Slide 1: Third Quarter Fiscal 2024 Earnings Release and Conference Call
January 25, 2024 Third Quarter Fiscal 2024 Earnings Release and Conference Call
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements. This presentation contains forward-looking statements hurricanes) and their effects on our facilities, operations and contractual arrangements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the with third parties
Slide 3: Fiscal Year 2024 Third Quarter Highlights
Fiscal Year 2024 Third Quarter Highlights Exceptional quarter with superior execution Delivered another quarter of record results — Revenue up 9% to record $559 million — Gross profit margin increased 130 bps to 32.3% — Adjusted EPS up 16% to $3.72 Made significant progress on strategic initiati
Slide 4: Eagle Remains Well-Positioned to Benefit from Positive Market Dynamics in Both Sectors
Eagle Remains Well-Positioned to Benefit from Positive Market Dynamics in Both Sectors Market conditions for construction materials remain favorable Robust federal, state, and local spending on infrastructure — Healthy state and local tax receipts support public highway and infrastructure investme
Slide 5: Record Revenue Up 9%
Record Revenue Up 9% Revenue In millions $559 $511 +9% INCREASE DRIVEN BY: Higher Cement sales volume and prices Recently acquired cement import terminal 2023 2024 FISCAL Q3 5
Slide 6: Record EPS Up 16%
Record EPS Up 16% Diluted EPS $3.72 $3.20 +16% INCREASE REFLECTS: Cement margin expansion Reduced share count due to share buybacks 2023 2024 FISCAL Q3 6
Slide 7: Heavy Materials Third Quarter Results Driven by Continued Strong Pricing Momentum
Heavy Materials Third Quarter Results Driven by Continued Strong Pricing Momentum Revenue1 Operating Earnings In millions In millions $366 $107 THIRD QUARTER CEMENT $311 $75 Net sales prices +13% Sales volume +7% FY2023 FY2024 FY2023 FY2024 THIRD QUARTER THIRD QUARTER 1 Includes Cement, Concrete
Slide 8: Light Materials Third Quarter Results Reflect Lower Wallboard Sales Volume and Prices
Light Materials Third Quarter Results Reflect Lower Wallboard Sales Volume and Prices Revenue Operating Earnings In millions In millions $235 $227 $95 THIRD QUARTER $83 WALLBOARD Net sales prices -4% Sales volume -1% FY2023 FY2024 FY2023 FY2024 THIRD QUARTER THIRD QUARTER 8
Slide 9: Continued Strong Cash Flow Generation
Continued Strong Cash Flow Generation $501 million of cash flow from operations Nine months ended December 31 in millions 2022 2023 Operating Cash Flow1 $480 $501 +4% Capex, net (61) (88) Free Cash Flow $419 413 Acquisition Spending (159) (55) Dividends Paid (28) (27) Share Repurchases (314) (249) C
Slide 10: Capital Structure Provides Significant Financial Flexibility
Capital Structure Provides Significant Financial Flexibility Net Debt-to-Cap Net Debt to Adjusted EBITDA1 1.4x 48% 1.2x 43% 3.31.23 12.31.23 3.31.23 12.31.23 1 Net Debt to Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures and are described in the Appendix. 10
Slide 11: Question & Answer
E Eagle Materials Question & Answer
Slide 12: Thank you for participating in today's conference call web cast
Thank you for participating in today’s conference call web cast. An archive of this web cast will be available at eaglematerials.com later today.
Slide 13: Appendix
E Eagle Materials Appendix
Slide 14: Reconciliation of EBITDA and Adjusted EBITDA
Reconciliation of EBITDA and Adjusted EBITDA Fiscal Year ended TTM We present Earnings Before Interest, Taxes, March 31, 2023 December 31, 2023 Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of In millions operating performance and allow for more consistent
Slide 15: Reconciliation of Net Debt to Adjusted EBITDA
Reconciliation of Net Debt to Adjusted EBITDA GAAP does not define “Net Debt” and it should not As of As of be considered as an alternative to cash flow or March 31, 2023 December 31, 2023 liquidity measures defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicat