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Jun 30, 2022
Eagle Materials Q1 2023 Earnings Report
Eagle Materials' first quarter of fiscal year 2023 resulted in record revenue and net earnings, driven by strong performance across its portfolio and broad pricing gains.
Key Takeaways
Eagle Materials reported record revenue of $561.4 million, a 18% increase, and record net earnings of $105.0 million, a 10% increase, for the first quarter of fiscal 2023. Adjusted EPS was $2.82, up 25%, and gross margins expanded by 30 bps to 26.9%. The company benefited from healthy construction activity and pricing gains.
Achieved record revenue of $561.4 million, up 18% year-over-year.
Reported record net earnings of $105.0 million, a 10% increase year-over-year.
Adjusted EPS reached $2.82, reflecting a 25% increase year-over-year.
Gross margins expanded by 30 bps to 26.9%.
Eagle Materials
Eagle Materials
Eagle Materials Revenue by Segment
Revenue by Segment
Cement Revenue
CapyFin.comConcrete & Aggregates Revenue
CapyFin.comGypsum Wallboard Revenue
CapyFin.comRecycled Paperboard Revenue
CapyFin.com Forward Guidance
The company anticipates continued strong demand for cement, supported by infrastructure investments. Wallboard shipments and orders remain strong, but quantitative tightening may impact residential construction. Overall, Eagle Materials expects a strong fiscal 2023.
Positive Outlook
- Expect demand for cement to remain strong.
- Infrastructure investment increasing as federal funding from the Infrastructure Investment and Jobs Act begins in earnest this fiscal year.
- Wallboard shipments and orders remain strong.
- Record home construction backlogs to support product demand this year.
- Excellent balance sheet, the favorable geographic positioning of our operations and consistent execution of our operating strategies.
Challenges Ahead
- Quantitative tightening will likely have an impact on residential construction activity in the future.
- Profitability at our Joint Venture was also negatively affected by extended equipment downtime that reduced cement production in June.
- Higher energy and maintenance costs
- The delay of some larger projects due to weather in the central part of the US.
- The cyclical and seasonal nature of the Company’s businesses
Revenue & Expenses
Visualization of income flow from segment revenue to net income