Eagle Materials Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Eagle Materials Inc. filed its Q3 FY2023 10-Q report on January 25, 2024, detailing financial performance and segment information.</b>

AI Summary

EAGLE MATERIALS INC (EXP) filed a Quarterly Report (10-Q) with the SEC on January 25, 2024. Eagle Materials Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2023. Key dates mentioned include 2023-12-31 for various financial statement items and 2024-01-25 as the filing date. The company's fiscal year ends on March 31. The report details financial information related to segments such as Cement, Recycled Paperboard, and Concrete and Aggregates.

Why It Matters

For investors and stakeholders tracking EAGLE MATERIALS INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance data, including segment revenues and balance sheet details, crucial for assessing the company's current health and operational trends. The detailed segment information allows for a deeper understanding of which business units are driving growth or facing challenges, aiding in investment decisions.

Risk Assessment

Risk Level: — EAGLE MATERIALS INC shows moderate risk based on this filing. The company operates in cyclical industries like cement and construction materials, making it susceptible to economic downturns and fluctuations in demand, as indicated by the various segment performance data.

Analyst Insight

Monitor the performance of the Cement and Recycled Paperboard segments in upcoming filings to gauge the impact of economic conditions on Eagle Materials' core businesses.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Period End Date (Reported period)
• 2024-01-25 — Filing Date (Date of submission)
• 0331 — Fiscal Year End (Company's fiscal year end)
• Q3 — Quarter (Fiscal quarter reported)

Key Players & Entities

• EAGLE MATERIALS INC (company) — Filer name
• 2023-12-31 (date) — Period of report
• 2024-01-25 (date) — Filing date
• Michael R Haack (person) — Mentioned in context of financial data
• CEMENT, HYDRAULIC (industry) — Standard Industrial Classification

Forward-Looking Statements

• Eagle Materials' earnings per share will likely increase due to the significant share repurchase program. (Eagle Materials Inc.) — medium confidence, target: 2024-03-31
• The acquisition of the Stockton terminal will contribute positively to the company's revenue in the upcoming quarters. (Eagle Materials Inc.) — medium confidence, target: 2024-06-30

FAQ

Risk Factors

• Cyclical Industry Exposure [medium — market]: The company's operations in cement, concrete, and aggregates are subject to economic cycles and fluctuations in construction and infrastructure spending.
• Raw Material and Energy Costs [medium — operational]: Fluctuations in the cost of raw materials (like coal and fuel) and energy can significantly impact profitability.
• Debt Obligations [medium — financial]: The company has outstanding debt, including senior unsecured notes, which require interest payments and principal repayment.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for financial statements.
• 2024-01-25: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2023-03-31: Fiscal Year End — Marks the end of the company's fiscal year.

Filing Documents

• exp-20231231.htm (10-Q) — 2764KB
• exp-ex31_1.htm (EX-31.1) — 12KB
• exp-ex31_2.htm (EX-31.2) — 12KB
• exp-ex32_1.htm (EX-32.1) — 7KB
• exp-ex32_2.htm (EX-32.2) — 7KB
• exp-ex95.htm (EX-95) — 85KB
• img30469998_0.jpg (GRAPHIC) — 8KB
• 0000950170-24-007463.txt (&nbsp;) — 10687KB
• exp-20231231.xsd (EX-101.SCH) — 1164KB
• exp-20231231_htm.xml (XML) — 2235KB

FINANCIAL INFORMATION (unaudited)

PART I. FINANCIAL INFORMATION (unaudited) Page Item 1. Consolidated Financial Statements Consolidated Statements of Earnings for the Three and Nine Months Ended December 31, 2023 and 2022 1 Consolidated Statements of Comprehensive Earnings for the Three and Nine Months Ended December 31, 2023 and 2022 2 Consolidated Balance Sheets as of December 31, 2023, and March 31, 202 3 3 Consolidated Statements of Cash Flows for the Three and Nine Months Ended December 31, 2023 and 2022 4 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended December 31, 2023 and 20 22 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2. Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1a.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 4. Mine Safety Information 36 Item 5. Other Information 36 Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) For the Three Months Ended December 31, For the Nine Months Ended December 31, 2023 2022 2023 2022 (dollars in thousands, except share and per share data) Revenue $ 558,833 $ 511,487 $ 1,782,590 $ 1,677,942 Cost of Goods Sold 378,205 352,717 1,216,949 1,174,067 Gross Profit 180,628 158,770 565,641 503,875 Equity in Earnings of Unconsolidated Joint Venture 9,285 11,377 22,790 23,631 Corporate General and Administrative Expense ( 14,201 ) ( 12,497 ) ( 42,456 ) ( 37,944 ) Other Non-Operating Income (Loss) 1,019 2,210 2,837 911 Interest Expense, net ( 10,128 ) ( 8,932 ) ( 32,571 ) ( 24,842 ) Earnings before Income Taxes 166,603 150,928 516,241 465,631 Income Taxes ( 37,465 ) ( 33,744 ) ( 115,701 ) ( 104,447 ) Net Earnings 129,138 117,184 400,540 361,184 EARNINGS PER SHARE Basic $ 3.75 $ 3.23 $ 11.47 $ 9.72 Diluted $ 3.72 $ 3.20 $ 11.38 $ 9.66 AVERAGE SHARES OUTSTANDING Basic 34,466,141 36,336,056 34,931,378 37,149,927 Diluted 34,749,721 36,605,982 35,201,658 37,395,586 CASH DIVIDENDS PER SHARE $ 0.25 $ 0.25 $ 0.75 $ 0.75 See Notes to Unaudited Consolidated Financial Statements. 1 EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (unaudited) For the Three Months Ended December 31, For the Nine Months Ended December 31, 2023 2022 2023 2022 (dollars in thousands) Net Earnings $ 129,138 $ 117,184 $ 400,540 $ 361,184 Net Actuarial Change in Defined Benefit Plans Amortization of Net Actuarial Loss 63 30 189 90 Tax Expense ( 15 ) ( 7 ) ( 45 ) ( 20 ) Comprehensive Earnings $ 129,186 $ 117,207 $ 400,684 $ 361,254 See Notes to Unaudit

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View this 10-Q filing on SEC EDGAR