US-based Eagle Materials has reported revenue of US$470.2m, representing a two per cent decrease YoY, for the fourth quarter of FY24-25 (ended 31 March 2025). Adjusted EBITDA, excluding non-routine items and certain non-cash expenses, declined nine per cent YoY to US$141.2m. Net earnings fell by 14 per cent YoY to US$66.5m when compared to the equivalent period of the previous financial year.
Eagle Materials President and CEO, Michael Haac,k said, “Our fourth quarter financial results reflect the impact of adverse weather on our Cement and Concrete and Aggregates businesses in the first two months of calendar 2025, with February being the most affected compared with the prior year. Fourth quarter results were also affected by higher production costs as we pulled forward the annual maintenance outage at our Texas Lehigh cement facility and experienced weather-related production interruptions at other facilities.”
Full-year results
In the FY24-25, Eagle Materials announced a record revenue for the FY24-25 as sales edged up slightly to US$2.3bn when compared to the previous year.
However, adjusted EBITDA was down two per cent YoY to US$816.7m in the FY24-25. The company’s net earnings slipped three per cent YoY to US$463.4m.
In terms of segment results, the heavy materials (cement, concrete and aggregates) revenue saw a two per cent decrease to US$1.4bn as sales volumes declined and were not fully offset by higher cement net sales prices. Cement volumes were down five per cent YoY to 5.9Mt while the average cement sales price edged up to US$156.67/t. Annual operating earnings fell 11 per cent YoY to US$310.7m. Meanwhile, concrete and aggregates revenue slipped on per cent YOY to US$237.7m due to lower sales volumes, only partially offset by higher sales prices. The acquired aggregates businesses in Kentucky (completed in August 2024) and Western Pennsylvania (completed in January 2025) contributed approximately US$11.6m of revenue during fiscal 2025. Concrete and Aggregates reported an operating loss of US$8.8m on the back of lower sales volume and the US$2.5m impact of selling acquired inventory after its mark-up to fair value as part of acquisition accounting, said the company in a statement.
In the light materials business (gypsum wallboard and recycled paperboard) revenue improved three per cent YoY to US$969.2m, driven by record recycled paperboard sales volume and higher net sales prices across the board. Gypsum wallboard sales saw an uptick to 3bnft2, supported by a one per cent price increase to US$236.04/mft2. The recycled paperboard sales volume advanced by five per cent to 350,000t.
Operating earnings increased six per cent to US$388.8m due to higher gypsum wallboard and recycled paperboard net sales prices and lower operating costs.
Commenting on the annual results, Mr Haack said, “We are pleased to report another year of strong financial, strategic, and operational performance at Eagle. In fiscal 2025, we generated record revenue of $2.3 billion and gross profit margin of 29.8%, continued to advance our long-term growth and value-creation strategies, and achieved important milestones in employee health and safety. In addition, we returned $332 million of cash to shareholders through share repurchases and dividends and maintained our balance sheet strength, ending the year with debt of $1.2 billion and a net leverage ratio (net debt to Adjusted EBITDA) of 1.5x.”
