- Eagle Materials, Inc. (NYSE:EXP) reported fourth-quarter FY22 revenue growth of 20.3% year-over-year to $413.1 million, beating the consensus of $401.15 million.
- EPS improved 22% Y/Y to $1.90, above the consensus of $1.73.
- Cement revenue, including Joint Venture and intersegment revenue, was up 10% Y/Y to $187.4 million. Concrete and Aggregates revenue was $37.2 million, an increase of 7% Y/Y.
- Gypsum Wallboard and Paperboard revenue increased 32% Y/Y to $220 million. Paperboard sales volume for the quarter was the same as the prior year at 82,000 tons. The average Paperboard net sales price for Q4 was $628.96 per ton, up 31% Y/Y.
- The gross margin expanded by 367 bps to 24%. Adjusted EBITDA increased by 6.6% to $132.16 million, and margin contracted by 411 bps to 32%.
- The company’s board authorized the repurchase of an additional 7.5 million shares of its common stock. The total new authorization plus remaining authorization is ~10.3 million shares and represents nearly 25% of company shares outstanding.
- EXP held $19.4 million in cash and equivalents as of March 31, 2022.
- “As we begin our new fiscal year, Eagle is well-positioned, both financially and geographically, to capitalize on the underlying demand fundamentals that are expected to support steady and sustainable construction activity growth over the near- and long-term,” commented CEO Michael Haack.
- Price Action: EXP shares traded 2.76% higher at $126.72 on the last check Thursday.
