Cement News tagged under: Eagle Materials
Eagle Materials to separate heavy and light material businesses31 May 2019, Published under Cement NewsUSA-based Eagle Materials’ board has approved a plan to separate its heavy materials and light materials businesses into two publicly-traded entities. Earlier this month, Sachem Head Capital Management, which disclosed a nine per cent stake in the company in March, reportedly urged the company to separate its cement and wallboard businesses, according to Reuters. Eagle Materials’ heavy materials business will operate as a cement company, while the light materials business will continue to... |
Eagle Materials launches strategic review22 April 2019, Published under Cement NewsEagle Materials Inc, USA, has launched a strategic review of its portfolio of businesses, including heavy materials, light materials, and oil and gas proppants. The review will be conducted by its Board of Directors and management team, with the support of independent financial advisors. “As part of the portfolio review, the Company will carefully consider the full range of options focused on enhancing the value creation potential of Eagle, including separating the businesses and evaluatin... |
Eagle Materials to make CEO transition in July05 March 2019, Published under Cement NewsUSA-based Eagle Materials has announced that Dave Powers, CEO, will retire from this role on 1 July 2019. Mr Powers will remain on the board of directors and will be succeeded by Michael Haack, the current president and COO at the company. "Michael has been instrumental in building upon the company’s enviable low-cost positions and sustainable advantages, particularly as they relate to the scale of operations that Eagle represents today," said Rick Stewart, chairman. "We are also enormously... |
Eagle Materials posts a 7% fall in revenue for 3QFY1930 January 2019, Published under Cement NewsUS-based Eagle Materials has reported a seven per cent YoY fall in revenue to US$333.3m in the third quarter of FY19, ended 31 December. Net earnings fell 43 per cent to US$57.7m from US$101.4m of the 3QFY18. The company's prior-year financial results included two non-recurring items affecting comparability, including a tax benefit of around US$61m and a litigation settlement charge of US$39m, according to the company. However, in the nine months to December, revenue was up 0.6 per cent Y... |
Eagle Materials records positive FY1817 May 2018, Published under Cement NewsEagle Materials has reported its FY18 and 4QFY18 results, which reflect an all-round positive performance. In the 2018 fiscal year, revenue increased 14 per cent YoY to US$1.4bn and its after-tax margin finished at 19 per cent. The company saw a two per cent rise in revenue for the final quarter of FY18, resulting in a record amount of US$284.7m. This comes despite a US$6m pretax charge related to the settlement by American Gypsum of the antitrust lawsuit brought by a group of homebuilde... |
Eagle Materials reports 19% YoY rise in sales13 February 2018, Published under Cement NewsEagle Materials reported a 19 per cent YoY rise in revenues to US$359.4m for the third quarter ended 31 December 2017. Cement revenues in 3QFY17-18, including joint venture and intersegment revenues, totalled US$161.6m, up 17 per cent from the comparable period the previous year. The average net sales price during the quarter was US$106.83/t, reflecting a YoY price increase of six per cent. “Operating earnings from Cement for the third quarter were a record $52.5 million and 16% greate... |
Moody's upgrades Eagle to Investment Grade28 June 2017, Published under Cement NewsMoody's Investors Service upgraded the senior unsecured debt ratings of US-based Eagle Materials Inc to Baa3 from Ba1. The rating outlook is stable. The upgrade reflects Moody's view that Eagle Materials has the willingness and ability to defend its investment grade rating in a downturn. The upgrade is also supported by strength in the company's financial ratios, "which are among the best in the building materials rated universe," Moody's notes. Eagle Material's adjusted debt-to-EBITDA... |
Eagle Materials produces record results19 May 2017, Published under Cement NewsIncluding its share of the jointly-owned Texas Lehigh Cement, the turnover of Eagle Materials for the financial year to the end of March 2017 improved by 11.7 per cent to US$1317.1m. Of this total turnover, the cement segment accounted for the largest share (41.8 per cent), followed by plasterboard (36 per cent), aggregates and concrete (11.6 per cent), plasterboard liner (eight per cent) and oil and gas (2.6 per cent). EBITDA emerged at US$403.8m, an increase of 22.9 per cent. The tradi... |
USA: Cemex Fairborn plant and terminal is sold to Eagle Materials13 February 2017, Published under Cement NewsCemex has announced that one of its subsidiaries in the US has closed the divestment of its Fairborn (OH) cement plant and cement terminal in Columbus (OH) to a subsidiary of Eagle Materials Inc for around US$400m. The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes. Bank of America Merrill Lynch acted as financial advisor to Cemex in this transaction. |
Eagle Materials improves profit by 44 per cent25 January 2017, Published under Cement NewsIncluding its share of the jointly-owned Texas Lehigh Cement, the turnover of Eagle Materials for the first nine months to 31 December 2016 increased by 3.7 per cent to US$1.01bn. The trading profit before corporate overheads showed a strong recovery and rose by 37.5 per cent to US$283.9m, of which cement contributed 44.9 per cent compared with 56.2 per cent a year earlier. The group trading profit was ahead by 42.5 per cent to US$256.1m. After a net interest charge 22.8 per cent higher ... |