|
Eagle Materials Reports First Quarter EPS up 24% on Record Revenues
Eagle Materials Inc. (NYSE: EXP) today reported financial results for
the first quarter of fiscal 2017 ended June 30, 2016. Notable items for
the quarter include (all comparisons, unless otherwise noted, are with
the prior year’s first quarter):
Company First Quarter Results
-
Record revenues of $297.5 million, up 4%
-
Earnings before interest and income taxes of $71.2 million, up 18%
-
Net Earnings of $45.3 million, up 20%
-
Net earnings per diluted share of $0.93, up 24%
Other Highlights
-
Eagle repurchased 525,000 shares of its common stock
-
Net debt-to-capitalization ratio of 32%
Eagle’s construction products and building materials businesses
performed well during the quarter, with the Cement business reporting
record first quarter operating earnings of $31.6 million. First quarter
cash flow from operations improved 162% and was used to fund capital
improvements, pay dividends, reduce debt and repurchase shares. Eagle
ended the quarter with a net debt-to-capitalization ratio of 32%.
Cement, Concrete and Aggregates
Cement revenues for the first quarter, including joint venture and
intersegment revenues, totaled $144.8 million, which was 13% higher than
the same quarter last year. The average net sales price for this quarter
was $100.63 per ton, 2% higher than the same quarter last year.
Wholly-owned average net sales prices improved 6% from the same quarter
last year. The average net cement sales price at our Joint Venture
declined year-over-year reflecting the shift from oil well cement to
construction grade-cement over the past year; however, profitability
remained strong at the Joint Venture. Total Cement sales volumes for the
quarter were 1.3 million tons, 4% higher than the same quarter a year
ago.
Operating earnings from Cement for the first quarter were a record $31.6
million and 23% greater than the same quarter a year ago. The earnings
improvement was driven primarily by improved average net cement sales
prices and cement sales volumes and $3.1 million of earnings from the
Skyway Cement facility we acquired in July of 2015.
Concrete and Aggregates reported revenues for the first quarter of $34.5
million, an increase of 22%. First quarter operating earnings were $3.7
million for the first quarter, a 91% improvement from the same quarter a
year ago, reflecting improved concrete and aggregates pricing and sales
volumes.
Gypsum Wallboard and Paperboard
Gypsum Wallboard and Paperboard revenues for the first quarter totaled
$141.6 million, which were 4% greater than the same quarter a year ago.
The average Gypsum Wallboard net sales price this quarter was $157.69
per MSF, 4% less than the same quarter a year ago. Gypsum Wallboard
sales volume for the quarter of 587 million square feet (MMSF)
represents a 2% increase from the same quarter last year. Paperboard
sales volumes for the quarter were a record 83,000 tons, 20% greater
than the same quarter a year ago. The average Paperboard net sales price
this quarter was $498.92 per ton, 1% less than the same quarter a year
ago.
Gypsum Wallboard and Paperboard reported first quarter operating
earnings of $50.6 million, up 8% from the same quarter last year. The
earnings improvement reflects improved Gypsum Wallboard and Paperboard
sales volumes and lower operating costs primarily driven by lower
natural gas prices during the quarter.
Oil and Gas Proppants
Oil and Gas Proppants reported first quarter revenues of $5.1 million, a
78% decrease from the prior year reflecting a 68% decline in frac sand
sales volumes. The first quarter’s operating loss of $5.9 million
compares with an operating loss of $5.6 million in the same quarter a
year ago. Our frac sand business continues to be impacted by the
significant slowdown in oil and gas drilling activity over the past
eighteen-months; however, we continue to right-size the business to
match our business with current activity levels.
Details of Financial Results
We conduct one of our cement plant operations, Texas Lehigh Cement
Company LP, through a 50/50 joint venture (the “Joint Venture”). We
utilize 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 revenues and operating
earnings, which is consistent with the way management organizes the
segments within the Company for making operating decisions and assessing
performance.
In addition, for segment reporting purposes, we report intersegment
revenues as a part of a segment’s total revenues. Intersegment sales are
eliminated on the income statement. Refer to Attachment 3 for a
reconciliation of the amounts referred to above.
About Eagle Materials Inc.
Eagle Materials Inc. manufactures and distributes Cement, Gypsum
Wallboard, Recycled Paperboard, Concrete and Aggregates, and Oil and Gas
Proppants from 40 facilities across the US. Eagle is headquartered 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 July 25,
2016. The conference call will be webcast simultaneously
on the Eagle Web site http://www.eaglematerials.com.
A replay of the webcast and the presentation will be archived on
that site for one year. For more information, contact
Eagle at (214) 432-2000.
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 business; 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
energy costs including, without limitation, natural gas, coal and oil;
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; fluctuations in activity
in the oil and gas industry, including the level of fracturing
activities and the demand for frac sand; 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 regulation); possible outcomes of pending or future
litigation or arbitration proceedings; changes in economic conditions
specific to any one or more of the Company's markets; competition; a
cyber-attack or data security breach; announced increases in capacity in
the gypsum wallboard and cement industries; changes in the demand for
residential housing construction or commercial construction; risks
related to pursuit of acquisitions, joint ventures and other
transactions; the impact of our bylaws forum selection clause on
stockholder disputes; 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) could affect the revenues
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. These and other factors are described in the
Company's Annual Report on Form 10-K for the fiscal year ended March 31,
2016. This report is 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
Revenues and Earnings by Lines of Business (Quarter)
Attachment 3
Sales Volume, Net Sales Prices and Intersegment and Cement Revenues
Attachment
4 Consolidated Balance Sheets
Attachment 5 Segment Depreciation,
Depletion and Amortization
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Eagle Materials Inc.
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Attachment 1
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Eagle Materials Inc.
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Statement of Consolidated Earnings
|
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(dollars in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
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Quarter Ended
June 30,
|
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|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
297,504
|
|
|
|
$
|
284,963
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
|
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|
|
|
225,549
|
|
|
|
|
223,866
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
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|
|
|
71,955
|
|
|
|
|
61,097
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|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Unconsolidated Joint Venture
|
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|
|
|
7,980
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|
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|
|
7,830
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|
|
|
|
|
|
|
|
|
|
|
|
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Corporate General and Administrative Expenses
|
|
|
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|
(9,833
|
)
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|
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(8,991
|
)
|
|
|
|
|
|
|
|
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|
|
|
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Other, net
|
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|
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1,075
|
|
|
|
|
435
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Interest and Income Taxes
|
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|
|
|
71,177
|
|
|
|
|
60,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest Expense, net
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|
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(3,901
|
)
|
|
|
|
(4,486
|
)
|
|
|
|
|
|
|
|
|
|
|
Earnings before Income Taxes
|
|
|
|
|
67,276
|
|
|
|
|
55,885
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
|
|
|
(21,932
|
)
|
|
|
|
(18,123
|
)
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
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|
|
$
|
45,344
|
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|
|
$
|
37,762
|
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NET EARNINGS PER SHARE
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Basic
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$
|
0.94
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|
|
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$
|
0.76
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Diluted
|
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|
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$
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0.93
|
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$
|
0.75
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|
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|
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AVERAGE SHARES OUTSTANDING
|
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Basic
|
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|
|
|
48,014,195
|
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|
|
|
49,767,424
|
|
|
Diluted
|
|
|
|
|
48,522,207
|
|
|
|
|
50,450,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Eagle Materials Inc.
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Attachment 2
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Eagle Materials Inc.
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Revenues and Segment Operating Earnings by Lines of Business
|
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(dollars in thousands)
|
|
(unaudited)
|
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|
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|
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Quarter Ended
June 30,
|
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|
|
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2016
|
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|
2015
|
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Revenues*
|
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|
|
|
|
|
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|
|
|
|
|
|
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Gypsum Wallboard and Paperboard:
|
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|
|
|
|
|
|
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Gypsum Wallboard
|
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|
|
$ 113,262
|
|
|
|
$
|
115,052
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|
|
Gypsum Paperboard
|
|
|
|
28,309
|
|
|
|
|
20,767
|
|
|
|
|
|
|
141,571
|
|
|
|
|
135,819
|
|
|
|
|
|
|
|
|
|
|
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Cement (Wholly Owned)
|
|
|
|
116,369
|
|
|
|
|
98,039
|
|
|
|
|
|
|
|
|
|
|
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Oil and Gas Proppants
|
|
|
|
5,096
|
|
|
|
|
22,825
|
|
|
|
|
|
|
|
|
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Concrete and Aggregates
|
|
|
|
34,468
|
|
|
|
|
28,280
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
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|
|
$ 297,504
|
|
|
|
$
|
284,963
|
|
|
|
|
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|
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|
|
Segment Operating Earnings
|
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|
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|
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|
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Gypsum Wallboard and Paperboard:
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Gypsum Wallboard
|
|
|
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$ 39,336
|
|
|
|
$
|
40,894
|
|
|
Gypsum Paperboard
|
|
|
|
11,227
|
|
|
|
|
6,030
|
|
|
|
|
|
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50,563
|
|
|
|
|
46,924
|
|
|
|
|
|
|
|
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Cement:
|
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|
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Wholly Owned
|
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|
|
23,620
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|
|
|
|
17,883
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|
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Joint Venture
|
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|
|
7,980
|
|
|
|
|
7,830
|
|
|
|
|
|
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31,600
|
|
|
|
|
25,713
|
|
|
|
|
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Oil and Gas Proppants
|
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(5,912
|
)
|
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|
|
(5,636
|
)
|
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|
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Concrete and Aggregates
|
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|
|
3,684
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|
|
|
|
1,926
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|
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|
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|
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Other, net
|
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|
|
1,075
|
|
|
|
|
435
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total
|
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|
|
$ 81,010
|
|
|
|
$
|
69,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate General and Administrative Expense
|
|
|
|
(9,833
|
)
|
|
|
|
(8,991
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Interest and Income Taxes
|
|
|
|
$ 71,177
|
|
|
|
$
|
60,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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* Net of Intersegment and Joint Venture Revenues listed on
Attachment 3.
|
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|
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|
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|
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Eagle Materials Inc.
|
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Attachment 3
|
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|
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Eagle Materials Inc.
|
|
Sales Volume, Net Sales Prices and Intersegment and Cement
Revenues
|
|
(unaudited)
|
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|
|
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|
|
|
|
|
|
Sales Volume
|
|
|
|
|
|
Quarter Ended
June 30,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MMSF’s)
|
|
|
|
587
|
|
|
577
|
|
|
+2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement (M Tons):
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
|
|
1,033
|
|
|
991
|
|
|
+4
|
%
|
|
Joint Venture
|
|
|
|
218
|
|
|
212
|
|
|
+3
|
%
|
|
|
|
|
|
1,251
|
|
|
1,203
|
|
|
+4
|
%
|
|
|
|
|
|
|
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|
|
|
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|
Paperboard (M Tons):
|
|
|
|
|
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|
|
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Internal
|
|
|
|
29
|
|
|
28
|
|
|
+4
|
%
|
|
External
|
|
|
|
54
|
|
|
41
|
|
|
+32
|
%
|
|
|
|
|
|
83
|
|
|
69
|
|
|
+20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete (M Cubic Yards)
|
|
|
|
287
|
|
|
249
|
|
|
+15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates (M Tons)
|
|
|
|
944
|
|
|
667
|
|
|
+42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frac Sand (M Tons)
|
|
|
|
74
|
|
|
231
|
|
|
-68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Sales Price *
|
|
|
|
|
|
Quarter Ended
June 30,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MSF)
|
|
|
|
$
|
157.69
|
|
|
$
|
163.46
|
|
|
-4
|
%
|
|
Cement (Ton)
|
|
|
|
$
|
100.63
|
|
|
$
|
98.39
|
|
|
+2
|
%
|
|
Paperboard (Ton)
|
|
|
|
$
|
498.92
|
|
|
$
|
503.80
|
|
|
-1
|
%
|
|
Concrete (Cubic Yard)
|
|
|
|
$
|
92.73
|
|
|
$
|
92.04
|
|
|
+1
|
%
|
|
Aggregates (Ton)
|
|
|
|
$
|
8.30
|
|
|
$
|
7.94
|
|
|
+5
|
%
|
*Net of freight and delivery costs billed to customers.
|
|
|
|
|
|
|
|
|
|
|
Intersegment and Cement Revenues
($ in thousands)
|
|
|
|
|
|
Quarter Ended
June 30,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
Intersegment Revenues:
|
|
|
|
|
|
|
|
|
Cement
|
|
|
|
$
|
3,535
|
|
|
$
|
3,126
|
|
Paperboard
|
|
|
|
|
14,506
|
|
|
|
14,551
|
|
Concrete and Aggregates
|
|
|
|
|
283
|
|
|
|
252
|
|
|
|
|
|
$
|
18,324
|
|
|
$
|
17,929
|
|
|
|
|
|
|
|
|
|
|
Cement Revenues:
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
|
|
$
|
116,369
|
|
|
$
|
98,039
|
|
Joint Venture
|
|
|
|
|
24,888
|
|
|
|
27,011
|
|
|
|
|
|
$
|
141,257
|
|
|
$
|
125,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Materials Inc.
|
|
Attachment 4
|
|
|
|
Eagle Materials Inc.
|
|
Consolidated Balance Sheets
|
|
(dollars in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016*
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets –
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
$
|
9,180
|
|
|
|
$
|
7,551
|
|
|
|
$
|
5,391
|
|
|
Accounts and Notes Receivable, net
|
|
|
|
|
142,298
|
|
|
|
|
135,696
|
|
|
|
|
120,221
|
|
|
Inventories
|
|
|
|
|
240,999
|
|
|
|
|
234,741
|
|
|
|
|
243,595
|
|
|
Federal Income Tax Receivable
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5,623
|
|
|
Prepaid and Other Assets
|
|
|
|
|
8,020
|
|
|
|
|
10,110
|
|
|
|
|
5,173
|
|
|
Total Current Assets
|
|
|
|
|
400,497
|
|
|
|
|
388,098
|
|
|
|
|
380,003
|
|
|
Property, Plant and Equipment –
|
|
|
|
|
2,083,592
|
|
|
|
|
1,988,971
|
|
|
|
|
2,072,776
|
|
|
Less: Accumulated Depreciation
|
|
|
|
|
(837,242
|
)
|
|
|
|
(759,979
|
)
|
|
|
|
(817,465
|
)
|
|
Property, Plant and Equipment, net
|
|
|
|
|
1,246,350
|
|
|
|
|
1,228,992
|
|
|
|
|
1,255,311
|
|
|
Investments in Joint Venture
|
|
|
|
|
48,700
|
|
|
|
|
49,199
|
|
|
|
|
49,465
|
|
|
Notes Receivable
|
|
|
|
|
2,652
|
|
|
|
|
2,803
|
|
|
|
|
2,672
|
|
|
Goodwill and Intangibles
|
|
|
|
|
163,298
|
|
|
|
|
207,047
|
|
|
|
|
165,827
|
|
|
Other Assets
|
|
|
|
|
27,588
|
|
|
|
|
32,209
|
|
|
|
|
30,357
|
|
|
|
|
|
|
$
|
1,889,085
|
|
|
|
$
|
1,908,348
|
|
|
|
$
|
1,883,635
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities –
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
|
$
|
61,322
|
|
|
|
$
|
61,037
|
|
|
|
$
|
66,614
|
|
|
Accrued Liabilities
|
|
|
|
|
40,509
|
|
|
|
|
36,373
|
|
|
|
|
45,975
|
|
|
Federal Income Tax Payable
|
|
|
|
|
9,919
|
|
|
|
|
11,606
|
|
|
|
|
-
|
|
|
Current Portion of Senior Notes
|
|
|
|
|
8,000
|
|
|
|
|
57,045
|
|
|
|
|
8,000
|
|
|
Total Current Liabilities
|
|
|
|
|
119,750
|
|
|
|
|
166,061
|
|
|
|
|
120,589
|
|
|
Long-term Liabilities
|
|
|
|
|
58,642
|
|
|
|
|
68,876
|
|
|
|
|
61,122
|
|
|
Bank Credit Facility
|
|
|
|
|
373,000
|
|
|
|
|
341,000
|
|
|
|
|
382,000
|
|
|
Senior Notes
|
|
|
|
|
117,714
|
|
|
|
|
125,714
|
|
|
|
|
117,714
|
|
|
Deferred Income Taxes
|
|
|
|
|
163,536
|
|
|
|
|
158,472
|
|
|
|
|
161,679
|
|
|
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 48,391,969; 50,357,355 and
|
|
|
|
|
|
|
|
|
|
|
|
48,526,843 Shares, respectively
|
|
|
|
|
484
|
|
|
|
|
504
|
|
|
|
|
485
|
|
|
Capital in Excess of Par Value
|
|
|
|
|
144,076
|
|
|
|
|
277,026
|
|
|
|
|
168,969
|
|
|
Accumulated Other Comprehensive Losses
|
|
|
|
|
(11,097
|
)
|
|
|
|
(11,748
|
)
|
|
|
|
(11,409
|
)
|
|
Retained Earnings
|
|
|
|
|
922,980
|
|
|
|
|
782,443
|
|
|
|
|
882,486
|
|
|
Total Stockholders’ Equity
|
|
|
|
|
1,056,443
|
|
|
|
|
1,048,225
|
|
|
|
|
1,040,531
|
|
|
|
|
|
|
$
|
1,889,085
|
|
|
|
$
|
1,908,348
|
|
|
|
$
|
1,883,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*From audited financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Materials Inc.
Attachment 5
Eagle Materials Inc.
Segment Depreciation, Depletion and
Amortization
(dollars in thousands)
(unaudited)
The following presents depreciation, depletion and amortization by
segment for the quarters ended June 30, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and
Amortization
($
in thousands)
|
|
|
|
|
|
Quarter Ended
June 30,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Cement
|
|
|
|
$
|
8,611
|
|
|
$
|
7,866
|
|
Gypsum Wallboard
|
|
|
|
|
4,762
|
|
|
|
4,786
|
|
Paperboard
|
|
|
|
|
2,100
|
|
|
|
2,053
|
|
Oil and Gas Proppants
|
|
|
|
|
5,184
|
|
|
|
7,559
|
|
Concrete and Aggregates
|
|
|
|
|
1,749
|
|
|
|
1,505
|
|
Other
|
|
|
|
|
457
|
|
|
|
495
|
|
|
|
|
|
$
|
22,863
|
|
|
$
|
24,264
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160725005257/en/ Copyright Business Wire 2016
Source: Business Wire
(July 25, 2016 - 6:00 AM EDT)
News by QuoteMedia
www.quotemedia.com
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