Eagle Materials has reported record revenue of US$2.3bn in the FY23-24, ended 31 March 2024, marking a five per cent advance YoY. Net earnings over the year improved by three per cent to reach a record US$477.6m, while adjusted EBITDA was up seven per cent YoY to US$834.5m.
In the 4QFY23-24, revenue advanced to US$476.7m, up one per cent on the same period a year earlier. Net earnings over the three-month period fell 23 per cent to US$77.1m, while adjusted EBITDA contracted 10 per cent to US$154.4m.
Commenting on the annual results, Michael Haack, president and CEO of Eagle Materials, said, “We are pleased to announce another year of superior performance at Eagle. We achieved record financial results and made strong progress on our strategic priorities. During the fiscal year, we expanded gross margins by 50 bps to 30.3 per cent, reported record earnings per share of $13.61, generated operating cash flow of $564m, and repurchased 1.9m shares of our common stock for $343m.
“We also recently initiated several growth investments in our Heavy Materials business which we expect to be in line with our capital return standards and to strengthen our low-cost producer position. We ended the year with debt of $1.1bn and a net leverage ratio (net debt to adjusted EBITDA) of 1.3x, giving us substantial financial flexibility that supports disciplined capital allocation and sustainable long-term growth,” he added.
Over the FY23-24, the heavy materials sector, which includes cement, concrete and aggregates, saw a 12 per cent increase in revenue to US$1.5bn, while operating earnings expanded by 18 per cent to US$350.8m, driven by higher cement net sales prices. Cement revenue alone stood at US$1.2bn, up 14 per cent YoY, with operating earnings of US$338.3m, marking a 21 per cent advance. The average net cement sales price for the year was up 12 per cent to US$150.99/t with cement volumes improving by two per cent to 7.3Mt.
