Eagle Materials Inc. (NYSE: EXP) today reported financial results for fiscal year 2012 and the fiscal fourth quarter ended March 31, 2012. Notable items for the fiscal year and quarter include:
- Fiscal year 2012 revenues of $495.0 million, up 7%
- Fiscal year 2012 cash flow from operations of $60.2 million, up 37%
- Fiscal year 2012 net earnings per diluted share of $0.42, up 24%
- Fourth quarter revenues of $116.8 million, up 22%
- Fourth quarter net earnings per diluted share of $0.20 compared to a loss of $0.25
Eagle’s low cost operations continued to execute well during fiscal 2012 and we are beginning to see improving construction activity across most of our markets. Eagle’s earnings began to improve during the second half of fiscal 2012 and accelerated during the fourth quarter.
Fiscal 2012 segment operating earnings increased 14% reflecting improved sales volumes in our cement and paperboard businesses and higher cement, wallboard and paperboard net sales prices as compared to the prior year. Improved fiscal 2012 operating cash flow was used to fund capital expenditures, primarily cost reduction projects, pay dividends and reduce debt which further strengthened our financial position. Eagle ended the year with a healthy net debt-to-capitalization ratio of 35%.
Cement, Concrete and Aggregates
Fiscal 2012 operating earnings from Cement were $46.9 million, an increase of 3% compared to fiscal 2011. Revenues from Cement, including joint venture and intersegment sales, were $244.0 million for fiscal 2012, 8% higher than last year.
Operating earnings from Cement during the fourth quarter were $7.5 million, a 60% increase from the same quarter a year ago. The earnings increase primarily reflects improved sales volumes and sales prices offset by $2.0 million of additional maintenance costs incurred this quarter versus the prior year quarter. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $49.8 million, 23% greater than the same quarter last year. Cement sales volumes for the quarter were 532,000 tons, 20% higher than the same quarter a year ago. The average net sales price for this quarter was $84.08 per ton, 2% higher than the same quarter last year.