Eagle Materials Inc. (NYSE: EXP) today reported financial results for fiscal year 2014 and the fiscal fourth quarter ended March 31, 2014. Notable items for the fiscal year and quarter in relation to the prior year include:
- Fiscal year 2014 revenues of $898.4 million, up 40%
- Fiscal year 2014 net earnings per diluted share of $2.49, up 104%
- Fourth quarter revenues of $189.9 million, up 19%
- Fourth quarter earnings per diluted share of $0.45, up 181%
- Repaid $108 million, or 22%, of outstanding debt during fiscal year 2014
Fiscal 2014 earnings before interest and income taxes doubled from the prior year to $200 million, reflecting improved sales volumes across all business lines, with cement sales volumes setting an annual record of nearly 4.6 million tons. Net sales prices also strengthened across all businesses, with annual wallboard net sales prices increasing 18% over the prior year. Annual revenue and earnings improvement also reflects the acquisition of assets, primarily two cement plants in Missouri and Oklahoma (the Acquired Assets) on November 30, 2012. Eagle ended the year with a net debt-to-capitalization ratio of 31%.
Fourth quarter earnings before interest and income taxes increased 119% to $33.8 million, as fourth quarter sales volumes also improved across all businesses, reflecting improving construction fundamentals in the US despite unusually severe winter weather. In addition, sales prices improved in all businesses. Gypsum Wallboard experienced the most significant improvement, with an increase in average net sales prices of 12% as compared with the prior year’s fourth quarter.
Cement, Concrete and Aggregates
Fiscal 2014 operating earnings from Cement were $89.5 million, an increase of 94% compared to fiscal 2013. Revenues from Cement, including joint venture and intersegment sales, were $438.2 million for fiscal 2014, 44% higher than last year.