
|
$ |
161.07 |
|
+27% |
|
$ |
190.76 |
|
$ |
149.62 |
|
+27% |
Paperboard (Ton) |
$ |
628.96 |
|
$ |
481.40 |
|
+31% |
|
$ |
558.28 |
|
$ |
486.15 |
|
+15% |
*Net of freight and delivery costs billed to customers |
|
Intersegment and Cement Revenue (dollars in thousands) |
||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Intersegment Revenue: |
|
|
|
|
|
|
|
||||
Cement |
$ |
4,558 |
|
$ |
3,323 |
|
$ |
22,915 |
|
$ |
20,862 |
Concrete and Aggregates |
|
- |
|
|
- |
|
|
- |
|
|
106 |
Paperboard |
|
22,585 |
|
|
16,668 |
|
|
82,086 |
|
|
67,100 |
|
$ |
27,143 |
|
$ |
19,991 |
|
$ |
105,001 |
|
$ |
88,068 |
|
|
|
|
|
|
|
|
||||
Cement Revenue: |
|
|
|
|
|
|
|
||||
Wholly Owned |
$ |
155,926 |
|
$ |
142,080 |
|
$ |
880,280 |
|
$ |
818,503 |
Joint Venture |
|
26,876 |
|
|
25,588 |
|
|
103,899 |
|
|
105,191 |
|
$ |
182,802 |
|
$ |
167,668 |
|
$ |
984,179 |
|
$ |
923,694 |
Attachment 4 |
||||||||
Eagle Materials Inc. Consolidated Balance Sheets (dollars in thousands) (unaudited) |
||||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
ASSETS |
|
|
|
|
|
|||
Current Assets – |
|
|
|
|
|
|||
|
Cash and Cash Equivalents |
$ |
19,416 |
|
|
$ |
263,520 |
|
|
Restricted Cash |
|
- |
|
|
|
5,000 |
|
|
Accounts and Notes Receivable, net |
|
176,276 |
|
|
|
147,133 |
|
|
Inventories |
|
236,661 |
|
|
|
235,749 |
|
|
Federal Income Tax Receivable |
|
7,202 |
|
|
|
2,838 |
|
|
Prepaid and Other Assets |
|
3,172 |
|
|
|
7,449 |
|
|
Current Assets of Discontinued Operations |
|
- |
|
|
|
- |
|
|
Total Current Assets |
|
442,727 |
|
|
|
661,689 |
|
|
|
|
|
|
|
|||
Property, Plant and Equipment, net |
|
1,616,539 |
|
|
|
1,659,100 |
|
|
Investments in Joint Venture |
|
80,637 |
|
|
|
75,399 |
|
|
Operating Lease Right of Use Asset |
|
23,856 |
|
|
|
25,811 |
|
|
Notes Receivable |
|
8,485 |
|
|
|
8,419 |
|
|
Goodwill and Intangibles |
|
387,898 |
|
|
|
392,315 |
|
|
Other Assets |
|
19,510 |
|
|
|
15,948 |
|
|
|
$ |
2,579,652 |
|
|
$ |
2,838,681 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|||
Current Liabilities – |
|
|
|
|
|
|||
|
Accounts Payable |
$ |
113,679 |
|
|
$ |
84,171 |
|
|
Accrued Liabilities |
|
86,754 |
|
|
|
78,840 |
|
|
Operating Lease Liabilities |
|
7,118 |
|
|
|
6,343 |
|
|
Total Current Liabilities |
|
207,551 |
|
|
|
169,354 |
|
|
|
|
|
|
|
|||
Long-term Liabilities |
|
67,911 |
|
|
|
75,735 |
|
|
Bank Credit Facility |
|
200,000 |
|
|
|
- |
|
|
Bank Term Loan |
|
- |
|
|
|
662,186 |
|
|
2.500% Senior Unsecured Notes due 2031 |
|
738,265 |
|
|
|
- |
|
|
4.500% Senior Unsecured Notes due 2026 |
|
- |
|
|
|
346,430 |
|
|
Deferred Income Taxes |
|
232,369 |
|
|
|
225,986 |
|
|
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 38,710,929 and 42,370,878 Shares, respectively. |
|
387 |
|
|
|
424 |
|
Capital in Excess of Par Value |
|
- |
|
|
|
62,497 |
|
|
Accumulated Other Comprehensive Losses |
|
(3,175 |
) |
|
|
(3,440 |
) |
|
Retained Earnings |
|
1,136,344 |
|
|
|
1,299,509 |
|
|
|
Total Stockholders’ Equity |
|
1,133,556 |
|
|
|
1,358,990 |
|
|
$ |
2,579,652 |
|
|
$ |
2,838,681 |
|
|
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, 2022 and 2021: |
|||||||||||
|
Depreciation, Depletion and Amortization |
||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
|
|
|
|
|
|
|
||||
Cement |
$ |
20,077 |
|
$ |
19,686 |
|
$ |
79,560 |
|
$ |
77,524 |
Concrete and Aggregates |
|
2,314 |
|
|
2,697 |
|
|
9,656 |
|
|
10,807 |
Gypsum Wallboard |
|
5,546 |
|
|
5,445 |
|
|
22,024 |
|
|
21,646 |
Paperboard |
|
3,705 |
|
|
3,708 |
|
|
14,721 |
|
|
13,913 |
Corporate and Other |
|
691 |
|
|
1,272 |
|
|
2,850 |
|
|
4,976 |
|
$ |
32,333 |
|
$ |
32,808 |
|
$ |
128,811 |
|
$ |
128,866 |
|
|
|
|
|
|
|
|
Attachment 6 |
||||||||||||
Eagle Materials Inc. Reconciliation of EBITDA and Adjusted EBITDA (unaudited) (dollars in thousands) |
||||||||||||
We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA from Continuing Operations) and Adjusted EBITDA from Continuing Operations to provide more consistent comparison of operating performance from period to period. EBITDA from Continuing Operations 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 from Continuing Operations is also a non-GAAP financial measure that excludes the impact from non-routine items, such as impairment losses, business development costs and gains on sale of businesses (Non-routine Items) and stock-based compensation. Management uses EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations 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 from Continuing Operations may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA from Continuing Operations in the same manner. Neither EBITDA from Continuing Operations nor Adjusted EBITDA from Continuing Operations 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 from Continuing Operations and Adjusted EBITDA from Continuing Operations and reconciles them to net earnings in accordance with GAAP for the quarters and fiscal years ended March 31, 2022 and 2021: |
||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||
|
2022 |
2021 |
|
2022 |
2021 |
|||||||
|
|
|
|
|
|
|||||||
Net Earnings, as reported |
$ |
74,316 |
$ |
66,011 |
|
$ |
374,247 |
$ |
339,444 |
|
||
(Earnings) Loss from Discontinued Operations |
|
- |
|
- |
|
|
- |
|
(5,278 |
) |
||
Income Tax Expense |
|
15,898 |
|
13,431 |
|
|
100,847 |
|
89,946 |
|
||
Interest Expense |
|
5,982 |
|
8,463 |
|
|
30,873 |
|
44,420 |
|
||
Depreciation, Depletion and Amortization |
|
32,333 |
|
32,808 |
|
|
128,811 |
|
128,866 |
|
||
EBITDA from Continuing Operations |
$ |
128,529 |
$ |
120,713 |
|
$ |
634,778 |
$ |
597,398 |
|
||
Gain on Sale of Businesses |
|
- |
|
- |
|
|
- |
|
(51,973 |
) |
||
Business Development Costs 1 |
|
- |
|
- |
|
|
- |
|
6,575 |
|
||
Kosmos purchase accounting 2 |
|
- |
|
- |
|
|
- |
|
3,700 |
|
||
Loss on early Retirement of Senior Notes |
|
- |
|
- |
|
|
8,407 |
|
- |
|
||
Stock-based Compensation |
|
3,627 |
|
3,236 |
|
|
14,264 |
|
15,293 |
|
||
Adjusted EBITDA from Continuing Operations |
$ |
132,156 |
$ |
123,949 |
|
$ |
657,449 |
$ |
570,993 |
|
||
1 Represents non-routine expenses associated with acquisitions and separation costs 2 Represents the impact of purchase accounting on inventory 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 cash flow or liquidity measures 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 from Continuing Operations,” which it defines as Net Debt divided by Adjusted EBITDA from Continuing Operations for the trailing twelve months, as a metric of its current 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
|
||||
|
2022 |
2021 |
|||
|
|
|
|||
Total debt, excluding debt issuance costs |
$ |
950,000 |
$ |
1,015,000 |
|
Cash and cash equivalents |
|
19,416 |
|
263,520 |
|
Net Debt |
$ |
930,584 |
$ |
751,480 |
|
|
|
|
|||
Adjusted EBITDA from Continuing Operations |
|
657,449 |
|
570,993 |
|
Net Debt to Adjusted EBITDA from Continuing Operations |
1.4x |
1.3x |