Eagle Materials Q4: Tops Street Expectations, 14% Topline Growth & More

Eagle Materials, Inc. EXP reported fourth-quarter FY23 revenue growth of 13.8% year-over-year to $470.13 million, beating the consensus of $455.38 million.
EPS improved 47% Y/Y to $2.79, above the consensus of $2.28.
Gross margin expanded by 480 bps to 28.8%. Adjusted EBITDA increased by 30% Y/Y to $171.7 million, margin expanded by 453 bps to 36.5%.
Cement revenue, including Joint Venture and intersegment revenue for Q4, was up 14% Y/Y to $213.8 million.
Concrete and Aggregates revenue was $53.1 million, up by 43% Y/Y, reflecting higher pricing and Concrete sales volume, and a contribution of ~$10 million from acquired business in northern Colorado.
Light Materials revenue increased 11% Y/Y to $244.2 million, reflecting higher Wallboard pricing and a slight increase in Wallboard sales volume.
EXP repurchased 528,000 shares for $74 million during the quarter and 3.1 million shares for $388 million for the fiscal.
EXP held $15.24 million in cash and equivalents as of March 31, 2023.
The company’s net leverage ratio was 1.4x, giving it substantial financial flexibility for disciplined capital allocation.
“Looking ahead, we anticipate continued attractive fundamentals in our markets, despite headwinds relating to higher interest rates and affordability constraints in single-family residential construction. Among the favorable demand factors we expect will affect our results in future periods are projected funding increases for infrastructure projects and healthy demand for heavy industrial projects and multi-family residential construction,” commented CEO Michael Haack.
Price Action: EXP shares are trading higher by 0.36% at $161.21 on the last check Thursday.

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