Cement News tagged under: Eagle Materials
Eagle Materials announces new chairman and CEO for independent companies13 February 2020, Published under Cement NewsThe Eagle Materials Inc Board of Directors approved a plan in 2019 to separate its Heavy and Light Materials businesses into independent, publicly-traded companies by means of a tax-free spin-off to Eagle shareholders. Significant progress has been made on this plan since the announcement, and the Company continues to target the summer of 2020 for the completion of the separation. The Board of Directors announced the selection of the Chairman and CEO for each of the two companies, which w... |
Eagle Materials reports a 5% revenue increase05 February 2020, Published under Cement NewsUS-based Eagle Materials has reported a five per cent YoY increase in revenue to US$350.2m for the quarter ending 31 December 2019. However, the company posted a net loss of US$114.6m, compared to a profit of US$57.7m in the year-ago period. Adjusted EBITDA advanced six per cent to US$118.7m in the 3QFY19-20. "We are pleased that during the third quarter of fiscal 2020 we capitalised on robust underlying demand across our geographic footprint to achieve a five per cent revenue improvement.... |
Eagle Materials' acquisition of Kosmos receives approval14 January 2020, Published under Cement NewsThe US-based Federal Trade Commission (FTC) has cleared Eagle Materials Inc’s agreement to acquire certain assets from Kosmos Cement Company, Kentucky, a joint venture between Cemex and Buzzi Unicem. The anti-trust approval was received on 9 January. The assets being divested consist of the 1.7Mta cement plant in Louisville and seven distribution terminals as well as raw material reserves. The net proceeds obtained from this transaction will be distributed to Cemex and Buzzi Unicem in... |
Eagle Materials to separate heavy and light material businesses31 May 2019, Published under Cement NewsUSA-based Eagle Materials’ board has approved a plan to separate its heavy materials and light materials businesses into two publicly-traded entities. Earlier this month, Sachem Head Capital Management, which disclosed a nine per cent stake in the company in March, reportedly urged the company to separate its cement and wallboard businesses, according to Reuters. Eagle Materials’ heavy materials business will operate as a cement company, while the light materials business will continue to... |
Eagle Materials launches strategic review22 April 2019, Published under Cement NewsEagle Materials Inc, USA, has launched a strategic review of its portfolio of businesses, including heavy materials, light materials, and oil and gas proppants. The review will be conducted by its Board of Directors and management team, with the support of independent financial advisors. “As part of the portfolio review, the Company will carefully consider the full range of options focused on enhancing the value creation potential of Eagle, including separating the businesses and evaluatin... |
Eagle Materials to make CEO transition in July05 March 2019, Published under Cement NewsUSA-based Eagle Materials has announced that Dave Powers, CEO, will retire from this role on 1 July 2019. Mr Powers will remain on the board of directors and will be succeeded by Michael Haack, the current president and COO at the company. "Michael has been instrumental in building upon the company’s enviable low-cost positions and sustainable advantages, particularly as they relate to the scale of operations that Eagle represents today," said Rick Stewart, chairman. "We are also enormously... |
Eagle Materials posts a 7% fall in revenue for 3QFY1930 January 2019, Published under Cement NewsUS-based Eagle Materials has reported a seven per cent YoY fall in revenue to US$333.3m in the third quarter of FY19, ended 31 December. Net earnings fell 43 per cent to US$57.7m from US$101.4m of the 3QFY18. The company's prior-year financial results included two non-recurring items affecting comparability, including a tax benefit of around US$61m and a litigation settlement charge of US$39m, according to the company. However, in the nine months to December, revenue was up 0.6 per cent Y... |
Eagle Materials records positive FY1817 May 2018, Published under Cement NewsEagle Materials has reported its FY18 and 4QFY18 results, which reflect an all-round positive performance. In the 2018 fiscal year, revenue increased 14 per cent YoY to US$1.4bn and its after-tax margin finished at 19 per cent. The company saw a two per cent rise in revenue for the final quarter of FY18, resulting in a record amount of US$284.7m. This comes despite a US$6m pretax charge related to the settlement by American Gypsum of the antitrust lawsuit brought by a group of homebuilde... |
Eagle Materials reports 19% YoY rise in sales13 February 2018, Published under Cement NewsEagle Materials reported a 19 per cent YoY rise in revenues to US$359.4m for the third quarter ended 31 December 2017. Cement revenues in 3QFY17-18, including joint venture and intersegment revenues, totalled US$161.6m, up 17 per cent from the comparable period the previous year. The average net sales price during the quarter was US$106.83/t, reflecting a YoY price increase of six per cent. “Operating earnings from Cement for the third quarter were a record $52.5 million and 16% greate... |
Moody's upgrades Eagle to Investment Grade28 June 2017, Published under Cement NewsMoody's Investors Service upgraded the senior unsecured debt ratings of US-based Eagle Materials Inc to Baa3 from Ba1. The rating outlook is stable. The upgrade reflects Moody's view that Eagle Materials has the willingness and ability to defend its investment grade rating in a downturn. The upgrade is also supported by strength in the company's financial ratios, "which are among the best in the building materials rated universe," Moody's notes. Eagle Material's adjusted debt-to-EBITDA... |