Eagle Materials (EXP) Q3 FY2024 earnings: revenue $559 million, up 9.3% on the year

Eagle Materials Inc. (EXP) reported revenue of $559 million for Q3 FY2024, the quarter ended 31 December 2023, up 9.3% on the same quarter a year earlier. Net income was $129 million, up 10.2% on the year, and diluted earnings per share $3.72. The figures are the company's own, from the 10-Q it filed with the SEC on 25 January 2024.

Revenue$559 millionup 9.3%

Net income$129 millionup 10.2%

Diluted EPS$3.72

QuarterQ3 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	559	622	n/a	n/a
Cost of revenue	378	413	n/a	n/a
Gross profit	181	209	n/a	n/a
Gross margin	32.3%	33.6%	n/a
Operating income	190	219	n/a	n/a
Operating margin	34.0%	35.3%	n/a
Interest expense	10.1	10.2	n/a	n/a
Income tax	37.5	43.6	n/a	n/a
Net income	129	151	n/a	n/a
Net margin	23.1%	24.2%	n/a
Diluted EPS	$3.72	$4.26	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	188	172	n/a	n/a
Capital expenditure	22.4	29.5	n/a	n/a
Free cash flow	165	143	n/a	n/a
Free cash flow margin	29.6%	23.0%	n/a
Cash from investing	-22.4	-29.5	n/a	n/a
Cash from financing	-164	-149	n/a	n/a
Depreciation and amortisation	37.5	37.2	n/a	n/a
Share-based compensation	4.4	4.5	n/a	n/a
Buybacks	97.5	77.3	n/a	n/a
Dividends paid	8.8	8.9	n/a	n/a
Dividend per share	$0.25	$0.25	n/a	n/a
Diluted shares, weighted	35m	35m	n/a	n/a
Shares outstanding at period end	34m	35m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,333	1,307	n/a	n/a
Debt	1,022	1,080	n/a	n/a
Operating lease liabilities	20.7	22.7	n/a	n/a
Other liabilities	514	508	n/a	n/a
Total liabilities and equity	2,890	2,917	n/a	n/a
Fixed assets	1,668	1,677	n/a	n/a
Goodwill	393	393	n/a	n/a
Cash and equivalents	48.9	47.3	n/a	n/a
Receivables	193	245	n/a	n/a
Inventory	334	301	n/a	n/a
Other assets	254	254	n/a	n/a
Total assets	2,890	2,917	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	622	559	477	609	624	558	470	635	639	556	479	651
Cost of revenue	413	378	357	422	420	380	366	449	439	395	373	490
Gross profit	209	181	120	187	204	178	105	186	200	161	106	161
Gross margin	34%	32%	25%	31%	33%	32%	22%	29%	31%	29%	22%	25%
Operating income	219	190	128	195	213	183	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	35%	34%	27%	32%	34%	33%	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	10.2	10.1	9.7	10.7	10.7	9.1	10.1	11.7	9.4	13.7	11.7	12.9
Net income	151	129	77.1	134	144	120	66.5	123	137	103	60.2	102
Net margin	24%	23%	16%	22%	23%	21%	14%	19%	22%	19%	13%	16%
Diluted EPS	$4.26	$3.72	$2.24	$3.94	$4.26	$3.56	$2.00	$3.76	$4.23	$3.22	$1.91	$3.29
Operating cash flow	172	188	63.4	133	233	120	62.8	137	205	171	102	154
Capital expenditure	29.5	22.4	32.5	33.1	66.5	47.4	48.3	76.1	109	110	122	121
Free cash flow	143	165	30.9	99.5	167	72.5	14.5	60.5	96.1	60.8	-19.9	33.6
Buybacks	77.3	97.5	94.4	85.5	60.7	55.1	97.0	78.6	89.1	143	71.5	83.8
Dividends paid	8.9	8.8	8.6	8.5	8.5	8.4	8.3	8.3	8.4	7.8	7.9	8.0
Shares outstanding	35m	34m	34m	34m	34m	33m	34m	33m	32m	32m	31m	31m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 25 January 2024, accession 0000950170-24-007463: the filing on EDGAR. All of Eagle Materials Inc.'s filings: EDGAR company page.

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