Eagle Materials posts record revenue in FY19-20

Eagle Materials posts record revenue in FY19-20
04 June 2020

US-based Eagle Materials has reported a record revenue of US$1.45bn in the FY19-20, up four per cent from US$1.39bn in the previous fiscal year. Net earnings climbed three per cent YoY to US$70.89m from US$68.86m, while adjusted EBITDA edged up one per cent to US$471.5m.

The company posted record revenue of US$315.4m in the final quarter of FY19-20, up 11 per cent from US$284.7m in the 4QFY19-20. Adjusted EBITDA increased 14 per cent YoY to US$103.4m.

"Having achieved record results in fiscal 2020, we entered this crisis period in a strong financial position, and we are taking prudent actions to sustain the financial health of our business. In light of the risks posed by the COVID-19 pandemic and its possible future effects on our business, we are managing our balance sheet and cash flow for stability today and in the future."

In response to the COVID-19 pandemic, Eagle Materials also noted it would be limiting capital expenditure to critical projects and managing inventory levels.

Heavy Materials results
The Heavy Materials business unit, which includes the cement, concrete and aggregates segments, saw a 17 per cent YoY rise in revenue to US$933.3m in the FY19-20.

Cement revenue, including joint venture and intersegment revenue, was up 15 per cent YoY to US$752m and operating earnings also improved 10 per cent to US$181.3m. The positive results reflect higher net sales prices and sales volumes, partially offset by expenses related to the Kosmos acquisition, according to the company. Sales volumes surged 11 per cent to a record 5.9Mt.

Published under Cement News