Eagle Materials has welcomed its continued financial performance despite what it called a “mixed construction environment” in the US.
According to the US-based construction materials company, it recorded a revenue of $556 million, net earnings of $102.9 million and an adjusted EBITDA of $190.1 million.
Eagle Materials president and chief executive officer Michael Haack said the results came despite the residential construction market being “challenged”.
“While the residential construction market was challenged, federal, state, and local spending on public infrastructure projects and private non-residential construction remained elevated, supporting strong demand for our heavy construction products. Our cement sales volume was up nine per cent, and our organic aggregates sales volume increased 34 per cent,” he said in a statement.
The company ended the third fiscal quarter with a debt of $1.8 billion, net debt of $1.4 billion, and a net levarage ratio of 1.8, which Haack said provided the company with “substantial financial flexibility”.
“We continued to make good progress this quarter on our projects to modernise our Laramie, Wyoming Cement plant and our Duke, Oklahoma Gypsum Wallboard plant,” he said.
“These growth investments will lower each plant’s cost structure, improve their reliability, and expand their production capabilities, which will strengthen our already low-cost competitive position. We are highly confident that our strong market position, advantaged capital structure, and rigorous operating discipline position us for continued success over the long term.”
