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News Eagle Materials

Displaying items by tag: Eagle Materials

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Eagle Materials’ nine-month sales rise by 16% to US$1.28bn

29 January 2021

US: Eagle Materials’ sales in the nine months up to 31 December 2020 rose by 16% year-on-year to US$1.28bn from US$1.10bn. Its net earnings were US$273m, compared to a loss of US$1.54m in the first nine months of its 2020 financial year. Total cement volumes rose by 28% to 6.1Mt from 4.8Mt, and cement sales revenue rose by 35% to US$676m from US$502m.

President and chief executive officer Michael Haack praised the performance in the quarter which ended on 31 December 2020, saying, “Our cement shipments were up by 28% year-on-year, reflecting the strong performance of the recently acquired Kosmos Cement Business and the strength of our core markets. We continued to generate strong operating cash flow, which significantly improved our balance sheet and liquidity position providing us with increased financial flexibility.” He added, “As we continue to navigate the Covid-19 environment, I want to thank our team for their exceptional work under extraordinary circumstances, delivering strong results, remaining focused on the integration of Kosmos and keeping our strategic projects on schedule. We continue to closely monitor the disruptions caused by the Covid-19 pandemic and their possible impact on our business in current and future periods. We also continue to enforce strict health and safety protocols to protect our employees, customers and business partners, and we will continue to manage our cash flow prudently and protect our balance sheet.”

Published in Global Cement News
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Eagle Materials increases first-half sales, earnings and cement shipments

02 November 2020

US: Eagle Materials recorded sales of US$875m in the six months between 1 April 2020 and 30 September 2020, the first half of its 2020 financial year, up by 16% year-on-year from US$756m in the first half of the 2019 financial year. Net earnings were US$192m, up by 70% from US$113m. Total cement shipments rose by 28% to 4.27Mt from 3.33Mt.

President and chief executive officer (CEO) Michael Haack said, “We are pleased to have delivered another quarter of record revenue and net earnings growth while further strengthening our balance sheet. Our end markets remain resilient as Covid-19-related uncertainty persists: the housing market continued its strong rebound, cement demand remained robust, despite wet weather in the first half of September.” He added that the company shipped a record 2.2Mt of cement during the quarter.

Published in Global Cement News
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Eagle Materials sells over 2Mt of cement in quarter

31 July 2020

US: Eagle Materials says it has sold over 2Mt of cement in a single quarter for the first time in its history. Sales volumes rose by 35% to 2.09Mt in the first quarter of its financial year to 30 June 2020 from 1.6Mt in the same period in 2019. Sales revenue from its Heavy Materials division grew by 35% to US$274m from US$203m.

“While we are very pleased with our first-quarter performance, we recognise a high level of uncertainty persists in our markets and the overall economy: despite the decline in jobless claims from the March peak, total unemployment remains historically high; state and local governments face ongoing revenue pressure, which could have the potential to constrain infrastructure budgets; and, in some geographic areas important to our business, Covid-19 case numbers continue to escalate,” said Michael Haack, president and chief executive officer (CEO).

The group announced plans in May 2019 to split its Heavy Materials and Light Materials divisions into two independent businesses. However, it says the timing remains ‘uncertain.’

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Eagle Materials sells aggregates and concrete operations

22 April 2020

US: Eagle Materials has sold its Western Aggregates and Mathews Ready Mix subsidiaries for a combined value of US$93.5m. Eagle’s President and chief executive officer (CEO), Michael Haack said that the transaction represented the sale of non-core assets on the heavy-side of the company that do not provide essential support to its primary cement plant network.

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Eagle Materials finalises Kosmos Cement acquisition

09 March 2020

US: Mexico-based Cemex has confirmed that its 75% subsidiary Kosmos Cement, which it holds jointly with a subsidiary of Italy-based Buzzi Unicem, has completed the sale of its 1.7Mt/yr integrated Louisville plant to Eagle Materials for US$665m. Cemex says that it will receive US$499m in proceeds from the sale.

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Eagle Materials names leadership of Heavy Materials spin-off business

12 February 2020

US: Eagle Materials has appointed Mike Nicolais as the chairman and Michael Haack as the president and chief executive officer (CEO) of its Heavy Materials spin-off business. The building materials company intends to split into separate Heavy Materials and Light Materials businesses in the summer of 2020. The Heavy Materials company will focus on cement production with complementary concrete, aggregates and sand operations. It will also continue to evaluate strategic alternatives with respect to its frac sand business.

Published in People
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FTC clears Kosmos Cement’s acquisition by Eagle Materials

13 January 2020

US: Eagle Materials has received clearance from the Federal Trade Commission for its November 2019 acquisition of Kosmos Cement, which operates the 1.7Mt/yr integrated Louisville plant in Kentucky, as well as raw materials reserves and seven cement terminals, from Mexico-based Cemex and Italian Buzzi Unicem for US$665m. Eagle Materials board chair Mike Nicolais said the acquisition was ‘timely in light of our plans to separate our Heavy Materials and Light Materials businesses into two independent, publicly traded corporations.’ It will pay using existing funds and a loan withdrawn for the purpose.

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Cemex changes its US profile

27 November 2019

Cemex pushed ahead yesterday and announced that it had sold the Kosmos Cement Company to Eagle Materials for around US$665m. It owns a 75% stake in the company, with Italy’s Buzzi Unicem owning the remaining share, giving it roughly US$449m once the deal completes. Proceeds from the sale will go towards debt reduction and general corporate purposes. The sale inventory includes a 1.7Mt/yr integrated cement plant in Louisville, Kentucky as well as seven distribution terminals and raw material reserves.

The decision to sell assets makes sense given Cemex’s financial results so far in 2019. It reported falling sales, cement volumes and earnings in the first nine months of the year although much of this was down to poor market conditions in Mexico. However, the US, along with Europe, was one of its stronger territories with rising sales. Earnings were impaired in the US, possibly due to bad weather in the southeast and competition in Florida, but infrastructure and residential development were reported to be promising.

Graph 1: Portland & Blended Cement shipments in 2018 and 2019. Source: United States Geological Survey (USGS). 

Graph 1: Portland & Blended Cement shipments in 2018 and 2019. Source: United States Geological Survey (USGS).

Graph 2: Change in imports of hydraulic cement & clinker to the US in 2018 and 2019 from selected countries. Source: USGS. 

Graph 2: Change in imports of hydraulic cement & clinker to the US in 2018 and 2019 from selected countries. Source: USGS.

United States Geological Survey (USGS) data also supports a picture of a growing US market. Shipments of Ordinary Portland Cement and blended cements grew by 2.4% year-on-year to 66.9Mt for the first eight months of 2019 from 65.4Mt in the same period in 2018. By region growth can be seen in the North-East, South and imports. Declines were reported in the West and Midwest. The states of Alabama, Kentucky, Tennessee – the area where the Kosmos plant is located – saw shipments grow by 4% to 4.77Mt from 4.58Mt. It is worth noting that Louisville is in the north of Kentucky near the border with Indiana, where shipments also grew.

The Portland Cement Association’s (PCA) fall forecast may also have helped Cemex’s decision. Ed Sullivan, PCA Senior Vice President and Chief Economist, said that he expected cement consumption in the US to continue growing in 2019 and 2020 but with a slowing trend into 2021 following general gross domestic product (GDP) predictions. The PCA’s view is that pent-up demand following the recession in 2008 was gone and the economy was gradually weakening. Crucially though it didn’t think a recession was impending. In this scenario Cemex might be taking a medium-term view with regards to the Kosmos Cement Company.

Another more general interesting data point from the USGS was the change in import origins to the US. Imports grew by 11.3% to 66.9Mt in January to August 2019. The top five importing countries and their overall share remained the same but there was some movement between them. Turkish and Mexican imports surged at the expensive of Chinese ones as can be seen in Graph 2. The go-to explanation for this would be the on-going US - China trade war. Cemex is a Mexican company with a strong presence in both the US and Mexico. This change in the make-up of the import market in the US may also have informed its decision to sell Kosmos Cement as it looked at the macro scale.

More generally the US market is looking buoyant in the short to medium term. Plants are being sold like Kosmos Cement to Eagle Cement and the Keystone cement plant in Bath, Pennsylvania to HeidelbergCement and a major upgrade project is underway on the new production line at the Mitchell plant in Indiana. In Cemex’s case, as ever with asset sales, the seller sometimes has to make the hard decision of whether to divest a plant in a growing region to help the business in other places that might not be doing so well. The growth of America’s largest locally owned producer, Eagle Cement, may also give cheer to the US’ current ‘America First’ administration.

Published in Analysis
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Cemex to sell Kosmos Cement plant in Kentucky to Eagle Materials

27 November 2019

US: Cemex says it has agreed to sell the Kosmos Cement Company to Eagle Materials for around US$665m. The Mexican company owns a 75% stake in the company and Italy’s Buzzi Unicem manages the remainder. It expects to receive US$499m from the transaction. This will be spent on debt reduction and for general corporate purposes. The sale includes the 1.7Mt/yr Kosmos integrated cement plant in Louisville, Kentucky as well as seven distribution terminals and raw material reserves.

“This is another key milestone in achieving our ‘A Stronger Cemex’ objectives. Now, closed or announced asset sales are in excess of US$1.3bn under this program. We are pleased with the continued favourable asset-divestment dynamics in our industry,” said Fernando A Gonzalez, chief executive officer (CEO) of Cemex.

Completion of the deal is subject to regulatory approval. It is expected to complete in the first quarter of 2020.

Published in Global Cement News
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Strong cement earnings continue for Eagle Materials

12 November 2019

US: Eagle Materials has reported financial results for the second quarter of its 2020 fiscal year, a period that ended on 30 September 2019. Its overall revenue was US$414.5m for the period, a 9% year-on-year improvement.

Revenues from its cement activities, including joint venture and intersegment revenue, were up by 18% to US$227m, reflecting improved sales volume and net sales prices. Cement sales volume for the quarter were a record 1.8Mt, up by 14% compared to the prior year quarter. Operating earnings from cement were also a record at US$66.5m, 16% higher than the same quarter a year ago. The earnings improvement was primarily due to higher sales volume and net sales prices.

Commenting on the second quarter results, Michael Haack, President and CEO, said, "We are proud to have achieved record revenue and net earnings per share for the second quarter of our 2020 fiscal year. Our second quarter performance was driven mostly by increased cement shipments, cost control initiatives and strong operational execution, as we capitalised on the robust underlying demand across our geographic footprint.”

Commenting on the remaining six months of its 2020 fiscal year, Haack said “The outlook continues to be positive. Demand for our building materials and construction products is supported by a number of favourable market dynamics including ongoing growth in jobs, high consumer confidence and low interest rates."

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