Eagle Materials Reports Record Third Quarter EPS up 27% on Record Revenues
Eagle Materials Inc. (NYSE: EXP) today reported financial results for
the third quarter of fiscal 2017 ended December 31, 2016. Notable items
for the quarter include (all comparisons, unless otherwise noted, are
with the prior year’s third quarter):
Company Third Quarter Results
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Record revenues of $302.4 million, up 9%
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Record Net Earnings of $56.4 million, up 23%
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Record Net Earnings per diluted share of $1.17, up 27%
Eagle’s construction products and building materials businesses
performed exceptionally well during the quarter, with Eagle’s Cement,
Paper and Concrete and Aggregates businesses all reporting record third
quarter operating earnings. Third quarter cash flow from operations
improved 18% and was used to fund capital improvements, pay dividends
and reduce debt.
As previously announced, on September 11, 2016, Eagle entered into a
definitive agreement with a subsidiary of CEMEX S.A.B. de C.V. ("Cemex")
to purchase Cemex’s Fairborn, Ohio cement plant and related assets. The
purchase price is $400 million, subject to customary post-closing
adjustments. Eagle expects that the acquisition will increase its U.S.
annual cement capacity by approximately 20% to nearly 6 million tons.
The transaction is expected to close in Eagle’s fiscal fourth quarter.
During the third quarter, Eagle incurred nearly $1 million of
integration and related costs associated with the transaction. Eagle
intends to finance the acquisition through a combination of cash on hand
and borrowings under its existing bank credit facility.
Cement, Concrete and Aggregates
Cement revenues for the third quarter, including joint venture and
intersegment revenues, totaled $138.0 million, which was 2% higher than
the same quarter last year. The average net sales price for this quarter
was $100.88 per ton, 4% higher than the same quarter last year.
Wholly-owned average net sales prices improved 6% from the third 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, operating
earnings improved 7% at the Joint Venture. Total Cement sales volumes
for the quarter were 1.2 million tons, 1% lower than the same quarter a
year ago, reflecting early winter conditions in our northern markets.
Operating earnings from Cement for the third quarter were a record $45.3
million and 8% greater than the same quarter a year ago. The earnings
improvement was driven primarily by improved average net cement sales
prices and lower raw material and energy costs.
Concrete and Aggregates reported revenues for the third quarter of $40.6
million, an increase of 29%. Third quarter operating earnings were $4.6
million, a 202% improvement from the same quarter a year ago, reflecting
record quarterly concrete sales volumes and record third quarter
concrete and aggregates sales prices.
Gypsum Wallboard and Paperboard
Gypsum Wallboard and Paperboard revenues for the third quarter totaled
$146.9 million, which were 12% greater than the same quarter a year ago.
The average Gypsum Wallboard net sales price this quarter was $153.34
per MSF, 3% less than the same quarter a year ago. Gypsum Wallboard
sales volume for the quarter of 646 million square feet (MMSF)
represents a 14% increase from the same quarter last year. Paperboard
sales volumes for the quarter were 76,000 tons, 7% greater than the same
quarter a year ago. The average Paperboard net sales price this quarter
was $524.75 per ton, 3% greater than the same quarter a year ago.
Gypsum Wallboard and Paperboard reported third quarter operating
earnings of $50.5 million, up 12% from the same quarter last year. The
earnings improvement primarily reflects improved Gypsum Wallboard and
Paperboard sales volumes.
Oil and Gas Proppants
Oil and Gas Proppants reported third quarter revenues of $7.1 million, a
16% decrease from the prior year’s third quarter primarily reflecting
lower average net sales prices partially offset by a 7% increase in frac
sand sales volumes from the prior year. The third quarter’s operating
loss of $1.7 million includes depreciation, depletion and amortization
of $5.0 million. During the third quarter, we also recognized a $4.1
million pre-tax gain on settlement associated with the termination of
one of our long-term frac sand customer contracts.
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 January
24, 2017. 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, cement and frac sand industries; changes in the
demand for residential housing construction or commercial construction;
risks related to pursuit of acquisitions, joint ventures and other
transactions; 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 and the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2016. These reports are filed with
the Securities and Exchange Commission. With respect to our
proposed acquisition of certain assets from Cemex as described in this
press release, factors, risks and uncertainties that may cause actual
events and developments to vary materially from those anticipated in
such forward-looking statements include, but are not limited to, factors
that may create obstacles for or interfere with our ability to complete
the acquisition within the expected timeframe or at all, failure to
realize any expected synergies from or other benefits of the
transaction, possible negative effects of announcement or consummation
of the transaction, significant transaction or ownership transition
costs, unknown liabilities or other adverse developments affecting the
assets to be acquired and the target business, including the results of
operations of the target business prior and after the closing, the
effect on the target business of the same or similar factors discussed
above to which our business is subject, including changes in market
conditions in the construction industry and general economic and
business conditions that may affect us following acquisition. 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 and Nine Months) Attachment
3 Sales Volume, Net Sales Prices and Intersegment and Cement Revenues Attachment
4 Consolidated Balance Sheets Attachment 5 Depreciation, Depletion
and Amortization by Lines of Business
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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)
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(unaudited)
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Quarter Ended December 31,
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Nine Months Ended December 31,
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2016
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2015
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2016
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2015
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Revenues
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$
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302,395
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$
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277,409
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$
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932,557
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$
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891,360
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Cost of Goods Sold
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215,015
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208,544
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682,012
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717,104
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Gross Profit
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87,380
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68,865
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250,545
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174,256
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Equity in Earnings of Unconsolidated JV
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11,244
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10,483
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31,371
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29,993
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Other, net
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429
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1,163
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2,008
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2,170
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Corporate General and Administrative Expenses
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(9,166
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)
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(8,304
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)
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(27,831
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)
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(26,659
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)
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Earnings before Interest and Income Taxes
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89,887
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72,207
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256,093
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179,760
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Interest Expense, net
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(6,198
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)
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(4,002
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)
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(15,755
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)
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(12,830
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Earnings before Income Taxes
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83,689
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68,205
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240,338
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166,930
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Income Tax Expense
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(27,302
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)
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(22,357
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(78,370
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(53,501
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Net Earnings
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$
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56,387
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$
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45,848
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$
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161,968
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$
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113,429
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EARNINGS PER SHARE
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Basic
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$
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1.18
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$
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0.93
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$
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3.38
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$
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2.29
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Diluted
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$
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1.17
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$
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0.92
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$
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3.35
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$
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2.26
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AVERAGE SHARES OUTSTANDING
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Basic
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47,881,662
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49,187,738
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47,901,369
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49,593,821
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Diluted
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48,297,748
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49,770,020
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48,340,326
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50,230,091
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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 Earnings by Lines of Business
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(dollars in thousands)
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(unaudited)
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Quarter Ended December 31,
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Nine Months Ended December 31,
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2016
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2015
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2016
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2015
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Revenues*
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Gypsum Wallboard and Paperboard:
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Gypsum Wallboard
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$
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121,504
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$ 108,907
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$
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357,689
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$
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343,660
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Gypsum Paperboard
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25,367
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22,753
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82,683
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67,069
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146,871
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131,660
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440,372
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410,729
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Cement (Wholly Owned)
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107,802
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105,697
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359,471
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334,758
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Oil and Gas Proppants
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7,124
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8,476
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18,851
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49,608
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Concrete and Aggregates
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40,598
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31,576
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113,863
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96,265
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Total
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$
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302,395
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$ 277,409
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$
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932,557
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$
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891,360
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Segment Operating Earnings
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Gypsum Wallboard and Paperboard:
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Gypsum Wallboard
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$
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41,075
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$
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37,289
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$
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122,109
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$
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118,185
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Gypsum Paperboard
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9,380
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7,923
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30,827
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22,091
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50,455
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45,212
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152,936
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140,276
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Cement:
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Wholly Owned
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34,063
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31,285
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96,252
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86,065
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Joint Venture
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11,244
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10,483
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31,371
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29,993
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45,307
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41,768
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127,623
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116,058
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Oil and Gas Proppants
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(1,726
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)
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(9,153
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(11,728
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)
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(59,389
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)
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Concrete and Aggregates
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4,588
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1,521
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13,085
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7,304
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Other, net
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429
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1,163
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2,008
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2,170
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Sub-total
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99,053
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80,511
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283,924
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206,419
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Acquisition and Litigation Expenses
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-
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-
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-
|
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|
|
-
|
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Corporate General and Administrative Expenses
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|
|
|
(9,166
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)
|
|
|
|
(8,304
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)
|
|
|
|
(27,831
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)
|
|
|
|
(26,659
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)
|
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|
|
|
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|
Earnings Before Interest and Income Taxes
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|
$
|
89,887
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|
|
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$
|
72,207
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|
|
|
$
|
256,093
|
|
|
|
$
|
179,760
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|
|
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|
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* Net of Intersegment and Joint Venture Revenues listed on
Attachment 3
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Eagle Materials Inc.
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Attachment 3
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Eagle Materials Inc.
|
Sales Volume, Net Sales Prices and Intersegment and Joint Venture
Revenues
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(unaudited)
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Sales Volume
|
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|
Quarter Ended December 31,
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Nine Months Ended December 31,
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2016
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2015
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Change
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2016
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2015
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Change
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Gypsum Wallboard (MMSF’s)
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646
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|
568
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+14
|
%
|
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1,883
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|
|
1,764
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|
+7
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%
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Cement (M Tons):
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Wholly Owned
|
|
|
967
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|
|
999
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|
-3
|
%
|
|
|
3,200
|
|
|
3,238
|
|
|
-1
|
%
|
Joint Venture
|
|
|
231
|
|
|
213
|
|
|
+8
|
%
|
|
|
691
|
|
|
661
|
|
|
+5
|
%
|
|
|
|
1,198
|
|
|
1,212
|
|
|
-1
|
%
|
|
|
3,891
|
|
|
3,899
|
|
|
0
|
%
|
Paperboard (M Tons):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal
|
|
|
30
|
|
|
27
|
|
|
+11
|
%
|
|
|
88
|
|
|
85
|
|
|
+4
|
%
|
External
|
|
|
46
|
|
|
44
|
|
|
+5
|
%
|
|
|
157
|
|
|
130
|
|
|
+21
|
%
|
|
|
|
76
|
|
|
71
|
|
|
+7
|
%
|
|
|
245
|
|
|
215
|
|
|
+14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete (M Cubic Yards)
|
|
|
348
|
|
|
266
|
|
|
+31
|
%
|
|
|
950
|
|
|
839
|
|
|
+13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates (M Tons)
|
|
|
906
|
|
|
792
|
|
|
+14
|
%
|
|
|
2,877
|
|
|
2,223
|
|
|
+29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frac Sand (M Tons)
|
|
|
115
|
|
|
107
|
|
|
+7
|
%
|
|
|
299
|
|
|
541
|
|
|
-45
|
%
|
|
|
|
|
|
|
|
Average Net Sales Price*
|
|
|
|
Quarter Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MSF)
|
|
|
$
|
153.34
|
|
|
$
|
157.99
|
|
|
-3
|
%
|
|
|
$
|
155.06
|
|
|
$
|
159.74
|
|
|
-3
|
%
|
Cement (Ton)
|
|
|
$
|
100.88
|
|
|
$
|
97.10
|
|
|
+4
|
%
|
|
|
$
|
100.45
|
|
|
$
|
97.54
|
|
|
+3
|
%
|
Paperboard (Ton)
|
|
|
$
|
524.75
|
|
|
$
|
510.38
|
|
|
+3
|
%
|
|
|
$
|
508.00
|
|
|
$
|
506.42
|
|
|
0
|
%
|
Concrete (Cubic Yard)
|
|
|
$
|
94.38
|
|
|
$
|
93.56
|
|
|
+1
|
%
|
|
|
$
|
94.08
|
|
|
$
|
92.54
|
|
|
+2
|
%
|
Aggregates (Ton)
|
|
|
$
|
8.52
|
|
|
$
|
8.34
|
|
|
+2
|
%
|
|
|
$
|
8.49
|
|
|
$
|
8.28
|
|
|
+3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Net of freight and delivery costs billed to customers.
|
|
|
|
|
|
|
|
Intersegment and Cement Revenues
|
|
|
|
Quarter Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
Intersegment Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement
|
|
|
$
|
4,336
|
|
|
$
|
3,714
|
|
|
$
|
12,407
|
|
|
$
|
11,072
|
Paperboard
|
|
|
|
15,887
|
|
|
|
14,069
|
|
|
|
45,845
|
|
|
|
44,216
|
Concrete and Aggregates
|
|
|
|
245
|
|
|
|
203
|
|
|
|
871
|
|
|
|
717
|
|
|
|
$
|
20,468
|
|
|
$
|
17,986
|
|
|
$
|
59,123
|
|
|
$
|
56,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
|
$
|
107,802
|
|
|
$
|
105,697
|
|
|
$
|
359,471
|
|
|
$
|
334,758
|
Joint Venture
|
|
|
|
25,909
|
|
|
|
26,008
|
|
|
|
77,772
|
|
|
|
82,555
|
|
|
|
$
|
133,711
|
|
|
$
|
131,705
|
|
|
$
|
437,243
|
|
|
$
|
417,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Materials Inc.
|
Attachment 4
|
|
Eagle Materials Inc.
|
Consolidated Balance Sheets
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016*
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current Assets –
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
$
|
164,665
|
|
|
|
$
|
15,756
|
|
|
|
$
|
5,391
|
|
Accounts and Notes Receivable, net
|
|
|
|
115,278
|
|
|
|
|
103,859
|
|
|
|
|
120,221
|
|
Inventories
|
|
|
|
222,783
|
|
|
|
|
232,447
|
|
|
|
|
243,595
|
|
Federal Income Tax Receivable
|
|
|
|
-
|
|
|
|
|
5,319
|
|
|
|
|
5,623
|
|
Prepaid and Other Assets
|
|
|
|
5,959
|
|
|
|
|
8,013
|
|
|
|
|
5,173
|
|
Total Current Assets
|
|
|
|
508,685
|
|
|
|
|
365,394
|
|
|
|
|
380,003
|
|
Property, Plant and Equipment –
|
|
|
|
2,098,695
|
|
|
|
|
2,065,745
|
|
|
|
|
2,072,776
|
|
Less: Accumulated Depreciation
|
|
|
|
(870,859
|
)
|
|
|
|
(799,494
|
)
|
|
|
|
(817,465
|
)
|
Property, Plant and Equipment, net
|
|
|
|
1,227,836
|
|
|
|
|
1,266,745
|
|
|
|
|
1,255,311
|
|
Investments in Joint Venture
|
|
|
|
47,600
|
|
|
|
|
50,372
|
|
|
|
|
49,465
|
|
Notes Receivable
|
|
|
|
1,002
|
|
|
|
|
2,716
|
|
|
|
|
2,672
|
|
Goodwill and Intangibles
|
|
|
|
161,765
|
|
|
|
|
174,916
|
|
|
|
|
165,827
|
|
Other Assets
|
|
|
|
27,101
|
|
|
|
|
28,921
|
|
|
|
|
30,357
|
|
|
|
|
$
|
1,973,989
|
|
|
|
$
|
1,888,570
|
|
|
|
$
|
1,883,635
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Current Liabilities –
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
63,847
|
|
|
|
$
|
61,327
|
|
|
|
$
|
66,614
|
|
Accrued Liabilities
|
|
|
|
57,649
|
|
|
|
|
46,750
|
|
|
|
|
45,975
|
|
Federal Income Tax Payable
|
|
|
|
5,215
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Current Portion of Senior Notes
|
|
|
|
81,214
|
|
|
|
|
8,000
|
|
|
|
|
8,000
|
|
Total Current Liabilities
|
|
|
|
207,925
|
|
|
|
|
116,077
|
|
|
|
|
120,589
|
|
Long-term Liabilities
|
|
|
|
57,514
|
|
|
|
|
70,673
|
|
|
|
|
61,122
|
|
Bank Credit Facility
|
|
|
|
-
|
|
|
|
|
375,000
|
|
|
|
|
382,000
|
|
Private Placement Senior Unsecured Notes
|
|
|
|
36,500
|
|
|
|
|
117,714
|
|
|
|
|
117,714
|
|
4.500% Senior Unsecured Notes due 2026
|
|
|
|
343,634
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Deferred Income Taxes
|
|
|
|
164,841
|
|
|
|
|
159,790
|
|
|
|
|
161,679
|
|
Stockholders’ Equity –
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Par Value $0.01; None Issued
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares;
Issued and Outstanding 48,409,454; 49,305,408 and 48,526,843
Shares, respectively
|
|
|
|
484
|
|
|
|
|
493
|
|
|
|
|
485
|
|
Capital in Excess of Par Value
|
|
|
|
143,623
|
|
|
|
|
211,781
|
|
|
|
|
168,969
|
|
Accumulated Other Comprehensive Losses
|
|
|
|
(10,473
|
)
|
|
|
|
(11,109
|
)
|
|
|
|
(11,409
|
)
|
Retained Earnings
|
|
|
|
1,029,941
|
|
|
|
|
848,151
|
|
|
|
|
882,486
|
|
Total Stockholders’ Equity
|
|
|
|
1,163,575
|
|
|
|
|
1,049,316
|
|
|
|
|
1,040,531
|
|
|
|
|
$
|
1,973,989
|
|
|
|
$
|
1,888,570
|
|
|
|
$
|
1,883,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*From audited financial statements.
|
|
|
Eagle Materials Inc.
|
Attachment 5
|
|
Eagle Materials Inc.
|
Depreciation, Depletion and Amortization by Lines of Business
|
(dollars in thousands)
|
(unaudited)
|
|
|
The following presents depreciation, depletion and amortization
by segment for the quarters ended December 31, 2016 and 2015:
|
|
|
|
|
|
|
|
Depreciation, Depletion and Amortization ($
in thousands)
|
|
|
|
Quarter Ended December 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
Cement
|
|
|
$
|
8,763
|
|
|
$
|
8,390
|
Gypsum Wallboard
|
|
|
|
4,636
|
|
|
|
5,445
|
Paperboard
|
|
|
|
2,105
|
|
|
|
2,093
|
Oil and Gas Proppants
|
|
|
|
4,987
|
|
|
|
7,210
|
Concrete and Aggregates
|
|
|
|
1,805
|
|
|
|
1,597
|
Other
|
|
|
|
349
|
|
|
|
476
|
|
|
|
$
|
22,645
|
|
|
$
|
25,211
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170124005319/en/ Copyright Business Wire 2017
Source: Business Wire
(January 24, 2017 - 6:30 AM EST)
News by QuoteMedia
www.quotemedia.com
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