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Eagle Materials Inc (EXP-3.60%). has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a slight decrease in revenue to $558.0 million from $558.8 million in the same quarter the previous year. This decrease is attributed to lower sales volume, partially offset by higher gross sales prices.
Cost of goods sold for the quarter was $380.2 million, representing 68% of sales, compared to 68% in the same quarter of the previous year. The cost remained relatively stable.
The company reported a gross profit of $177.8 million for the quarter, compared to $180.6 million in the previous year, with the decline attributed to higher operating costs.
Equity in earnings of unconsolidated joint ventures decreased to $5.0 million from $9.3 million, primarily due to lower sales prices and higher operating costs.
Corporate general and administrative expenses increased to $20.8 million from $14.2 million, primarily due to increases in information technology, compensation, and professional costs.
Net earnings for the quarter were $119.6 million, down from $129.1 million in the previous year. Diluted earnings per share were $3.56, compared to $3.72 in the previous year.
Cash provided by operating activities was $485.8 million for the nine months ended December 31, 2024. Net cash used in investing activities was $171.9 million, primarily due to capital expenditures.
Eagle Materials completed the acquisition of an aggregates operation in Kentucky for approximately $24.9 million, which contributed $3.1 million in revenue for the quarter.
The company also announced the acquisition of Bullskin Stone & Lime, LLC in January 2025 for $152.5 million, which will be included in the next quarter's results.
The filing outlines the company's financial position, indicating a total of $3.04 billion in assets and $1.55 billion in liabilities as of December 31, 2024.
Eagle Materials continues to focus on its core business sectors, Heavy Materials and Light Materials, with ongoing investments in capacity expansion and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eagle Materials Inc quarterly 10-Q report dated January 29, 2025. To report an error, please email earnings@qz.com.