Eagle Materials Inc. has reported record first quarter results for fiscal 2025, ended June 30, 2024. The highlights include a 1% increase in revenue to $608.7 million, 11% growth in net earnings to $133.8 million, and a 16% rise in net earnings per diluted share to $3.94. Adjusted EBITDA also saw a 5% increase to $224.5 million.
The company repurchased approximately 348,000 shares of its common stock for $85.5 million during the quarter. Eagle Materials Inc. ended the quarter with debt of $1.1 billion and a net leverage ratio (net debt to adjusted EBITDA) of 1.3x.
In the heavy materials sector, which includes cement, concrete, and aggregates, revenue increased by 1% to $400.2 million. Operating earnings in this sector grew by 14% to $92.1 million, primarily due to higher cement sales prices partially offset by lower cement sales volume.
Cement revenue, including joint venture and intersegment revenue, was up 3% to $339.2 million, with operating earnings increasing 20% to $89.1 million. The average net cement sales price for the quarter increased by 6% to $156.10 per ton, while cement sales volume declined by 3% to 1.9 million tons due to adverse weather conditions in several markets.
In the light materials sector, including gypsum wallboard and paperboard, revenue increased by 2% to $248.1 million. Operating earnings in this sector were $102.5 million, reflecting higher gypsum wallboard sales prices and lower operating costs.
As a result of these announcements, the company's shares have moved 1.1% on the market, and are now trading at a price of $248.73. Check out the company's full 8-K submission here.
