
Eagle Materials Inc. has announced its financial results for the third quarter of fiscal 2025, which ended on December 31, 2024. Despite some challenges during the quarter, the company continued to demonstrate solid performance, highlighted by strong revenue, earnings, and effective strategic initiatives. Below are the key results and highlights for the third quarter:
Third Quarter Fiscal 2025 Highlights:
- Revenue: $558.0 million
- Net Earnings: $119.6 million
- Net Earnings per Share: $3.56
- Adjusted Net Earnings per Share: $3.59 (non-GAAP financial measure excluding non-routine items)
- Adjusted EBITDA: $208.8 million (non-GAAP financial measure excluding non-routine items and non-cash expenses)
- Share Repurchases: Approximately 195,000 shares repurchased for $55 million
Michael Haack, President and CEO of Eagle Materials, commented on the results, noting that the company’s portfolio of businesses continued to perform well despite difficult weather conditions in its key Midwest and Great Plains markets. In particular, excessive rainfall in November—250% higher than normal—impacted sales in the Cement and Concrete and Aggregates segments. However, the company still achieved higher sales in Gypsum Wallboard and Recycled Paperboard. Despite the weather-related challenges, Eagle Materials posted revenue of $558 million and a gross profit margin of 31.9%.
Haack further emphasized that the company remained focused on its long-term growth strategy, with key developments during the quarter including the acquisition of Bullskin Stone and Lime, LLC, an aggregates business in Western Pennsylvania. Additionally, Eagle Materials returned $63 million to shareholders via share repurchases and dividends and maintained a strong balance sheet. At the end of the quarter, the company’s total debt was $1.0 billion, and its net leverage ratio (net debt to Adjusted EBITDA) stood at 1.2x.
Looking ahead, Haack expressed optimism about the company’s future despite the current uncertainty surrounding interest rates and home-buying affordability. He noted that steady employment, a persistently tight housing supply, and Eagle Materials cost-structure advantages would continue to provide favorable conditions for the Gypsum Wallboard business. Additionally, he highlighted that cement demand was likely to remain strong, particularly due to the early stages of spending from the Infrastructure Investment and Jobs Act (IIJA).

Eagle Materials balanced approach to capital allocation, focusing on strong cash flow generation and strategic investments, positions the company to perform well through various economic cycles and deliver long-term value.
Segment Financial Results:
- Heavy Materials: Cement, Concrete, and Aggregates
- Revenue in the Heavy Materials segment, which includes Cement, Concrete, and Aggregates, was $351.8 million, a decrease of 4% compared to the same quarter last year.
- Operating earnings for the segment dropped by 20% to $85.4 million, largely due to lower sales volumes, which were partially offset by higher sales prices.
- Cement revenue was $295.4 million, a 4% decline, and operating earnings for the segment fell by 18% to $86.8 million. The decline in Cement was driven by lower sales volume and a significant increase in maintenance costs, which were linked to non-typical planned outages at Oklahoma and Texas plants. However, higher net sales prices helped offset some of the negative impacts. The average net sales price for Cement increased by 4%, reaching $156.82 per ton, though Cement sales volume decreased by 7% to 1.7 million tons, impacted by adverse weather conditions.
- Concrete and Aggregates revenue fell by 2% to $56.4 million, primarily due to lower sales volume, although higher pricing and contributions from a recent acquisition in Kentucky provided some support. Operating losses in the segment amounted to $1.4 million.
- Light Materials: Gypsum Wallboard and Recycled Paperboard
- The Light Materials sector, which includes Gypsum Wallboard and Recycled Paperboard, saw a 6% revenue increase, reaching $241.7 million. This was driven by higher sales volumes and prices.
- Gypsum Wallboard sales volume increased by 2%, reaching 737 million square feet (MMSF), and the average net sales price for the segment rose by 4% to $236.11 per thousand square feet (MSF).
- Paperboard sales volume increased by 7% to 90,000 tons, with the average net sales price increasing by 12% to $627.04 per ton, reflecting adjustments in long-term sales agreements tied to input cost changes.
- Operating earnings for the segment surged by 18%, totaling $97.4 million, driven by higher sales volume and favorable pricing in both Wallboard and Paperboard.
- Corporate General and Administrative Expenses
- Corporate General and Administrative expenses rose by approximately 47% compared to the previous year. The increase was primarily due to higher information technology spending, which amounted to $1.9 million for technology upgrades, as well as $1.3 million in business-development and transaction-related expenses.
Additional Details:
Eagle Materials operates its cement plant through a 50/50 joint venture, Texas Lehigh Cement Company LP, using the equity method of accounting for its 50% interest. For segment reporting, the company consolidates its share of revenue and operating earnings from the joint venture, which is aligned with its internal operating decisions. Additionally, intersegment sales are eliminated on the consolidated income statement.
About Eagle Materials Inc.:
Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. The company’s core products—Portland Cement and Gypsum Wallboard—are essential for infrastructure development, including roadways and the construction and renovation of residential, commercial, and industrial buildings. The company operates a network of more than 70 facilities across 21 states, with its headquarters in Dallas, Texas.
Read more: Eagle Materials Announces Third Quarter Financial Results